0001799332
2022-01-01
2022-09-30
0001799332
2022-11-07
0001799332
2022-09-30
0001799332
2021-12-31
0001799332
2022-07-01
2022-09-30
0001799332
2021-07-01
2021-09-30
0001799332
2021-01-01
2021-09-30
0001799332
us-gaap:CommonStockMember
2021-12-31
0001799332
us-gaap:AdditionalPaidInCapitalMember
2021-12-31
0001799332
us-gaap:TreasuryStockMember
2021-12-31
0001799332
us-gaap:RetainedEarningsMember
2021-12-31
0001799332
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2021-12-31
0001799332
us-gaap:CommonStockMember
2022-03-31
0001799332
us-gaap:AdditionalPaidInCapitalMember
2022-03-31
0001799332
us-gaap:TreasuryStockMember
2022-03-31
0001799332
us-gaap:RetainedEarningsMember
2022-03-31
0001799332
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-03-31
0001799332
2022-03-31
0001799332
us-gaap:CommonStockMember
2022-06-30
0001799332
us-gaap:AdditionalPaidInCapitalMember
2022-06-30
0001799332
us-gaap:TreasuryStockMember
2022-06-30
0001799332
us-gaap:RetainedEarningsMember
2022-06-30
0001799332
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-06-30
0001799332
2022-06-30
0001799332
us-gaap:CommonStockMember
2020-12-31
0001799332
us-gaap:AdditionalPaidInCapitalMember
2020-12-31
0001799332
us-gaap:TreasuryStockMember
2020-12-31
0001799332
us-gaap:RetainedEarningsMember
2020-12-31
0001799332
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2020-12-31
0001799332
2020-12-31
0001799332
us-gaap:CommonStockMember
2021-03-31
0001799332
us-gaap:AdditionalPaidInCapitalMember
2021-03-31
0001799332
us-gaap:TreasuryStockMember
2021-03-31
0001799332
us-gaap:RetainedEarningsMember
2021-03-31
0001799332
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2021-03-31
0001799332
2021-03-31
0001799332
us-gaap:CommonStockMember
2021-06-30
0001799332
us-gaap:AdditionalPaidInCapitalMember
2021-06-30
0001799332
us-gaap:TreasuryStockMember
2021-06-30
0001799332
us-gaap:RetainedEarningsMember
2021-06-30
0001799332
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2021-06-30
0001799332
2021-06-30
0001799332
us-gaap:CommonStockMember
2022-01-01
2022-03-31
0001799332
us-gaap:AdditionalPaidInCapitalMember
2022-01-01
2022-03-31
0001799332
us-gaap:TreasuryStockMember
2022-01-01
2022-03-31
0001799332
us-gaap:RetainedEarningsMember
2022-01-01
2022-03-31
0001799332
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-01-01
2022-03-31
0001799332
2022-01-01
2022-03-31
0001799332
us-gaap:CommonStockMember
2022-04-01
2022-06-30
0001799332
us-gaap:AdditionalPaidInCapitalMember
2022-04-01
2022-06-30
0001799332
us-gaap:TreasuryStockMember
2022-04-01
2022-06-30
0001799332
us-gaap:RetainedEarningsMember
2022-04-01
2022-06-30
0001799332
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-04-01
2022-06-30
0001799332
2022-04-01
2022-06-30
0001799332
us-gaap:CommonStockMember
2022-07-01
2022-09-30
0001799332
us-gaap:AdditionalPaidInCapitalMember
2022-07-01
2022-09-30
0001799332
us-gaap:TreasuryStockMember
2022-07-01
2022-09-30
0001799332
us-gaap:RetainedEarningsMember
2022-07-01
2022-09-30
0001799332
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-07-01
2022-09-30
0001799332
us-gaap:CommonStockMember
2021-01-01
2021-03-31
0001799332
us-gaap:AdditionalPaidInCapitalMember
2021-01-01
2021-03-31
0001799332
us-gaap:TreasuryStockMember
2021-01-01
2021-03-31
0001799332
us-gaap:RetainedEarningsMember
2021-01-01
2021-03-31
0001799332
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2021-01-01
2021-03-31
0001799332
2021-01-01
2021-03-31
0001799332
us-gaap:CommonStockMember
2021-04-01
2021-06-30
0001799332
us-gaap:AdditionalPaidInCapitalMember
2021-04-01
2021-06-30
0001799332
us-gaap:TreasuryStockMember
2021-04-01
2021-06-30
0001799332
us-gaap:RetainedEarningsMember
2021-04-01
2021-06-30
0001799332
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2021-04-01
2021-06-30
0001799332
2021-04-01
2021-06-30
0001799332
us-gaap:CommonStockMember
2021-07-01
2021-09-30
0001799332
us-gaap:AdditionalPaidInCapitalMember
2021-07-01
2021-09-30
0001799332
us-gaap:TreasuryStockMember
2021-07-01
2021-09-30
0001799332
us-gaap:RetainedEarningsMember
2021-07-01
2021-09-30
0001799332
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2021-07-01
2021-09-30
0001799332
us-gaap:CommonStockMember
2022-09-30
0001799332
us-gaap:AdditionalPaidInCapitalMember
2022-09-30
0001799332
us-gaap:TreasuryStockMember
2022-09-30
0001799332
us-gaap:RetainedEarningsMember
2022-09-30
0001799332
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2022-09-30
0001799332
us-gaap:CommonStockMember
2021-09-30
0001799332
us-gaap:AdditionalPaidInCapitalMember
2021-09-30
0001799332
us-gaap:TreasuryStockMember
2021-09-30
0001799332
us-gaap:RetainedEarningsMember
2021-09-30
0001799332
us-gaap:AccumulatedOtherComprehensiveIncomeMember
2021-09-30
0001799332
2021-09-30
0001799332
GAN:NorthernEuropeAndLatinAmericaMember
2022-09-30
0001799332
srt:MinimumMember
us-gaap:SoftwareAndSoftwareDevelopmentCostsMember
2022-01-01
2022-09-30
0001799332
srt:MaximumMember
us-gaap:SoftwareAndSoftwareDevelopmentCostsMember
2022-01-01
2022-09-30
0001799332
us-gaap:FairValueInputsLevel1Member
2022-09-30
0001799332
us-gaap:FairValueInputsLevel2Member
2022-09-30
0001799332
us-gaap:FairValueInputsLevel3Member
2022-09-30
0001799332
GAN:ContentLicensingAgreementMember
2022-04-04
2022-04-05
0001799332
GAN:TwoThousandTwentyTwoMember
2022-01-01
2022-09-30
0001799332
GAN:TwoThousandTwentyThreeThroughTwoThousandTwentyFiveMember
2022-01-01
2022-09-30
0001799332
GAN:ContentLicensesMember
2022-01-01
2022-09-30
0001799332
GAN:ContentLicensesMember
2022-09-30
0001799332
us-gaap:CustomerRelationshipsMember
2022-01-01
2022-09-30
0001799332
us-gaap:CustomerRelationshipsMember
2022-09-30
0001799332
GAN:RightOfUseLeaseAssetMember
2022-01-01
2022-09-30
0001799332
GAN:RightOfUseLeaseAssetMember
2022-09-30
0001799332
GAN:RightOfUseLeaseLiabilityMember
2022-01-01
2022-09-30
0001799332
GAN:RightOfUseLeaseLiabilityMember
2022-09-30
0001799332
us-gaap:FurnitureAndFixturesMember
2022-09-30
0001799332
us-gaap:FurnitureAndFixturesMember
2021-12-31
0001799332
srt:MinimumMember
us-gaap:FurnitureAndFixturesMember
2022-01-01
2022-09-30
0001799332
srt:MaximumMember
us-gaap:FurnitureAndFixturesMember
2022-01-01
2022-09-30
0001799332
GAN:PlatformHardwareMember
2022-09-30
0001799332
GAN:PlatformHardwareMember
2021-12-31
0001799332
GAN:PlatformHardwareMember
2022-01-01
2022-09-30
0001799332
GAN:BusinessToBusinessB2BMember
2021-12-31
0001799332
GAN:BusinessToConsumerSegmentB2CMember
2021-12-31
0001799332
GAN:BusinessToBusinessB2BMember
2022-01-01
2022-09-30
0001799332
GAN:BusinessToConsumerSegmentB2CMember
2022-01-01
2022-09-30
0001799332
GAN:BusinessToBusinessB2BMember
2022-09-30
0001799332
GAN:BusinessToConsumerSegmentB2CMember
2022-09-30
0001799332
2022-01-01
2022-06-30
0001799332
us-gaap:DevelopedTechnologyRightsMember
2022-09-30
0001799332
us-gaap:DevelopedTechnologyRightsMember
2022-01-01
2022-09-30
0001799332
GAN:ContentLicensesMember
2022-09-30
0001799332
us-gaap:CustomerRelationshipsMember
2022-09-30
0001799332
us-gaap:TrademarksAndTradeNamesMember
2022-09-30
0001799332
us-gaap:TrademarksAndTradeNamesMember
2022-01-01
2022-09-30
0001799332
us-gaap:LicenseMember
2022-09-30
0001799332
us-gaap:LicenseMember
2022-01-01
2022-09-30
0001799332
us-gaap:DevelopedTechnologyRightsMember
2021-12-31
0001799332
us-gaap:DevelopedTechnologyRightsMember
2021-01-01
2021-12-31
0001799332
GAN:InProcessTechnologyMember
2021-12-31
0001799332
us-gaap:CustomerRelationshipsMember
2021-12-31
0001799332
us-gaap:CustomerRelationshipsMember
2021-01-01
2021-12-31
0001799332
us-gaap:TrademarksAndTradeNamesMember
2021-12-31
0001799332
us-gaap:TrademarksAndTradeNamesMember
2021-01-01
2021-12-31
0001799332
us-gaap:LicenseMember
2021-12-31
0001799332
us-gaap:LicenseMember
2021-01-01
2021-12-31
0001799332
2022-04-26
0001799332
us-gaap:InterestRateFloorMember
2022-04-26
0001799332
2022-04-25
2022-04-26
0001799332
GAN:TwoThousandTwentyEquityIncentivePlanMember
2020-04-30
0001799332
GAN:TwoThousandTwentyEquityIncentivePlanMember
2022-09-30
0001799332
us-gaap:EmployeeStockOptionMember
2022-07-01
2022-09-30
0001799332
us-gaap:EmployeeStockOptionMember
2021-07-01
2021-09-30
0001799332
us-gaap:EmployeeStockOptionMember
2022-01-01
2022-09-30
0001799332
us-gaap:EmployeeStockOptionMember
2021-01-01
2021-09-30
0001799332
us-gaap:EmployeeStockOptionMember
us-gaap:SoftwareDevelopmentMember
2022-07-01
2022-09-30
0001799332
us-gaap:EmployeeStockOptionMember
us-gaap:SoftwareDevelopmentMember
2021-07-01
2021-09-30
0001799332
us-gaap:EmployeeStockOptionMember
us-gaap:SoftwareDevelopmentMember
2022-01-01
2022-09-30
0001799332
us-gaap:EmployeeStockOptionMember
us-gaap:SoftwareDevelopmentMember
2021-01-01
2021-09-30
0001799332
us-gaap:EmployeeStockOptionMember
2022-09-30
0001799332
us-gaap:EmployeeStockOptionMember
GAN:TwentyTwentyPlanMember
2022-01-01
2022-09-30
0001799332
GAN:EuropeanBasedEmployeesMember
us-gaap:EmployeeStockOptionMember
GAN:TwentyTwentyPlanMember
2022-01-01
2022-09-30
0001799332
GAN:EmployeesMember
us-gaap:RestrictedStockUnitsRSUMember
2022-01-01
2022-01-31
0001799332
GAN:EmployeesMember
us-gaap:RestrictedStockUnitsRSUMember
2022-03-01
2022-03-31
0001799332
GAN:NonEmployeeDirectorsMember
us-gaap:RestrictedStockUnitsRSUMember
2022-03-01
2022-03-31
0001799332
GAN:EmployeesMember
us-gaap:RestrictedStockUnitsRSUMember
2022-06-01
2022-06-30
0001799332
GAN:EmployeesMember
us-gaap:RestrictedStockUnitsRSUMember
2022-08-01
2022-08-31
0001799332
GAN:EmployeesMember
us-gaap:RestrictedStockUnitsRSUMember
2022-09-01
2022-09-30
0001799332
GAN:NonEmployeeDirectorsMember
us-gaap:RestrictedStockUnitsRSUMember
2022-09-30
0001799332
us-gaap:RestrictedStockUnitsRSUMember
2022-07-01
2022-09-30
0001799332
us-gaap:RestrictedStockUnitsRSUMember
2021-07-01
2021-09-30
0001799332
us-gaap:RestrictedStockUnitsRSUMember
2022-01-01
2022-09-30
0001799332
us-gaap:RestrictedStockUnitsRSUMember
2021-01-01
2021-09-30
0001799332
GAN:CapitalizedSoftwareDevelopmentCostsMember
2022-07-01
2022-09-30
0001799332
GAN:CapitalizedSoftwareDevelopmentCostsMember
2022-01-01
2022-09-30
0001799332
us-gaap:RestrictedStockUnitsRSUMember
2022-06-30
0001799332
us-gaap:RestrictedStockMember
GAN:SilverbackGamingMember
2021-12-01
2021-12-31
0001799332
us-gaap:RestrictedStockMember
2022-07-01
2022-09-30
0001799332
us-gaap:RestrictedStockMember
2022-01-01
2022-09-30
0001799332
us-gaap:RestrictedStockMember
2021-01-01
2021-09-30
0001799332
us-gaap:RestrictedStockMember
2022-09-30
0001799332
GAN:EmployeeBonusesMember
2022-01-01
2022-09-30
0001799332
GAN:TwoThousandTwentyEmployeeStockPurchasePlanMember
2022-01-01
2022-09-30
0001799332
GAN:TwoThousandTwentyEmployeeStockPurchasePlanMember
2022-07-01
2022-09-30
0001799332
2021-01-01
2021-12-31
0001799332
us-gaap:RestrictedStockUnitsRSUMember
2021-12-31
0001799332
us-gaap:RestrictedStockUnitsRSUMember
2022-09-30
0001799332
us-gaap:EmployeeStockOptionMember
2022-07-01
2022-09-30
0001799332
us-gaap:EmployeeStockOptionMember
2021-07-01
2021-09-30
0001799332
us-gaap:EmployeeStockOptionMember
2022-01-01
2022-09-30
0001799332
us-gaap:EmployeeStockOptionMember
2021-01-01
2021-09-30
0001799332
us-gaap:RestrictedStockMember
2022-07-01
2022-09-30
0001799332
us-gaap:RestrictedStockMember
2021-07-01
2021-09-30
0001799332
us-gaap:RestrictedStockMember
2022-01-01
2022-09-30
0001799332
us-gaap:RestrictedStockMember
2021-01-01
2021-09-30
0001799332
us-gaap:RestrictedStockUnitsRSUMember
2022-07-01
2022-09-30
0001799332
us-gaap:RestrictedStockUnitsRSUMember
2021-07-01
2021-09-30
0001799332
us-gaap:RestrictedStockUnitsRSUMember
2022-01-01
2022-09-30
0001799332
us-gaap:RestrictedStockUnitsRSUMember
2021-01-01
2021-09-30
0001799332
us-gaap:TransferredAtPointInTimeMember
2022-07-01
2022-09-30
0001799332
us-gaap:TransferredAtPointInTimeMember
2021-07-01
2021-09-30
0001799332
us-gaap:TransferredAtPointInTimeMember
2022-01-01
2022-09-30
0001799332
us-gaap:TransferredAtPointInTimeMember
2021-01-01
2021-09-30
0001799332
us-gaap:TransferredOverTimeMember
2022-07-01
2022-09-30
0001799332
us-gaap:TransferredOverTimeMember
2021-07-01
2021-09-30
0001799332
us-gaap:TransferredOverTimeMember
2022-01-01
2022-09-30
0001799332
us-gaap:TransferredOverTimeMember
2021-01-01
2021-09-30
0001799332
us-gaap:OtherCurrentLiabilitiesMember
2022-09-30
0001799332
us-gaap:OtherCurrentLiabilitiesMember
2021-09-30
0001799332
us-gaap:OtherLiabilitiesMember
2022-09-30
0001799332
us-gaap:OtherLiabilitiesMember
2021-09-30
0001799332
GAN:BusinessToBusinessB2BMember
2022-07-01
2022-09-30
0001799332
GAN:BusinessToConsumerSegmentB2CMember
2022-07-01
2022-09-30
0001799332
GAN:BusinessToBusinessB2BMember
2021-07-01
2021-09-30
0001799332
GAN:BusinessToConsumerSegmentB2CMember
2021-07-01
2021-09-30
0001799332
GAN:BusinessToBusinessB2BMember
2021-01-01
2021-09-30
0001799332
GAN:BusinessToConsumerSegmentB2CMember
2021-01-01
2021-09-30
0001799332
GAN:B2BSegmentMember
GAN:RevenueMember
GAN:OneCustomerMember
2022-07-01
2022-09-30
0001799332
GAN:B2BSegmentMember
GAN:RevenueMember
GAN:OneCustomerMember
2021-07-01
2021-09-30
0001799332
GAN:B2BSegmentMember
GAN:RevenueMember
GAN:OneCustomerMember
2022-01-01
2022-09-30
0001799332
GAN:B2BSegmentMember
GAN:RevenueMember
GAN:OneCustomerMember
2021-01-01
2021-09-30
0001799332
GAN:PlatformAndContentLicenseFeesMember
GAN:BusinessToBusinessB2BMember
2022-07-01
2022-09-30
0001799332
GAN:PlatformAndContentLicenseFeesMember
GAN:BusinessToBusinessB2BMember
2021-07-01
2021-09-30
0001799332
GAN:PlatformAndContentLicenseFeesMember
GAN:BusinessToBusinessB2BMember
2022-01-01
2022-09-30
0001799332
GAN:PlatformAndContentLicenseFeesMember
GAN:BusinessToBusinessB2BMember
2021-01-01
2021-09-30
0001799332
GAN:DevelopmentServicesAndOtherMember
GAN:BusinessToBusinessB2BMember
2022-07-01
2022-09-30
0001799332
GAN:DevelopmentServicesAndOtherMember
GAN:BusinessToBusinessB2BMember
2021-07-01
2021-09-30
0001799332
GAN:DevelopmentServicesAndOtherMember
GAN:BusinessToBusinessB2BMember
2022-01-01
2022-09-30
0001799332
GAN:DevelopmentServicesAndOtherMember
GAN:BusinessToBusinessB2BMember
2021-01-01
2021-09-30
0001799332
GAN:SportsbookMember
GAN:BusinessToConsumerSegmentB2CMember
2022-07-01
2022-09-30
0001799332
GAN:SportsbookMember
GAN:BusinessToConsumerSegmentB2CMember
2021-07-01
2021-09-30
0001799332
GAN:SportsbookMember
GAN:BusinessToConsumerSegmentB2CMember
2022-01-01
2022-09-30
0001799332
GAN:SportsbookMember
GAN:BusinessToConsumerSegmentB2CMember
2021-01-01
2021-09-30
0001799332
us-gaap:CasinoMember
GAN:BusinessToConsumerSegmentB2CMember
2022-07-01
2022-09-30
0001799332
us-gaap:CasinoMember
GAN:BusinessToConsumerSegmentB2CMember
2021-07-01
2021-09-30
0001799332
us-gaap:CasinoMember
GAN:BusinessToConsumerSegmentB2CMember
2022-01-01
2022-09-30
0001799332
us-gaap:CasinoMember
GAN:BusinessToConsumerSegmentB2CMember
2021-01-01
2021-09-30
0001799332
GAN:PokerMember
GAN:BusinessToConsumerSegmentB2CMember
2022-07-01
2022-09-30
0001799332
GAN:PokerMember
GAN:BusinessToConsumerSegmentB2CMember
2021-07-01
2021-09-30
0001799332
GAN:PokerMember
GAN:BusinessToConsumerSegmentB2CMember
2022-01-01
2022-09-30
0001799332
GAN:PokerMember
GAN:BusinessToConsumerSegmentB2CMember
2021-01-01
2021-09-30
0001799332
country:US
2022-07-01
2022-09-30
0001799332
country:US
2021-07-01
2021-09-30
0001799332
country:US
2022-01-01
2022-09-30
0001799332
country:US
2021-01-01
2021-09-30
0001799332
srt:EuropeMember
2022-07-01
2022-09-30
0001799332
srt:EuropeMember
2021-07-01
2021-09-30
0001799332
srt:EuropeMember
2022-01-01
2022-09-30
0001799332
srt:EuropeMember
2021-01-01
2021-09-30
0001799332
srt:LatinAmericaMember
2022-07-01
2022-09-30
0001799332
srt:LatinAmericaMember
2021-07-01
2021-09-30
0001799332
srt:LatinAmericaMember
2022-01-01
2022-09-30
0001799332
srt:LatinAmericaMember
2021-01-01
2021-09-30
0001799332
GAN:RestOfTheWorldMember
2022-07-01
2022-09-30
0001799332
GAN:RestOfTheWorldMember
2021-07-01
2021-09-30
0001799332
GAN:RestOfTheWorldMember
2022-01-01
2022-09-30
0001799332
GAN:RestOfTheWorldMember
2021-01-01
2021-09-30
0001799332
country:BM
2022-07-01
2022-09-30
0001799332
country:BM
2022-01-01
2022-09-30
0001799332
country:BM
2021-07-01
2021-09-30
0001799332
country:BM
2021-01-01
2021-09-30
0001799332
us-gaap:LicensingAgreementsMember
2021-06-30
0001799332
GAN:ExecutionMember
us-gaap:LicensingAgreementsMember
2021-06-30
0001799332
us-gaap:LicensingAgreementsMember
2022-01-27
0001799332
us-gaap:LicensingAgreementsMember
2022-04-25
0001799332
us-gaap:LicensingAgreementsMember
2021-01-01
2021-12-31
0001799332
us-gaap:ServiceMember
2022-01-01
2022-09-30
0001799332
2022-04-04
2022-04-05
0001799332
GAN:ContentLicensingAgreementsMember
2022-01-01
2022-09-30
0001799332
GAN:ContentLicensingAgreementsMember
2022-09-30
0001799332
GAN:ContentLicensingAgreementsMember
2022-07-01
2022-09-30
0001799332
GAN:ChileanTaxAdministrationMember
2022-01-01
2022-09-30
0001799332
GAN:ChileanTaxAdministrationMember
2022-03-06
2022-03-07
iso4217:USD
shares
iso4217:USD
shares
pure
GAN:Integer
0001799332
false
Q3
--12-31
P3Y
10-Q
true
2022-09-30
2022
false
001-39274
GAN Limited
D0
400 Spectrum Center Drive
Suite 1900
Irvine
CA
92618
(833)
565-0550
Not applicable
Ordinary shares, par value $0.01
GAN
NASDAQ
Yes
Yes
Non-accelerated Filer
true
true
true
false
42590012
41788000
39477000
81000
120000
13137000
8110000
4432000
3498000
3503000
3337000
62860000
54422000
16089000
14430000
99086000
146142000
47734000
35893000
4336000
10023000
230105000
260910000
6331000
5268000
5927000
10961000
2674000
4669000
8946000
8984000
2793000
3151000
26671000
33033000
2087000
1791000
27855000
19612000
1517000
2049000
77742000
36873000
0.01
0.01
100000000
100000000
42559977
42559977
42250743
42250743
425000
422000
327327000
319551000
-127152000
-76360000
-48237000
-19576000
152363000
224037000
230105000
260910000
32120000
32268000
104581000
93736000
9435000
10801000
31598000
29876000
6757000
5657000
20122000
15238000
4998000
5492000
19140000
15564000
10185000
12888000
33265000
35217000
28861000
1771000
5893000
4560000
16862000
12686000
37268000
39398000
151619000
108581000
-5148000
-7130000
-47038000
-14845000
1450000
2521000
1000
13000
283000
-6585000
-7130000
-49276000
-14846000
356000
1548000
513000
3201000
-6941000
-8678000
-49789000
-18047000
-0.16
-0.21
-1.18
-0.43
42237226
42061396
42263462
41962535
-6941000
-8678000
-49789000
-18047000
-12201000
-4904000
-28661000
-11939000
-19142000
-13582000
-78450000
-29986000
42250743
422000
319551000
-76360000
-19576000
224037000
-4499000
-4499000
-4264000
-4264000
1316000
1316000
444000
444000
2365
42253108
422000
321311000
-80859000
-23840000
217034000
-38349000
-38349000
-12196000
-12196000
2659000
2659000
469000
469000
303113
1006000
1006000
-3000
1006000
-1003000
125416
1000
394000
395000
42075411
420000
324833000
-120211000
-36036000
169006000
-6941000
-6941000
-12201000
-12201000
2140000
2140000
159859
2000
-137000
-135000
250000
2000
323000
325000
74707
1000
168000
169000
42559977
425000
327327000
-127152000
-48237000
152363000
36635362
365000
203842000
-45766000
-2877000
155564000
-5610000
-5610000
-9478000
-9478000
1632000
1632000
5260516
53000
106630000
106683000
297000
297000
108222
1000
314000
315000
42004100
419000
312715000
-51376000
-12355000
249403000
-3759000
-3759000
2443000
2443000
2319000
2319000
5178
1000
-1000
6396
22000
22000
42015674
420000
315055000
-55135000
-9912000
250428000
-8678000
-8678000
-4904000
-4904000
1823000
1823000
2590
164510
2000
489000
491000
42182774
422000
317367000
-63813000
-14816000
239160000
-49789000
-18047000
15837000
11888000
1025000
798000
280000
5671000
5774000
28861000
541000
22000
-432000
5189000
483000
1226000
-272000
265000
-226000
-2552000
9123000
1730000
-1255000
-4174000
3370000
-1689000
3906000
1296000
2847000
-387000
-460000
1389000
1205000
-3559000
1350000
92454000
9242000
8483000
5500000
1115000
215000
1657000
1478000
-17514000
-102630000
30000000
604000
720000
828000
169000
83000
1006000
2425000
27458000
141000
-4074000
-1210000
2311000
-102349000
39477000
152654000
41788000
50305000
26244000
106683000
297000
<p id="xdx_801_eus-gaap--NatureOfOperations_zBDxtvFPH916" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
1 — <span id="xdx_827_z31KHG1rOzvj">NATURE OF OPERATIONS</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GAN
Limited (the “Parent,” and with its subsidiaries, collectively the “Company”) is an exempted company limited
by shares, incorporated and registered in Bermuda. GAN plc, the previous parent, began its operations in the United Kingdom (“U.K.”)
in 2002 and listed its ordinary shares on the AIM, the London Stock Exchange’s market for smaller companies, in 2013.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 1, 2021, the Company acquired all of the outstanding shares of Vincent Group p.l.c. (“Vincent Group”), a Malta public
limited company doing business as “Coolbet”. Coolbet is a developer and operator of an online sports betting and casino platform
that is accessible through its website in markets across Northern Europe, Latin America and Canada.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is a business-to-business (“B2B”) supplier of a proprietary gaming system, GameSTACK™ (“GameSTACK”),
which is used predominately in the U.S. land-based casino industry. For its B2B customers, GameSTACK is a turnkey technology solution
for regulated real money internet gambling (“real money iGaming” or “RMiG”), online sports gaming, and virtual
simulated gaming (“SIM”). The Company is also a business-to-consumer (“B2C”) developer and operator of an online
sports betting and casino platform, providing international users with access through www.coolbet.com to its sportsbook, casino games
and poker products. The Company operates in <span id="xdx_907_eus-gaap--NumberOfOperatingSegments_pid_dc_uInteger_c20220101__20220930_z1VdEdqt2Esg" title="Number of operating segments">two</span> operating segments – B2B and B2C.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
2
<p id="xdx_80A_eus-gaap--BusinessDescriptionAndBasisOfPresentationTextBlock_zAIZcnBlRuPd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 — <span id="xdx_82A_zMfnQQI33xO5">BASIS OF PRESENTATION</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Basis
of Presentation</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United
States of America (“U.S. GAAP”). The unaudited condensed consolidated financial statements have been prepared on the same
basis as the annual consolidated financial statements and reflect all adjustments, in the opinion of management, of a normal recurring
nature that are necessary for a fair presentation of the financial position, results of operations and cash flows for the periods presented.
The financial data and other financial information disclosed in these notes to the condensed consolidated financial statements related
to these periods are also unaudited. The results of operations for the three and nine months ended September 30, 2022 are not necessarily
indicative of the results that may be expected for the year ended December 31, 2022 or for any future annual or interim period. The condensed
consolidated balance sheet as of December 31, 2021 included herein was derived from the audited consolidated financial statements as
of that date. The accompanying unaudited condensed consolidated financial statements and notes thereto should be read in conjunction
with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the
year ended December 31, 2021.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_80E_eus-gaap--SignificantAccountingPoliciesTextBlock_z7u8lXlZawMd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3 — <span id="xdx_82C_zNvtWwtH34yf">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company’s significant accounting policies are included in “Note 3 – Summary of Significant Accounting Policies”
of its 2021 Form 10-K. In addition to repeating some of these significant accounting policies, the Company has added certain new significant
accounting policies during the nine months ended September 30, 2022, as described below.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p id="xdx_84A_eus-gaap--UseOfEstimates_zD4UxRSQJxhi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_868_zfkUa47EEqqf">Use
of Estimates</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date
of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Due
to the inherent uncertainties involved in making estimates, actual results could differ from the original estimates, and may require
significant adjustments to these reported balances in future periods.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_84A_eus-gaap--ConsolidationPolicyTextBlock_ze2vH40PUGwh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86F_zSWslTmA2pSe">Principles
of Consolidation</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
condensed consolidated financial statements include the results of the Parent and its wholly-owned subsidiaries. All intercompany accounts
and transactions have been eliminated in consolidation.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_84B_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zUo9frTivYza" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_864_zppmt4RSAgz1">Foreign
Currency Translation and Transactions</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company’s reporting currency is the U.S. Dollar while the Company’s foreign subsidiaries use their local currencies as their
functional currencies. The assets and liabilities of foreign subsidiaries are translated to U.S. Dollars based on the current exchange
rate prevailing at each reporting period. Revenue and expenses are translated into U.S. Dollars using the average exchange rates prevailing
for each period presented. Translation adjustments that arise from translating a foreign subsidiary’s financial statements from
their functional currency to U.S. Dollars are reported as a separate component of accumulated other comprehensive loss in shareholders’
equity.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gains
and losses arising from transactions denominated in a currency other than the functional currency are included in general and administrative
expense in the condensed consolidated statements of operations as incurred. Foreign currency transaction and remeasurement gains and
losses were a net gain (loss) of $<span id="xdx_908_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_pn3n3_c20220701__20220930_zw42IFjs7ZM1" title="Net gain loss foreign currency transaction">684</span> and $<span id="xdx_905_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_pn3n3_c20210701__20210930_zPvb3OORnM8k" title="Net gain loss foreign currency transaction">(589)</span> for the three months ended September 30, 2022 and 2021, respectively, and $<span id="xdx_903_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_pn3n3_c20220101__20220930_z5sqwvtXJIJ" title="Net gain loss foreign currency transaction">(494)</span> and
$<span id="xdx_907_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_pn3n3_c20210101__20210930_zWVm0BrVaE7b" title="Net gain loss foreign currency transaction">(761)</span> for the nine months ended September 30, 2022 and 2021, respectively.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_849_eus-gaap--ConcentrationRiskCreditRisk_zFZdyYkmCJSk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86B_zY9D7UoP8CYc">Concentration
of Credit Risk</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments that potentially subject the Company to concentration of credit risk consist primarily of its cash and trade receivables.
At September 30, 2022, the Company held cash deposits in foreign countries, primarily in Northern Europe and Latin America, of approximately
$<span id="xdx_908_eus-gaap--Deposits_iI_pn6n6_c20220930__srt--StatementGeographicalAxis__custom--NorthernEuropeAndLatinAmericaMember_znpDPphGIdBf" title="Cash deposits">33.0</span> million, which are subject to local banking laws and may bear higher or lower risk than cash deposited in the United States. Cash
held in the United States is maintained in a major financial institution in excess of federally insured limits. As part of our cash management
processes, the Company performs periodic evaluations of the credit standing of the financial institutions and we have not sustained any
credit losses from instruments held at these financial institutions. Additionally, the Company maintains an allowance for potential credit
losses, but historically has not experienced any significant losses related to individual customers or groups of customers in any particular
geographic area.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b><i>Risks and Uncertainties</i></b></p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">Macroeconomic conditions can materially adversely affect the Company’s
business, results of operations and financial condition. Recent adverse macroeconomic conditions, including inflation, higher interest
rates, slower growth or recession, the strengthening of the U.S. dollar, and corresponding currency fluctuations can have an adverse material
impact on the Company’s future results of operations, cash flows, and financial condition, particularly with respect to foreign
currency adjustments relating to our international operations. Such conditions may also affect consumers’ willingness to make discretionary
purchases, and therefore the Company, along with its casino operator customers, may experience a decline in wagering. A downturn in the
economic environment can also lead to increased credit and collectibility risk on the Company’s trade receivables, limitations on
the Company’s ability to issue new debt, and reduced liquidity.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p id="xdx_845_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zYDYDkhGcmKg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_869_zLbojAopcpQ6">Revenue
Recognition</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue
from B2B Operations</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company’s revenue from its B2B operations are primarily from its internet gaming Software-as-a-Service platform, GameSTACK, that
its customers use to provide real money internet gambling (“RMiG”), online sports gaming and simulated internet gaming (“SIM”)
to its end users. The Company enters into contracts with its customers that generally range from three to five years and include renewal
provisions. These contracts generally include provision of the internet gaming platform, content consisting of proprietary and third-party
games, development services and support and marketing services. In certain cases, the contract may include computer hardware to be procured
on behalf of the customer. The customers cannot take possession of the hosted GameSTACK software and the Company does not sell or license
the GameSTACK software.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company charges fees as consideration for use of its internet gaming system, game content, support and marketing services based on a
fixed percentage of the casino operator’s net gaming revenue or net sportsbook win, at the time of settlement of an event for RMiG
contracts, considered usage-based fees, or at the time of purchase for in-game virtual credit for SIM contracts. The determination of
the fee charged to its customers is negotiated and varies significantly. Certain of these RMiG contracts provide the Company with a minimum
monthly revenue guarantee in relation to the Company’s share of the casino operator’s net gaming revenue or net sportsbook
win. At September 30, 2022 the remaining unsatisfied performance obligations related to fixed minimum guaranteed revenue totaled $<span id="xdx_90B_eus-gaap--RevenueRemainingPerformanceObligation_iI_pn5n6_c20220930_zTRThild2QBj" title="Revenue remaining performance obligation">0.5</span>
million.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company’s promise to provide the RMiG SaaS platform and content licensing services on the hosted software is a single performance
obligation. This performance obligation is recognized over time, as the Company provides services to its customers in its delivery of
services to the player end user. The Company’s customers simultaneously receive and consume the benefits provided by the Company
as it delivers services to its customers. Usage based fees are considered variable consideration as the service is to provide unlimited
continuous access to its hosted application and usage of the hosted system is primarily controlled by the player end user. The transaction
price includes fixed and variable consideration and is billed monthly with the amount due generally thirty days from the date of the
invoice. Variable consideration is allocated entirely to the period in which consideration is earned as the variable amounts relate specifically
to the customer’s usage of the platform that day and allocating the usage-based fees to each day is consistent with the allocation
objective, primarily that the change in amounts reflect the changing value to the customer. The Company’s internet gaming system,
game content, support and marketing services are provided equally throughout the term of the contract. These services are made up of
a daily requirement to provide access and use of the internet gaming system and support services to the customer over a period of time,
as well as to provide marketing services, and not a specified amount of services. The series of distinct services represents a single
performance obligation that is satisfied over time.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchases
of virtual credits within a transaction period on the SIM platform, generally a monthly convention, are earned over time, and are typically
billed monthly upon the close of the respective period as the credit has no monetary value, cannot be redeemed, exchanged, transferred
or withdrawn, represents solely a device for tracking game play during the month, does not obligate the Company to provide future services
and the arrangements with the customer and player end user have no substantive termination penalty. In certain service agreements with
its SIM customers, the Company receives fees for the purchases of in-game virtual credit made by end-users and remits payment to the
SIM customer for their share of the SIM revenues. At September 30, 2022 and December 31, 2021, the Company has recorded a liability due
to its customers for their share of the fees of $<span id="xdx_90F_ecustom--AmountsDueToCustomersCurrent_iI_pn3n3_c20220930_zhgf1REUe424" title="Amounts due to customers current">1,362</span> and $<span id="xdx_904_ecustom--AmountsDueToCustomersCurrent_iI_pn3n3_c20211231_zZSs2AQsPahd" title="Amounts due to customers current">2,171</span>, respectively, within other current liabilities in the condensed consolidated
balance sheets.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company uses third-party content providers in supplying game content in its performance of providing game content on its platform to
its customers. A customer has access to the Company’s propriety and licensed game content and additionally, the customer can direct
the Company to procure third-party game content on its behalf. The Company has determined it acts as the principal for providing the
game content when the Company controls the game content, and therefore presents the revenue on a gross basis in the condensed consolidated
statements of operations. When the customer directs the Company to procure third-party game content, the Company determined it is deemed
an agent for providing such game content, and therefore, records the revenue, net of the costs of content license fees, in the condensed
consolidated statements of operations.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company also provides ongoing development services involving updates to the RMiG platforms for enhanced functionality or customization.
Ongoing development services are typically billed monthly, at a daily rate, for services performed. Revenue from RMiG platform development
services that are identified as distinct performance obligations and relate either to an asset the customer controls or from which the
customer receives value are recognized over the period the services are performed. This revenue is measured using an input method based
on effort expended, which uses direct labor hours incurred. As the performance obligation relates to the provision of development services
over time, this method reflects the transfer of control as the Company performs the services. Separately, revenue generated from customers
for development services that are not identified as distinct performance obligations are deferred over the license service term. In customer
contracts that require a portion of the consideration to be received in advance or at the commencement of the contract, such amounts
are recorded as a contract liability.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
services include the resale of a third-party computer hardware, such as servers and other related hardware devices, upon which the GameSTACK
software is installed for its customers. These products are not required to be purchased in order to access the GameSTACK platform but
are sold as a convenience to the customer. The Company procures the computer hardware on the customer’s behalf for a fee determined
based on cost of the computer hardware plus a markup. The Company charges a hardware deployment fee which is a one-time fee for installation,
testing and certification of the computer hardware at the gaming hosting facility. Revenue is recognized at the point in time when control
of the hardware transfers to the customer. Control is transferred after the hardware has been procured, delivered, installed at the customer’s
premises and configured to allow for remote access.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has determined that it is acting as the principal in providing computer hardware and related services as it assumes responsibility
for procuring, delivering, installing and configuring the hardware at the customer’s location and takes control of the hardware,
prior to transfer. Revenue is presented at the gross amount of consideration to which it is entitled from the customer in exchange for
the computer hardware and related services.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company generates revenue from time to time from the licensing of its U.S. patent, which governs the linkage of on-property reward cards
to their counterpart internet gaming accounts together with bilateral transmission of reward points between the internet gaming technology
system and the land-based casino management system present in all U.S. casino properties. The nature of the promise in transferring the
license is to provide a right to use the patent as it exists. The Company does not have to undertake activities to change the functionality
of the patent during the license period and the license has significant stand-alone functionality. Therefore, the Company recognizes
the revenue from the license of the patent at the point in time when control of the license is transferred to the customer. Control is
determined to transfer at the point in time the customer is able to use and benefit from the license.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Contracts
with Multiple Performance Obligations</i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
customer contracts that have more than one performance obligation, the transaction price is allocated to the performance obligations
in an amount that depicts the relative stand-alone selling prices of each performance obligation. Judgment is required in determining
the stand-alone selling price for each performance obligation. In determining the allocation of the transaction price, an entity is required
to maximize the use of observable inputs. When the stand-alone selling price of a good or service is not directly observable, an entity
is required to estimate the stand-alone selling price. Contracts with its customers may include platform and licensing of game content
services, as well as development services and computer hardware services. The variable consideration generated from the platform and
the licensing of game content is allocated entirely to the performance obligation for platform and licensing of game content services
and the remaining fixed fees for development services and computer hardware would be allocated to each of the remaining performance obligation
based on their relative stand-alone selling prices. The variable consideration relates entirely to the effort to satisfy the platform
and licensing game content services and the fixed consideration relates to the remaining performance obligations which is consistent
with the allocation objective.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue
from Gaming Operations</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company operates the B2C gaming site www.coolbet.com outside of the U.S., which contains proprietary software and includes the following
product offerings: sportsbook, poker, casino, live casino and virtual sports.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company manages an online sportsbook allowing users to place various types of wagers on the outcome of sporting events conducted around
the world. The Company operates as the bookmaker and offers fixed odds wagering on such events. When a user’s wager wins, the Company
pays the user a pre-determined amount known as fixed odds. Revenue from online sportsbook is reported net after deduction of player winnings
and bonuses. Revenue from wagers is recognized when the outcome of the event is known.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company offers live casino through its digital online casino offering in select markets, allowing users to place a wager and play games
virtually at retail casinos. The Company offers users a catalog of over <span id="xdx_90D_ecustom--NumberOfThirdPartyGamingProductsAvailable_iI_uInteger_c20220930_zEyXsujiLtK4" title="Number of third party gaming products available">3,200</span> third-party iGaming products such as digital slot machines
and table games such as blackjack and roulette. Revenue from casino games is reported net after deduction of winnings, jackpot contribution
and customer bonuses.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peer-to-peer
poker offerings allow users to play poker against one another on the Company’s online poker platform for prize money. Revenue is
recognized as a percentage of the reported rake. Additionally, the Company offers tournament poker which allows users to buy-in for a
fixed price for prize money. For tournament play, revenue is recognized for the difference between the entry fees collected and the amounts
paid out to users as prizes and winnings.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
each of the online gaming products, a single performance obligation exists at the time a wager is made to operate the games and award
prizes or payouts to users based on a particular outcome. Revenue is recognized at the conclusion of each contest, wager, or wagering
game hand. Additionally, certain incentives given to users, for example, that allow the user to make an additional wager at a reduced
price, may provide the user with a material right which gives rise to a separate performance obligation.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company allocates a portion of the user’s wager to incentives that create material rights that are redeemed or expired in the future.
The allocated revenue for gaming wagers is primarily recognized when the wagers occur because all such wagers settle immediately.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company applies a practical expedient by accounting for revenue from gaming on a portfolio basis because such wagers have similar characteristics,
and the Company reasonably expects the effects on the financial statements of applying the revenue recognition guidance to the portfolio
to not differ materially from that which would result if applying the guidance to an individual wagering contract.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p id="xdx_840_ecustom--SalesAndMarketingPolicyTextBlock_zNsvc4aKTcNb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86D_zqZPtBCitgjf">Sales
and Marketing</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
and marketing expense primarily consists of general marketing and advertising costs, B2C user acquisition expenses and personnel costs
within our sales and marketing functions. Sales and marketing costs are expensed as incurred.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_843_eus-gaap--IntangibleAssetsFiniteLivedPolicy_zTM9g5r0Stj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86E_zL0EQeflIwe">Content
Licensing Fees</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Content
licensing fees are paid to third parties for gaming content which are expensed as incurred. Content licensing fees are calculated as
a percentage of net gaming revenues in respect of the third-party games, as stipulated in the third-party agreements.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_845_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zIymGBQDu11b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86E_ze5GQ1lr7ekk">Share-based
Compensation</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based
compensation expense is recognized for share options and restricted shares issued to employees and non-employee members of the Company’s
Board of Directors. The Company’s issued share options and restricted shares, which are primarily considered equity awards and
include only service conditions, are valued based on the fair value of these awards on the date of grant. The fair value of the share
options is estimated using a Black-Scholes option pricing model and the fair value of the restricted shares (restricted share awards
and restricted share units) is based on the market price of the Company’s shares on the date of grant.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
restricted share units awards issued to non-employee members of the Company’s Board of Directors permit shares upon vesting to
be withheld, as a means of meeting the non-employee director’s tax withholding requirements, and paid in cash to the non-employee
director. The Company additionally incurs share-based compensation expense under compensation arrangements with certain of its employees
under which the Company will settle bonuses for a fixed dollar amount by issuing a variable number of shares based on the Company’s
share price on the settlement date. These awards are classified as liability-based awards which are measured based on the fair value
of the award at the end of each reporting period until settled. Related compensation expense is recognized based on changes to the fair
value over the applicable service period</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based
compensation is recorded over the requisite service period, generally defined as the vesting period. For awards with graded vesting and
only service conditions, compensation cost is recorded on a straight-line basis over the requisite service period of the entire award.
Forfeitures are recorded in the period in which they occur.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_848_eus-gaap--EarningsPerSharePolicyTextBlock_zce8PUKpd9J4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_865_zeBJDB8vx9g8">Loss
Per Share, Basic and Diluted</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
loss per share is calculated by dividing the net loss by the weighted average number of ordinary shares outstanding during the year.
In periods of loss, basic and diluted per share information are the same.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_84A_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zQ44XrhTySwh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_861_z0v4Hy9laHs2">Cash</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
is comprised of cash held at the bank and third-party service providers. The Company is required to maintain compensating cash balances
to satisfy its liabilities to users. Such balances are included within cash in the condensed consolidated balance sheets and are not
subject to creditor claims. At September 30, 2022 and December 31, 2021, the related liabilities to users was $<span id="xdx_907_eus-gaap--ContractWithCustomerLiabilityCurrent_iI_pn3n3_c20220930_z0Jvjll5hTKe" title="Liabilities to users">8,946</span> and $<span id="xdx_903_eus-gaap--ContractWithCustomerLiabilityCurrent_iI_pn3n3_c20211231_zPXkO34xZ036" title="Liabilities to users">8,984</span>, respectively.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p id="xdx_844_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zMmw9ULYleo5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_864_zVus8ManIGKb">Property
and Equipment, net</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment are stated at cost less accumulated depreciation. Depreciation is generally computed on a straight-line basis over the
estimated useful lives of the assets. Maintenance and repairs are charged to expense in the period they are incurred. When items of property
or equipment are sold or retired, the related cost and accumulated depreciation are removed from the accounts, and any gain or loss is
included in the statement of operations.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p id="xdx_847_eus-gaap--ResearchDevelopmentAndComputerSoftwarePolicyTextBlock_z1PmZ4b0NPf6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86B_zfoOZZndSkS7">Capitalized
Software Development Costs, net</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company capitalizes certain development costs related to its internet gaming platforms during the application development stage. Costs
associated with preliminary project activities, training, maintenance and all other post implementation stage activities are expensed
as incurred. Software development costs are capitalized when application development begins, it is probable that the project will be
completed, and the software will be used as intended. The Company capitalizes certain costs related to specific upgrades and enhancements
when it is probable that expenditures will result in additional functionality of the platform to its customers. The capitalization policy
provides for the capitalization of certain payroll and payroll related costs for employees who spent time directly associated with development
and enhancements of the platform.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalized
software development costs are amortized on a straight-line basis over their estimated useful lives, which generally ranges from <span id="xdx_902_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dxL_c20220101__20220930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember__srt--RangeAxis__srt--MinimumMember_ztSyxX9smCya" title="Finite lived intangible asset, useful life::XDX::P3Y"><span style="-sec-ix-hidden: xdx2ixbrl0797">three</span></span>
to <span id="xdx_90F_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dc_c20220101__20220930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember__srt--RangeAxis__srt--MaximumMember_zZm0f8aJDdhk" title="Finite lived intangible asset, useful life">five years</span>, and are included within depreciation and amortization expense in the condensed consolidated statements of operations.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_844_eus-gaap--GoodwillAndIntangibleAssetsGoodwillPolicy_zMfuWU8P4U6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_860_z9DMFhEbVOdg">Goodwill</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
represents the excess of the fair value of the consideration transferred over the estimated fair values of the identifiable assets acquired
and liabilities assumed on the acquisition date. The Company has recorded goodwill primarily from its acquisition of Coolbet in January
2021. Goodwill is not amortized, but rather is reviewed for impairment annually (as of October 1st) or more frequently if facts or circumstances
indicate that it is more-likely-than-not the fair value of a reporting unit may be below its carrying amount.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has determined that it has two reporting units: B2C and B2B. In its goodwill impairment testing, the Company has the option to
perform a qualitative assessment to determine whether it is more-likely-than-not that the fair value of the reporting unit, including
goodwill, is less than its carrying amount prior to performing the quantitative impairment test. The qualitative assessment evaluates
various events and circumstances, such as macro-economic conditions, industry and market conditions, cost factors, relevant events and
financial trends that may impact a reporting unit’s fair value. If it is determined that the estimated fair value of the reporting
unit is more-likely-than not less than its carrying amount, including goodwill, the quantitative goodwill impairment test is required.
Otherwise, no further analysis would be required.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the quantitative impairment test for goodwill is deemed necessary, this quantitative impairment analysis compares the fair value of the
Company’s reporting unit to its related carrying value. If the fair value of the reporting unit is less than its carrying amount,
goodwill is written down to the fair value and an impairment loss is recognized. If the fair value of the reporting unit exceeds its
carrying amount, no further analysis is required. Fair value of the reporting unit is determined using valuation techniques, primarily
discounted cash flow analysis.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
Topic 350 requires that goodwill be tested for impairment between annual tests if an event occurs or circumstances change that would
more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company performed a qualitative and quantitative
impairment test as of June 30, 2022 which resulted in an impairment to goodwill of $<span id="xdx_90E_eus-gaap--AssetImpairmentCharges_pn5n6_c20220101__20220930_zbvOLdeoIR73" title="Goodwill impairment">28.9</span> million. The Company performed an additional
qualitative assessment as of September 30, 2022 to determine whether events or circumstances such as those described in ASC 350-20-35-3C
existed and concluded that, due to the significant and sustained decline in share price and market capitalization of the Company since
the Coolbet acquisition, such triggers existed during the current interim period; therefore, an interim quantitative impairment test
was performed. The Company did not recognize an additional impairment to goodwill as a result of its interim impairment test as of September
30, 2022.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p id="xdx_84D_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zrfbjelce193" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86F_z5BOGu8x6Xw8">Long-lived
Assets</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-lived
assets, except goodwill, consist of property and equipment, and finite lived acquired intangible assets, such as developed software,
gaming licenses, trademarks, trade names and customer relationships. Intangible assets are amortized on a straight-line basis over their
estimated useful lives. The Company considers the period of expected cash flows and underlying data used to measure the fair value of
the intangible assets when selecting the estimated useful lives.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gaming
licenses include license applications fees and market access payments in connection with agreements that the Company enters into with
strategic partners. The market access arrangements authorize the Company to offer online gaming and online sports betting in certain
regulated markets. These costs are capitalized and amortized on a straight-line basis over their estimated useful lives, beginning with
the commencement of operations.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the acquired intangible assets is primarily determined using the income approach. In performing these valuations, the Company’s
key underlying assumptions used in the discounted cash flows were projected revenue, gross margin expectations and operating cost estimates.
There are inherent uncertainties and management judgment is required in these valuations.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-lived
assets, except goodwill, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount
of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment,
the Company compares the undiscounted cash flows expected to be generated by that asset or asset group to their carrying amount. If
the carrying amount of the long-lived asset or asset group are not recoverable on an undiscounted cash flow basis, an impairment
charge is recognized to the extent that the carrying amount exceeds fair value. Fair value is determined through various techniques,
such as discounted cash flow models using probability weighted estimated future cash flows and the use of valuation specialists.
During the three and nine months ended September 30, 2022, there was no triggering event that would cause the Company to believe the
value of its long-lived assets should be impaired.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_849_ecustom--LiabilitiesToUsersPolicyTextBlock_zjcQq9pMLrKi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86B_zJczws8Nurri">Liabilities
to Users</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company records liabilities for user account balances. User account balances consist of user deposits, promotional awards and user winnings
less user withdrawals and user losses.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_843_eus-gaap--LegalCostsPolicyTextBlock_z4NdV5tTOUM1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86C_z7cQu4hZi7Ri">Legal
Contingencies and Litigation Accruals</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
a quarterly basis, the Company assesses potential losses in relation to pending or threatened legal matters. If a loss is considered
probable and the amount can be reasonably estimated, the Company recognizes an expense for the estimated loss. Estimates of any such
loss are subjective in nature and require the evaluation of numerous facts and assumptions as to future events, including the application
of legal precedent which may be conflicting. To the extent these estimates are more or less than the actual liability resulting from
the resolution of these matters, the Company’s financial results will increase or decrease accordingly.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p id="xdx_845_eus-gaap--DebtPolicyTextBlock_z2XBJO1xgenh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86B_zn3H8pJToLq9">Debt</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt
issuance costs incurred in connection with the issuance of new debt are recorded as a reduction to the long-term debt balance on the
condensed consolidated balance sheets, and amortized over the term of the loan commitment as interest expense on the condensed consolidated
statements of operations. The Company calculates amortization expense on capitalized debt issuance costs using the effective interest
method in accordance with Accounting Standards Codification (“ASC”) 470, Debt.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_849_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zL9QzlwgRGgb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86D_zKSevQtaMux1">Fair
Value of Financial Instruments</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company applies the provisions of ASC 820, Fair Value Measurements and Disclosures, which provides a single authoritative definition
of fair value, sets out a framework for measuring fair value and expands on required disclosures about fair value measurement. Fair value
represents the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous
market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company uses the
following hierarchy in measuring the fair value of the Company’s assets and liabilities, focusing on the most observable inputs
when available:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1 Quoted prices in active markets for identical assets or liabilities.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2 Observable inputs other than Level 1 quoted prices, such as quoted prices for similar assets
and liabilities in active markets, quoted prices in markets that are not active for identical
or similar assets and liabilities, or other inputs that are observable or can be corroborated
by observable market data for substantially the full term of the assets or liabilities.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3 Valuations are based on the inputs that are unobservable and significant to the overall
fair value measurement of the assets or liabilities. Inputs reflect management’s best
estimate of what market participants would use in pricing the asset or liability at the measurement
date. Consideration is given to the risk inherent in the valuation technique and the risk
inherent in the inputs to the model.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valuation
techniques used to measure the fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_89A_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_z0dFRc2hb398" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis as required
by ASC 820, by level, within the fair value hierarchy as of September 30, 2022:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8BA_zgfJRsz4hIkj" style="display: none">SCHEDULE OF FAIR VALUE OF ASSETS AND LIABILITIES ON RECURRING BASIS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_498_20220930_zkGtpcTzthxl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
Value</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_49D_20220930__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zMxqSVugxLzi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_490_20220930__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zRAorvBRe4vb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_49E_20220930__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zUAY4g5DTSJl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
30, 2022</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
Value</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liability</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_404_eus-gaap--BusinessCombinationContingentConsiderationLiability_iI_zywU1jKHmhOb" style="vertical-align: bottom; background-color: White">
<td style="width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contingent content
liability</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,369</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0818">—</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0819">—</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,369</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
</table>
<p id="xdx_8A8_zeec68G0obW4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
contingent content liability represents additional amounts which the Company expects to pay to Ainsworth Game Technology, a third-party
gaming content provider (“the Content Provider”) if the Company’s total revenue generated from its content licensing
arrangement with the Content Provider exceeds certain stipulated annual and cumulative thresholds during the contract term. The fair
value of the contingent content liability is determined using Level 3 inputs, since estimating the fair value of this contingent content
liability requires the use of significant and subjective inputs that may and are likely to change over the duration of the liability
with related changes in internally generated anticipated games revenue as well as external market factors. The contingent content liability
was valued using a Monte Carlo simulation based on management’s anticipated annual games revenue forecasts. The fair value of the
contingent content liability was initially recognized in April 2022 in connection with its modified
arrangement with the Content Provider on April 5, 2022 and is recorded within Content licensing liabilities within the condensed consolidated
balance sheets. Contingent consideration is revalued at each reporting period. There were no significant changes to the value through
September 30, 2022. Refer to Note 4 – Acquisition for further detail.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_84A_eus-gaap--IncomeTaxPolicyTextBlock_zadQgVG8SWn5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_860_zGM62yOKXTw1">Income
Taxes</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is subject to income taxes in the United States, U.K., Bulgaria, Israel, Canada, and Malta. The Company records an income tax
expense for the anticipated tax consequences of the reported results of operations using the asset and liability method. Under this method,
deferred income tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the
financial reporting and tax bases of assets and liabilities, as well as for loss and tax credit carryforwards. Deferred tax assets and
liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax assets and
liabilities are expected to be realized or settled. The effect on deferred income tax of a change in tax rates are recorded in the period
of the enactment. Deferred tax assets are reduced, through a valuation allowance, if necessary, by the amount of such benefits that are
not expected to be realized based on current available evidence. In evaluating the Company’s ability to recover deferred tax assets
in the jurisdiction from which they arise, all available positive and negative evidence is considered, including results of recent operations,
scheduled reversals of deferred tax liabilities, projected future taxable income, and tax-planning strategies. The Company records a
valuation allowance to reduce its deferred tax assets to the net amount that it believes is more likely than not to be realized.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes tax benefits from uncertain tax positions only if management believes that it is more likely than not that the tax
position will be sustained on examination by the taxing authorities based on the technical merits of the position. Although the Company
believes that it has adequately provided for uncertain tax positions, no assurance can be given that the final tax outcome of these matters
would not be materially different. Adjustments are made when facts and circumstances change, such as the closing of a tax audit or the
refinement of an estimate. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences
would affect the provision for income taxes in the period in which such determination is made and could have a material impact on the
Company’s financial condition and operating results. The Company recognizes penalties and interest related to income tax matters
in income tax expense.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_847_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zGgeOLUuO9he" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_868_zW2kHmt0hqDi">Segments</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company operates in <span id="xdx_904_eus-gaap--NumberOfOperatingSegments_dc_uInteger_c20220101__20220930_zNhjJNedthZb" title="Number of operating segments">two</span> operating segments, B2B and B2C. Operating segments are defined as components of an enterprise where separate
financial information is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources
and assess the Company’s performance. The Company’s CODM is the Chief Executive Officer. The CODM allocates resources and
assesses performance based upon discrete financial information at the operating segment level.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p id="xdx_848_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zeMqyfCvgPNb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_869_zOXAgDSmUE1">Recently
Issued Accounting Pronouncements</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October 2021, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2021-08, <i>Business Combinations
(Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers</i>. ASU 2021-08 requires an acquirer
to measure and recognize contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue
from Contracts with Customers, rather than using fair value on the acquisition date. This amendment is effective for fiscal years beginning
after December 15, 2022, including interim periods within those annual periods, and should be applied prospectively to business combinations
occurring on or after the effective date. Early adoption is permitted. The Company will apply the amended guidance on a prospective basis
to business combinations that occur on or after January 1, 2023.</span></p>
<p id="xdx_85B_zpBVnYXAxl3c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27pt"/>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_84A_eus-gaap--UseOfEstimates_zD4UxRSQJxhi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_868_zfkUa47EEqqf">Use
of Estimates</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date
of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Due
to the inherent uncertainties involved in making estimates, actual results could differ from the original estimates, and may require
significant adjustments to these reported balances in future periods.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_84A_eus-gaap--ConsolidationPolicyTextBlock_ze2vH40PUGwh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86F_zSWslTmA2pSe">Principles
of Consolidation</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
condensed consolidated financial statements include the results of the Parent and its wholly-owned subsidiaries. All intercompany accounts
and transactions have been eliminated in consolidation.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_84B_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zUo9frTivYza" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_864_zppmt4RSAgz1">Foreign
Currency Translation and Transactions</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company’s reporting currency is the U.S. Dollar while the Company’s foreign subsidiaries use their local currencies as their
functional currencies. The assets and liabilities of foreign subsidiaries are translated to U.S. Dollars based on the current exchange
rate prevailing at each reporting period. Revenue and expenses are translated into U.S. Dollars using the average exchange rates prevailing
for each period presented. Translation adjustments that arise from translating a foreign subsidiary’s financial statements from
their functional currency to U.S. Dollars are reported as a separate component of accumulated other comprehensive loss in shareholders’
equity.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gains
and losses arising from transactions denominated in a currency other than the functional currency are included in general and administrative
expense in the condensed consolidated statements of operations as incurred. Foreign currency transaction and remeasurement gains and
losses were a net gain (loss) of $<span id="xdx_908_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_pn3n3_c20220701__20220930_zw42IFjs7ZM1" title="Net gain loss foreign currency transaction">684</span> and $<span id="xdx_905_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_pn3n3_c20210701__20210930_zPvb3OORnM8k" title="Net gain loss foreign currency transaction">(589)</span> for the three months ended September 30, 2022 and 2021, respectively, and $<span id="xdx_903_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_pn3n3_c20220101__20220930_z5sqwvtXJIJ" title="Net gain loss foreign currency transaction">(494)</span> and
$<span id="xdx_907_eus-gaap--OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax_pn3n3_c20210101__20210930_zWVm0BrVaE7b" title="Net gain loss foreign currency transaction">(761)</span> for the nine months ended September 30, 2022 and 2021, respectively.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
684000
-589000
-494000
-761000
<p id="xdx_849_eus-gaap--ConcentrationRiskCreditRisk_zFZdyYkmCJSk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86B_zY9D7UoP8CYc">Concentration
of Credit Risk</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
instruments that potentially subject the Company to concentration of credit risk consist primarily of its cash and trade receivables.
At September 30, 2022, the Company held cash deposits in foreign countries, primarily in Northern Europe and Latin America, of approximately
$<span id="xdx_908_eus-gaap--Deposits_iI_pn6n6_c20220930__srt--StatementGeographicalAxis__custom--NorthernEuropeAndLatinAmericaMember_znpDPphGIdBf" title="Cash deposits">33.0</span> million, which are subject to local banking laws and may bear higher or lower risk than cash deposited in the United States. Cash
held in the United States is maintained in a major financial institution in excess of federally insured limits. As part of our cash management
processes, the Company performs periodic evaluations of the credit standing of the financial institutions and we have not sustained any
credit losses from instruments held at these financial institutions. Additionally, the Company maintains an allowance for potential credit
losses, but historically has not experienced any significant losses related to individual customers or groups of customers in any particular
geographic area.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"/></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><b><i>Risks and Uncertainties</i></b></p>
<p style="font: 12pt Times New Roman, Times, Serif; margin: 0"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in">Macroeconomic conditions can materially adversely affect the Company’s
business, results of operations and financial condition. Recent adverse macroeconomic conditions, including inflation, higher interest
rates, slower growth or recession, the strengthening of the U.S. dollar, and corresponding currency fluctuations can have an adverse material
impact on the Company’s future results of operations, cash flows, and financial condition, particularly with respect to foreign
currency adjustments relating to our international operations. Such conditions may also affect consumers’ willingness to make discretionary
purchases, and therefore the Company, along with its casino operator customers, may experience a decline in wagering. A downturn in the
economic environment can also lead to increased credit and collectibility risk on the Company’s trade receivables, limitations on
the Company’s ability to issue new debt, and reduced liquidity.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
33000000.0
<p id="xdx_845_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_zYDYDkhGcmKg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_869_zLbojAopcpQ6">Revenue
Recognition</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue
from B2B Operations</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company’s revenue from its B2B operations are primarily from its internet gaming Software-as-a-Service platform, GameSTACK, that
its customers use to provide real money internet gambling (“RMiG”), online sports gaming and simulated internet gaming (“SIM”)
to its end users. The Company enters into contracts with its customers that generally range from three to five years and include renewal
provisions. These contracts generally include provision of the internet gaming platform, content consisting of proprietary and third-party
games, development services and support and marketing services. In certain cases, the contract may include computer hardware to be procured
on behalf of the customer. The customers cannot take possession of the hosted GameSTACK software and the Company does not sell or license
the GameSTACK software.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company charges fees as consideration for use of its internet gaming system, game content, support and marketing services based on a
fixed percentage of the casino operator’s net gaming revenue or net sportsbook win, at the time of settlement of an event for RMiG
contracts, considered usage-based fees, or at the time of purchase for in-game virtual credit for SIM contracts. The determination of
the fee charged to its customers is negotiated and varies significantly. Certain of these RMiG contracts provide the Company with a minimum
monthly revenue guarantee in relation to the Company’s share of the casino operator’s net gaming revenue or net sportsbook
win. At September 30, 2022 the remaining unsatisfied performance obligations related to fixed minimum guaranteed revenue totaled $<span id="xdx_90B_eus-gaap--RevenueRemainingPerformanceObligation_iI_pn5n6_c20220930_zTRThild2QBj" title="Revenue remaining performance obligation">0.5</span>
million.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company’s promise to provide the RMiG SaaS platform and content licensing services on the hosted software is a single performance
obligation. This performance obligation is recognized over time, as the Company provides services to its customers in its delivery of
services to the player end user. The Company’s customers simultaneously receive and consume the benefits provided by the Company
as it delivers services to its customers. Usage based fees are considered variable consideration as the service is to provide unlimited
continuous access to its hosted application and usage of the hosted system is primarily controlled by the player end user. The transaction
price includes fixed and variable consideration and is billed monthly with the amount due generally thirty days from the date of the
invoice. Variable consideration is allocated entirely to the period in which consideration is earned as the variable amounts relate specifically
to the customer’s usage of the platform that day and allocating the usage-based fees to each day is consistent with the allocation
objective, primarily that the change in amounts reflect the changing value to the customer. The Company’s internet gaming system,
game content, support and marketing services are provided equally throughout the term of the contract. These services are made up of
a daily requirement to provide access and use of the internet gaming system and support services to the customer over a period of time,
as well as to provide marketing services, and not a specified amount of services. The series of distinct services represents a single
performance obligation that is satisfied over time.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Purchases
of virtual credits within a transaction period on the SIM platform, generally a monthly convention, are earned over time, and are typically
billed monthly upon the close of the respective period as the credit has no monetary value, cannot be redeemed, exchanged, transferred
or withdrawn, represents solely a device for tracking game play during the month, does not obligate the Company to provide future services
and the arrangements with the customer and player end user have no substantive termination penalty. In certain service agreements with
its SIM customers, the Company receives fees for the purchases of in-game virtual credit made by end-users and remits payment to the
SIM customer for their share of the SIM revenues. At September 30, 2022 and December 31, 2021, the Company has recorded a liability due
to its customers for their share of the fees of $<span id="xdx_90F_ecustom--AmountsDueToCustomersCurrent_iI_pn3n3_c20220930_zhgf1REUe424" title="Amounts due to customers current">1,362</span> and $<span id="xdx_904_ecustom--AmountsDueToCustomersCurrent_iI_pn3n3_c20211231_zZSs2AQsPahd" title="Amounts due to customers current">2,171</span>, respectively, within other current liabilities in the condensed consolidated
balance sheets.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company uses third-party content providers in supplying game content in its performance of providing game content on its platform to
its customers. A customer has access to the Company’s propriety and licensed game content and additionally, the customer can direct
the Company to procure third-party game content on its behalf. The Company has determined it acts as the principal for providing the
game content when the Company controls the game content, and therefore presents the revenue on a gross basis in the condensed consolidated
statements of operations. When the customer directs the Company to procure third-party game content, the Company determined it is deemed
an agent for providing such game content, and therefore, records the revenue, net of the costs of content license fees, in the condensed
consolidated statements of operations.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company also provides ongoing development services involving updates to the RMiG platforms for enhanced functionality or customization.
Ongoing development services are typically billed monthly, at a daily rate, for services performed. Revenue from RMiG platform development
services that are identified as distinct performance obligations and relate either to an asset the customer controls or from which the
customer receives value are recognized over the period the services are performed. This revenue is measured using an input method based
on effort expended, which uses direct labor hours incurred. As the performance obligation relates to the provision of development services
over time, this method reflects the transfer of control as the Company performs the services. Separately, revenue generated from customers
for development services that are not identified as distinct performance obligations are deferred over the license service term. In customer
contracts that require a portion of the consideration to be received in advance or at the commencement of the contract, such amounts
are recorded as a contract liability.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
services include the resale of a third-party computer hardware, such as servers and other related hardware devices, upon which the GameSTACK
software is installed for its customers. These products are not required to be purchased in order to access the GameSTACK platform but
are sold as a convenience to the customer. The Company procures the computer hardware on the customer’s behalf for a fee determined
based on cost of the computer hardware plus a markup. The Company charges a hardware deployment fee which is a one-time fee for installation,
testing and certification of the computer hardware at the gaming hosting facility. Revenue is recognized at the point in time when control
of the hardware transfers to the customer. Control is transferred after the hardware has been procured, delivered, installed at the customer’s
premises and configured to allow for remote access.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has determined that it is acting as the principal in providing computer hardware and related services as it assumes responsibility
for procuring, delivering, installing and configuring the hardware at the customer’s location and takes control of the hardware,
prior to transfer. Revenue is presented at the gross amount of consideration to which it is entitled from the customer in exchange for
the computer hardware and related services.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company generates revenue from time to time from the licensing of its U.S. patent, which governs the linkage of on-property reward cards
to their counterpart internet gaming accounts together with bilateral transmission of reward points between the internet gaming technology
system and the land-based casino management system present in all U.S. casino properties. The nature of the promise in transferring the
license is to provide a right to use the patent as it exists. The Company does not have to undertake activities to change the functionality
of the patent during the license period and the license has significant stand-alone functionality. Therefore, the Company recognizes
the revenue from the license of the patent at the point in time when control of the license is transferred to the customer. Control is
determined to transfer at the point in time the customer is able to use and benefit from the license.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Contracts
with Multiple Performance Obligations</i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
customer contracts that have more than one performance obligation, the transaction price is allocated to the performance obligations
in an amount that depicts the relative stand-alone selling prices of each performance obligation. Judgment is required in determining
the stand-alone selling price for each performance obligation. In determining the allocation of the transaction price, an entity is required
to maximize the use of observable inputs. When the stand-alone selling price of a good or service is not directly observable, an entity
is required to estimate the stand-alone selling price. Contracts with its customers may include platform and licensing of game content
services, as well as development services and computer hardware services. The variable consideration generated from the platform and
the licensing of game content is allocated entirely to the performance obligation for platform and licensing of game content services
and the remaining fixed fees for development services and computer hardware would be allocated to each of the remaining performance obligation
based on their relative stand-alone selling prices. The variable consideration relates entirely to the effort to satisfy the platform
and licensing game content services and the fixed consideration relates to the remaining performance obligations which is consistent
with the allocation objective.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Revenue
from Gaming Operations</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company operates the B2C gaming site www.coolbet.com outside of the U.S., which contains proprietary software and includes the following
product offerings: sportsbook, poker, casino, live casino and virtual sports.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company manages an online sportsbook allowing users to place various types of wagers on the outcome of sporting events conducted around
the world. The Company operates as the bookmaker and offers fixed odds wagering on such events. When a user’s wager wins, the Company
pays the user a pre-determined amount known as fixed odds. Revenue from online sportsbook is reported net after deduction of player winnings
and bonuses. Revenue from wagers is recognized when the outcome of the event is known.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company offers live casino through its digital online casino offering in select markets, allowing users to place a wager and play games
virtually at retail casinos. The Company offers users a catalog of over <span id="xdx_90D_ecustom--NumberOfThirdPartyGamingProductsAvailable_iI_uInteger_c20220930_zEyXsujiLtK4" title="Number of third party gaming products available">3,200</span> third-party iGaming products such as digital slot machines
and table games such as blackjack and roulette. Revenue from casino games is reported net after deduction of winnings, jackpot contribution
and customer bonuses.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Peer-to-peer
poker offerings allow users to play poker against one another on the Company’s online poker platform for prize money. Revenue is
recognized as a percentage of the reported rake. Additionally, the Company offers tournament poker which allows users to buy-in for a
fixed price for prize money. For tournament play, revenue is recognized for the difference between the entry fees collected and the amounts
paid out to users as prizes and winnings.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
each of the online gaming products, a single performance obligation exists at the time a wager is made to operate the games and award
prizes or payouts to users based on a particular outcome. Revenue is recognized at the conclusion of each contest, wager, or wagering
game hand. Additionally, certain incentives given to users, for example, that allow the user to make an additional wager at a reduced
price, may provide the user with a material right which gives rise to a separate performance obligation.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company allocates a portion of the user’s wager to incentives that create material rights that are redeemed or expired in the future.
The allocated revenue for gaming wagers is primarily recognized when the wagers occur because all such wagers settle immediately.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company applies a practical expedient by accounting for revenue from gaming on a portfolio basis because such wagers have similar characteristics,
and the Company reasonably expects the effects on the financial statements of applying the revenue recognition guidance to the portfolio
to not differ materially from that which would result if applying the guidance to an individual wagering contract.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
500000
1362000
2171000
3200
<p id="xdx_840_ecustom--SalesAndMarketingPolicyTextBlock_zNsvc4aKTcNb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86D_zqZPtBCitgjf">Sales
and Marketing</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sales
and marketing expense primarily consists of general marketing and advertising costs, B2C user acquisition expenses and personnel costs
within our sales and marketing functions. Sales and marketing costs are expensed as incurred.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_843_eus-gaap--IntangibleAssetsFiniteLivedPolicy_zTM9g5r0Stj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86E_zL0EQeflIwe">Content
Licensing Fees</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Content
licensing fees are paid to third parties for gaming content which are expensed as incurred. Content licensing fees are calculated as
a percentage of net gaming revenues in respect of the third-party games, as stipulated in the third-party agreements.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_845_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zIymGBQDu11b" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86E_ze5GQ1lr7ekk">Share-based
Compensation</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based
compensation expense is recognized for share options and restricted shares issued to employees and non-employee members of the Company’s
Board of Directors. The Company’s issued share options and restricted shares, which are primarily considered equity awards and
include only service conditions, are valued based on the fair value of these awards on the date of grant. The fair value of the share
options is estimated using a Black-Scholes option pricing model and the fair value of the restricted shares (restricted share awards
and restricted share units) is based on the market price of the Company’s shares on the date of grant.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
restricted share units awards issued to non-employee members of the Company’s Board of Directors permit shares upon vesting to
be withheld, as a means of meeting the non-employee director’s tax withholding requirements, and paid in cash to the non-employee
director. The Company additionally incurs share-based compensation expense under compensation arrangements with certain of its employees
under which the Company will settle bonuses for a fixed dollar amount by issuing a variable number of shares based on the Company’s
share price on the settlement date. These awards are classified as liability-based awards which are measured based on the fair value
of the award at the end of each reporting period until settled. Related compensation expense is recognized based on changes to the fair
value over the applicable service period</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share-based
compensation is recorded over the requisite service period, generally defined as the vesting period. For awards with graded vesting and
only service conditions, compensation cost is recorded on a straight-line basis over the requisite service period of the entire award.
Forfeitures are recorded in the period in which they occur.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_848_eus-gaap--EarningsPerSharePolicyTextBlock_zce8PUKpd9J4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_865_zeBJDB8vx9g8">Loss
Per Share, Basic and Diluted</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
loss per share is calculated by dividing the net loss by the weighted average number of ordinary shares outstanding during the year.
In periods of loss, basic and diluted per share information are the same.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_84A_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zQ44XrhTySwh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_861_z0v4Hy9laHs2">Cash</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
is comprised of cash held at the bank and third-party service providers. The Company is required to maintain compensating cash balances
to satisfy its liabilities to users. Such balances are included within cash in the condensed consolidated balance sheets and are not
subject to creditor claims. At September 30, 2022 and December 31, 2021, the related liabilities to users was $<span id="xdx_907_eus-gaap--ContractWithCustomerLiabilityCurrent_iI_pn3n3_c20220930_z0Jvjll5hTKe" title="Liabilities to users">8,946</span> and $<span id="xdx_903_eus-gaap--ContractWithCustomerLiabilityCurrent_iI_pn3n3_c20211231_zPXkO34xZ036" title="Liabilities to users">8,984</span>, respectively.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
8946000
8984000
<p id="xdx_844_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zMmw9ULYleo5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_864_zVus8ManIGKb">Property
and Equipment, net</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment are stated at cost less accumulated depreciation. Depreciation is generally computed on a straight-line basis over the
estimated useful lives of the assets. Maintenance and repairs are charged to expense in the period they are incurred. When items of property
or equipment are sold or retired, the related cost and accumulated depreciation are removed from the accounts, and any gain or loss is
included in the statement of operations.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p id="xdx_847_eus-gaap--ResearchDevelopmentAndComputerSoftwarePolicyTextBlock_z1PmZ4b0NPf6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86B_zfoOZZndSkS7">Capitalized
Software Development Costs, net</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company capitalizes certain development costs related to its internet gaming platforms during the application development stage. Costs
associated with preliminary project activities, training, maintenance and all other post implementation stage activities are expensed
as incurred. Software development costs are capitalized when application development begins, it is probable that the project will be
completed, and the software will be used as intended. The Company capitalizes certain costs related to specific upgrades and enhancements
when it is probable that expenditures will result in additional functionality of the platform to its customers. The capitalization policy
provides for the capitalization of certain payroll and payroll related costs for employees who spent time directly associated with development
and enhancements of the platform.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalized
software development costs are amortized on a straight-line basis over their estimated useful lives, which generally ranges from <span id="xdx_902_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dxL_c20220101__20220930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember__srt--RangeAxis__srt--MinimumMember_ztSyxX9smCya" title="Finite lived intangible asset, useful life::XDX::P3Y"><span style="-sec-ix-hidden: xdx2ixbrl0797">three</span></span>
to <span id="xdx_90F_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dc_c20220101__20220930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareAndSoftwareDevelopmentCostsMember__srt--RangeAxis__srt--MaximumMember_zZm0f8aJDdhk" title="Finite lived intangible asset, useful life">five years</span>, and are included within depreciation and amortization expense in the condensed consolidated statements of operations.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
P5Y
<p id="xdx_844_eus-gaap--GoodwillAndIntangibleAssetsGoodwillPolicy_zMfuWU8P4U6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_860_z9DMFhEbVOdg">Goodwill</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Goodwill
represents the excess of the fair value of the consideration transferred over the estimated fair values of the identifiable assets acquired
and liabilities assumed on the acquisition date. The Company has recorded goodwill primarily from its acquisition of Coolbet in January
2021. Goodwill is not amortized, but rather is reviewed for impairment annually (as of October 1st) or more frequently if facts or circumstances
indicate that it is more-likely-than-not the fair value of a reporting unit may be below its carrying amount.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has determined that it has two reporting units: B2C and B2B. In its goodwill impairment testing, the Company has the option to
perform a qualitative assessment to determine whether it is more-likely-than-not that the fair value of the reporting unit, including
goodwill, is less than its carrying amount prior to performing the quantitative impairment test. The qualitative assessment evaluates
various events and circumstances, such as macro-economic conditions, industry and market conditions, cost factors, relevant events and
financial trends that may impact a reporting unit’s fair value. If it is determined that the estimated fair value of the reporting
unit is more-likely-than not less than its carrying amount, including goodwill, the quantitative goodwill impairment test is required.
Otherwise, no further analysis would be required.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the quantitative impairment test for goodwill is deemed necessary, this quantitative impairment analysis compares the fair value of the
Company’s reporting unit to its related carrying value. If the fair value of the reporting unit is less than its carrying amount,
goodwill is written down to the fair value and an impairment loss is recognized. If the fair value of the reporting unit exceeds its
carrying amount, no further analysis is required. Fair value of the reporting unit is determined using valuation techniques, primarily
discounted cash flow analysis.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ASC
Topic 350 requires that goodwill be tested for impairment between annual tests if an event occurs or circumstances change that would
more likely than not reduce the fair value of a reporting unit below its carrying amount. The Company performed a qualitative and quantitative
impairment test as of June 30, 2022 which resulted in an impairment to goodwill of $<span id="xdx_90E_eus-gaap--AssetImpairmentCharges_pn5n6_c20220101__20220930_zbvOLdeoIR73" title="Goodwill impairment">28.9</span> million. The Company performed an additional
qualitative assessment as of September 30, 2022 to determine whether events or circumstances such as those described in ASC 350-20-35-3C
existed and concluded that, due to the significant and sustained decline in share price and market capitalization of the Company since
the Coolbet acquisition, such triggers existed during the current interim period; therefore, an interim quantitative impairment test
was performed. The Company did not recognize an additional impairment to goodwill as a result of its interim impairment test as of September
30, 2022.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
28900000
<p id="xdx_84D_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_zrfbjelce193" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86F_z5BOGu8x6Xw8">Long-lived
Assets</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-lived
assets, except goodwill, consist of property and equipment, and finite lived acquired intangible assets, such as developed software,
gaming licenses, trademarks, trade names and customer relationships. Intangible assets are amortized on a straight-line basis over their
estimated useful lives. The Company considers the period of expected cash flows and underlying data used to measure the fair value of
the intangible assets when selecting the estimated useful lives.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gaming
licenses include license applications fees and market access payments in connection with agreements that the Company enters into with
strategic partners. The market access arrangements authorize the Company to offer online gaming and online sports betting in certain
regulated markets. These costs are capitalized and amortized on a straight-line basis over their estimated useful lives, beginning with
the commencement of operations.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fair value of the acquired intangible assets is primarily determined using the income approach. In performing these valuations, the Company’s
key underlying assumptions used in the discounted cash flows were projected revenue, gross margin expectations and operating cost estimates.
There are inherent uncertainties and management judgment is required in these valuations.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-lived
assets, except goodwill, are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount
of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment,
the Company compares the undiscounted cash flows expected to be generated by that asset or asset group to their carrying amount. If
the carrying amount of the long-lived asset or asset group are not recoverable on an undiscounted cash flow basis, an impairment
charge is recognized to the extent that the carrying amount exceeds fair value. Fair value is determined through various techniques,
such as discounted cash flow models using probability weighted estimated future cash flows and the use of valuation specialists.
During the three and nine months ended September 30, 2022, there was no triggering event that would cause the Company to believe the
value of its long-lived assets should be impaired.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_849_ecustom--LiabilitiesToUsersPolicyTextBlock_zjcQq9pMLrKi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86B_zJczws8Nurri">Liabilities
to Users</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company records liabilities for user account balances. User account balances consist of user deposits, promotional awards and user winnings
less user withdrawals and user losses.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_843_eus-gaap--LegalCostsPolicyTextBlock_z4NdV5tTOUM1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86C_z7cQu4hZi7Ri">Legal
Contingencies and Litigation Accruals</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
a quarterly basis, the Company assesses potential losses in relation to pending or threatened legal matters. If a loss is considered
probable and the amount can be reasonably estimated, the Company recognizes an expense for the estimated loss. Estimates of any such
loss are subjective in nature and require the evaluation of numerous facts and assumptions as to future events, including the application
of legal precedent which may be conflicting. To the extent these estimates are more or less than the actual liability resulting from
the resolution of these matters, the Company’s financial results will increase or decrease accordingly.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p id="xdx_845_eus-gaap--DebtPolicyTextBlock_z2XBJO1xgenh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86B_zn3H8pJToLq9">Debt</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Debt
issuance costs incurred in connection with the issuance of new debt are recorded as a reduction to the long-term debt balance on the
condensed consolidated balance sheets, and amortized over the term of the loan commitment as interest expense on the condensed consolidated
statements of operations. The Company calculates amortization expense on capitalized debt issuance costs using the effective interest
method in accordance with Accounting Standards Codification (“ASC”) 470, Debt.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_849_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zL9QzlwgRGgb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_86D_zKSevQtaMux1">Fair
Value of Financial Instruments</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company applies the provisions of ASC 820, Fair Value Measurements and Disclosures, which provides a single authoritative definition
of fair value, sets out a framework for measuring fair value and expands on required disclosures about fair value measurement. Fair value
represents the exchange price that would be received for an asset or paid to transfer a liability in the principal or most advantageous
market for the asset or liability in an orderly transaction between market participants on the measurement date. The Company uses the
following hierarchy in measuring the fair value of the Company’s assets and liabilities, focusing on the most observable inputs
when available:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1 Quoted prices in active markets for identical assets or liabilities.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2 Observable inputs other than Level 1 quoted prices, such as quoted prices for similar assets
and liabilities in active markets, quoted prices in markets that are not active for identical
or similar assets and liabilities, or other inputs that are observable or can be corroborated
by observable market data for substantially the full term of the assets or liabilities.</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">●</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3 Valuations are based on the inputs that are unobservable and significant to the overall
fair value measurement of the assets or liabilities. Inputs reflect management’s best
estimate of what market participants would use in pricing the asset or liability at the measurement
date. Consideration is given to the risk inherent in the valuation technique and the risk
inherent in the inputs to the model.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valuation
techniques used to measure the fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_89A_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_z0dFRc2hb398" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis as required
by ASC 820, by level, within the fair value hierarchy as of September 30, 2022:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8BA_zgfJRsz4hIkj" style="display: none">SCHEDULE OF FAIR VALUE OF ASSETS AND LIABILITIES ON RECURRING BASIS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_498_20220930_zkGtpcTzthxl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
Value</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_49D_20220930__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zMxqSVugxLzi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_490_20220930__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zRAorvBRe4vb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_49E_20220930__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zUAY4g5DTSJl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
30, 2022</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
Value</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liability</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_404_eus-gaap--BusinessCombinationContingentConsiderationLiability_iI_zywU1jKHmhOb" style="vertical-align: bottom; background-color: White">
<td style="width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contingent content
liability</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,369</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0818">—</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0819">—</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,369</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
</table>
<p id="xdx_8A8_zeec68G0obW4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
contingent content liability represents additional amounts which the Company expects to pay to Ainsworth Game Technology, a third-party
gaming content provider (“the Content Provider”) if the Company’s total revenue generated from its content licensing
arrangement with the Content Provider exceeds certain stipulated annual and cumulative thresholds during the contract term. The fair
value of the contingent content liability is determined using Level 3 inputs, since estimating the fair value of this contingent content
liability requires the use of significant and subjective inputs that may and are likely to change over the duration of the liability
with related changes in internally generated anticipated games revenue as well as external market factors. The contingent content liability
was valued using a Monte Carlo simulation based on management’s anticipated annual games revenue forecasts. The fair value of the
contingent content liability was initially recognized in April 2022 in connection with its modified
arrangement with the Content Provider on April 5, 2022 and is recorded within Content licensing liabilities within the condensed consolidated
balance sheets. Contingent consideration is revalued at each reporting period. There were no significant changes to the value through
September 30, 2022. Refer to Note 4 – Acquisition for further detail.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_89A_eus-gaap--ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock_z0dFRc2hb398" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the Company’s assets and liabilities that are measured at fair value on a recurring basis as required
by ASC 820, by level, within the fair value hierarchy as of September 30, 2022:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8BA_zgfJRsz4hIkj" style="display: none">SCHEDULE OF FAIR VALUE OF ASSETS AND LIABILITIES ON RECURRING BASIS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_498_20220930_zkGtpcTzthxl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
Value</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_49D_20220930__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel1Member_zMxqSVugxLzi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_490_20220930__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel2Member_zRAorvBRe4vb" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_49E_20220930__us-gaap--FairValueByFairValueHierarchyLevelAxis__us-gaap--FairValueInputsLevel3Member_zUAY4g5DTSJl" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="14" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
30, 2022</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fair
Value</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
1</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
2</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Level
3</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liability</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_404_eus-gaap--BusinessCombinationContingentConsiderationLiability_iI_zywU1jKHmhOb" style="vertical-align: bottom; background-color: White">
<td style="width: 40%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contingent content
liability</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,369</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0818">—</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0819">—</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,369</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
</table>
4369000
4369000
<p id="xdx_84A_eus-gaap--IncomeTaxPolicyTextBlock_zadQgVG8SWn5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_860_zGM62yOKXTw1">Income
Taxes</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is subject to income taxes in the United States, U.K., Bulgaria, Israel, Canada, and Malta. The Company records an income tax
expense for the anticipated tax consequences of the reported results of operations using the asset and liability method. Under this method,
deferred income tax assets and liabilities are recognized for the expected future tax consequences of temporary differences between the
financial reporting and tax bases of assets and liabilities, as well as for loss and tax credit carryforwards. Deferred tax assets and
liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax assets and
liabilities are expected to be realized or settled. The effect on deferred income tax of a change in tax rates are recorded in the period
of the enactment. Deferred tax assets are reduced, through a valuation allowance, if necessary, by the amount of such benefits that are
not expected to be realized based on current available evidence. In evaluating the Company’s ability to recover deferred tax assets
in the jurisdiction from which they arise, all available positive and negative evidence is considered, including results of recent operations,
scheduled reversals of deferred tax liabilities, projected future taxable income, and tax-planning strategies. The Company records a
valuation allowance to reduce its deferred tax assets to the net amount that it believes is more likely than not to be realized.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes tax benefits from uncertain tax positions only if management believes that it is more likely than not that the tax
position will be sustained on examination by the taxing authorities based on the technical merits of the position. Although the Company
believes that it has adequately provided for uncertain tax positions, no assurance can be given that the final tax outcome of these matters
would not be materially different. Adjustments are made when facts and circumstances change, such as the closing of a tax audit or the
refinement of an estimate. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences
would affect the provision for income taxes in the period in which such determination is made and could have a material impact on the
Company’s financial condition and operating results. The Company recognizes penalties and interest related to income tax matters
in income tax expense.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_847_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zGgeOLUuO9he" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_868_zW2kHmt0hqDi">Segments</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company operates in <span id="xdx_904_eus-gaap--NumberOfOperatingSegments_dc_uInteger_c20220101__20220930_zNhjJNedthZb" title="Number of operating segments">two</span> operating segments, B2B and B2C. Operating segments are defined as components of an enterprise where separate
financial information is evaluated regularly by the chief operating decision maker (“CODM”) in deciding how to allocate resources
and assess the Company’s performance. The Company’s CODM is the Chief Executive Officer. The CODM allocates resources and
assesses performance based upon discrete financial information at the operating segment level.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
2
<p id="xdx_848_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zeMqyfCvgPNb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i><span id="xdx_869_zOXAgDSmUE1">Recently
Issued Accounting Pronouncements</span></i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October 2021, the Financial Accounting Standards Board issued Accounting Standards Update (“ASU”) 2021-08, <i>Business Combinations
(Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers</i>. ASU 2021-08 requires an acquirer
to measure and recognize contract assets and contract liabilities acquired in a business combination in accordance with ASC 606, Revenue
from Contracts with Customers, rather than using fair value on the acquisition date. This amendment is effective for fiscal years beginning
after December 15, 2022, including interim periods within those annual periods, and should be applied prospectively to business combinations
occurring on or after the effective date. Early adoption is permitted. The Company will apply the amended guidance on a prospective basis
to business combinations that occur on or after January 1, 2023.</span></p>
<p id="xdx_80E_eus-gaap--BusinessCombinationDisclosureTextBlock_zT4VFfCPW3N9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
4 — <span id="xdx_82D_zYkIwvzEDX4b">ACQUISITION</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Content
licensing agreement with Ainsworth Game Technology</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the second quarter of 2021, the Company entered into a Content Licensing Agreement (the “Agreement”) with Ainsworth Game
Technology, a third-party gaming content provider (the “Content Provider”) specializing in developing and licensing interactive
games. The Agreement grants the Company exclusive rights to use and distribute the online gaming content in North America, and the Content
Provider is committed to developing a minimum number of games for the Company’s exclusive use over a five-year term, subject to
extensions.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 5, 2022, the Company amended and restated the Agreement. In accordance with the restated arrangement, the Company amended certain
commercial terms, which included obtaining the contractual right to lease the remote gaming servers, taking possession of the related
software, and obtaining a service contract from the Content Provider for the duration of the arrangement. The total fixed fees remaining
under the amended arrangement totaled $<span id="xdx_906_eus-gaap--PaymentsToAcquireBusinessesGross_pn5n6_c20220404__20220405__us-gaap--TypeOfArrangementAxis__custom--ContentLicensingAgreementMember_zGpIxJGoBa0c" title="Payment to acquire business">25.0</span> million, of which $<span id="xdx_904_ecustom--PaymentOfFixedFees_pn5n6_c20220101__20220930_zLQrbJzfwwz8" title="Payment of fixed fees">5.5</span> million was paid during the nine months ended September 30, 2022 with
the remaining $<span id="xdx_90D_ecustom--PaymentOfFixedFees_pn5n6_c20220101__20220930__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyTwoMember_zoRQQ0Z7bZU3" title="Payment of fixed fees">4.5</span> million due in 2022, and $<span id="xdx_90E_ecustom--PaymentOfFixedFees_pn5n6_c20220101__20220930__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyThreeThroughTwoThousandTwentyFiveMember_zspITUB6LzTd" title="Payment of fixed fees">5.0</span> million in each of the years 2023 through 2025. Fixed fee payments are presented in
the condensed consolidated statements of cash flows as payments for content licensing arrangements within cash flows from investing activities.
Additional payments could be required if the Company’s total revenue generated from the arrangement exceed certain stipulated annual
and cumulative thresholds during the contract term.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amended and restated Agreement is accounted for as a business combination as the assets acquired and the liabilities assumed under the
arrangement constitute a business in accordance with ASC 805, Business Combinations. Consideration transferred is comprised of the present
value of the Company’s total expected fixed payments under the Agreement, the net assets recognized under the original agreement,
as well as a contingent consideration.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_892_eus-gaap--ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock_zpMPotkaRFrl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the fair value of the consideration transferred:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8BB_z0VAUSNTdwoi" style="display: none">SUMMARY OF CONSIDERATION TRANSFERRED</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td id="xdx_49F_20220930_zLkAowEtGVn8" style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr id="xdx_402_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets_iI_maIAAIBzelH_zYv1KLpq1Yk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 78%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Present value
of future fixed fee payments</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 18%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,808</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_40E_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther_iI_maIAAIBzelH_zbqUdlIv4gQ5" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net assets recognized under
original agreement</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,067</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_402_eus-gaap--BusinessCombinationContingentConsiderationAsset_iI_maIAAIBzelH_zxdpMhKrgcaj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contingent consideration</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,369</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_40D_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iTI_mtIAAIBzelH_zk73XwBKhEph" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,244</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
</table>
<p id="xdx_8AB_z4xiPiqyMvji" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
contingent consideration represents additional amounts which the Company expects to pay to the Content Provider if the Company’s
total revenue generated from the arrangement exceed certain stipulated annual and cumulative thresholds during the contract term. The
maximum amount of the payment is unlimited as it is determined based on the Company’s performance over the related games revenue
over the arrangement term. The fair value of the contingent consideration is determined using Level 3 inputs, since estimating the fair
value of this contingent consideration requires the use of significant and subjective inputs that may and are likely to change over the
duration of the liability with related changes in internally generated anticipated games revenue as well as external market factors.
The contingent consideration was valued using a Monte Carlo simulation based on management’s anticipated annual games revenue forecasts.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Identifiable
assets and liabilities assumed at fair value were entirely comprised of intangible assets acquired as part of the content licensing arrangement.
The fair values of intangible assets were estimated using inputs classified as Level 3 under the income approach using either the royalty
income method (content licenses) or the multi-period excess earnings method (customer relationships). The Company has not yet finalized
the purchase price allocation, which is pending further analysis of the net assets acquired, weighted average cost of capital assumptions,
and certain Level 3 inputs used in the Monte Carlo simulation used to value the contingent consideration. Identifiable intangible assets,
including their respective expected useful lives, and liabilities assumed were as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_897_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTextBlock_zRppdcqgZ8u8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span id="xdx_8BC_zJU2IjHt4C8d" style="display: none">SUMMARY OF INTANGIBLE ASSETS ACQUIRED</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"/>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; text-align: center; font-weight: bold">Estimated useful life (in years)</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; text-align: center; font-weight: bold">Fair Value</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left">Content licenses intangible asset</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: center"> </td><td style="width: 14%; text-align: center"><span id="xdx_90D_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20220101__20220930__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ContentLicensesMember_zWmWiaVnQgNc" title="Intangible assets acquired, estimated useful life (in years)">4.6</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td id="xdx_985_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles_iI_c20220930__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ContentLicensesMember_zP0jVrmAaFlj" style="width: 14%; text-align: right" title="Intangible assets">22,938</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Customer relationships intangible asset</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"><span id="xdx_906_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20220101__20220930__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zOvk1qi9W9w4" title="Intangible assets acquired, estimated useful life (in years)">4.0</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td id="xdx_985_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles_iI_c20220930__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zh5ynBsD4mw" style="text-align: right" title="Intangible assets">3,306</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Acquired right of use lease asset</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"><span id="xdx_902_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20220101__20220930__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--RightOfUseLeaseAssetMember_zg3aqwjGUu6" title="Intangible assets acquired, estimated useful life (in years)">4.6</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td id="xdx_98C_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedRightOfUseAssets_iI_c20220930__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--RightOfUseLeaseAssetMember_zAxYcyJ5ecv4" style="text-align: right" title="Intangible assets">116</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt; text-align: left">Acquired right of use lease liability</td><td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"><span id="xdx_90D_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20220101__20220930__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--RightOfUseLeaseLiabilityMember_zuBrvCPwlfo9" title="Intangible assets acquired, estimated useful life (in years)">4.6</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedRightOfUseLiability_iI_c20220930__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--RightOfUseLeaseLiabilityMember_zMf94xBrs9Yj" style="border-bottom: Black 1pt solid; text-align: right" title="Intangible assets">(116</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; padding-bottom: 2.5pt; text-align: left">Total identifiable net assets</td><td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iI_c20220930_zYIj5DwyzPOg" style="border-bottom: Black 2.5pt double; text-align: right" title="Intangible assets">26,244</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
<p id="xdx_8A2_zZDqgD7Xu6Fj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to these assets acquired, a service contract was entered into with the Content Provider valued at approximately $<span id="xdx_90D_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssets_iI_pn5n6_c20220930_z1WmaDcJ8dO6" title="Assets acquired with expected future expenses">1.4</span>
million which will be expensed over the service period of approximately <span id="xdx_906_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedAssetsTerm_dc_c20220101__20220930_zv9qSfQISMb1" title="Assets acquired with expected future expenses term">five years</span>.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
25000000.0
5500000
4500000
5000000.0
<p id="xdx_892_eus-gaap--ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock_zpMPotkaRFrl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the fair value of the consideration transferred:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8BB_z0VAUSNTdwoi" style="display: none">SUMMARY OF CONSIDERATION TRANSFERRED</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td id="xdx_49F_20220930_zLkAowEtGVn8" style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr id="xdx_402_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsPrepaidExpenseAndOtherAssets_iI_maIAAIBzelH_zYv1KLpq1Yk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 78%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Present value
of future fixed fee payments</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 18%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,808</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_40E_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedCurrentAssetsOther_iI_maIAAIBzelH_zbqUdlIv4gQ5" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net assets recognized under
original agreement</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,067</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_402_eus-gaap--BusinessCombinationContingentConsiderationAsset_iI_maIAAIBzelH_zxdpMhKrgcaj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contingent consideration</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,369</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_40D_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iTI_mtIAAIBzelH_zk73XwBKhEph" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,244</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
</table>
18808000
3067000
4369000
26244000
<p id="xdx_897_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsAcquiredAsPartOfBusinessCombinationTextBlock_zRppdcqgZ8u8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"><span id="xdx_8BC_zJU2IjHt4C8d" style="display: none">SUMMARY OF INTANGIBLE ASSETS ACQUIRED</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"/>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="padding-bottom: 1.5pt; text-align: center"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; text-align: center; font-weight: bold">Estimated useful life (in years)</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; text-align: center; font-weight: bold">Fair Value</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left">Content licenses intangible asset</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: center"> </td><td style="width: 14%; text-align: center"><span id="xdx_90D_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20220101__20220930__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ContentLicensesMember_zWmWiaVnQgNc" title="Intangible assets acquired, estimated useful life (in years)">4.6</span></td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td id="xdx_985_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles_iI_c20220930__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ContentLicensesMember_zP0jVrmAaFlj" style="width: 14%; text-align: right" title="Intangible assets">22,938</td><td style="width: 1%; text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left">Customer relationships intangible asset</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"><span id="xdx_906_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20220101__20220930__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zOvk1qi9W9w4" title="Intangible assets acquired, estimated useful life (in years)">4.0</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td id="xdx_985_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedIntangibles_iI_c20220930__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zh5ynBsD4mw" style="text-align: right" title="Intangible assets">3,306</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left">Acquired right of use lease asset</td><td> </td>
<td style="text-align: center"> </td><td style="text-align: center"><span id="xdx_902_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20220101__20220930__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--RightOfUseLeaseAssetMember_zg3aqwjGUu6" title="Intangible assets acquired, estimated useful life (in years)">4.6</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td id="xdx_98C_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedRightOfUseAssets_iI_c20220930__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--RightOfUseLeaseAssetMember_zAxYcyJ5ecv4" style="text-align: right" title="Intangible assets">116</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt; text-align: left">Acquired right of use lease liability</td><td style="padding-bottom: 1pt"> </td>
<td style="padding-bottom: 1pt; text-align: center"> </td><td style="padding-bottom: 1pt; text-align: center"><span id="xdx_90D_eus-gaap--AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife_dtY_c20220101__20220930__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--RightOfUseLeaseLiabilityMember_zuBrvCPwlfo9" title="Intangible assets acquired, estimated useful life (in years)">4.6</span></td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td>
<td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_985_ecustom--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedRightOfUseLiability_iI_c20220930__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--RightOfUseLeaseLiabilityMember_zMf94xBrs9Yj" style="border-bottom: Black 1pt solid; text-align: right" title="Intangible assets">(116</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; padding-bottom: 2.5pt; text-align: left">Total identifiable net assets</td><td style="padding-bottom: 2.5pt"> </td>
<td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: center"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--BusinessCombinationRecognizedIdentifiableAssetsAcquiredAndLiabilitiesAssumedNet_iI_c20220930_zYIj5DwyzPOg" style="border-bottom: Black 2.5pt double; text-align: right" title="Intangible assets">26,244</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr>
</table>
P4Y7M6D
22938000
P4Y
3306000
P4Y7M6D
116000
P4Y7M6D
-116000
26244000
1400000
P5Y
<p id="xdx_803_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zBa9Gx5qU8Ck" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
5 — <span id="xdx_82B_zl0gX7mfYZk7">PROPERTY AND EQUIPMENT, NET</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_894_eus-gaap--PropertyPlantAndEquipmentTextBlock_zFHIqhsYTMo8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment, net is recorded in other assets in the condensed consolidated balance sheets at September 30, 2022 and December 31, 2021
and consisted of the following:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B7_zcTKZCmwEXh8" style="display: none">SCHEDULE OF PROPERTY AND EQUIPMENT</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Useful
Life</b></span></p></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_49B_20220930_z0nWnoI14Cva" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>September
30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_496_20211231_zhGilWHAkAt8" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></p></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zPe4DrCq9zP7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 48%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixtures, fittings
and equipment</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20220930__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zti8yhcBOa4b" title="Property plant and equipment useful life">3</span>-<span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20220930__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zR9eQjWJthOk" title="Property plant and equipment useful life">5</span> years</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,791</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,935</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_407_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PlatformHardwareMember_zEtV7zgA55o4" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Platform hardware</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20220930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PlatformHardwareMember_z0sAyq7igDIh" title="Property plant and equipment useful life">5</span> years</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,651</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,054</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_maPPAENzbQ4_zjqZrDy1blE5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
property and equipment, cost</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,442</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,989</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_404_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_msPPAENzbQ4_zPfKMDFfdyHb" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less: accumulated depreciation</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,894</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,444</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
<tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_mtPPAENzbQ4_zzV9AhS8NbFa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,548</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,545</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
</table>
<p id="xdx_8AF_zrTgH9LAXkN9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
expense related to property and equipment was $<span id="xdx_90C_eus-gaap--DepreciationExpenseOnReclassifiedAssets_pn3n3_c20220701__20220930_zdzMS8vYzbG3" title="Depreciation expenses">312</span> and $<span id="xdx_901_eus-gaap--DepreciationExpenseOnReclassifiedAssets_pn3n3_c20210701__20210930_zQuCnrHA0H3" title="Depreciation expenses">260</span> for the three months ended September 30, 2022 and 2021, respectively, and
$<span id="xdx_903_eus-gaap--DepreciationExpenseOnReclassifiedAssets_pn3n3_c20220101__20220930_zyeo4qy3qhX" title="Depreciation expenses">926</span> and $<span id="xdx_903_eus-gaap--DepreciationExpenseOnReclassifiedAssets_pn3n3_c20210101__20210930_zxKIqfvnLhV" title="Depreciation expenses">717</span> for the nine months ended September 30, 2022 and 2021, respectively.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_894_eus-gaap--PropertyPlantAndEquipmentTextBlock_zFHIqhsYTMo8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment, net is recorded in other assets in the condensed consolidated balance sheets at September 30, 2022 and December 31, 2021
and consisted of the following:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B7_zcTKZCmwEXh8" style="display: none">SCHEDULE OF PROPERTY AND EQUIPMENT</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Estimated</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Useful
Life</b></span></p></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_49B_20220930_z0nWnoI14Cva" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>September
30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_496_20211231_zhGilWHAkAt8" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></p></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zPe4DrCq9zP7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 48%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fixtures, fittings
and equipment</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20220930__srt--RangeAxis__srt--MinimumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zti8yhcBOa4b" title="Property plant and equipment useful life">3</span>-<span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20220930__srt--RangeAxis__srt--MaximumMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--FurnitureAndFixturesMember_zR9eQjWJthOk" title="Property plant and equipment useful life">5</span> years</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,791</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,935</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_407_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_hus-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PlatformHardwareMember_zEtV7zgA55o4" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Platform hardware</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_dtY_c20220101__20220930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--PlatformHardwareMember_z0sAyq7igDIh" title="Property plant and equipment useful life">5</span> years</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,651</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,054</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_408_eus-gaap--PropertyPlantAndEquipmentGross_iI_pn3n3_maPPAENzbQ4_zjqZrDy1blE5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
property and equipment, cost</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,442</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,989</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_404_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pn3n3_di_msPPAENzbQ4_zPfKMDFfdyHb" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less: accumulated depreciation</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,894</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,444</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
<tr id="xdx_401_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pn3n3_mtPPAENzbQ4_zzV9AhS8NbFa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,548</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,545</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
</table>
P3Y
P5Y
3791000
2935000
P5Y
1651000
2054000
5442000
4989000
2894000
2444000
2548000
2545000
312000
260000
926000
717000
<p id="xdx_806_eus-gaap--ResearchDevelopmentAndComputerSoftwareDisclosureTextBlock_zg8IH1rDll65" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
6 — <span id="xdx_82E_zrJWdhUmyZS4">CAPITALIZED SOFTWARE DEVELOPMENT COSTS, NET</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_89D_ecustom--ScheduleOfCapitalizedComputerizedSoftwareTableTextBlock_zmHJxjksDsjc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalized
software development costs, net at September 30, 2022 and December 31, 2021 consisted of the following:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B2_zskSXy9s8tpa" style="display: none">SCHEDULE OF CAPITALIZED COMPUTER SOFTWARE COSTS, NET</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_490_20220930_z5Tu6hZs7U4f" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>September
30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_49F_20211231_zURnPDo39qsl" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></p></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_40F_ecustom--CapitalizedComputerSoftwareGrossExcludingDevelopmentInProgress_iI_pn3n3_maCCSGzVfv_z6jhmzvWCcG1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalized software
development costs</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32,059</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,127</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_40B_ecustom--CapitalizedComputerSoftwareInProgressDevelopment_iI_pn3n3_maCCSGzVfv_zDMiEmQAFQGl" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Development in progress</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,528</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,910</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_40E_eus-gaap--CapitalizedComputerSoftwareGross_iTI_pn3n3_mtCCSGzVfv_maCCSNz3ke_zN6pME5vVaH1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
capitalized software development, cost</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34,587</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32,037</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_40F_eus-gaap--CapitalizedComputerSoftwareAccumulatedAmortization_iNI_pn3n3_di_msCCSNz3ke_zZl25HTdH004" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less: accumulated amortization</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(18,498</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(17,607</span></td><td style="text-align: left">)</td></tr>
<tr id="xdx_403_eus-gaap--CapitalizedComputerSoftwareNet_iTI_pn3n3_mtCCSNz3ke_zftvL3HxIQWa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,089</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,430</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
</table>
<p id="xdx_8A9_zmHxT1NKOyK" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
September 30, 2022, development in progress primarily represents costs associated with new proprietary content and enhancements to the
B2B software platform.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
expense related to capitalized software development costs was $<span id="xdx_90B_eus-gaap--CapitalizedComputerSoftwareAmortization1_pn3n3_c20220701__20220930_zxPDrBYhsUzf" title="Amortization expense">1,438</span> and $<span id="xdx_905_eus-gaap--CapitalizedComputerSoftwareAmortization1_pn3n3_c20210701__20210930_z2DaJVEqfmbb" title="Amortization expense">908</span> for the three months ended September 30, 2022 and 2021,
respectively, and $<span id="xdx_905_eus-gaap--CapitalizedComputerSoftwareAmortization1_pn3n3_c20220101__20220930_zBj8IdRdE4y5" title="Amortization expense">4,552</span> and $<span id="xdx_90A_eus-gaap--CapitalizedComputerSoftwareAmortization1_pn3n3_c20210101__20210930_zcjdpPms6eil" title="Amortization expense">2,569</span> for the nine months ended September 30, 2022 and 2021, respectively.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_89D_ecustom--ScheduleOfCapitalizedComputerizedSoftwareTableTextBlock_zmHJxjksDsjc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalized
software development costs, net at September 30, 2022 and December 31, 2021 consisted of the following:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B2_zskSXy9s8tpa" style="display: none">SCHEDULE OF CAPITALIZED COMPUTER SOFTWARE COSTS, NET</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_490_20220930_z5Tu6hZs7U4f" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>September
30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_49F_20211231_zURnPDo39qsl" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></p></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_40F_ecustom--CapitalizedComputerSoftwareGrossExcludingDevelopmentInProgress_iI_pn3n3_maCCSGzVfv_z6jhmzvWCcG1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capitalized software
development costs</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32,059</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">26,127</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_40B_ecustom--CapitalizedComputerSoftwareInProgressDevelopment_iI_pn3n3_maCCSGzVfv_zDMiEmQAFQGl" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Development in progress</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,528</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,910</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_40E_eus-gaap--CapitalizedComputerSoftwareGross_iTI_pn3n3_mtCCSGzVfv_maCCSNz3ke_zN6pME5vVaH1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
capitalized software development, cost</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34,587</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32,037</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_40F_eus-gaap--CapitalizedComputerSoftwareAccumulatedAmortization_iNI_pn3n3_di_msCCSNz3ke_zZl25HTdH004" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less: accumulated amortization</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(18,498</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(17,607</span></td><td style="text-align: left">)</td></tr>
<tr id="xdx_403_eus-gaap--CapitalizedComputerSoftwareNet_iTI_pn3n3_mtCCSNz3ke_zftvL3HxIQWa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,089</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14,430</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
</table>
32059000
26127000
2528000
5910000
34587000
32037000
18498000
17607000
16089000
14430000
1438000
908000
4552000
2569000
<p id="xdx_80D_eus-gaap--GoodwillAndIntangibleAssetsDisclosureTextBlock_zlK5uLrYKtO9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
7 — <span id="xdx_82A_z1uws5uiBPle">GOODWILL AND INTANGIBLE ASSETS</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Goodwill</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_897_eus-gaap--ScheduleOfGoodwillTextBlock_zpDLgGkCwfn4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
changes in the carrying amount of goodwill, by segment, for the nine months ended September 30, 2022 were as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B7_ztPU0FmGMPje" style="display: none">SCHEDULE OF GOODWILL</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_49F_20220101__20220930__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToBusinessB2BMember_zX0yemlVHp2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B2B</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_498_20220101__20220930__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember_zVpaOLTrYyCe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B2C</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_49B_20220101__20220930_zL4HjGOsFHdi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_40C_eus-gaap--Goodwill_iS_pn3n3_zFxX4GoyyXg7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 55%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance at January 1, 2022</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">72,230</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">73,912</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">146,142</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_40A_eus-gaap--GoodwillImpairmentLoss_iN_pn3n3_di_zbYdxK7zQ8w3" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(28,861</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0943">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(28,861</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
<tr id="xdx_400_eus-gaap--GoodwillTranslationAndPurchaseAccountingAdjustments_iN_pn3n3_di_zHo6fVSeJf62" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="vertical-align: top; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect
of foreign currency translation</span></td><td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8,082</span></td><td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10,113</span></td><td style="vertical-align: top; text-align: left">)</td><td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(18,195</span></td><td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
<tr id="xdx_404_eus-gaap--Goodwill_iE_pn3n3_zIb0bLVdcc4g" style="vertical-align: bottom; background-color: White">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance at September 30, 2022</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35,287</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63,799</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99,086</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
</table>
<p id="xdx_8AC_zeUdrjrjwti8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company performs its annual goodwill impairment test as of October 1 and monitors for interim triggering events on an ongoing basis
as events occur or circumstances change that would more likely than not reduce the fair value below its carrying amount. Goodwill is
reviewed for impairment utilizing either a qualitative assessment or a quantitative goodwill impairment test. Due to the significant
and sustained decline in share price and market capitalization of the Company since the Coolbet acquisition, interim quantitative
goodwill impairment assessments were performed as of June 30, 2022 and September 30, 2022.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company estimated the fair value of all reporting units utilizing both a market approach and an income approach (discounted cash
flow) and the significant assumptions used to measure fair value include discount rate, terminal value factors, revenue and EBITDA
multiples, and control premiums. The Company confirmed the reasonableness of the estimated reporting unit fair values by reconciling
those fair values to its enterprise value and market capitalization. As a result of its interim impairment test performed as of June
30, 2022, the Company recognized an impairment to goodwill of $<span id="xdx_90E_eus-gaap--AssetImpairmentCharges_pn5n6_c20220101__20220630_z045vGAYZtU3" title="Goodwill, impairment">28.9</span>
million. The Company did not recognize an additional impairment to goodwill as a result of its interim impairment test as of
September 30, 2022.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Intangible
Assets</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_895_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_z3ESujbpo6Sj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definite-lived
intangible assets, net consisted of the following:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8BB_zp6op6tHYwVc" style="display: none">SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-size: 11pt; text-align: center"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"/>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amortization
Period</b></span></p></td><td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_48B_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_zpLV5cUpdx31" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
Carrying Amount</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_489_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_pn3n3_di_zuCTRU5yNUoi" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated
Amortization</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_487_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_zftHvd5dPIS4" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
Carrying Amount</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
</span>Average</td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="10" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
30, 2022</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-size: 11pt; text-align: center"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"/>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amortization
Period</b></span></p></td><td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
Carrying Amount</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated
Amortization</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
Carrying Amount</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_413_20220930__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--DevelopedTechnologyRightsMember_z3PNFfHpUaBl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 36%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Developed technology</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20220101__20220930__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--DevelopedTechnologyRightsMember_zEL8eRi0epBh" title="Weighted Average Amortization Period">3.8</span>
years</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,671</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13,792</span></td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,879</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_41F_20220930__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--ContentLicensesMember_zsC4f1P4lL32" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third-party content licenses</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20220101__20220930__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ContentLicensesMember_zKPwHfbsXX84" title="Weighted Average Amortization Period">4.6</span>
years</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,938</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,502</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,436</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_414_20220930__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zno4LbdyX5fe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer relationships</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20220101__20220930__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zgce91FMjXHl" title="Weighted Average Amortization Period">3.6</span>
years</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,019</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,162</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,857</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_41C_20220930__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TrademarksAndTradeNamesMember_zIvdKZiEiCF5" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade names and trademarks</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20220101__20220930__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TrademarksAndTradeNamesMember_zscwox85FqRi" title="Weighted Average Amortization Period">10.0</span>
years</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,887</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,089</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,798</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_41F_20220930__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicenseMember_zQ4sqfRf1zf1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gaming licenses</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20220101__20220930__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicenseMember_zbXVxe61Jomk" title="Weighted Average Amortization Period">7.3</span>
years</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 0.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,008</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 0.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,244</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 0.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,764</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; font-size: 11pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left; padding-bottom: 2.5pt; font-size: 11pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="vertical-align: top; padding-bottom: 2.5pt; font-size: 11pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="vertical-align: top; padding-bottom: 2.5pt; font-size: 11pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="vertical-align: top; padding-bottom: 2.5pt; font-size: 11pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left; padding-bottom: 2.5pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_98F_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_c20220930_zjC7ikppIOal" style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: right" title="Gross Carrying Amount"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69,523</span></td><td style="vertical-align: top; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left; padding-bottom: 2.5pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_98B_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_pn3n3_di_c20220930_zmCXYprQb0r2" style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: right" title="Accumulated Amortization"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(21,789</span></td><td style="vertical-align: top; padding-bottom: 2.5pt; text-align: left">)</td><td style="text-align: left; padding-bottom: 2.5pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_980_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_c20220930_zpuy7DDozBW4" style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: right" title="Net Carrying Amount"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47,734</span></td><td style="vertical-align: top; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"/>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-size: 11pt; text-align: center"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"/>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amortization
Period</b></span></p></td><td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_483_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_zTuP6BZkdh94" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
Carrying Amount</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_48D_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_pn3n3_di_zBwxnSoSvFG2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated
Amortization</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_480_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_zO3CVkq4wQO4" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
Carrying Amount</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 11pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
<b>Average</b></span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="10" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
31, 2021</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amortization
Period</b></span></td><td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
Carrying Amount</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated
Amortization</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
Carrying Amount</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_41C_20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--DevelopedTechnologyRightsMember_zs6vGWyvEl5f" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 36%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Developed technology</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20210101__20211231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--DevelopedTechnologyRightsMember_zsBkhLwaYA8f" title="Weighted Average Amortization Period">3.0</span>
years</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,390</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9,130</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,260</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_413_20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--InProcessTechnologyMember_zxtUKCh33FSa" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In-process technology</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,142</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0997"><span style="-sec-ix-hidden: xdx2ixbrl1000">—</span></span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,142</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_416_20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zatcjPAbG5F9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer relationships</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20210101__20211231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zfk8Ij7pi7jj" title="Weighted Average Amortization Period">3.0</span>
years</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,460</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,820</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,640</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_41C_20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TrademarksAndTradeNamesMember_z2OSmf2EvUYc" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade names and trademarks</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20210101__20211231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TrademarksAndTradeNamesMember_znjh5uIrO4V" title="Weighted Average Amortization Period">10.0</span>
years</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,699</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(882</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,817</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_415_20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicenseMember_zRt5atqz9oYb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gaming licenses</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20210101__20211231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicenseMember_zJ4oarol8KCf" title="Weighted Average Amortization Period">6.4</span>
years</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 0.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,219</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 0.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,185</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 0.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,034</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; font-size: 11pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left; padding-bottom: 2.5pt; font-size: 11pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="vertical-align: top; padding-bottom: 2.5pt; font-size: 11pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="vertical-align: top; padding-bottom: 2.5pt; font-size: 11pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="vertical-align: top; padding-bottom: 2.5pt; font-size: 11pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left; padding-bottom: 2.5pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_98E_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_c20211231_zQ4MaHz9KPJa" style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: right" title="Gross Carrying Amount"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48,910</span></td><td style="vertical-align: top; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left; padding-bottom: 2.5pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_986_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_pn3n3_di_c20211231_zLI0RVqcrEb8" style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: right" title="Accumulated Amortization"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13,017</span></td><td style="vertical-align: top; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="text-align: left; padding-bottom: 2.5pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_985_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_c20211231_zHVgxtXgOgd7" style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: right" title="Net Carrying Amount"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35,893</span></td><td style="vertical-align: top; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
</table>
<p id="xdx_8A3_z9JiP0cSWmUh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Acquired
in-process technology consisted of a proprietary technical platform which was under development at the time of acquisition up until its
completion in September 2022. Following its completion and the launch of GAN Sports, the developed technology was placed in service and
is currently being amortized over an estimated useful life of <span id="xdx_90E_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20220101__20220930_zd4oPJ6wg0ab" title="Intangible assets estimated useful life">5</span> years.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amortization
expense related to intangible assets was $<span id="xdx_901_eus-gaap--AmortizationOfIntangibleAssets_pn3n3_c20220701__20220930_z0ll5lBPC8J3" title="Amortization expense intangible assets">4,135</span> and $<span id="xdx_904_eus-gaap--AmortizationOfIntangibleAssets_pn3n3_c20210701__20210930_zPA8YviKen69" title="Amortization expense intangible assets">3,356</span> for the three months ended September 30, 2022 and 2021, respectively, and
$<span id="xdx_907_eus-gaap--AmortizationOfIntangibleAssets_pn3n3_c20220101__20220930_zo2UPbOzJhLf" title="Amortization expense intangible assets">11,285</span> and $<span id="xdx_907_eus-gaap--AmortizationOfIntangibleAssets_pn3n3_c20210101__20210930_zvbmpt8XBsX4" title="Amortization expense intangible assets">9,319</span> for the nine months ended September 30, 2022 and 2021, respectively.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_89B_eus-gaap--ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_zMe1WXuFWWKj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated
amortization expense for the next five years is as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B6_z5FrcFFEFoA1" style="display: none">SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS, FUTURE AMORTIZATION EXPENSE</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_496_20220930_zBHptgY7IEwj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_40E_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear_iI_pn3n3_zYr6RzpqTVWe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; width: 82%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remainder of 2022</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,369</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_401_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_iI_pn3n3_zggfUodGwCk3" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,611</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_408_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_iI_pn3n3_zT8pUvt3wZsk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,005</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_400_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_iI_pn3n3_ziDOSzXaIMog" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,996</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_40F_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_iI_pn3n3_z6iIRs9Arr01" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2026</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,330</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_40F_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive_iI_pn3n3_zhkJ1DCbLxHi" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thereafter</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,423</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
</table>
<p id="xdx_8A2_zVZxtYUCgYze" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_897_eus-gaap--ScheduleOfGoodwillTextBlock_zpDLgGkCwfn4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
changes in the carrying amount of goodwill, by segment, for the nine months ended September 30, 2022 were as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B7_ztPU0FmGMPje" style="display: none">SCHEDULE OF GOODWILL</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_49F_20220101__20220930__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToBusinessB2BMember_zX0yemlVHp2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B2B</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_498_20220101__20220930__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember_zVpaOLTrYyCe" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B2C</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_49B_20220101__20220930_zL4HjGOsFHdi" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_40C_eus-gaap--Goodwill_iS_pn3n3_zFxX4GoyyXg7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 55%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance at January 1, 2022</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">72,230</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">73,912</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 11%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">146,142</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_40A_eus-gaap--GoodwillImpairmentLoss_iN_pn3n3_di_zbYdxK7zQ8w3" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Impairment</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(28,861</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0943">—</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(28,861</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
<tr id="xdx_400_eus-gaap--GoodwillTranslationAndPurchaseAccountingAdjustments_iN_pn3n3_di_zHo6fVSeJf62" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="vertical-align: top; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effect
of foreign currency translation</span></td><td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8,082</span></td><td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10,113</span></td><td style="vertical-align: top; text-align: left">)</td><td style="text-align: left; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; vertical-align: top; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(18,195</span></td><td style="vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
<tr id="xdx_404_eus-gaap--Goodwill_iE_pn3n3_zIb0bLVdcc4g" style="vertical-align: bottom; background-color: White">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Balance at September 30, 2022</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35,287</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">63,799</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">99,086</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
</table>
72230000
73912000
146142000
28861000
28861000
8082000
10113000
18195000
35287000
63799000
99086000
28900000
<p id="xdx_895_eus-gaap--ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock_z3ESujbpo6Sj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Definite-lived
intangible assets, net consisted of the following:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8BB_zp6op6tHYwVc" style="display: none">SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-size: 11pt; text-align: center"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"/>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amortization
Period</b></span></p></td><td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_48B_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_zpLV5cUpdx31" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
Carrying Amount</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_489_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_pn3n3_di_zuCTRU5yNUoi" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated
Amortization</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_487_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_zftHvd5dPIS4" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
Carrying Amount</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
</span>Average</td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="10" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">September
30, 2022</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-size: 11pt; text-align: center"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"/>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amortization
Period</b></span></p></td><td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
Carrying Amount</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated
Amortization</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
Carrying Amount</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_413_20220930__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--DevelopedTechnologyRightsMember_z3PNFfHpUaBl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 36%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Developed technology</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20220101__20220930__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--DevelopedTechnologyRightsMember_zEL8eRi0epBh" title="Weighted Average Amortization Period">3.8</span>
years</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,671</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13,792</span></td><td style="width: 1%; text-align: left">)</td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16,879</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_41F_20220930__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--ContentLicensesMember_zsC4f1P4lL32" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third-party content licenses</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_902_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20220101__20220930__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__custom--ContentLicensesMember_zKPwHfbsXX84" title="Weighted Average Amortization Period">4.6</span>
years</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">22,938</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,502</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20,436</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_414_20220930__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zno4LbdyX5fe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer relationships</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20220101__20220930__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zgce91FMjXHl" title="Weighted Average Amortization Period">3.6</span>
years</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,019</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3,162</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,857</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_41C_20220930__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TrademarksAndTradeNamesMember_zIvdKZiEiCF5" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade names and trademarks</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20220101__20220930__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TrademarksAndTradeNamesMember_zscwox85FqRi" title="Weighted Average Amortization Period">10.0</span>
years</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,887</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,089</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,798</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_41F_20220930__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicenseMember_zQ4sqfRf1zf1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gaming licenses</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20220101__20220930__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicenseMember_zbXVxe61Jomk" title="Weighted Average Amortization Period">7.3</span>
years</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 0.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,008</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 0.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,244</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 0.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,764</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; font-size: 11pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left; padding-bottom: 2.5pt; font-size: 11pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="vertical-align: top; padding-bottom: 2.5pt; font-size: 11pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="vertical-align: top; padding-bottom: 2.5pt; font-size: 11pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="vertical-align: top; padding-bottom: 2.5pt; font-size: 11pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left; padding-bottom: 2.5pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_98F_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_c20220930_zjC7ikppIOal" style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: right" title="Gross Carrying Amount"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69,523</span></td><td style="vertical-align: top; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left; padding-bottom: 2.5pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_98B_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_pn3n3_di_c20220930_zmCXYprQb0r2" style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: right" title="Accumulated Amortization"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(21,789</span></td><td style="vertical-align: top; padding-bottom: 2.5pt; text-align: left">)</td><td style="text-align: left; padding-bottom: 2.5pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_980_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_c20220930_zpuy7DDozBW4" style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: right" title="Net Carrying Amount"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">47,734</span></td><td style="vertical-align: top; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"/>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-size: 11pt; text-align: center"><p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"/>
<p style="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amortization
Period</b></span></p></td><td style="font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_483_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_zTuP6BZkdh94" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
Carrying Amount</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_48D_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_pn3n3_di_zBwxnSoSvFG2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated
Amortization</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_480_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_zO3CVkq4wQO4" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
Carrying Amount</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom">
<td style="font-size: 11pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
<b>Average</b></span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="10" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December
31, 2021</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amortization
Period</b></span></td><td style="text-align: center; font-size: 11pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gross
Carrying Amount</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accumulated
Amortization</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
Carrying Amount</span></td><td style="text-align: center; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_41C_20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--DevelopedTechnologyRightsMember_zs6vGWyvEl5f" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 36%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Developed technology</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 12%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90C_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20210101__20211231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--DevelopedTechnologyRightsMember_zsBkhLwaYA8f" title="Weighted Average Amortization Period">3.0</span>
years</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,390</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9,130</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18,260</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_413_20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__custom--InProcessTechnologyMember_zxtUKCh33FSa" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In-process technology</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">—</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,142</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl0997"><span style="-sec-ix-hidden: xdx2ixbrl1000">—</span></span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,142</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_416_20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zatcjPAbG5F9" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Customer relationships</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20210101__20211231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--CustomerRelationshipsMember_zfk8Ij7pi7jj" title="Weighted Average Amortization Period">3.0</span>
years</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,460</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,820</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,640</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_41C_20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TrademarksAndTradeNamesMember_z2OSmf2EvUYc" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trade names and trademarks</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20210101__20211231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--TrademarksAndTradeNamesMember_znjh5uIrO4V" title="Weighted Average Amortization Period">10.0</span>
years</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5,699</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(882</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,817</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_415_20211231__us-gaap--IndefiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicenseMember_zRt5atqz9oYb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gaming licenses</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--FiniteLivedIntangibleAssetUsefulLife_dtY_c20210101__20211231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicenseMember_zJ4oarol8KCf" title="Weighted Average Amortization Period">6.4</span>
years</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 0.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,219</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 0.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1,185</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 0.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,034</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: left; padding-bottom: 2.5pt; font-size: 11pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left; padding-bottom: 2.5pt; font-size: 11pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="vertical-align: top; padding-bottom: 2.5pt; font-size: 11pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="vertical-align: top; padding-bottom: 2.5pt; font-size: 11pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="vertical-align: top; padding-bottom: 2.5pt; font-size: 11pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left; padding-bottom: 2.5pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_98E_eus-gaap--FiniteLivedIntangibleAssetsGross_iI_pn3n3_c20211231_zQ4MaHz9KPJa" style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: right" title="Gross Carrying Amount"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">48,910</span></td><td style="vertical-align: top; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left; padding-bottom: 2.5pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_986_eus-gaap--FiniteLivedIntangibleAssetsAccumulatedAmortization_iNI_pn3n3_di_c20211231_zLI0RVqcrEb8" style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: right" title="Accumulated Amortization"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13,017</span></td><td style="vertical-align: top; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="text-align: left; padding-bottom: 2.5pt; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_985_eus-gaap--FiniteLivedIntangibleAssetsNet_iI_pn3n3_c20211231_zHVgxtXgOgd7" style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: right" title="Net Carrying Amount"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35,893</span></td><td style="vertical-align: top; padding-bottom: 2.5pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
</table>
P3Y9M18D
30671000
13792000
16879000
P4Y7M6D
22938000
2502000
20436000
P3Y7M6D
8019000
3162000
4857000
P10Y
4887000
1089000
3798000
P7Y3M18D
3008000
1244000
1764000
69523000
21789000
47734000
P3Y
27390000
27390000
9130000
9130000
18260000
18260000
8142000
8142000
8142000
8142000
P3Y
5460000
5460000
1820000
1820000
3640000
3640000
P10Y
5699000
5699000
882000
882000
4817000
4817000
P6Y4M24D
2219000
2219000
1185000
1185000
1034000
1034000
48910000
13017000
35893000
P5Y
4135000
3356000
11285000
9319000
<p id="xdx_89B_eus-gaap--ScheduleofFiniteLivedIntangibleAssetsFutureAmortizationExpenseTableTextBlock_zMe1WXuFWWKj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Estimated
amortization expense for the next five years is as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B6_z5FrcFFEFoA1" style="display: none">SCHEDULE OF FINITE-LIVED INTANGIBLE ASSETS, FUTURE AMORTIZATION EXPENSE</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold; padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_496_20220930_zBHptgY7IEwj" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Amount</span></td><td style="padding-bottom: 1pt; font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_40E_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear_iI_pn3n3_zYr6RzpqTVWe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left; width: 82%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Remainder of 2022</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,369</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_401_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths_iI_pn3n3_zggfUodGwCk3" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2023</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17,611</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_408_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo_iI_pn3n3_zT8pUvt3wZsk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2024</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8,005</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_400_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearThree_iI_pn3n3_ziDOSzXaIMog" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2025</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,996</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_40F_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseYearFour_iI_pn3n3_z6iIRs9Arr01" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2026</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,330</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_40F_eus-gaap--FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFive_iI_pn3n3_zhkJ1DCbLxHi" style="vertical-align: bottom; background-color: White">
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thereafter</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7,423</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
</table>
4369000
17611000
8005000
7996000
2330000
7423000
<p id="xdx_805_eus-gaap--AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock_zx4vDvFBu1M7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
8 — <span id="xdx_82D_z42i9VEXD34i">ACCRUED EXPENSES</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_895_eus-gaap--ScheduleOfAccruedLiabilitiesTableTextBlock_zW2xazfnuFUf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
expenses consisted of the following:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8BE_zZuaEwC43WO7" style="display: none">SCHEDULE OF ACCRUED EXPENSES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_49A_20220930_znB6ToMWSzKc" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>September
30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_49F_20211231_zluHJQxbpaJ9" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></p></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_40C_ecustom--AccruedLicensingFeesCurrent_iI_pn3n3_maALCziPD_zPJMDMsgftwc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Content license
fees</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,480</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,402</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_407_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_maALCziPD_zceojH8U5Q0e" style="vertical-align: bottom; background-color: White">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,194</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,267</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_40C_eus-gaap--AccruedLiabilitiesCurrent_iTI_pn3n3_mtALCziPD_zb1qVk5NEcQ1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,674</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,669</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
</table>
<p id="xdx_8AE_zw7eQSDiMvKg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_895_eus-gaap--ScheduleOfAccruedLiabilitiesTableTextBlock_zW2xazfnuFUf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accrued
expenses consisted of the following:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8BE_zZuaEwC43WO7" style="display: none">SCHEDULE OF ACCRUED EXPENSES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_49A_20220930_znB6ToMWSzKc" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>September
30,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2022</b></span></p></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_49F_20211231_zluHJQxbpaJ9" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
31,</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2021</b></span></p></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_40C_ecustom--AccruedLicensingFeesCurrent_iI_pn3n3_maALCziPD_zPJMDMsgftwc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Content license
fees</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,480</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,402</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_407_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pn3n3_maALCziPD_zceojH8U5Q0e" style="vertical-align: bottom; background-color: White">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,194</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,267</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_40C_eus-gaap--AccruedLiabilitiesCurrent_iTI_pn3n3_mtALCziPD_zb1qVk5NEcQ1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,674</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,669</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
</table>
1480000
2402000
1194000
2267000
2674000
4669000
<p id="xdx_80A_eus-gaap--DebtDisclosureTextBlock_z2bJzqoPt6Na" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
9 — <span id="xdx_82E_z6oZ3kCIuI54">DEBT</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 26, 2022, a subsidiary of the Company entered into a fixed term credit facility (the “Credit Facility”) which provides
for $<span id="xdx_903_eus-gaap--DebtInstrumentFaceAmount_iI_pn6n6_c20220426_zoczmT8dHnTe" title="Debt principal amount">30.0</span> million in aggregate principal amount of secured term loans with a floating interest rate of 3-month SOFR (subject to a <span id="xdx_904_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20220426__us-gaap--DerivativeInstrumentRiskAxis__us-gaap--InterestRateFloorMember_ziddXdorJ7J2" title="Inerest rate">1</span>%
floor) + <span id="xdx_905_eus-gaap--DebtInstrumentInterestRateStatedPercentage_iI_pid_dp_uPure_c20220426_zVeNBzWv1X12" title="Interest rate">9.5</span>%. The Credit Facility matures on <span id="xdx_900_eus-gaap--DebtInstrumentMaturityDate_dd_c20220425__20220426_zVWRtaATTPce" title="Maturity date">October 26, 2026</span> and is fully guaranteed by the Company. There are no scheduled principal
payments due under the Credit Facility until maturity. Interest payments are payable in arrears on the last business day of each calendar
quarter and at the maturity date.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company incurred $<span id="xdx_907_eus-gaap--DeferredFinanceCostsGross_iI_pn5n6_c20220930_zyF5c6QYdEg" title="Debt issuance costs">2.4</span> million in debt issuance costs during the three and nine months ended September 30, 2022 in connection with the
Credit Facility, which have been recorded as a direct reduction against the debt and amortized over the life of the associated debt as
a component of interest expense using the effective interest method. The net funds received from the Credit Facility, after deducting
debt issuance costs, was $<span id="xdx_907_eus-gaap--LineOfCredit_iI_pn5n6_c20220930_z3bEVnCbMPf6" title="Credit facility amount">27.6</span> million.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Debt
Covenants</i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Credit Facility contains affirmative and negative covenants, including certain financial covenants associated with the Company’s
financial results. The negative covenants include restrictions regarding the incurrence of liens and indebtedness, certain merger and
acquisition transactions, asset sales and other dispositions, other investments, dividends, share purchases and payments affecting subsidiaries,
changes in nature of business, fiscal year or organizational documents, transactions with affiliates, and other matters.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company was in compliance with all financial covenants as of September 30, 2022.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Credit Facility contains customary events of default, including, among others: non-payments of principal and interest; breach of representations
and warranties; covenant defaults; the existence of bankruptcy or insolvency proceedings; certain events under ERISA; gaming license
revocations in material jurisdictions; material judgments; and a change of control. If an event of default occurs and is not cured within
any applicable grace period or is not waived, the administrative agent and the lender are entitled to take various actions, including,
without limitation, the acceleration of all amounts due and the termination of commitments under the Credit Facility.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_89B_eus-gaap--ScheduleOfDebtInstrumentsTextBlock_z823G7Cv8Wv4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying values of the Company’s long-term debt consist of the following:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B8_zHn5pH1a2LX3" style="display: none">SCHEDULE
OF LONG TERM DEBT</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
Interest Rate</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_497_20220930_zXTMhphOuq0b" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>September
30, 2022</b></span></p></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
Facility:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_400_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_zysxwRvZTF1e" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt; width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220930_zs0QiKw0l58b" title="Effective interest rate">13.28</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_409_eus-gaap--DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet_iI_pn3n3_zk6ofN7FMTPl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1pt; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less unamortized
debt issuance costs</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,145</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
<tr id="xdx_40E_eus-gaap--LongTermDebt_iI_pn3n3_zvYEGORs7zCj" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term
debt, net</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,855</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
</table>
<p id="xdx_8A8_z3kxGv6Up6o7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the three and nine months ended September 30, 2022 the Company incurred $<span id="xdx_909_eus-gaap--InterestExpenseDebt_pn3n3_c20220701__20220930_z8ZGRDqYiAgf" title="Interest expense">1,071</span> and $<span id="xdx_901_eus-gaap--InterestExpenseDebt_pn3n3_c20220101__20220930_zQC6x0yPahDc" title="Interest expense">1,735</span>, respectively, in interest expense, of which
$<span id="xdx_906_eus-gaap--AmortizationOfFinancingCosts_pn3n3_c20220701__20220930_zZpciLTPBEQ9" title="Amortization of debt issuance costs">185</span> and $<span id="xdx_90F_eus-gaap--AmortizationOfFinancingCosts_pn3n3_c20220101__20220930_zCFlICSuwhj8" title="Amortization of debt issuance costs">280</span>, respectively, relates to the amortization of debt issuance costs.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
30000000.0
0.01
0.095
2026-10-26
2400000
27600000
<p id="xdx_89B_eus-gaap--ScheduleOfDebtInstrumentsTextBlock_z823G7Cv8Wv4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying values of the Company’s long-term debt consist of the following:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B8_zHn5pH1a2LX3" style="display: none">SCHEDULE
OF LONG TERM DEBT</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Effective
Interest Rate</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" id="xdx_497_20220930_zXTMhphOuq0b" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>As
of</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>September
30, 2022</b></span></p></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="font-style: italic; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Credit
Facility:</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_400_eus-gaap--DebtInstrumentFaceAmount_iI_pn3n3_zysxwRvZTF1e" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt; width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220930_zs0QiKw0l58b" title="Effective interest rate">13.28</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="width: 14%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">30,000</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr id="xdx_409_eus-gaap--DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet_iI_pn3n3_zk6ofN7FMTPl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-bottom: 1pt; padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less unamortized
debt issuance costs</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2,145</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td></tr>
<tr id="xdx_40E_eus-gaap--LongTermDebt_iI_pn3n3_zvYEGORs7zCj" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 20pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Long-term
debt, net</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">27,855</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
</table>
0.1328
30000000
-2145000
27855000
1071000
1735000
185000
280000
<p id="xdx_80D_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zxuL5qh5FtCd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10 — <span id="xdx_82D_zHRGxRQCut6g">SHARE-BASED COMPENSATION</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
April 2020, the Board of Directors established the GAN Limited 2020 Equity Incentive Plan (“2020 Plan”) which has been approved
by the Company’s shareholders. The 2020 Plan initially provides for grants of up to <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_pid_c20200430__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEquityIncentivePlanMember_z6OymgAo672h" title="Granted ordinary shares">4,400,000</span> ordinary shares, which then increases
through 2029, by the lesser of <span id="xdx_906_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardPercentageOfPriorYearsOutstandingSharesIncreaseInNumberOfSharesAvailableForGrant_iI_pid_dp_uPure_c20200430__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEquityIncentivePlanMember_z9R77C1i34X" title="Granted ordinary shares, increased percentage">4</span>% of the previous year’s total outstanding ordinary shares on December 31<sup>st</sup> or as determined
by the Board of Directors, for ordinary shares, incentive share options, nonqualified share options, share appreciation rights, restricted
share grants, share units, and other equity awards for issuance to employees, consultants or non-employee directors. At September 30,
2022, the 2020 Plan provided for grants of up to <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant_iI_pid_c20220930__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEquityIncentivePlanMember_zqOhyUuvm7Dg" title="Granted ordinary shares">7,559,574</span> ordinary shares and there were <span id="xdx_900_eus-gaap--CommonStockCapitalSharesReservedForFutureIssuance_iI_c20220930__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEquityIncentivePlanMember_zw4Ct7714IH4" title="Granted ordinary shares, future issuance">508,173</span> ordinary shares available for future
issuance under the 2020 Plan.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Share
Options</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_89B_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zqgQ7LEv7jVg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
summary of the share option activity as of and for the nine months ended September 30, 2022 is as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B6_zmaHNgGdnrkf" style="display: none">SCHEDULE
OF SHARE-BASED COMPENSATION, STOCK OPTION ACTIVITY</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
of Shares</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exercise</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Price</b></span></p></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted
Average Contractual</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Term</b></span></p></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate
Intrinsic Value</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 36%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding at December 31, 2021</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20220101__20220930_z56yNQ6OOUYk" style="width: 12%; text-align: right" title="Number of Shares, Outstanding, beginning balance"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,138,215</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20220101__20220930_z2yucIuvxcM2" style="width: 12%; text-align: right" title="Weighted Average Exercise Price, Outstanding, beginning balance"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.05</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20210101__20211231_zC8vqIb7hvj5" title="Weighted average contractual term, outstanding beginning">8.05</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20220101__20220930_z0jfYRwXRLeh" style="width: 12%; text-align: right" title="Aggregate intrinsic value, outstanding"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,229</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20220101__20220930_zqk3AXiaggJf" style="text-align: right" title="Number of Shares, Granted"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">947,002</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20220101__20220930_zIwhPbFqjQah" style="text-align: right" title="Weighted Average Exercise Price, Granted"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.03</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercised</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_981_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20220101__20220930_zbQ4uHoX6oUl" style="text-align: right" title="Number of Shares, Exercised"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(375,416</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20220101__20220930_zdm79UGXpAL8" style="text-align: right" title="Weighted Average Exercise Price, Exercised"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.93</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forfeited/expired
or cancelled</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20220101__20220930_z38dEaVe4FLh" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Shares, Forfeited/expired or cancelled"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(998,942</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20220101__20220930_zxbVZQV7jMxf" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Exercise Price, Forfeited/expired or cancelled"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.29</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding at September 30, 2022</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20220101__20220930_zPvohrxFhUJ5" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares, Outstanding, ending balance"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,710,859</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20220101__20220930_zgI7axRtoqZ" style="text-align: right" title="Weighted Average Exercise Price, Outstanding, ending balance"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.25</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20220101__20220930_zcZh7aWQdDB" title="Weighted average contractual term, outstanding ending">7.6</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pn3n3_c20220101__20220930_zZdsJfgAc9Jj" style="border-bottom: Black 2.5pt double; text-align: right" title="Aggregate intrinsic value, outstanding"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,756</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options exercisable at September 30, 2022</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_pid_c20220101__20220930_zUKPEn1M4Ir3" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares, Options, exercisable at end of period"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,271,058</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_pid_c20220101__20220930_z042nttHyahk" style="text-align: right" title="Weighted Average Exercise Price, Options, exercisable at end of period"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.44</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20220101__20220930_zuvI5y8gpmb3" title="Weighted average contractual term, option exercisable">6.97</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_982_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iE_pn3n3_c20220101__20220930_zXR9SRkVLqle" style="border-bottom: Black 2.5pt double; text-align: right" title="Aggregate intrinsic value, Options, exercisable at end of period"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">672</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
</table>
<p id="xdx_8A0_zEsvcwuGJZQ4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recorded share-based compensation expense related to share options of $<span id="xdx_905_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220701__20220930__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z5duP5wwE3Rd" title="Share-based compensation expense">948</span> and $<span id="xdx_90A_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20210701__20210930__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zzSOmu9fDnSf" title="Share-based compensation expense">1,693</span> for the three months ended September 30,
2022 and 2021, respectively, and $<span id="xdx_906_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20220930__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zQwAjunS1Jz6" title="Share-based compensation expense">2,596</span> and $<span id="xdx_902_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20210101__20210930__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z0Ne3754yqE2" title="Share-based compensation expense">4,639</span> for the nine months ended September 30, 2022 and 2021, respectively. Such share-based
compensation expense was recorded net of capitalized software development costs of $<span id="xdx_908_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220701__20220930__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareDevelopmentMember_zQu1OiWa0Gul">87</span> and $<span id="xdx_908_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20210701__20210930__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareDevelopmentMember_zKyEk8eFWkPi" title="Share-based compensation expense">65</span> for the three months ended September
30, 2022 and 2021, and $<span id="xdx_907_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20220930__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareDevelopmentMember_zgDLrp71r9O2" title="Share-based compensation expense">226</span> and $<span id="xdx_900_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20210101__20210930__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--SoftwareDevelopmentMember_zvLhmw8F5be7" title="Share-based compensation expense">170</span> for the nine months ended September 30, 2022 and 2021, respectively. At September 30, 2022, there
was total unrecognized compensation cost of $<span id="xdx_90E_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized_iI_c20220930__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zUv7YKy7mEAj" title="Unrecognized compensation cost">11,401</span> related to nonvested share options. The unrecognized compensation cost is expected
to be recognized over a weighted-average period of <span id="xdx_90D_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20220101__20220930__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_z800LghyUH4b" title="Recognized weighted-average period">2.7</span> years.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Share
option awards generally vest <span id="xdx_907_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_dp_uPure_c20220101__20220930__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zxujyZJt04Rk" title="Vesting percentage">25</span>% <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardTermsOfAward_c20220101__20220930__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember_zPnu6OMhhPza" title="Vesting term, description">after one year and then monthly over the next 36 months thereafter and have a maximum term of ten years</span>.
During the nine months ended September 30, 2022, the Board of Directors approved the issuance of options to purchase <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardSharesPurchasedForAward_c20220101__20220930__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__us-gaap--PlanNameAxis__custom--TwentyTwentyPlanMember_zSnx5QB2kCV4" title="Shares purchased">947,002</span> ordinary
shares to employees under the 2020 Plan, including <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_c20220101__20220930__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__us-gaap--PlanNameAxis__custom--TwentyTwentyPlanMember__srt--TitleOfIndividualAxis__custom--EuropeanBasedEmployeesMember_zUWetDLSIKaa" title="Shares granted">944,002</span> share options granted with an exercise price of $<span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_c20220101__20220930__us-gaap--AwardTypeAxis__us-gaap--EmployeeStockOptionMember__us-gaap--PlanNameAxis__custom--TwentyTwentyPlanMember__srt--TitleOfIndividualAxis__custom--EuropeanBasedEmployeesMember_zbwm0Srq4Bci" title="Exercise price">0.01</span> per share to certain
European-based employees in lieu of restricted share units. The value of these options are based on the market value of the Company’s
ordinary shares at the date of the grant. The weighted average grant date fair value of options granted was $<span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20220701__20220930_zoYQYrKiyKj7" title="Weighted average grant date fair value of options">0.13</span> and $<span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20210701__20210930_zmcvioPsugC5" title="Weighted average grant date fair value of options">8.00</span> for the three
months ended September 30, 2022 and 2021, respectively, and $<span id="xdx_901_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20220101__20220930_zKMuMOPUV4G7" title="Weighted average grant date fair value of options">4.13</span> and $<span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20210101__20210930_zM47GrBdOcHk" title="Weighted average grant date fair value of options">11.49</span> for the nine months ended September 30, 2022 and 2021, respectively.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Restricted
Share Units</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted
share units are issued to non-employee directors and employees. For equity-classified restricted share units, the fair value of restricted
share units is based on fair market value of the Company’s ordinary shares on the date of grant and is amortized on a straight-line
basis over the vesting period.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2022, the Board of Directors approved the issuance of <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20220101__20220131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_ztP5Tc6FSgm" title="Restricted stock issued">108,720</span> restricted share units to employees. The restricted share units
vest over <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dc_c20220101__20220131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_zVm93TuQVUwb" title="Restricted vested units, term">four years</span> from the date of grant with <span id="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_pid_dp_uPure_c20220101__20220131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_zTFNHtqMDH0k" title="Restricted vested units, granted percentage">25</span>% vesting per year on the anniversary of the grant date. The terms of the awards stipulate
that the vesting of any outstanding restricted share units will be pro-rated for employees if their employment terminates after the first
anniversary of the grant date.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
March 2022, the Board of Directors approved the issuance of <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20220301__20220331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_zmPa8KwDmvrl" title="Restricted stock issued">1,117,437</span> restricted share units to its employees. The restricted share units
vest over <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dc_c20220301__20220331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_z5MULgL4W2Ik" title="Restricted vested units, term">four years</span> from the date of grant with <span id="xdx_902_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_pid_dp_uPure_c20220301__20220331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_zFceIWE4gkce" title="Restricted vested units, granted percentage">25</span>% vesting per year on the anniversary of the grant date. The terms of the awards stipulate
that the vesting of any outstanding restricted share units will be pro-rated for employees if their employment terminates after the first
anniversary of the grant date. Additionally, <span id="xdx_909_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20220301__20220331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--NonEmployeeDirectorsMember_zdePW7ztYixc" title="Restricted shares">73,446</span> restricted share units were granted to its non-employee directors which vest on December
31, 2022.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
June 2022, the Board of Directors approved the issuance of <span id="xdx_90D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20220601__20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_zy764hUSDI4e" title="Restricted stock issued">28,754</span> restricted share units to its employees. The restricted share units
vest over <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dc_c20220601__20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_ztkPl6Sbofli" title="Restricted vested units, term">four years</span> from the date of grant with <span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_pid_dp_uPure_c20220601__20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_z3IUpwx1g68e" title="Restricted vested units, granted percentage">25</span>% vesting per year on the anniversary of the grant date. The terms of the awards stipulate
that the vesting of any outstanding restricted share units will be pro-rated for employees if their employment terminates after the first
anniversary of the grant date.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2022, the Board of Directors approved the issuance of <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20220801__20220831__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_zTcRmJg4o7Ja" title="Restricted stock issued">34,659</span> restricted share units to its employees. The restricted share units
vest over <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dc_c20220801__20220831__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_zg8DkIY3RCAi" title="Restricted vested units, term">four years</span> from the date of grant with <span id="xdx_901_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_pid_dp_uPure_c20220801__20220831__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_z4niYI9ERWH6" title="Restricted vested units, granted percentage">25</span>% vesting per year on the anniversary of the grant date. The terms of the awards stipulate
that the vesting of any outstanding restricted share units will be pro-rated for employees if their employment terminates after the first
anniversary of the grant date.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
September 2022, the Board of Directors approved the issuance of <span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20220901__20220930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_zCwi5tkRnjue" title="Restricted stock issued">50,317</span> restricted share units to its employees. The restricted share
units vest over <span id="xdx_907_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardVestingPeriod1_dc_c20220901__20220930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_zcXkb9B2v235" title="Restricted vested units, term">four years</span> from the date of grant with <span id="xdx_90C_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_pid_dp_uPure_c20220901__20220930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--EmployeesMember_zxBctYf0JX5f" title="Restricted vested units, granted percentage">25</span>% vesting per year on the anniversary of the grant date. The terms of the awards
stipulate that the vesting of any outstanding restricted share units will be pro-rated for employees if their employment terminates after
the first anniversary of the grant date.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company withholds a portion of the restricted share units granted to its non-employee directors upon vesting in order to remit a cash
payment to the directors equal to their tax expense. At September 30, 2022, the Company recognized a liability for outstanding and nonvested
restricted share units held by non-employee directors of $<span id="xdx_90E_eus-gaap--DeferredCompensationShareBasedArrangementsLiabilityCurrent_iI_pn3n3_c20220930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--TitleOfIndividualAxis__custom--NonEmployeeDirectorsMember_zEkuBHtgCU1g" title="Accrued liability-classified share based compensation">148</span>. The liabilities are recorded in accrued compensation and benefits in the
condensed consolidated balance sheets.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recorded share-based compensation expense related to restricted share units of $<span id="xdx_905_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220701__20220930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zfiHDeFJmH27" title="Share-based compensation expense">958</span> and $<span id="xdx_900_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20210701__20210930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zi7yy9cjiz8g" title="Share-based compensation expense">65</span> for the three months ended September
30, 2022 and 2021, respectively, and $<span id="xdx_90F_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20220930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zXjA02LKrw06" title="Share-based compensation expense">3,151</span> and $<span id="xdx_901_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20210101__20210930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_znjRx5CnteU" title="Share-based compensation expense">195</span> for the nine months ended September 30, 2022 and 2021, respectively. Such share-based
compensation expense was recorded net of capitalized software development costs of $<span id="xdx_904_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220701__20220930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CapitalizedSoftwareDevelopmentCostsMember_zrbHpIJPN1ig" title="Capitalized computer software net"><span id="xdx_901_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20220930__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--CapitalizedSoftwareDevelopmentCostsMember_zT36D3KLKHNg" title="Capitalized computer software net">67</span></span> for the three and nine months ended September
30, 2022, respectively. At September 30, 2022, there was total unrecognized compensation cost of $<span id="xdx_90F_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_iI_pn3n3_c20220630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zUqajQljhHEd" title="Unrecognized compensation cost">6,785</span> related to nonvested restricted
share units. The unrecognized compensation cost is expected to be recognized over a weighted-average period of <span id="xdx_902_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20220101__20220930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zJ9CPH5GTf1j" title="Unrecognized compensation weighted average period">3.2</span> years.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>GAN
LIMITED</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTES
TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(in
thousands, except share and per share amounts)</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_89A_eus-gaap--ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_zumStqp9Uqza" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
summary of the restricted share unit activity as of and for the nine months ended September 30, 2022 is as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B7_zCdqEfxsVw3g" style="display: none">SCHEDULE
OF SHARE BASED COMPENSATION, RESTRICTED STOCK UNIT ACTIVITY</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
of</span></p>
<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares</span></p></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
Average Grant Date Fair Value</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding at December 31, 2021</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20220101__20220930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zBsw88aGiPs4" style="width: 14%; text-align: right" title="Number of Shares Outstanding, Beginning Balance"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">369,140</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20220101__20220930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zR1RD3oqBSYb" style="width: 14%; text-align: right" title="Weighted Average Grant Date Fair Value, Beginning Balance"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.78</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_c20220101__20220930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z9Q06w2M0APj" style="text-align: right" title="Number of Shares, Granted"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,413,333</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20220101__20220930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zwohPfIeUf1k" style="text-align: right" title="Weighted Average Grant Date Fair Value, Granted"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.23</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vested</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_c20220101__20220930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zNPUqwDY6A6c" style="text-align: right" title="Number of Shares, Vested"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(213,245</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_c20220101__20220930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zx1d7FOT9PBb" style="text-align: right" title="Weighted Average Grant Date Fair Value, Vested"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.53</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forfeited
or cancelled</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeituresAndExpirations_iN_pid_di_c20220101__20220930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z6JXQ0qLBpSf" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Shares, Forfeited/expired or cancelled"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(73,622</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_c20220101__20220930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_ztpBxpPYgEn9" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Grant Date Fair Value, Forfeited/expired or cancelled"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.84</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding at September 30, 2022</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20220101__20220930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zge27sOIYlek" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares Outstanding, Ending Balance"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,495,606</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20220101__20220930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zRCWcKIV4N43" style="text-align: right" title="Weighted Average Grant Date Fair Value, Ending Balance"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.86</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
</table>
<p id="xdx_8AE_zYKiAJYXTR21" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Restricted
Share Awards</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted
share awards are issued to non-employee directors and certain key employees. The value of a restricted stock award is based on the market
value of the Company’s ordinary shares at the date of the grant.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2021, the Company issued <span id="xdx_90C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_pid_c20211201__20211231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember__dei--LegalEntityAxis__custom--SilverbackGamingMember_zXsO9Is12TUa" title="Restricted ordinary shares">51,654</span> restricted ordinary shares to the selling shareholders of Silverback Gaming. The restricted
share awards vest one-third on the acquisition date and one-third on each the first and second anniversary dates. The restricted share
awards were issued with a grant date fair value of $<span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20211201__20211231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember__dei--LegalEntityAxis__custom--SilverbackGamingMember_z4gG8j7vKI6g" title="Fair value of restricted stock">9.68</span> per share.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 27pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recorded share-based compensation expense related to the restricted share awards of $<span id="xdx_90B_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220701__20220930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zFSDhJQ0Rl6">41
</span></span>for the three months ended September 30, 2022, and $<span id="xdx_90B_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20220101__20220930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zfWxbtcC5gy2">125
</span>and $<span id="xdx_909_eus-gaap--AllocatedShareBasedCompensationExpense_pn3n3_c20210101__20210930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zPuOHFKa48Sf">770
</span>for the nine months ended September 30, 2022 and 2021, respectively. At September 30, 2022, there was total unrecognized compensation
cost of $<span id="xdx_905_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_iI_pn3n3_c20220930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zEsUFcrIQVqi">194
</span>related to the nonvested shares granted. The cost is expected to be recognized over a weighted average period of <span id="xdx_909_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dtY_c20220101__20220930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockMember_zkd9Eyi38EJ4">1.2
</span>years. There were no restricted share awards that vested during the nine months ended September 30, 2022.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Employee
Bonuses Issued in Shares</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2021, the Company entered into agreements with certain executive employees which allowed for a portion, or all, of their annual bonus
for the year ended December 31, 2021 to be paid in the form of the Company’s shares. During the nine months ended September 30,
2022 the Company settled $<span id="xdx_902_ecustom--SettlementOfEmployeeLiability_pn3n3_c20220101__20220930__srt--TitleOfIndividualAxis__custom--EmployeeBonusesMember_zebdYhAEibH8" title="Settlement of an employee liability">913</span> of the total bonus by issuing <span id="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_pid_c20220101__20220930__srt--TitleOfIndividualAxis__custom--EmployeeBonusesMember_zgve8DEkcKYf" title="Vested options">189,959</span> vested options with an exercise price of $<span id="xdx_90B_ecustom--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedWeightedAverageExercisePrice_c20220101__20220930__srt--TitleOfIndividualAxis__custom--EmployeeBonusesMember_z6bW4xge34Od" title="Weighted average fair value, vested">0.01</span> per share.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>2020
Employee Stock Purchase Plan</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Board of Directors established the 2020 Employee Stock Purchase Plan, or the ESPP, which was approved by the Company’s shareholders
in July 2021. The ESPP is intended to qualify under Section 423 of the U.S. Internal Revenue Service Code of 1986, as amended. <span id="xdx_905_eus-gaap--EmployeeStockOwnershipPlanESOPPlanDescription_c20220101__20220930__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEmployeeStockPurchasePlanMember_z1h3o58FYVr3" title="Employee stock purchase plan, description">The ESPP
provides initially for <span id="xdx_90B_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20220101__20220930__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEmployeeStockPurchasePlanMember_zEp2SVlrGctd" title="Shares to be sold">300,000</span> ordinary shares to be sold and increases on February 1, 2022 and on each subsequent February 1 through
and including February 1, 2030, equal to the lesser of (i) 0.25 percent of the number of ordinary shares issued and outstanding on the
immediately preceding December 31, or (ii) 100,000 ordinary shares, or (iii) such number of ordinary shares as determined by the Board
of Directors</span>.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>GAN LIMITED</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(in thousands, except share
and per share amounts)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
ESPP is designed to allow eligible employees to purchase ordinary shares, at quarterly intervals, with their accumulated payroll deductions.
The participants are offered the option to purchase ordinary shares at a discount during a series of successive offering periods. The
option purchase price may be the lower of <span id="xdx_908_ecustom--OptionPurchasePrice_pid_dp_uPure_c20220101__20220930__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEmployeeStockPurchasePlanMember_zrvwjZmFEgJb" title="Purchase price, rate">85</span>% of the closing trading price per share of the Company’s ordinary shares on the first
trading date of an offering period in which a participant is enrolled or 85% of the closing trading price per share on the purchase date,
which will occur on the last trading day of each offering period. An offering period is defined as a three-month duration commencing
on or about March, June, September and December of each year. Also, one purchase period is included within each offering period. The
Company’s first offering period commenced on June 1, 2022 and concluded on August 31, 2022 with its first purchase occurring on
August 31, 2022. The Company issued <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans_pid_c20220101__20220930__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEmployeeStockPurchasePlanMember_zDpvBE94cKX9" title="Shares issued employee stock purchase plan">74,707</span> shares under the ESPP as of September 30, 2022. During the three and nine months ended September
30, 2022 the Company recognized share-based compensation expense of $<span id="xdx_90E_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_pn3n3_c20220701__20220930__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEmployeeStockPurchasePlanMember_zZnBMwJZmr2b" title="Share-based compensation expenses">64</span> and $<span id="xdx_90E_eus-gaap--EmployeeBenefitsAndShareBasedCompensation_pn3n3_c20220101__20220930__us-gaap--PlanNameAxis__custom--TwoThousandTwentyEmployeeStockPurchasePlanMember_zC4AD4jV59Oc" title="Share-based compensation expenses">86</span>, respectively, related to the ESPP.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
4400000
0.04
7559574
508173
<p id="xdx_89B_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zqgQ7LEv7jVg" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
summary of the share option activity as of and for the nine months ended September 30, 2022 is as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B6_zmaHNgGdnrkf" style="display: none">SCHEDULE
OF SHARE-BASED COMPENSATION, STOCK OPTION ACTIVITY</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
of Shares</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Average</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exercise</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Price</b></span></p></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Weighted
Average Contractual</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Term</b></span></p></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Aggregate
Intrinsic Value</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 36%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding at December 31, 2021</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20220101__20220930_z56yNQ6OOUYk" style="width: 12%; text-align: right" title="Number of Shares, Outstanding, beginning balance"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4,138,215</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iS_pid_c20220101__20220930_z2yucIuvxcM2" style="width: 12%; text-align: right" title="Weighted Average Exercise Price, Outstanding, beginning balance"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.05</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 12%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20210101__20211231_zC8vqIb7hvj5" title="Weighted average contractual term, outstanding beginning">8.05</span></span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iS_pn3n3_c20220101__20220930_z0jfYRwXRLeh" style="width: 12%; text-align: right" title="Aggregate intrinsic value, outstanding"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">11,229</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20220101__20220930_zqk3AXiaggJf" style="text-align: right" title="Number of Shares, Granted"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">947,002</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice_pid_c20220101__20220930_zIwhPbFqjQah" style="text-align: right" title="Weighted Average Exercise Price, Granted"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">0.03</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Exercised</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_981_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20220101__20220930_zbQ4uHoX6oUl" style="text-align: right" title="Number of Shares, Exercised"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(375,416</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice_pid_c20220101__20220930_zdm79UGXpAL8" style="text-align: right" title="Weighted Average Exercise Price, Exercised"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1.93</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forfeited/expired
or cancelled</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_iN_pid_di_c20220101__20220930_z38dEaVe4FLh" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Shares, Forfeited/expired or cancelled"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(998,942</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriodWeightedAverageExercisePrice_pid_c20220101__20220930_zxbVZQV7jMxf" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Exercise Price, Forfeited/expired or cancelled"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15.29</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 1pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding at September 30, 2022</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iE_pid_c20220101__20220930_zPvohrxFhUJ5" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares, Outstanding, ending balance"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,710,859</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_983_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice_iE_pid_c20220101__20220930_zgI7axRtoqZ" style="text-align: right" title="Weighted Average Exercise Price, Outstanding, ending balance"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.25</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2_dtY_c20220101__20220930_zcZh7aWQdDB" title="Weighted average contractual term, outstanding ending">7.6</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue_iE_pn3n3_c20220101__20220930_zZdsJfgAc9Jj" style="border-bottom: Black 2.5pt double; text-align: right" title="Aggregate intrinsic value, outstanding"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,756</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Options exercisable at September 30, 2022</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber_iE_pid_c20220101__20220930_zUKPEn1M4Ir3" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares, Options, exercisable at end of period"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2,271,058</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice_iE_pid_c20220101__20220930_z042nttHyahk" style="text-align: right" title="Weighted Average Exercise Price, Options, exercisable at end of period"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">8.44</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1_dtY_c20220101__20220930_zuvI5y8gpmb3" title="Weighted average contractual term, option exercisable">6.97</span></span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_982_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1_iE_pn3n3_c20220101__20220930_zXR9SRkVLqle" style="border-bottom: Black 2.5pt double; text-align: right" title="Aggregate intrinsic value, Options, exercisable at end of period"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">672</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
</table>
4138215
13.05
P8Y18D
11229000
947002
0.03
375416
1.93
998942
15.29
3710859
10.25
P7Y7M6D
1756000
2271058
8.44
P6Y11M19D
672000
948000
1693000
2596000
4639000
87000
65000
226000
170000
11401
P2Y8M12D
0.25
after one year and then monthly over the next 36 months thereafter and have a maximum term of ten years
947002
944002
0.01
0.13
8.00
4.13
11.49
108720
P4Y
0.25
1117437
P4Y
0.25
73446
28754
P4Y
0.25
34659
P4Y
0.25
50317
P4Y
0.25
148000
958000
65000
3151000
195000
67000
67000
6785000
P3Y2M12D
<p id="xdx_89A_eus-gaap--ScheduleOfSharebasedCompensationRestrictedStockAndRestrictedStockUnitsActivityTableTextBlock_zumStqp9Uqza" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
summary of the restricted share unit activity as of and for the nine months ended September 30, 2022 is as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B7_zCdqEfxsVw3g" style="display: none">SCHEDULE
OF SHARE BASED COMPENSATION, RESTRICTED STOCK UNIT ACTIVITY</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="vertical-align: bottom">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Number
of</span></p>
<p style="margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Shares</span></p></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weighted
Average Grant Date Fair Value</span></td><td style="font-weight: bold"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 64%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding at December 31, 2021</span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iS_pid_c20220101__20220930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zBsw88aGiPs4" style="width: 14%; text-align: right" title="Number of Shares Outstanding, Beginning Balance"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">369,140</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td style="width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_pid_c20220101__20220930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zR1RD3oqBSYb" style="width: 14%; text-align: right" title="Weighted Average Grant Date Fair Value, Beginning Balance"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.78</span></td><td style="width: 1%; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Granted</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_pid_c20220101__20220930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z9Q06w2M0APj" style="text-align: right" title="Number of Shares, Granted"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,413,333</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20220101__20220930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zwohPfIeUf1k" style="text-align: right" title="Weighted Average Grant Date Fair Value, Granted"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.23</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vested</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_pid_di_c20220101__20220930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zNPUqwDY6A6c" style="text-align: right" title="Number of Shares, Vested"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(213,245</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_pid_c20220101__20220930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zx1d7FOT9PBb" style="text-align: right" title="Weighted Average Grant Date Fair Value, Vested"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9.53</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="padding-bottom: 1pt; padding-left: 10pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Forfeited
or cancelled</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 1pt solid; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsForfeituresAndExpirations_iN_pid_di_c20220101__20220930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z6JXQ0qLBpSf" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Shares, Forfeited/expired or cancelled"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(73,622</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">)</span></td><td style="padding-bottom: 1pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_pid_c20220101__20220930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_ztpBxpPYgEn9" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Grant Date Fair Value, Forfeited/expired or cancelled"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">7.84</span></td><td style="padding-bottom: 1pt; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Outstanding at September 30, 2022</span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="border-bottom: Black 2.5pt double; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsOutstandingNumber_iE_pid_c20220101__20220930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zge27sOIYlek" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Shares Outstanding, Ending Balance"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1,495,606</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td><td><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td>
<td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$</span></td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_pid_c20220101__20220930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zRCWcKIV4N43" style="text-align: right" title="Weighted Average Grant Date Fair Value, Ending Balance"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">5.86</span></td><td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></td></tr>
</table>
369140
10.78
1413333
5.23
213245
9.53
73622
7.84
1495606
5.86
51654
9.68
41000
125000
770000
194000
P1Y2M12D
913000
189959
0.01
The ESPP
provides initially for 300,000 ordinary shares to be sold and increases on February 1, 2022 and on each subsequent February 1 through
and including February 1, 2030, equal to the lesser of (i) 0.25 percent of the number of ordinary shares issued and outstanding on the
immediately preceding December 31, or (ii) 100,000 ordinary shares, or (iii) such number of ordinary shares as determined by the Board
of Directors
300000
0.85
74707
64000
86000
<p id="xdx_808_eus-gaap--EarningsPerShareTextBlock_zGS2izP4TVRc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
11 — <span id="xdx_82E_zFHUlT9O00L5">LOSS PER SHARE</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
per ordinary share, basic and diluted, are computed by dividing net loss by the weighted average number of ordinary shares outstanding
during the period. Potentially dilutive securities consisting of certain share options, nonvested restricted shares and restricted share
units were excluded from the computation of diluted weighted average ordinary shares outstanding as inclusion would be anti-dilutive,
are summarized as follows:</span></p>
<p id="xdx_892_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_z72HRAWSBbKj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8BA_zD0NWt4iw7U1" style="display: none">SCHEDULE OF ANTI-DILUTIVE STOCK EXCLUDED FROM COMPUTATION OF DILUTED EARNINGS PER SHARE</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_495_20220701__20220930_zNMb3897gGMi" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_49A_20210701__20210930_zpMvWTmIoLb5" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_497_20220101__20220930_zGB4CECFqvM3" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_496_20210101__20210930_z5nnQ4Tu40rh" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Three Months Ended<br/> September
30,</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Nine Months Ended<br/> September 30,</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr id="xdx_40C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_z99Gh7fcPzsj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 44%; text-align: justify">Share options</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">3,710,859</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">4,268,981</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">3,710,859</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">4,268,981</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockMember_zbO4wV0K0D5a" style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">Restricted shares</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34,436</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1296">—</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34,436</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1298">—</span></td><td style="text-align: left"> </td></tr>
<tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_zRWYtD0fm1Wj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">Restricted share units</td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">1,495,606</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">2,590</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">1,495,606</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">2,590</td><td style="text-align: left"> </td></tr>
<tr id="xdx_403_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_zng3dymw1Oki" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt; text-align: justify">Total</td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,240,901</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,271,571</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,240,901</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,271,571</td><td style="text-align: left"> </td></tr>
</table>
<p id="xdx_8AD_zd3BVsxKwh7a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_892_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_z72HRAWSBbKj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8BA_zD0NWt4iw7U1" style="display: none">SCHEDULE OF ANTI-DILUTIVE STOCK EXCLUDED FROM COMPUTATION OF DILUTED EARNINGS PER SHARE</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_495_20220701__20220930_zNMb3897gGMi" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_49A_20210701__20210930_zpMvWTmIoLb5" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_497_20220101__20220930_zGB4CECFqvM3" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_496_20210101__20210930_z5nnQ4Tu40rh" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Three Months Ended<br/> September
30,</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Nine Months Ended<br/> September 30,</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr id="xdx_40C_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--EmployeeStockOptionMember_z99Gh7fcPzsj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 44%; text-align: justify">Share options</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">3,710,859</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">4,268,981</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">3,710,859</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left"> </td><td style="width: 10%; text-align: right">4,268,981</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockMember_zbO4wV0K0D5a" style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">Restricted shares</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34,436</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1296">—</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34,436</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1298">—</span></td><td style="text-align: left"> </td></tr>
<tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--RestrictedStockUnitsRSUMember_zRWYtD0fm1Wj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">Restricted share units</td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">1,495,606</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">2,590</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">1,495,606</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">2,590</td><td style="text-align: left"> </td></tr>
<tr id="xdx_403_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_pid_zng3dymw1Oki" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt; text-align: justify">Total</td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,240,901</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,271,571</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,240,901</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">4,271,571</td><td style="text-align: left"> </td></tr>
</table>
3710859
4268981
3710859
4268981
34436
34436
1495606
2590
1495606
2590
5240901
4271571
5240901
4271571
<p id="xdx_80B_eus-gaap--RevenueFromContractWithCustomerTextBlock_z9NDeMmaCina" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
12 — <span id="xdx_828_z0TOOYMGfmW3">REVENUE</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_896_eus-gaap--DisaggregationOfRevenueTableTextBlock_zJfl9H783WA3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table reflects revenue recognized for the three and nine months ended September 30, 2022 and 2021 in line with the timing of
transfer of services:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8BB_zHOuwApQTEnk" style="display: none">SCHEDULE OF REVENUE RECOGNIZED IN LINE WITH THE TIMING OF TRANSFER OF SERVICES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_49E_20220701__20220930_zAc5kDexOEJl" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_493_20210701__20210930_zBN7untAyU6k" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_495_20220101__20220930_zf9rDWmCG2Sg" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_498_20210101__20210930_zxCsAZYV7qR8" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Three Months Ended<br/> September
30,</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Nine Months Ended<br/> September 30,</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr id="xdx_403_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_zl8fSvLspfk5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 44%; text-align: justify">Revenue from services delivered at a point in time</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">19,435</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">22,621</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">65,468</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">64,030</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredOverTimeMember_z2G4lN29aVea" style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">Revenue from services delivered over time</td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">12,685</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">9,647</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">39,113</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">29,706</td><td style="text-align: left"> </td></tr>
<tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_z4IH4uZ1Mm5f" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; text-align: justify">Total</td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">32,120</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">32,268</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">104,581</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">93,736</td><td style="text-align: left"> </td></tr>
</table>
<p id="xdx_8AD_zSXcmcvAmNs7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Contract
and Contract-Related Liabilities</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has four types of liabilities related to contracts with customers: (i) cash consideration received in advance from customers
related to development services not yet performed or hardware deliveries not yet completed, (ii) incentive program obligations, which
represents the deferred allocation of revenue relating to incentives in the online gaming operations, (iii) user balances, which are
funds deposited by customers before gaming play occurs and (iv) unpaid winnings and wagers contributed to jackpots. Contract related
liabilities are expected to be recognized as revenue within one year of being purchased, earned or deposited. Such liabilities are recorded
in liabilities to users and other current liabilities in the condensed consolidated balance sheets.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>GAN LIMITED</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(in thousands, except share
and per share amounts)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> </p>
<p id="xdx_890_eus-gaap--ContractWithCustomerAssetAndLiabilityTableTextBlock_zp1MCMscXA13" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table reflects contract liabilities arising from cash consideration received in advance from customers for the periods presented:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B8_zsqT4xFKFDP" style="display: none">SCHEDULE OF CONTRACT WITH CUSTOMERS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_49E_20220701__20220930_zawRGbgImRne" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_49D_20210701__20210930_z7nyovHjp1Bb" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_494_20220101__20220930_zS54HHbf8xG8" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_497_20210101__20210930_zTvHhtsoyipj" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Three Months Ended<br/> September
30,</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Nine Months Ended<br/> September 30,</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr id="xdx_40D_eus-gaap--ContractWithCustomerLiability_iS_pn3n3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 44%; text-align: justify">Contract liabilities from advance customer payments, beginning of the period</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">459</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,811</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,874</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,083</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_40A_eus-gaap--ContractWithCustomerLiability_iE_pn3n3_zApcloEteh12" style="vertical-align: bottom; background-color: White">
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract liabilities from
advance customer payments, end of the period <sup id="xdx_F4A_zSEYH5B0MOY">(1)</sup></span></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,467</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,808</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,467</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,808</td><td style="text-align: left"> </td></tr>
<tr id="xdx_40A_eus-gaap--ContractWithCustomerLiabilityRevenueRecognized_pn3n3_zDf7bVHsUu04" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">Revenue recognized from amounts included in contract liabilities from advance customer payments at
the beginning of the period</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">250</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">179</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">775</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">121</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F05_zyxyVBzYdxY">(1)</sup></span></td><td style="width: 5pt"/><td style="text-align: justify"><span id="xdx_F1F_zerjq7XpKoph" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract liabilities
from advance customer payments, end of period consisted of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTlRSQUNUIFdJVEggQ1VTVE9NRVJTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_903_eus-gaap--ContractWithCustomerLiability_iI_pn3n3_c20220930__us-gaap--BalanceSheetLocationAxis__us-gaap--OtherCurrentLiabilitiesMember_zCVAqK6qc0f6" title="Contract with customer, liability">479</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTlRSQUNUIFdJVEggQ1VTVE9NRVJTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_902_eus-gaap--ContractWithCustomerLiability_iI_pn3n3_c20210930__us-gaap--BalanceSheetLocationAxis__us-gaap--OtherCurrentLiabilitiesMember_z2tICCAFLkFa" title="Contract with customer, liability">740</span> recorded in other current liabilities in the condensed consolidated
balance sheets at September 30, 2022 and 2021, respectively and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTlRSQUNUIFdJVEggQ1VTVE9NRVJTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90E_eus-gaap--ContractWithCustomerLiability_iI_pn3n3_c20220930__us-gaap--BalanceSheetLocationAxis__us-gaap--OtherLiabilitiesMember_zQWhRQEI600f" title="Contract with customer, liability">989</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTlRSQUNUIFdJVEggQ1VTVE9NRVJTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_904_eus-gaap--ContractWithCustomerLiability_iI_pn3n3_c20210930__us-gaap--BalanceSheetLocationAxis__us-gaap--OtherLiabilitiesMember_zvijYtD9uXRa" title="Contract with customer, liability">1,067</span> recorded in other liabilities in the condensed consolidated
balance sheet at September 30, 2022 and 2021, respectively.</span></td>
</tr></table>
<p id="xdx_8AF_zetSaUlrCXK4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup> </sup></span></p>
<p id="xdx_896_eus-gaap--DisaggregationOfRevenueTableTextBlock_zJfl9H783WA3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table reflects revenue recognized for the three and nine months ended September 30, 2022 and 2021 in line with the timing of
transfer of services:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8BB_zHOuwApQTEnk" style="display: none">SCHEDULE OF REVENUE RECOGNIZED IN LINE WITH THE TIMING OF TRANSFER OF SERVICES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_49E_20220701__20220930_zAc5kDexOEJl" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_493_20210701__20210930_zBN7untAyU6k" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_495_20220101__20220930_zf9rDWmCG2Sg" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_498_20210101__20210930_zxCsAZYV7qR8" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Three Months Ended<br/> September
30,</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Nine Months Ended<br/> September 30,</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr id="xdx_403_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredAtPointInTimeMember_zl8fSvLspfk5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 44%; text-align: justify">Revenue from services delivered at a point in time</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">19,435</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">22,621</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">65,468</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">64,030</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--TimingOfTransferOfGoodOrServiceAxis__us-gaap--TransferredOverTimeMember_z2G4lN29aVea" style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">Revenue from services delivered over time</td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">12,685</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">9,647</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">39,113</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">29,706</td><td style="text-align: left"> </td></tr>
<tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_z4IH4uZ1Mm5f" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; text-align: justify">Total</td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">32,120</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">32,268</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">104,581</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">93,736</td><td style="text-align: left"> </td></tr>
</table>
19435000
22621000
65468000
64030000
12685000
9647000
39113000
29706000
32120000
32268000
104581000
93736000
<p id="xdx_890_eus-gaap--ContractWithCustomerAssetAndLiabilityTableTextBlock_zp1MCMscXA13" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table reflects contract liabilities arising from cash consideration received in advance from customers for the periods presented:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B8_zsqT4xFKFDP" style="display: none">SCHEDULE OF CONTRACT WITH CUSTOMERS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_49E_20220701__20220930_zawRGbgImRne" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_49D_20210701__20210930_z7nyovHjp1Bb" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_494_20220101__20220930_zS54HHbf8xG8" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_497_20210101__20210930_zTvHhtsoyipj" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Three Months Ended<br/> September
30,</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Nine Months Ended<br/> September 30,</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr id="xdx_40D_eus-gaap--ContractWithCustomerLiability_iS_pn3n3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 44%; text-align: justify">Contract liabilities from advance customer payments, beginning of the period</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">459</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,811</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,874</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">1,083</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_40A_eus-gaap--ContractWithCustomerLiability_iE_pn3n3_zApcloEteh12" style="vertical-align: bottom; background-color: White">
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract liabilities from
advance customer payments, end of the period <sup id="xdx_F4A_zSEYH5B0MOY">(1)</sup></span></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,467</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,808</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,467</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,808</td><td style="text-align: left"> </td></tr>
<tr id="xdx_40A_eus-gaap--ContractWithCustomerLiabilityRevenueRecognized_pn3n3_zDf7bVHsUu04" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">Revenue recognized from amounts included in contract liabilities from advance customer payments at
the beginning of the period</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">250</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">179</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">775</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">121</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F05_zyxyVBzYdxY">(1)</sup></span></td><td style="width: 5pt"/><td style="text-align: justify"><span id="xdx_F1F_zerjq7XpKoph" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contract liabilities
from advance customer payments, end of period consisted of $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTlRSQUNUIFdJVEggQ1VTVE9NRVJTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_903_eus-gaap--ContractWithCustomerLiability_iI_pn3n3_c20220930__us-gaap--BalanceSheetLocationAxis__us-gaap--OtherCurrentLiabilitiesMember_zCVAqK6qc0f6" title="Contract with customer, liability">479</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTlRSQUNUIFdJVEggQ1VTVE9NRVJTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_902_eus-gaap--ContractWithCustomerLiability_iI_pn3n3_c20210930__us-gaap--BalanceSheetLocationAxis__us-gaap--OtherCurrentLiabilitiesMember_z2tICCAFLkFa" title="Contract with customer, liability">740</span> recorded in other current liabilities in the condensed consolidated
balance sheets at September 30, 2022 and 2021, respectively and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTlRSQUNUIFdJVEggQ1VTVE9NRVJTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90E_eus-gaap--ContractWithCustomerLiability_iI_pn3n3_c20220930__us-gaap--BalanceSheetLocationAxis__us-gaap--OtherLiabilitiesMember_zQWhRQEI600f" title="Contract with customer, liability">989</span> and $<span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIENPTlRSQUNUIFdJVEggQ1VTVE9NRVJTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_904_eus-gaap--ContractWithCustomerLiability_iI_pn3n3_c20210930__us-gaap--BalanceSheetLocationAxis__us-gaap--OtherLiabilitiesMember_zvijYtD9uXRa" title="Contract with customer, liability">1,067</span> recorded in other liabilities in the condensed consolidated
balance sheet at September 30, 2022 and 2021, respectively.</span></td>
</tr></table>
459000
1811000
1874000
1083000
1467000
1808000
1467000
1808000
250000
179000
775000
121000
479000
740000
989000
1067000
<p id="xdx_800_eus-gaap--SegmentReportingDisclosureTextBlock_zXwDv1a5UTsl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
13 — <span id="xdx_82E_zAR98fZ17Gd4">SEGMENT REPORTING</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company’s reportable segments are B2B and B2C. The B2B segment develops, markets and sells instances of GameSTACK, GAN Sports,
and iSight Back Office technology that incorporates comprehensive player registration, account funding and back-office accounting and
management tools that enable the casino operators to efficiently, confidently and effectively extend their presence online in places
that have permitted online real money gaming. The B2C segment, which includes the operations of Coolbet since January 1, 2021, develops
and operates a B2C online sports betting and casino platform that is accessible through its website in markets across Northern Europe,
Latin America and Canada.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Information
reported to the Company’s Chief Executive Officer, the CODM, for the purpose of resource allocation and assessment of the Company’s
segmental performance is primarily focused on the origination of the revenue streams. The CODM evaluates performance and allocates resources
based on the segment’s revenue and gross profit. Segment gross profit represents the gross profit earned by each segment without
allocation of each segment’s share of depreciation and amortization expense, sales and marketing expense, product and technology
expense, general and administrative expense, interest costs and income taxes.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_895_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_gL3SOSRIBSTB-STWZ_zdejqIwuKEPh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summarized
financial information by reportable segments for the three months ended September 30, 2022 and 2021 is as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B9_zMtMuf4tF3jc" style="display: none">SCHEDULE OF FINANCIAL INFORMATION FOR REPORTABLE SEGMENTS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_49A_20220701__20220930__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToBusinessB2BMember_zPIhgl4mQT6a" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_493_20220701__20220930__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember_zW3c8mLJZwPf" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_498_20220701__20220930_zEYHAcJZox4" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_494_20210701__20210930__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToBusinessB2BMember_zSQEW4j5JZ8c" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_491_20210701__20210930__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember_zxwDA6tt7jG9" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_49E_20210701__20210930_zx7un6jOG2Oh" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="22" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Three Months Ended September 30,</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="10" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="10" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_maOILEDzH3F_zn7jMbA7T4Sk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%; text-align: justify">Revenue</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">12,685</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">19,435</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">32,120</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">11,175</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">21,093</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">32,268</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_40F_eus-gaap--CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization_pn3n3_msOILEDzH3F_zqcIwm9Ex5Yg" style="vertical-align: bottom; background-color: White">
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of revenue<sup id="xdx_F4C_zjNhUdZ7nRyk">(1)</sup></span></td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">2,173</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">7,262</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">9,435</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">3,583</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">7,218</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">10,801</td><td style="text-align: left"> </td></tr>
<tr id="xdx_40F_ecustom--OperatingIncomeLossExcludingDepreciationAndAmortization_iT_pn3n3_mtOILEDzH3F_zp7HJbwiMZgk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; text-align: justify">Segment gross profit</td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,512</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">12,173</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">22,685</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,592</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">13,875</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">21,467</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F06_zogrlhgNFXs6">(1)</sup></span></td><td style="width: 5pt"/><td style="text-align: justify"><span id="xdx_F1B_zLPZWGxMB4jc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Excludes depreciation
and amortization expense</span></td>
</tr></table>
<p id="xdx_8A8_zVLw7lxr7Mw6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>GAN
LIMITED</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(in thousands, except share
and per share amounts)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the three months ended September 30, 2022 and 2021, one customer in the B2B segment individually accounted for <span id="xdx_908_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220701__20220930__us-gaap--ConcentrationRiskByTypeAxis__custom--OneCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--RevenueMember__srt--ProductOrServiceAxis__custom--B2BSegmentMember_z1tgl36stFD5" title="Revenue percentage">22.5</span>% and <span id="xdx_907_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210701__20210930__us-gaap--ConcentrationRiskByTypeAxis__custom--OneCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--RevenueMember__srt--ProductOrServiceAxis__custom--B2BSegmentMember_zQyUVQa4Xjbg" title="Revenue percentage">14.7</span>% of total
revenue, respectively.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_C05_gL3SOSRIBSTB-STWZ_z3M0lbRseJF5"><span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span></span></p>
<div id="xdx_C05_gL3SOSRIBSTB-STWZ_z7jLaxSyqNL5"><div><div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summarized
financial information by reportable segments for the nine months ended September 30, 2022 and 2021 is as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" id="xdx_30E_134_zQGVr8hMXh12" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SCHEDULE OF FINANCIAL INFORMATION FOR REPORTABLE SEGMENTS (Details)">
<tr style="display: none; vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_49D_20220101__20220930__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToBusinessB2BMember_z7NmljbmAw45" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_49E_20220101__20220930__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember_zgPq00plXem2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_499_20220101__20220930_zPL65nzPolF8" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_499_20210101__20210930__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToBusinessB2BMember_zB8n7rcw1pY3" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_49E_20210101__20210930__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember_z5iI0ZDTZHvl" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_491_20210101__20210930_zljXQXkUquw" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="22" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Nine Months Ended September 30,</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="10" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="10" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr id="xdx_407_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_z7elgMV1UBZ3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%; text-align: justify">Revenue</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">39,905</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">64,676</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">104,581</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">34,349</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">59,387</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">93,736</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_400_eus-gaap--CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization_pn3n3_msOILEDzbmp_zas7FqS3vjTg" style="vertical-align: bottom; background-color: White">
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of revenue<sup id="xdx_F42_zmKf6p7ul6Y8">(1)</sup></span></td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">9,015</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">22,583</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">31,598</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">8,632</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">21,244</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">29,876</td><td style="text-align: left"> </td></tr>
<tr id="xdx_401_ecustom--OperatingIncomeLossExcludingDepreciationAndAmortization_iT_pn3n3_mtOILEDzbmp_zkG6RoNTooui" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; text-align: justify">Segment gross profit</td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">30,890</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">42,093</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">72,983</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">25,717</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">38,143</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">63,860</td><td style="text-align: left"> </td></tr>
</table>
</div></div></div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_C0F_gL3SOSRIBSTB-STWZ_zjUuwhGYTAAb"> </span></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the nine months ended September 30, 2022 and 2021, one customer in the B2B segment individually accounted for <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20220101__20220930__us-gaap--ConcentrationRiskByTypeAxis__custom--OneCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--RevenueMember__srt--ProductOrServiceAxis__custom--B2BSegmentMember_zDamduyzyWEk" title="Revenue percentage">20.2</span>% and <span id="xdx_90D_eus-gaap--ConcentrationRiskPercentage1_pid_dp_uPure_c20210101__20210930__us-gaap--ConcentrationRiskByTypeAxis__custom--OneCustomerMember__us-gaap--ConcentrationRiskByBenchmarkAxis__custom--RevenueMember__srt--ProductOrServiceAxis__custom--B2BSegmentMember_zoYDL7p6ZwJ" title="Revenue percentage">13.5</span>% of total
revenue, respectively.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_893_eus-gaap--ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock_zPN3ddwopC36" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents a reconciliation of segment gross profit to the consolidated loss before income taxes for the three and
nine months ended September 30, 2022 and 2021:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B2_zzOzrWGXS7S5" style="display: none">RECONCILIATION OF CONSOLIDATED SEGMENT PROFIT TO CONSOLIDATED INCOME (LOSS) BEFORE INCOME TAXES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_499_20220701__20220930_z1utklorOm8e" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_495_20210701__20210930_zVqxFST7Elfk" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_497_20220101__20220930_z19BXQk1z9Sg" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_490_20210101__20210930_zbe31gAms15d" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Three Months Ended<br/> September
30,</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Nine Months Ended<br/> September 30,</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr id="xdx_40A_ecustom--SegmentGrossProfit_pn3n3_maILATPzOAU_z6tKwloB0XJ8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 44%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Segment gross
profit <sup id="xdx_F40_zBiOXyuxH7Rc">(1)</sup></span></td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">22,685</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">21,467</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">72,983</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">63,860</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_403_eus-gaap--SellingAndMarketingExpense_pn3n3_msILATPzOAU_zOSAFspkxs3j" style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">Sales and marketing</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,757</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,657</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">20,122</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,238</td><td style="text-align: left"> </td></tr>
<tr id="xdx_405_ecustom--ProductAndTechnologyExpense_pn3n3_msILATPzOAU_z4soymRttEGb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">Product and technology</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,998</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,492</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">19,140</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,564</td><td style="text-align: left"> </td></tr>
<tr id="xdx_40E_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_msILATPzOAU_zkA9LnzfzRvf" style="vertical-align: bottom; background-color: White">
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General and administrative<sup id="xdx_F4D_znbtJIcMIrla">(1)</sup></span></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,185</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">12,888</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">33,265</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">35,217</td><td style="text-align: left"> </td></tr>
<tr id="xdx_400_eus-gaap--GoodwillImpairmentLoss_pn3n3_msILATPzOAU_zZKJ8l4J2338" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">Impairment</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1435">—</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1436">—</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">28,861</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1438">—</span></td><td style="text-align: left"> </td></tr>
<tr id="xdx_40A_eus-gaap--RestructuringCosts_pn3n3_msILATPzOAU_zEHx6sZpEkLg" style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">Restructuring</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1440">—</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1441">—</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,771</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1443">—</span></td><td style="text-align: left"> </td></tr>
<tr id="xdx_409_eus-gaap--DepreciationAndAmortization_pn3n3_msILATPzOAU_zA22o8XwTTdi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">Depreciation and amortization</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,893</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,560</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,862</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">12,686</td><td style="text-align: left"> </td></tr>
<tr id="xdx_40C_eus-gaap--InterestExpense_pn3n3_msILATPzOAU_zPJUJlGa9zE7" style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">Interest expense, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,450</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1451">—</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,521</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td></tr>
<tr id="xdx_409_eus-gaap--OtherNonoperatingIncome_iN_pn3n3_di_maILATPzOAU_zBofa0bnx3I2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">Other income</td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">(13</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1456">—</span></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">(283</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1458">—</span></td><td style="text-align: left"> </td></tr>
<tr id="xdx_403_eus-gaap--IncomeLossAttributableToParent_iT_pn3n3_mtILATPzOAU_ztNYQw7M4zVl" style="vertical-align: bottom; background-color: White">
<td style="vertical-align: top; padding-bottom: 2.5pt; padding-left: 10pt; text-align: left">Loss before income taxes</td><td style="text-align: left; padding-bottom: 2.5pt; vertical-align: top"> </td>
<td style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: right">(6,585</td><td style="vertical-align: top; padding-bottom: 2.5pt; text-align: left">)</td><td style="text-align: left; padding-bottom: 2.5pt; vertical-align: top"> </td>
<td style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: right">(7,130</td><td style="vertical-align: top; padding-bottom: 2.5pt; text-align: left">)</td><td style="text-align: left; padding-bottom: 2.5pt; vertical-align: top"> </td>
<td style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: right">(49,276</td><td style="vertical-align: top; padding-bottom: 2.5pt; text-align: left">)</td><td style="text-align: left; padding-bottom: 2.5pt; vertical-align: top"> </td>
<td style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: right">(14,846</td><td style="vertical-align: top; padding-bottom: 2.5pt; text-align: left">)</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0D_zDPLCONndlnb">(1)</sup></span></td><td style="width: 5pt"/><td style="text-align: justify"><span id="xdx_F13_zPBAt2VQc64j" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Excludes depreciation
and amortization expense</span></td>
</tr></table>
<p id="xdx_8A9_zJOI3O3HgAX4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Assets
and liabilities are not separately analyzed or reported to the CODM and are not used to assist in decisions surrounding resource allocation
and assessment of segment performance. As such, an analysis of segment assets and liabilities has not been included in this financial
information.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0pt"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>GAN LIMITED</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(in thousands, except share
and per share amounts)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> </p>
<p id="xdx_89F_eus-gaap--ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock_zuWwAvdX6Iwc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table disaggregates total revenue by product and services for each segment:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B7_zXf2ZYlkrfM2" style="display: none">SCHEDULE OF DISAGGREGATION OF REVENUE BY PRODUCTS AND SERVICES FOR EACH SEGMENT</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_49A_20220701__20220930_zLKI24m7rKag" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_497_20210701__20210930_zOUScLOXm3ja" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_496_20220101__20220930_zPQTVsxh0kcl" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_49D_20210101__20210930_zP3CZ6ui472l" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Three Months Ended<br/> September
30,</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Nine Months Ended<br/> September 30,</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">B2B:</td><td> </td>
<td colspan="2" style="text-align: justify"> </td><td> </td><td> </td>
<td colspan="2" style="text-align: justify"> </td><td> </td><td> </td>
<td colspan="2" style="text-align: justify"> </td><td> </td><td> </td>
<td colspan="2" style="text-align: justify"> </td><td> </td></tr>
<tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--PlatformAndContentLicenseFeesMember__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToBusinessB2BMember_zlfZ0oy35bR6" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt; width: 44%; text-align: justify">Platform and content license fees</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">9,988</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">8,743</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">31,208</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">27,252</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_40C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--DevelopmentServicesAndOtherMember__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToBusinessB2BMember_zk8eh0tyvRSk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; text-align: justify">Development services and other</td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">2,697</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">2,432</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">8,697</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">7,097</td><td style="text-align: left"> </td></tr>
<tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--BusinessToBusinessB2BMember_z7iZOstvB2jg" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 20pt; text-align: justify">Total B2B revenue</td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left">$</td><td style="border-bottom: Black 0.5pt solid; text-align: right">12,685</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left">$</td><td style="border-bottom: Black 0.5pt solid; text-align: right">11,175</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left">$</td><td style="border-bottom: Black 0.5pt solid; text-align: right">39,905</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left">$</td><td style="border-bottom: Black 0.5pt solid; text-align: right">34,349</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">B2C:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr id="xdx_408_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember__srt--ProductOrServiceAxis__custom--SportsbookMember_z7fmfprLZuB4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; text-align: justify">Sportsbook</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">7,763</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">7,886</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">28,023</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">27,794</td><td style="text-align: left"> </td></tr>
<tr id="xdx_40E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember__srt--ProductOrServiceAxis__us-gaap--CasinoMember_ztOeSa7BtQvi" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt; text-align: justify">Casino</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,093</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">12,323</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34,924</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">29,306</td><td style="text-align: left"> </td></tr>
<tr id="xdx_407_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember__srt--ProductOrServiceAxis__custom--PokerMember_zjjQC4K24WPl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; text-align: justify">Poker</td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">579</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">884</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">1,729</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">2,287</td><td style="text-align: left"> </td></tr>
<tr id="xdx_402_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember_zhLlc7pqgDx5" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 20pt; text-align: justify">Total B2C revenue</td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">19,435</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">21,093</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">64,676</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">59,387</td><td style="text-align: left"> </td></tr>
<tr id="xdx_401_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zvDQxTZLtZ4i" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 30pt; text-align: justify">Total revenue</td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">32,120</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">32,268</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">104,581</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">93,736</td><td style="text-align: left"> </td></tr>
</table>
<p id="xdx_8AA_z9d0TwVsGsn2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_894_eus-gaap--RevenueFromExternalCustomersByGeographicAreasTableTextBlock_zHbFlflXHGsb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
by location of the customer for the three and nine months ended September 30, 2022 and 2021 is as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B4_zr0JDi7CuR97" style="display: none">SCHEDULE OF REVENUE BY LOCATION OF THE CUSTOMER</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_49F_20220701__20220930_zJ7ePfihllgh" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_491_20210701__20210930_zLr8jxNBomA5" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_498_20220101__20220930_zfVzmRE17kld" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_496_20210101__20210930_zrHcBTIpZJP2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Three Months Ended<br/> September
30,</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Nine Months Ended<br/> September 30,</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr id="xdx_406_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--StatementGeographicalAxis__country--US_zrPfgdvJgZB7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 44%; text-align: justify">United States</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">10,320</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">9,107</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">33,531</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">28,186</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--StatementGeographicalAxis__srt--EuropeMember_zIX54DmZ4Lz4" style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">Europe</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,574</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,598</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">33,343</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">36,855</td><td style="text-align: left"> </td></tr>
<tr id="xdx_404_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--StatementGeographicalAxis__srt--LatinAmericaMember_zhrsmSDvQj0f" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">Latin America</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,492</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,854</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,910</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">23,711</td><td style="text-align: left"> </td></tr>
<tr id="xdx_402_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--StatementGeographicalAxis__custom--RestOfTheWorldMember_zPSed4OYl1eg" style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">Rest of the world</td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">1,734</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">1,709</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">4,797</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">4,984</td><td style="text-align: left"> </td></tr>
<tr id="xdx_40A_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zYJk0RRGF0b4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; text-align: justify">Total revenue</td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">32,120</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">32,268</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">104,581</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">93,736</td><td style="text-align: left"> </td></tr>
</table>
<p id="xdx_8AA_z0zEJaFgLRQc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p id="xdx_895_eus-gaap--ScheduleOfSegmentReportingInformationBySegmentTextBlock_gL3SOSRIBSTB-STWZ_zdejqIwuKEPh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summarized
financial information by reportable segments for the three months ended September 30, 2022 and 2021 is as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B9_zMtMuf4tF3jc" style="display: none">SCHEDULE OF FINANCIAL INFORMATION FOR REPORTABLE SEGMENTS</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_49A_20220701__20220930__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToBusinessB2BMember_zPIhgl4mQT6a" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_493_20220701__20220930__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember_zW3c8mLJZwPf" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_498_20220701__20220930_zEYHAcJZox4" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_494_20210701__20210930__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToBusinessB2BMember_zSQEW4j5JZ8c" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_491_20210701__20210930__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember_zxwDA6tt7jG9" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_49E_20210701__20210930_zx7un6jOG2Oh" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="22" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Three Months Ended September 30,</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="10" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="10" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_maOILEDzH3F_zn7jMbA7T4Sk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%; text-align: justify">Revenue</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">12,685</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">19,435</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">32,120</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">11,175</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">21,093</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">32,268</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_40F_eus-gaap--CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization_pn3n3_msOILEDzH3F_zqcIwm9Ex5Yg" style="vertical-align: bottom; background-color: White">
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of revenue<sup id="xdx_F4C_zjNhUdZ7nRyk">(1)</sup></span></td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">2,173</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">7,262</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">9,435</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">3,583</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">7,218</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">10,801</td><td style="text-align: left"> </td></tr>
<tr id="xdx_40F_ecustom--OperatingIncomeLossExcludingDepreciationAndAmortization_iT_pn3n3_mtOILEDzH3F_zp7HJbwiMZgk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; text-align: justify">Segment gross profit</td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">10,512</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">12,173</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">22,685</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">7,592</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">13,875</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">21,467</td><td style="text-align: left"> </td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F06_zogrlhgNFXs6">(1)</sup></span></td><td style="width: 5pt"/><td style="text-align: justify"><span id="xdx_F1B_zLPZWGxMB4jc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Excludes depreciation
and amortization expense</span></td>
</tr></table>
<span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></span><div><div><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Summarized
financial information by reportable segments for the nine months ended September 30, 2022 and 2021 is as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" id="xdx_30E_134_zQGVr8hMXh12" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%" summary="xdx: Disclosure - SCHEDULE OF FINANCIAL INFORMATION FOR REPORTABLE SEGMENTS (Details)">
<tr style="display: none; vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_49D_20220101__20220930__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToBusinessB2BMember_z7NmljbmAw45" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_49E_20220101__20220930__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember_zgPq00plXem2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_499_20220101__20220930_zPL65nzPolF8" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_499_20210101__20210930__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToBusinessB2BMember_zB8n7rcw1pY3" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_49E_20210101__20210930__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember_z5iI0ZDTZHvl" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_491_20210101__20210930_zljXQXkUquw" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="22" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Nine Months Ended September 30,</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="10" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="10" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2B</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">B2C</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Total</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr id="xdx_407_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_z7elgMV1UBZ3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 40%; text-align: justify">Revenue</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">39,905</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">64,676</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">104,581</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">34,349</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">59,387</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 6%; text-align: right">93,736</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_400_eus-gaap--CostOfGoodsAndServiceExcludingDepreciationDepletionAndAmortization_pn3n3_msOILEDzbmp_zas7FqS3vjTg" style="vertical-align: bottom; background-color: White">
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cost of revenue<sup id="xdx_F42_zmKf6p7ul6Y8">(1)</sup></span></td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">9,015</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">22,583</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">31,598</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">8,632</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">21,244</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">29,876</td><td style="text-align: left"> </td></tr>
<tr id="xdx_401_ecustom--OperatingIncomeLossExcludingDepreciationAndAmortization_iT_pn3n3_mtOILEDzbmp_zkG6RoNTooui" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; text-align: justify">Segment gross profit</td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">30,890</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">42,093</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">72,983</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">25,717</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">38,143</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">63,860</td><td style="text-align: left"> </td></tr>
</table>
</div></div>
12685000
19435000
32120000
11175000
21093000
32268000
2173000
7262000
9435000
3583000
7218000
10801000
10512000
12173000
22685000
7592000
13875000
21467000
0.225
0.147
39905000
64676000
104581000
34349000
59387000
93736000
9015000
22583000
31598000
8632000
21244000
29876000
30890000
42093000
72983000
25717000
38143000
63860000
0.202
0.135
<p id="xdx_893_eus-gaap--ReconciliationOfOperatingProfitLossFromSegmentsToConsolidatedTextBlock_zPN3ddwopC36" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents a reconciliation of segment gross profit to the consolidated loss before income taxes for the three and
nine months ended September 30, 2022 and 2021:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B2_zzOzrWGXS7S5" style="display: none">RECONCILIATION OF CONSOLIDATED SEGMENT PROFIT TO CONSOLIDATED INCOME (LOSS) BEFORE INCOME TAXES</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_499_20220701__20220930_z1utklorOm8e" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_495_20210701__20210930_zVqxFST7Elfk" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_497_20220101__20220930_z19BXQk1z9Sg" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_490_20210101__20210930_zbe31gAms15d" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Three Months Ended<br/> September
30,</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Nine Months Ended<br/> September 30,</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr id="xdx_40A_ecustom--SegmentGrossProfit_pn3n3_maILATPzOAU_z6tKwloB0XJ8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 44%; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Segment gross
profit <sup id="xdx_F40_zBiOXyuxH7Rc">(1)</sup></span></td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">22,685</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">21,467</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">72,983</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">63,860</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_403_eus-gaap--SellingAndMarketingExpense_pn3n3_msILATPzOAU_zOSAFspkxs3j" style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">Sales and marketing</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">6,757</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,657</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">20,122</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,238</td><td style="text-align: left"> </td></tr>
<tr id="xdx_405_ecustom--ProductAndTechnologyExpense_pn3n3_msILATPzOAU_z4soymRttEGb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">Product and technology</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,998</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,492</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">19,140</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">15,564</td><td style="text-align: left"> </td></tr>
<tr id="xdx_40E_eus-gaap--GeneralAndAdministrativeExpense_pn3n3_msILATPzOAU_zkA9LnzfzRvf" style="vertical-align: bottom; background-color: White">
<td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General and administrative<sup id="xdx_F4D_znbtJIcMIrla">(1)</sup></span></td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,185</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">12,888</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">33,265</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">35,217</td><td style="text-align: left"> </td></tr>
<tr id="xdx_400_eus-gaap--GoodwillImpairmentLoss_pn3n3_msILATPzOAU_zZKJ8l4J2338" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">Impairment</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1435">—</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1436">—</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">28,861</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1438">—</span></td><td style="text-align: left"> </td></tr>
<tr id="xdx_40A_eus-gaap--RestructuringCosts_pn3n3_msILATPzOAU_zEHx6sZpEkLg" style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">Restructuring</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1440">—</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1441">—</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,771</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1443">—</span></td><td style="text-align: left"> </td></tr>
<tr id="xdx_409_eus-gaap--DepreciationAndAmortization_pn3n3_msILATPzOAU_zA22o8XwTTdi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">Depreciation and amortization</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">5,893</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">4,560</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">16,862</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">12,686</td><td style="text-align: left"> </td></tr>
<tr id="xdx_40C_eus-gaap--InterestExpense_pn3n3_msILATPzOAU_zPJUJlGa9zE7" style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">Interest expense, net</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1,450</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1451">—</span></td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">2,521</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">1</td><td style="text-align: left"> </td></tr>
<tr id="xdx_409_eus-gaap--OtherNonoperatingIncome_iN_pn3n3_di_maILATPzOAU_zBofa0bnx3I2" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">Other income</td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">(13</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1456">—</span></td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">(283</td><td style="text-align: left">)</td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1458">—</span></td><td style="text-align: left"> </td></tr>
<tr id="xdx_403_eus-gaap--IncomeLossAttributableToParent_iT_pn3n3_mtILATPzOAU_ztNYQw7M4zVl" style="vertical-align: bottom; background-color: White">
<td style="vertical-align: top; padding-bottom: 2.5pt; padding-left: 10pt; text-align: left">Loss before income taxes</td><td style="text-align: left; padding-bottom: 2.5pt; vertical-align: top"> </td>
<td style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: right">(6,585</td><td style="vertical-align: top; padding-bottom: 2.5pt; text-align: left">)</td><td style="text-align: left; padding-bottom: 2.5pt; vertical-align: top"> </td>
<td style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: right">(7,130</td><td style="vertical-align: top; padding-bottom: 2.5pt; text-align: left">)</td><td style="text-align: left; padding-bottom: 2.5pt; vertical-align: top"> </td>
<td style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: right">(49,276</td><td style="vertical-align: top; padding-bottom: 2.5pt; text-align: left">)</td><td style="text-align: left; padding-bottom: 2.5pt; vertical-align: top"> </td>
<td style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; vertical-align: top; text-align: right">(14,846</td><td style="vertical-align: top; padding-bottom: 2.5pt; text-align: left">)</td></tr>
</table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0D_zDPLCONndlnb">(1)</sup></span></td><td style="width: 5pt"/><td style="text-align: justify"><span id="xdx_F13_zPBAt2VQc64j" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Excludes depreciation
and amortization expense</span></td>
</tr></table>
22685000
21467000
72983000
63860000
6757000
5657000
20122000
15238000
4998000
5492000
19140000
15564000
10185000
12888000
33265000
35217000
28861000
1771000
5893000
4560000
16862000
12686000
1450000
2521000
1000
13000
283000
-6585000
-7130000
-49276000
-14846000
<p id="xdx_89F_eus-gaap--ScheduleOfEntityWideInformationRevenueFromExternalCustomersByProductsAndServicesTextBlock_zuWwAvdX6Iwc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table disaggregates total revenue by product and services for each segment:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B7_zXf2ZYlkrfM2" style="display: none">SCHEDULE OF DISAGGREGATION OF REVENUE BY PRODUCTS AND SERVICES FOR EACH SEGMENT</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_49A_20220701__20220930_zLKI24m7rKag" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_497_20210701__20210930_zOUScLOXm3ja" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_496_20220101__20220930_zPQTVsxh0kcl" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_49D_20210101__20210930_zP3CZ6ui472l" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Three Months Ended<br/> September
30,</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Nine Months Ended<br/> September 30,</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">B2B:</td><td> </td>
<td colspan="2" style="text-align: justify"> </td><td> </td><td> </td>
<td colspan="2" style="text-align: justify"> </td><td> </td><td> </td>
<td colspan="2" style="text-align: justify"> </td><td> </td><td> </td>
<td colspan="2" style="text-align: justify"> </td><td> </td></tr>
<tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--PlatformAndContentLicenseFeesMember__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToBusinessB2BMember_zlfZ0oy35bR6" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt; width: 44%; text-align: justify">Platform and content license fees</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">9,988</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">8,743</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">31,208</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">27,252</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_40C_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--ProductOrServiceAxis__custom--DevelopmentServicesAndOtherMember__us-gaap--StatementBusinessSegmentsAxis__custom--BusinessToBusinessB2BMember_zk8eh0tyvRSk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; text-align: justify">Development services and other</td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">2,697</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">2,432</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">8,697</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">7,097</td><td style="text-align: left"> </td></tr>
<tr id="xdx_400_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--BusinessToBusinessB2BMember_z7iZOstvB2jg" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 20pt; text-align: justify">Total B2B revenue</td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left">$</td><td style="border-bottom: Black 0.5pt solid; text-align: right">12,685</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left">$</td><td style="border-bottom: Black 0.5pt solid; text-align: right">11,175</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left">$</td><td style="border-bottom: Black 0.5pt solid; text-align: right">39,905</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left">$</td><td style="border-bottom: Black 0.5pt solid; text-align: right">34,349</td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">B2C:</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr>
<tr id="xdx_408_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember__srt--ProductOrServiceAxis__custom--SportsbookMember_z7fmfprLZuB4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; text-align: justify">Sportsbook</td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">7,763</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">7,886</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">28,023</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left">$</td><td style="text-align: right">27,794</td><td style="text-align: left"> </td></tr>
<tr id="xdx_40E_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember__srt--ProductOrServiceAxis__us-gaap--CasinoMember_ztOeSa7BtQvi" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 10pt; text-align: justify">Casino</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,093</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">12,323</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">34,924</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">29,306</td><td style="text-align: left"> </td></tr>
<tr id="xdx_407_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember__srt--ProductOrServiceAxis__custom--PokerMember_zjjQC4K24WPl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; text-align: justify">Poker</td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">579</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">884</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">1,729</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">2,287</td><td style="text-align: left"> </td></tr>
<tr id="xdx_402_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hus-gaap--StatementBusinessSegmentsAxis__custom--BusinessToConsumerSegmentB2CMember_zhLlc7pqgDx5" style="vertical-align: bottom; background-color: White">
<td style="padding-left: 20pt; text-align: justify">Total B2C revenue</td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">19,435</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">21,093</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">64,676</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">59,387</td><td style="text-align: left"> </td></tr>
<tr id="xdx_401_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zvDQxTZLtZ4i" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 30pt; text-align: justify">Total revenue</td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">32,120</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">32,268</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">104,581</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">93,736</td><td style="text-align: left"> </td></tr>
</table>
9988000
8743000
31208000
27252000
2697000
2432000
8697000
7097000
12685000
11175000
39905000
34349000
7763000
7886000
28023000
27794000
11093000
12323000
34924000
29306000
579000
884000
1729000
2287000
19435000
21093000
64676000
59387000
32120000
32268000
104581000
93736000
<p id="xdx_894_eus-gaap--RevenueFromExternalCustomersByGeographicAreasTableTextBlock_zHbFlflXHGsb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
by location of the customer for the three and nine months ended September 30, 2022 and 2021 is as follows:</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span id="xdx_8B4_zr0JDi7CuR97" style="display: none">SCHEDULE OF REVENUE BY LOCATION OF THE CUSTOMER</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
<tr style="display: none; vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_49F_20220701__20220930_zJ7ePfihllgh" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_491_20210701__20210930_zLr8jxNBomA5" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_498_20220101__20220930_zfVzmRE17kld" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" id="xdx_496_20210101__20210930_zrHcBTIpZJP2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Three Months Ended<br/> September
30,</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="6" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">Nine Months Ended<br/> September 30,</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr style="vertical-align: bottom">
<td style="text-align: center"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2022</td><td style="text-align: center; font-weight: bold"> </td><td style="text-align: center; font-weight: bold"> </td>
<td colspan="2" style="border-bottom: Black 0.5pt solid; font-weight: bold; text-align: center">2021</td><td style="text-align: center; font-weight: bold"> </td></tr>
<tr id="xdx_406_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--StatementGeographicalAxis__country--US_zrPfgdvJgZB7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="width: 44%; text-align: justify">United States</td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">10,320</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">9,107</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">33,531</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td>
<td style="width: 1%; text-align: left">$</td><td style="width: 10%; text-align: right">28,186</td><td style="width: 1%; text-align: left"> </td></tr>
<tr id="xdx_405_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--StatementGeographicalAxis__srt--EuropeMember_zIX54DmZ4Lz4" style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">Europe</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">10,574</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">11,598</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">33,343</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">36,855</td><td style="text-align: left"> </td></tr>
<tr id="xdx_404_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--StatementGeographicalAxis__srt--LatinAmericaMember_zhrsmSDvQj0f" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="text-align: justify">Latin America</td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,492</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">9,854</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">32,910</td><td style="text-align: left"> </td><td> </td>
<td style="text-align: left"> </td><td style="text-align: right">23,711</td><td style="text-align: left"> </td></tr>
<tr id="xdx_402_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_hsrt--StatementGeographicalAxis__custom--RestOfTheWorldMember_zPSed4OYl1eg" style="vertical-align: bottom; background-color: White">
<td style="text-align: justify">Rest of the world</td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">1,734</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">1,709</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">4,797</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 0.5pt solid; text-align: left"> </td><td style="border-bottom: Black 0.5pt solid; text-align: right">4,984</td><td style="text-align: left"> </td></tr>
<tr id="xdx_40A_eus-gaap--RevenueFromContractWithCustomerExcludingAssessedTax_pn3n3_zYJk0RRGF0b4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
<td style="padding-left: 10pt; text-align: justify">Total revenue</td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">32,120</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">32,268</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">104,581</td><td style="text-align: left"> </td><td> </td>
<td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">93,736</td><td style="text-align: left"> </td></tr>
</table>
10320000
9107000
33531000
28186000
10574000
11598000
33343000
36855000
9492000
9854000
32910000
23711000
1734000
1709000
4797000
4984000
32120000
32268000
104581000
93736000
<p id="xdx_80E_eus-gaap--IncomeTaxDisclosureTextBlock_z0AFN4BuZjK4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
14 — <span id="xdx_826_ztx399ZnDgW2">INCOME TAXES</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company’s effective income tax rate was <span id="xdx_903_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20220701__20220930_zKeg5htQY0Xg" title="Effective income tax rate">(5.4)%</span> and <span id="xdx_901_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20210701__20210930_zBwyDnvkgCBi" title="Effective income tax rate">(21.7)%</span> for the three months ended September 30, 2022 and 2021, respectively,
and <span id="xdx_906_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20220101__20220930_zliJbC485Qvf" title="Effective income tax rate">(1.0)%</span> and <span id="xdx_905_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20210101__20210930_zTxUQ5RRlMf" title="Effective income tax rate">(21.6)%</span> for the nine months ended September 30, 2022 and 2021, respectively.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
country of domicile is Bermuda, which effectively has a <span id="xdx_905_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_pid_dp_uPure_c20220101__20220930_zwBPPZVjJJpb" title="Statutory tax rate">0%</span>
statutory tax rate as it does not impose taxes on profits, income, dividends, or capital gains. The difference between this <span id="xdx_900_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20220701__20220930__srt--StatementGeographicalAxis__country--BM_zjQQFoVRAU2f" title="Effective income tax rate"><span id="xdx_90A_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20220101__20220930__srt--StatementGeographicalAxis__country--BM_zxEKo9Oy71Bf" title="Effective income tax rate"><span id="xdx_904_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20210701__20210930__srt--StatementGeographicalAxis__country--BM_zyk9CyYsb4r6" title="Effective income tax rate"><span id="xdx_90F_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_pid_dp_uPure_c20210101__20210930__srt--StatementGeographicalAxis__country--BM_zFvyhxa6bu6l" title="Effective income tax rate">0%</span></span></span></span>
tax rate and the effective income tax rate for the three and nine months ended September 30, 2022 and 2021 was due primarily to a
mix of earnings in foreign jurisdictions that are subject to current tax and loss carryforwards in certain
jurisdictions that are not expected to be recognized.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
-0.054
-0.217
-0.010
-0.216
0
0
0
0
0
<p id="xdx_80A_ecustom--RestructuringDisclosureTextBlock_zQ8ZbDkkVRDb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
15 — <span id="xdx_829_zsWQTRcgPNhc">RESTRUCTURING</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2022, we implemented a strategic reduction of our existing worldwide global workforce to simplify and streamline our organization
and strengthen the overall competitiveness of our B2B segment. As a result of this initiative, we incurred $<span id="xdx_908_eus-gaap--RestructuringCharges_pn5n6_c20220101__20220930_zYZC9rUHOcZ3" title="Restructuring charges">1.8</span> million in restructuring
charges related to this plan during the nine months ended September 30, 2022, which are primarily related to employee severance pay and
related costs. As of September 30, 2022, the Company had completed its restructuring plan and there were no unpaid restructuring charges.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>GAN LIMITED</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(in thousands, except share
and per share amounts)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> </p>
1800000
<p id="xdx_80E_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_z6vVlrKg053f" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
16 — <span id="xdx_82C_z1rwLA1zR4Vi">COMMITMENTS AND CONTINGENCIES</span></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Legal
Proceedings</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company may be subject to legal actions and claims arising from contracts or other matters from time to time in the ordinary course of
business. Management is not aware of any pending or threatened litigation, which are considered other than routine legal proceedings.
The Company believes the ultimate disposition or resolution of its routine legal proceedings will not have a material adverse effect
on its financial position, results of operations or liquidity.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Content
Licensing Agreements</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the second quarter of 2021, the Company entered into Content Licensing Agreements (the “Agreements”) with two third-party
gaming content providers (“Content Providers”) specializing in developing and licensing interactive games. The Agreements
grant the Company exclusive rights to use and distribute the online gaming content in North America. Each of the Content Providers is
committed to developing a minimum number of games for the Company’s exclusive use over the five-year term, subject to extensions,
of the respective Agreement. In exchange, the Company is required to pay fixed fees, totaling $<span id="xdx_90E_eus-gaap--ContractualObligation_iI_pn5n6_c20210630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember_zStWHthSVnZf" title="Payment of contractual obligation for year five">48.5</span> million, of which $<span id="xdx_903_ecustom--PaymentOfContractualObligation_iI_pn5n6_c20210630__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember__srt--StatementScenarioAxis__custom--ExecutionMember_zVNvKWnC1Nrh" title="Payment of contractual obligation">8.5</span> million were
due upon execution of the Agreements, and the remaining fixed fees are paid systematically over the initial five-year terms. Additional
payments could be required if the Company’s total revenue generated from the licensed content exceed certain stipulated annual
and cumulative thresholds during the contract term. Under the terms of the Agreements, the Content Providers are to remit the cash flows
from the online gaming content with its existing customers to the Company during the exclusivity period.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 27, 2022, the Company served a termination notice, for cause, to a Content Provider as certain conditions precedent
associated with the completion of contractual obligations had not been satisfied by the agreed upon period in 2021. In accordance
with the agreement, termination for cause results in a return of the initial payment of $<span id="xdx_902_ecustom--ReturnOnInitialPayment_iI_pn5n6_c20220127__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember_znLZnnIpIZsh" title="Initial payment">3.5</span>
million. In response to the Company’s termination notice, the Content Provider responded by alleging the Content Provider had
met its contractual obligations, thereby obligating the Company to make the next, scheduled $<span id="xdx_90E_eus-gaap--ContractualObligation_iI_pn5n6_c20220127__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember_zYEOffRcht5c" title="Contractual obligation">3.0</span>
million payment. In March, the Content Provider served the Company a notice of default letter notifying the Company of its alleged
material breach of the agreement, and disputing the validity of the termination. On April 25, 2022, the Content Provider attempted
to serve formal notice of termination of the agreement, reaffirming the $<span id="xdx_90E_eus-gaap--ContractualObligation_iI_pn6n6_c20220425__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember_zlSTkw8601Z7" title="Contractual obligation">3.0</span>
million obligation. The Company continues to assert that all contractual obligations to the Content Provider have been relieved as a
result of the Company’s initial termination notice and will vigorously defend any claims made by the Content Provider. The
Company further recognized an impairment loss related to the initial payment of $<span id="xdx_905_eus-gaap--ImpairmentOfInvestments_pn5n6_c20210101__20211231__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--LicensingAgreementsMember_zIfTgorLJov4" title="Impairment loss">3.5</span>
million in the condensed statement of operations for the year ended December 31, 2021.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 5, 2022, the Agreement with the remaining Content Provider was amended and restated. Prior to the amendment, the Company accounted
for the hosting arrangement as a service contract and expensed service fees of $<span id="xdx_905_eus-gaap--CostOfRevenue_pn5n6_c20220101__20220930__srt--ProductOrServiceAxis__us-gaap--ServiceMember_zhvOvVPilaXk" title="Service fees">1.5</span> million to cost of revenue in the condensed consolidated
statement of operations for the nine months ended September 30, 2022. In accordance with the restated arrangement, the Company amended
certain commercial terms, which included obtaining the contractual right to lease the remote gaming servers, taking possession of the
related software, and obtaining a service contract from the Content Provider for the duration of the arrangement. The total fixed fees
remaining under the amended arrangement totaled $<span id="xdx_90F_eus-gaap--PaymentsToAcquireBusinessesGross_pn5n6_c20220404__20220405_zjJdFl3D9KI8" title="Payment to acquire business">25.0</span> million, of which $<span id="xdx_90E_ecustom--PaymentOfFixedFees_pn5n6_c20220101__20220930_zpXNmYL7oYXj" title="Payment of fixed fees">5.5</span> million was paid during the nine months ended September
30, 2022 with the remaining $<span id="xdx_907_ecustom--PaymentOfFixedFees_pn5n6_c20220101__20220930__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyTwoMember_z4Klot1EA5v5" title="Payment of fixed fees">4.5</span> million due in 2022, and $<span id="xdx_907_ecustom--PaymentOfFixedFees_pn5n6_c20220101__20220930__us-gaap--TypeOfArrangementAxis__custom--TwoThousandTwentyThreeThroughTwoThousandTwentyFiveMember_zq2QVk1S2e19" title="Payment of fixed fees">5.0</span> million in each of the years 2023 through 2025. Fixed fee payments are
presented in the condensed consolidated statements of cash flows as payments for content licensing arrangements within cash flows from
investing activities. Additional payments could be required if the Company’s total revenue generated from the arrangement exceed
certain stipulated annual and cumulative thresholds during the contract term.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i> </i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"/><p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>GAN
LIMITED</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><b>NOTES TO CONDENSED CONSOLIDATED
FINANCIAL STATEMENTS (UNAUDITED)</b></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">(in thousands, except share
and per share amounts)</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"> </p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amended and restated Agreement is accounted for as a business combination. The consideration transferred in exchange for the identifiable
intangible assets is comprised of the present value of the Company’s total expected fixed payments under the Agreement, the net
assets recognized under the original agreement, as well as a contingent consideration. The contingent consideration represents additional
amounts which the Company expects to pay to the Content Provider if the Company’s total revenue generated from the arrangement
exceeds certain stipulated annual and cumulative thresholds during the contract term. The fair value of the contingent liability is determined
using Level 3 inputs, since estimating the fair value of this contingent liability requires the use of significant and subjective inputs
that may and are likely to change over the duration of the liability with related changes in internally generated anticipated games revenue
as well as external market factors. The contingent consideration was valued using a Monte Carlo simulation based on management’s
anticipated annual games revenue forecasts. The fair value of the contingent consideration was initially recognized upon execution of
the amendment to the Agreement and is recorded within content licensing liabilities within the condensed consolidated balance sheet at
September 30, 2022. Refer to Note 4 – Acquisition for further detail.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">At
September 30, 2022 the present value of the remaining fixed fee payments remaining under the agreement of $<span id="xdx_906_ecustom--PresentValueOfRemainingFixedFeePayments_pn5n6_c20220101__20220930__us-gaap--TypeOfArrangementAxis__custom--ContentLicensingAgreementsMember_zWfZYrAKD0H7" title="Present value of remaining fixed fee payments">15.2</span> million and the contingent
content liability of $<span id="xdx_90F_eus-gaap--BusinessCombinationContingentConsiderationLiability_iI_pn5n6_c20220930__us-gaap--TypeOfArrangementAxis__custom--ContentLicensingAgreementsMember_zgWiZiGjmwga" title="Contingent content liability">4.4</span> million are recorded in content licensing liabilities in the condensed consolidated balance sheet. The Company
recognized imputed interest expense of $<span id="xdx_90C_eus-gaap--InterestExpense_pn5n6_c20220701__20220930__us-gaap--TypeOfArrangementAxis__custom--ContentLicensingAgreementsMember_zsYp0xoYnuy4" title="Interest expense">0.4</span> million and $<span id="xdx_90C_eus-gaap--InterestExpense_pn5n6_c20220101__20220930__us-gaap--TypeOfArrangementAxis__custom--ContentLicensingAgreementsMember_zqq2Ia7ZdOL9" title="Interest expense">0.8</span> million during the three and nine months ended September 30, 2022, respectively,
related to the content licensing liabilities in other loss, net in the condensed consolidated statement of operations.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Chile
VAT</i></b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Coolbet’s
B2C casino and sports-betting platform is accessible in Chile. Since June 1, 2020, foreign digital service suppliers that provide services
to individuals in Chile have been required to register for value-added tax (“VAT”) purposes. On September 20, 2021, the Company
submitted an inquiry to the Chilean Tax Administration (“CTA”) for clarification on the basis to apply VAT. In December 2021,
the CTA issued a general resolution as a response to another iGaming platform operator stating the Tax Administration’s position
that fees paid by users for entertainment services provided through online gaming and betting platforms are subject to VAT in Chile.
The CTA clarified its interpretation that the VAT tax rate of <span id="xdx_902_ecustom--ValueAddedTaxRate_pid_dp_uPure_c20220101__20220930__us-gaap--IncomeTaxAuthorityNameAxis__custom--ChileanTaxAdministrationMember_zq2YkRcGoaif" title="Value added tax rate">19</span>% shall be applied to “fees paid by the users”, specifically
gross customer deposits on the iGaming platform. This was further reiterated by the CTA in June 2022 through a public response to an
unnamed ruling request on the matter.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 13, 2022, the CTA issued a resolution stating that unregistered foreign digital service providers will be subject to 19% withholding
on payments through enforcement to issuers of credit cards, debit cards, and other forms of payment, effective August 1, 2022. On June
1, 2022 the CTA issued the first non-compliant list of unregistered foreign digital services providers to enact enforcement of this withholding;
Coolbet was not named on this list. As of September 30, 2022 and through the date of filing, the Company has not received formal notification
of any VAT liability due to the CTA.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comprehensive
legislation for online gambling was filed in draft form to Chile’s Chamber of Deputies on March 7, 2022, which would allow for
an unlimited number of licenses to be granted by Chile’s national casino gaming authority and establish a tax with a rate of <span id="xdx_90F_ecustom--ValueAddedTaxRate_pid_dp_uPure_c20220306__20220307__us-gaap--IncomeTaxAuthorityNameAxis__custom--ChileanTaxAdministrationMember_z3SIZUOsCvFd" title="Value added tax rate">20</span>%
applied over the gross income of an online betting platform. Registration as a licensee under the proposed legislation would require
operators to establish legal entities within Chile and would restrict foreign service providers from operating within the country.</span></p>
<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the obligation being established by the governing law, a liability appears to be probable. However, the Company believes the application
of VAT on gross customer deposits, as clarified by the CTA, does not represent a reasonable application of the law to the economic substance
of the Company’s services. VAT calculated as currently contemplated would result in liabilities far in excess of actual earned
revenues and would result in a material loss to the Company. The Company has engaged outside counsel to formally approach the CTA on
behalf of the Company to attempt to agree upon a more reasonable application of the VAT law, taking into account the Company’s
specific facts and circumstances. If any agreement is reached with the CTA, it is possible that the application would be applied retroactively
to Coolbet’s Chilean activity as of June 1, 2020. As of September 30, 2022, the Company has not yet formally agreed on any application
of the VAT law with the CTA. As a result, the Company has determined that a liability is not reasonably estimable as of September 30,
2022. However, if the Company and the CTA are able to agree on an application other than deposits, this could result in a material loss
when considering the retroactive application.</span></p>
48500000
8500000
3500000
3000000.0
3000000.0
3500000
1500000
25000000.0
5500000
4500000
5000000.0
15200000
4400000
400000
800000
0.19
0.20