IN BRIEF: Gana Media shares surge as quarterly betting revenue jumps

Gana Media Group PLC - Mexican online betting operator - Says registrations reached 87,523 on October 15, while third-quarter registrations rose to 58,770 from 21,296 in the second quarter. First-time depositors increased to 9,681 from 852, while conversion of registrations to first-time depositors improved to 16.5% from 4.0% in the second quarter. The conversion rate reached 23.9% in September and 26.6% in October to date. Aggregate monthly active users rose to 28,688 from 3,086 in the second quarter. Betting turnover increased to MXN170.6 million, equivalent to about USD9.9 million, from MXN35.8 million, or about USD2.1 million. Gross gaming revenue surged to MXN34.6 million in the third quarter, equivalent to about USD2.0 million, from MXN2.5 million, or about USD144,500. The gross gaming revenue margin improved to 20.3% from 6.9%. Chief Executive Officer Mark Epstein says: "Our ambition was to build a sportsbook around the needs of Mexican players, with local payment methods, relevant content and a strong understanding of the sports they follow. We are now seeing that approach deliver results.

"The World Cup helped us attract players, but September’s record performance, two months after the tournament ended, demonstrates the momentum we are building beyond it. With enough registered players to fill the iconic Azteca Stadium, we enter the next phase of growth with confidence."

Current stock price: up 14% at 0.12 pence per share on Thursday afternoon in London

12-month change: down 68%

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