GAN : Needham Growth Investor Deck - 2021

Needham Growth Conference

January 15, 2021

GAN | Needham Growth Conference | January 15, 2021

Forward Looking Statement and Legal Disclaimer

This presentation has been prepared by GAN Limited (the "Company") solely for informational purposes based on its own information, as well as information from public sources. This presentation has been prepared to assist interested parties in making their own evaluation of the Company and does not propose to contain all of the information that may be relevant. In all cases, interested parties should conduct their own investigation and analysis of the Company and the data set forth in the presentation and any other information provided by or on behalf of the Company.

Except as otherwise indicated, this presentation speaks as of the date hereof. The delivery of this presentation shall not, under any circumstances, create any implication that there has been no change in the affairs of the Company after the date hereof.

Certain of the information contained herein may be derived from information provided by industry sources. The Company believes that such information is accurate and that the sources from which it has been obtained are reliable. The Company cannot guarantee the accuracy of such information and has not independently verified such information.

This presentation contains forward-looking statements within the meaning of the federal securities laws. These forward-looking statements reflect our current views with respect to, among other things, future events and our financial performance. These statements are often, but not always, made through the use of words or phrases such as "may," "might," "should," "could," "predict," "potential," "believe," "expect," "continue," "will," "anticipate," "seek," "estimate," "intend," "plan," "strive," "projection," "goal," "target," "outlook," "aim," "would," and "annualized" or the negative version of those words or other comparable words or phrases of a future or forward-looking nature. These forward-looking statements are not historical facts, and are based on current expectation, estimates and projections about our industry, management's beliefs and certain assumptions made by management, many of which, by their nature, are inherently uncertain and beyond our control. Accordingly, we caution you that any such forward-looking statements are not guarantees of future performance and are subject to risks, assumptions, estimates and uncertainties that are difficult to predict. Although we believe that the expectations reflected in these forward-looking statements are reasonable as of the date made, actual results may prove to be materially different from the results expressed or implied by the forward-looking statements.

This presentation includes certain non-IFRS financial measures intended to supplement, not substitute for, comparable IFRS measures. Reconciliations of certain non-IFRS financial measures are provided in the appendix to this presentation.

This presentation does not constitute an offer to sell or the solicitation of an offer to buy any securities. Any offers, solicitations or offers to buy, or any sales of securities will be made in accordance with the registration requirements of the Securities Act of 1933, as amended.

2Pg. 2

GAN | Needham Growth Conference | January 15, 2021

GAN Leadership Team

Confidential - Not for Distribution

2Pg. 3

GAN | Needham Growth Conference | January 15, 2021

Key Investment Highlights

Confidential - Not for Distribution

2Pg. 4

GAN | Needham Growth Conference | January 15, 2021

GAN's Technology: Best-in-Class B2B Platform

Superior end-to-end solution for an operator's online gaming operations: modular platform, IP, conversion

funnel and analytics framework provide a competitive advantage

Confidential - Not for

2Pg. 5

GAN | Needham Growth Conference | January 15, 2021

COOLBET Acquisition: Our Strategic Rationale

COOLBET's sportsbook technology provides the missing piece of GAN's B2B technology stack for a fully-

integrated offering, customizable at client discretion

Confidential - Not for Distribution

2Pg. 6

GAN | Needham Growth Conference | January 15, 2021

State of the Union - Legislation Momentum

GAN will be better positioned to capitalize on the expanding group of US states regulating both sports betting and iGaming with the acquisition of COOLBET

8

GAN | Needham Growth Conference | January 15, 2021

Putting the "GAN" in Michigan

Michigan is slated to be one of the largest RMiG opportunities in the U.S. with $1.2B of GOR at maturity and will be a key SaaS revenue growth driver for GAN in 2021

2Pg. 8

GAN | Needham Growth Conference | January 15, 2021

Why GAN Needs to Own A Proprietary Sportsbook

Additional margin capture opportunity for GAN with a single-source solution that also allows our operator customers to differentiate their entertainment offering

10

GAN | Needham Growth Conference | January 15, 2021

COOLBET Differentiators

11

GAN | Needham Growth Conference | January 15, 2021

COOLBET Solves GAN's Need for a Proprietary Sportsbook Engine and for Geographic Diversification

Best of Breed Sportsbook Technology Proven to Operate at Scale and Comes With a Growing and Sustainable International B2C Business to Self-Fund Continued Product Development

12

GAN | Needham Growth Conference | January 15, 2021

COOLBET's Outsized B2C Revenue Growth Validates Organic Customer Acquisition and Retention Model

Y-o-Y Revenue Growth for 9 Month Period ended September 30th, 2020

(1)

(1)
(1)
-25%	-20%	-15%	-10%	-5%	0%	5%	10%	15%	20%	25%	30%	35%
Source: Public Company Filings.			Confidential - Not for Distribution											2Pg.
(1) Growth based on year-on-year for the 9 months ended June 30th, 2020.																			12

GAN | Needham Growth Conference | January 15, 2021

COOLBET Leadership Team: Retaining Talent to help withU.S. Integration and Global Expansion Talented team of professionals with deep technical expertise and knowledge of international markets

Confidential - Not for Distribution	13
2Pg.

GAN | Needham Growth Conference | January 15, 2021

International B2B and B2C Playbook

(1) Data from Peru not included which launched in Nov. 2020

15

GAN | Needham Growth Conference | January 15, 2021

GAN's B2B Offering Improves Dramatically with the Integration of COOLBET

GAN will become a more complete and flexible solution for operators domestically and internationally with its expanded offering

Confidential - Not for

2Pg.15

GAN | Needham Growth Conference | January 15, 2021

Transaction Multiples, Sources/Uses and Pro Forma Capitalization based on EUR 149 Million Purchase Price

Confidential - Not for Distribution	16
2Pg.

GAN | Needham Growth Conference | January 15, 2021

Unaudited Pro Forma Financial Summary

Confidential - Not for Distribution	17
2Pg.

GAN | Needham Growth Conference | January 15, 2021

Conclusion

2Pg.18

Appendix

2Pg.

GAN | Needham Growth Conference | January 15, 2021

Financial Reconciliation: GAN Adjusted EBITDA

2Pg.20

GAN | Needham Growth Conference | January 15, 2021

Financial Reconciliation: COOLBET Adjusted EBITDA

2Pg.21

GAN | Needham Growth Conference | January 15, 2021

Financial Reconciliation: Pro Forma Adjusted EBITDA

2Pg.22