Sega Sammy’s GAN and Stakelogic Lose ¥3.4B in H1

The Japanese group released its half-year results on November 6. Its wider Gaming segment generated ¥16.3 billion ($103.4 million) in sales, up from ¥8.5 billion a year earlier. The segment’s operating loss rose from ¥3.0 billion to ¥3.9 billion ($24.7 million).

USD conversions use the Bank of Japan’s November 6, 2026 central rate of ¥157.69 per dollar.

GAN and Stakelogic Account for Most Gaming Sales

The report separates the results of both acquisitions:

• GAN – ¥10.8 billion ($68.5 million) in sales and a ¥2.2 billion ($14.0 million) operating loss;
• Stakelogic – ¥1.2 billion ($7.6 million) in sales and a ¥1.2 billion ($7.6 million) operating loss;
• Gaming machines – ¥4.1 billion ($26.0 million) in sales and ¥1.4 billion ($8.9 million) in operating profit.

15M’s calculation puts GAN and Stakelogic at roughly 74% of Gaming segment sales. GAN’s B2B operations accounted for just ¥1.1 billion ($7.0 million) of its revenue, with most sales coming from B2C.

The year-on-year comparison also includes an accounting difference. Both acquisitions entered Sega Sammy’s consolidated results in the second quarter of the previous fiscal year. This year’s first-half figures include two quarters rather than one.

Platform Migration and Fewer Games

GAN is moving to a new platform. Stakelogic is reducing its game lineup and working on online versions of gaming machine titles. Sega Sammy also plans further fixed-cost cuts.

The company had previously reported substantial impairment charges related to Stakelogic, covered in 15M’s earlier report on its iGaming expansion.

Sega Sammy still expects a ¥10 billion ($63.4 million) operating loss for the full Gaming segment in FY2027/3. It targets earnings improvement from FY2028/3 onward.