A sports audience. A local gaming business. And a quarter that changed the scale.
Gana Media Group is bringing sports content, fan engagement and licensed online gaming together in Mexico. Estadio Gana’s latest results show the progress.
GANA / INVESTMENT CASE AT A GLANCECOMPANY & MARKET DATA UPDATED 30 OCTOBER 2026
GANA: THE MEXICO GROWTH STORY.
GANA brings investors exposure to a fast-growing Mexican sports media and gaming business. Estadio Gana’s Q3 results show a step change in scale, while Estadio Deportes adds a locally rooted sports audience. The Group’s opportunity is to connect these strengths and build sustainable, long-term value.
What is Gana Media Group? Gana Media Group plc, formerly Mobile Streams plc, is an AIM quoted company with the ticker GANA. It owns Estadio Gana, the Mexican online sportsbook and casino, and Capital Media Sports, the sports media business behind Estadio Deportes. [2][7]
What is driving momentum? Estadio Gana reported Q3 2026 GGR of MXN 34.6m, up 1,284% from Q2, alongside first deposit conversion rising from 4.0% to 16.5%. The figures point to rapidly expanding operating scale and stronger conversion. [1]
Where is the next opportunity? Build on the larger player base, deepen repeat engagement and make customer acquisition more efficient. The value-creation agenda is to turn operating scale into durable revenue, profitability and cash generation.
What is the Group focused on next? Sustaining momentum, improving the player journey and connecting sports content with commercial performance. Future company updates will show progress against these priorities.
This company overview draws on GANA announcements and public market sources. See the linked reports for the underlying detail.
01 / THE OPPORTUNITYMEXICO IS THE STARTING POINT
SPORT BRINGS PEOPLE TOGETHER. WE’RE BUILDING ON THAT CONNECTION.
The investment story starts with a simple idea: bring the sports audience and the gaming experience closer together.
In January 2026, the acquisitions of Estadio Gana and Capital Media Sports brought the Mexican gaming and sports media businesses fully into the Group. GANA’s focus is now on developing those businesses as a connected sports entertainment proposition. [2]
Estadio Deportes gives fans content and reasons to return. Estadio Gana offers a sportsbook and online casino designed around Mexican players. Together, they create opportunities to connect audience, engagement and commercial value. [3]
The ambition: build a lasting relationship with the fan, beyond a single match or tournament.
THE AUDIENCE
Estadio Deportes
Sports journalism, original content and live coverage that put the Group in the daily conversation with Mexican fans.
02 / THE MODELCONTENT → CONNECTION → COMMERCIAL VALUE
ONE CONNECTED SPORTS BUSINESS.
Owned media and performance marketing create routes to the audience. Product, payments and engagement determine what happens next.
01↗
Attract the audience
Build reach through sports coverage, live content, partnerships and targeted acquisition.
IN ACTION15 ONEFA regular season fixtures included in the Máximo Avance broadcast partnership. [3]
02↗
Make it feel local
Connect that interest with relevant sports, local payment methods and a smoother route from registration to first deposit.
IN ACTIONReported FTD conversion increased from 4.0% in Q2 to 16.5% in Q3. [1]
03↻
Build repeat engagement
Use content, product relevance and customer relationship management to give adult players reasons to return responsibly.
THE COMMERCIAL TESTTurn growing engagement into attractive acquisition economics, retention and sustainable cash generation.
The strategy brings owned sports content together with performance marketing. Retorno Digital adds capabilities in acquisition, conversion optimisation and measurement, helping the Group build a more connected and measurable route from audience to customer. [4]
03 / THE EVIDENCEQ2 → Q3 2026
A DIFFERENT SCALE. IN A SINGLE QUARTER.
Q3 brought more registrations, stronger first-deposit conversion and a sharp increase in betting activity and gross gaming revenue.
EXPLORE THE PERFORMANCE
Gross gaming revenue
MXN millions
+1,284%quarter on quarter
2.5Q2 2026
34.6Q3 2026
Q3 GGR of MXN 34.6m was approximately US$2.0m.
58,770Q3 registrations+176% vs Q2
9,681Q3 first time depositors+1,037% vs Q2
MXN 170.6mQ3 betting turnoverc. US$9.9m · +377% vs Q2
20.3%Q3 GGR / turnover6.9% reported in Q2
See all the Q2 and Q3 figures +
Estadio Gana operating performance, as reported on 15 October 2026
Measure
Q2 2026
Q3 2026
Reported change
Registrations
21,296
58,770
+176%
First time depositors
852
9,681
+1,037%
FTD conversion
4.0%
16.5%
+313%
Aggregate monthly active users
3,086
28,688
+830%
Betting turnover
MXN 35.8m
MXN 170.6m
+377%
Gross gaming revenue
MXN 2.5m
MXN 34.6m
+1,284%
Aggregate monthly active users is the sum of monthly activity counts and is not a deduplicated quarterly audience. Figures and percentage changes are reproduced as reported; rounded amounts may not reproduce every percentage exactly.
Source: 15 October 2026 trading update [1]. Q2: April–June. Q3: July–September. USD equivalents use the RNS rate of MXN 17.3 to US$1. GGR is not net revenue, profit or cash flow.
THE RESULT THAT MATTERS NEXT
THE WORLD CUP ENDED. THE MOMENTUM CONTINUED.
September was the strongest GGR month yet, two months after the tournament.
Monthly GGR rose in July, August and September, with September reaching a new high. The Q3 progression provides a strong platform for the next phase: extending engagement and building sustainable, profitable growth.
The trading update compared the registered player base with filling Mexico’s iconic Azteca Stadium. A memorable illustration of how far the business has come.
A company comparison from the RNS. Registrations are cumulative accounts, not active players or depositors. [1]
04 / THE JOURNEYFROM ACQUISITION TO EXECUTION
A BUSINESS TAKING SHAPE. A CLEARER DIRECTION.
In 2026, GANA brought together the businesses, leadership and distribution partnerships to power its next stage of growth.
JANUARY 2026
Bring it together
Acquisitions completed, with Estadio Gana and Capital Media Sports becoming wholly owned. [2]
APRIL 2026
Build acquisition capability
Retorno Digital partnership introduced performance marketing, conversion optimisation and measurement. [4]
AUGUST 2026
Strengthen execution
Lorenzo Caci appointed COO. The ONEFA partnership expanded live sports coverage. [5][3]
SEPTEMBER 2026
Deepen local roots
GANA joined AIEJA, the Mexican gaming industry association. [6]
OCTOBER 2026
Report the step forward
The Q3 trading update showed a substantial increase in the scale of the gaming business. [1]
05 / THE NEXT CHAPTERFROM SCALE TO DURABLE VALUE
THE OPPORTUNITY IS TO MAKE GROWTH REPEATABLE.
The next chapter is about scaling well: reaching more fans, creating reasons for players to return and improving the value generated from each customer relationship.
01
Grow the audience
Bring together owned sports content, partnerships and performance marketing to reach more fans and convert interest into meaningful engagement.
02
Deepen engagement
Keep enhancing the local product and payment journey, with a calendar of sport and entertainment that gives adult players reasons to return.
03
Build lasting value
Convert the growing operation into durable revenue, profitability and cash generation, creating a stronger foundation for long-term shareholder value.
THE PROGRESS THAT MATTERS
Retention · Acquisition costs · Net revenue · Profitability · Cash and funding
These are strategic priorities, not forecasts or guaranteed outcomes.
06 / HEAR FROM THE TEAMTHE STRATEGY. THE EXECUTION.
PUT A FACE TO THE AMBITION.
Hear directly from management on the strategy and execution behind GANA’s Mexico growth story.
Experience across media, technology and gaming.Caci’s COO appointment brings more than 20 years of industry experience, including director level roles at Sportradar. [5]Meet the wider team ↗
MEXICO / INVESTMENT BACKDROPFOUR SIGNALS TO WATCH · UPDATED 30 OCTOBER 2026
MEXICO’S STORY IS GATHERING PACE.
Recent economic, investment and income data add context to the market in which GANA is building. They are country-level signals, not company results.
30 OCTOBER 2026 · BLOOMBERG01 / GROWTH
3.2%
Mexico’s fastest annual growth in three years
Q3 GDP grew 3.2% year over year, ahead of the 3.0% median forecast in Bloomberg’s survey. Bloomberg attributed the acceleration to public and private investment and robust exports. The quarter-on-quarter rise was 0.9%.
4 SEPTEMBER 2026 · SCOTIABANK RESEARCH03 / HOUSEHOLDS
+13.2%
Real income rose over 2022–24
Scotiabank’s analysis of Mexico’s household income survey found average monthly income per person rose 13.2% in real terms between 2022 and 2024, supporting a longer-term purchasing-power story.
Bloomberg reported that Mexico was considering a tax incentive to encourage more companies to list locally, while BIVA’s chief highlighted infrastructure as an opportunity for international investors.
A dynamic national market creates a compelling backdrop for GANA’s Mexico-focused strategy. Company performance will continue to be reported through GANA’s own announcements and financial results.
07 / INVESTOR QUESTIONS
THE QUESTIONS WORTH ASKING.
Q3 marked a step change for GANA. Explore the results, the strategy and the priorities shaping the Group’s next phase.
GANA offers investors exposure to a fast-growing Mexican sports media and gaming business. In Q3 2026, Estadio Gana reported GGR of MXN 34.6m, up 1,284% on Q2, and first time depositors rose to 9,681. Combined with a locally rooted sports media platform, this creates an exciting opportunity to build scale in a major market. Explore the strategy and latest results, and review the company’s formal disclosures before making an investment decision. [1]
What am I investing in?+
Gana Media Group plc is AIM quoted as GANA. Through Capital Media Sports, the Group builds its Mexican sports media presence with Estadio Deportes; through Estadio Gana, it operates a licensed Mexican sportsbook and casino. The strategy connects local sports coverage and fan engagement with a relevant digital gaming product, creating a distinctive platform for growth. [2][8]
How does GGR growth support the path to profitability?+
Q3 marked a major advance in operating scale: Estadio Gana reported MXN 34.6m of GGR, up 1,284% on Q2, while its GGR-to-turnover ratio rose to 20.3% from 6.9%. GGR is the amount remaining from stakes after player winnings and before bonuses, duties and operating costs, so it is distinct from net revenue, operating profit and cash flow.
Betting turnover− Player winningsGross gaming revenue− Bonuses, duties and operating costs*Building towards operating profit and cash generation
The Q3 update shows the increased scale of the acquired business. The next phase is to convert that growth into contribution to Group net revenue, profitability and cash generation. GANA’s published interim accounts cover the six months to December 2025, before the January acquisitions completed; future financial reporting will provide updates on the combined Group. [7]
*Simplified illustration, not an accounting reconciliation. Costs include suppliers, payments, marketing and Group overheads; cash also reflects working capital and investment.
Has momentum continued beyond the World Cup?+
Yes. Estadio Gana’s momentum carried beyond the World Cup: September GGR reached MXN 19.3m, above August’s MXN 11.9m and July’s MXN 3.4m, making it the strongest month reported so far. This shows the business continued to build activity after the tournament. [1]
What does the higher GGR margin show?+
The GGR-to-turnover ratio increased to 20.3% in Q3 from 6.9% in Q2, a significant improvement in the period. This gaming margin can vary with product mix and betting outcomes; GANA’s focus is on building sustained engagement and a strong business across multiple reporting periods. [1]
How is GANA building a differentiated position?+
GANA is building a proposition around Mexican sports fans: Estadio Deportes creates local content and audience engagement, while Estadio Gana delivers a locally relevant gaming experience. Partnerships such as ONEFA and Retorno Digital extend content reach and performance-marketing capability. Together, these strengths give the Group a distinctive platform to connect audience, engagement and commercial value. [3][4]
How does GANA approach licensing and regulation?+
Estadio Gana operates as a licensed Mexican sportsbook and casino, and GANA joined AIEJA in September 2026, strengthening its engagement with the Mexican gaming industry. [1][6] The Group’s local focus includes responsible operations and meeting the requirements of its market. AIEJA membership is an industry affiliation, separate from the operating licence; further details are available in the Group’s formal disclosures.
What are GANA’s next growth priorities?+
Q3 provides a strong platform for the next phase. GANA’s priorities are to sustain growth, deepen repeat player engagement, improve acquisition efficiency and build a clear path from GGR towards net revenue, profit and cash generation. The Group’s connected sports media and gaming strategy is designed to create lasting value as it scales.
08 / GO DEEPERMAKE AN INFORMED ASSESSMENT
THE STORY IS BUILDING. FOLLOW THE EVIDENCE.
Start with the latest trading update. Then explore the Group’s financial reporting, governance and management.
Results on this page relate to Estadio Gana unless stated otherwise. “Registrations” does not mean paying or active users. FTD means first time depositor. Aggregate MAUs is not a count of unique quarterly users. GGR means gross gaming revenue and is distinct from the Group’s accounting revenue and profit. RNS Reach releases are non-regulatory company announcements.
