BonusFinder

Gambling.com Group Limited Revenue Grows 63% to a Q2 Record of $26.0 Million, Net Income Rises to $0.3 Million and Adjusted EBITDA Increases to a Q2 Record of $9.4 Million

Published

1 year ago

August 17, 2023

gamblingcom-group-limited-revenue-grows-63%-to-a-q2-record-of-$260-million,-net-income-rises-to-$03-million-and-adjusted-ebitda-increases-to-a-q2-record-of-$9.4-million

Raises 2023 revenue guidance to $100-$104 million and adjusted EBITDA guidance to $36-$40 million; mid-points imply revenue growth of 33% and adjusted EBITDA growth of 58% over the full year 2022

Gambling.com Group Limited (Nasdaq: GAMB), a leading provider of digital marketing services for the global online gambling industry, today reported record second-quarter financial results for the three months ended June 30, 2023. The company also increased its guidance for full-year revenue and adjusted EBITDA.

Second Quarter 2023 vs. Second Quarter 2022 Financial Highlights
(USD in thousands, except per share data, unaudited)

	Three Months Ended June 30,					Change
		2023		2022			%
Revenue		25,972		15,924			63	%
Net income for the period attributable to shareholders ⁽¹⁾		278		56			396	%
Net income per share attributable to shareholders, diluted ⁽¹⁾		0.01		0.00			100	%
Net income margin⁽¹⁾		1	%	—	%
Adjusted net income for the period attributable to shareholders ⁽¹⁾⁽²⁾		6,535		3,065			113	%
Adjusted net income per share attributable to shareholders, diluted ⁽¹⁾⁽²⁾		0.17		0.08			113	%
Adjusted EBITDA ⁽¹⁾⁽²⁾		9,424		3,617			161	%
Adjusted EBITDA Margin ⁽¹⁾⁽²⁾		36	%	23	%
Cash flows generated by operating activities		4,586		3,368			36	%
Free Cash Flow ⁽²⁾		8,526		2,822			202	%

(1) For the three months ended June 30, 2023, net income and net income per share include, and adjusted net income and adjusted net income per share exclude, adjustments related to the company’s 2022 acquisitions of RotoWire and BonusFinder of $6.1 million, or $0.17 per share. Similarly, these adjustments totalled $3 million, or $0.08, per share for the three months ended June 30, 2022. See Supplemental Information – Non-IFRS Financial Measures and the tables at the end of this release for an explanation of the adjustments

European Gaming Congress 2024 (Warsaw, Poland)

(2) Represents a non-IFRS measure. See Supplemental Information – Non-IFRS Financial Measures and the tables at the end of this release for reconciliations to the comparable IFRS numbers.

“The business performed phenomenally in the second quarter with record operating results reflecting another quarter of significant organic revenue growth and strong free cash flow generation,” the co-founder and Chief Executive Officer for Gambling.com Group Limited, Charles Gillespie, said. “The growth highlights our success in scaling our North American operations as well as continued growth in our more established markets. New depositing customers rose 60% year-over-year to over 91,000, which helped drive a 63% revenue increase to $26 million, 161% growth in adjusted EBITDA to $9.4 million and $8.5 million of free cash flow.

“Despite North America already being our largest reporting market, it still represents a significant growth opportunity for Gambling.com Group Limited and we remain very confident in our ability to continue to increase market share in existing states as they continue to grow. This expected growth will be complemented by an overall expansion of the addressable market as new states such as North Carolina and Kentucky come online with sports betting and iGaming is authorized in additional states. As we continue to scale our North American operations, Gambling.com Group Limited will benefit from other attractive near and long-term growth drivers including valuable media partnerships with leading domestic digital media publishers, McClatchy and Gannett, and the significant long-term global opportunity provided by the recently launched Casinos.com. In addition, we are well positioned to continue growing in our more established markets where we continue to take market share and have signed our first international media partnership with The Independent for the United Kingdom market.

“With each quarter of consistent profitable organic growth delivered by Gambling.com Group Limited, we are demonstrating the benefits of what we believe to be the most attractive business model in the industry as we leverage our many growth drivers and capital efficiency. Our excellence in SEO and proprietary data science allows us to consistently generate top-line growth, adjusted EBITDA margins that exceed 30% and strong free cash flow conversion. As a result, we are confident Gambling.com Group Limited will continue to create added value for our shareholders, clients and our valued team members.”

Second Quarter 2023 and Recent Business Highlights

Grew North American revenue 115% to $13.4 million
Delivered more than 91,000 new depositing customers
Entered into first international media partnership with The Independent, one of the United Kingdom’s largest digital media publishers with more than 20 million unique monthly users
Negotiated a final, deferred consideration payment of €18 million related the acquisition of BonusFinder in exchange for the early termination of the earn-out period, providing the company with the ability to accelerate the realization of synergies
Repurchased 77,683 ordinary shares at an average price of $9.83 per share

“The operating leverage we generated on 63% year-over-year revenue growth and 161% adjusted EBITDA growth in the second quarter grew free cash flow growth of 202% to $8.5 million,” the Chief Financial Officer for Gambling.com Group Limited, Elias Mark, said. “As a result, we have significant flexibility to simultaneously continue to strategically invest in growth opportunities including the buildout of Casinos.com and the development of our media partnerships and to evaluate strategic transactions that we believe create new shareholder value. Reflecting our strong operating results through the first six months of the year, which outperformed our expectations and our confidence for continued strong performance over the balance of 2023, we are raising our full-year revenue and adjusted EBITDA outlook with the mid-point of the new ranges representing year-over-year growth of 33% and 58%, respectively.”

2023 Outlook

The company raised its full-year 2023 revenue guidance to between $100 million and $104 million and adjusted EBITDA guidance to between $36 million and $40 million. The company’s guidance assumes:

Kentucky goes live on September 28 with online sports betting
Beyond Kentucky, no online sports betting or iGaming going live in any additional North American markets for the balance of 2023
No contribution from any new acquisitions
New investments throughout 2023 for the development of Casinos.com and support to our media partners including Gannett, McClatchy and The Independent
An average EUR/USD exchange rate of 1.095 throughout the remainder of 2023

First Half 2023 vs. First Half 2022 Financial Highlights
(USD in thousands, except per share data, unaudited)

	Six Months Ended June 30,				Change
	2023		2022		%
Revenue	52,664		35,509		48	%
Net income for the period attributable to shareholders ⁽¹⁾	6,873		4,542		51	%
Net income per share attributable to shareholders, diluted ⁽¹⁾	0.18		0.12		50	%
Net income margin ⁽¹⁾	13	%	13	%
Adjusted net income for the period attributable to shareholders ⁽¹⁾⁽²⁾	14,086		7,551		87	%
Adjusted net income per share attributable to shareholders, diluted ⁽¹⁾⁽²⁾	0.37		0.21		76	%
Adjusted EBITDA ⁽¹⁾⁽²⁾	20,097		10,719		87	%
Adjusted EBITDA Margin ⁽¹⁾⁽²⁾	38	%	30	%
Cash flows generated by operating activities	11,669		6,944		68	%
Free Cash Flow ⁽²⁾	14,732		4,186		252	%

(1) For the six months ended June 30, 2023, net income and net income per share include, and adjusted net income and adjusted net income per share exclude, adjustments related to the company’s 2022 acquisitions of RotoWire and BonusFinder of $7 million, or $0.19 per share. Similarly, these adjustments totalled $3 million, or $0.09, per share for the six months ended June 30, 2022. See Supplemental Information – Non-IFRS Financial Measures and the tables at the end of this release for an explanation of the adjustments.

(2) Represents a non-IFRS measure. See Supplemental Information – Non-IFRS Financial Measures and the tables at the end of this release for reconciliations to the comparable IFRS numbers.

Conference Call Details

Date/Time: Thursday, August 17, 2023, at 8:00 am ET
Webcast: https: //www. webcast-egs .com/gamb20230817/en
US Toll-Free Dial In: 877-407-0890
International Dial In: +1-201-389-0918

To access, please dial in approximately ten minutes before the start of the call. An archived webcast of the conference call will also be available in the News & Events section of the company’s website at Gambling .com/corporate/investors/news-events. Information contained on the company’s website is not incorporated into this press release.

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Affiliate Industry

BonusFinder launches Spanish language site for US-based players

Published

3 years ago

February 17, 2022

GamingAmericas.com

Bonusfinder.com has launched a new website catering to the 45 million Spanish speaking US population.

Fresh from being acquired by Gambling.com at the beginning of February the rapidly growing, globally licensed performance marketing business has further scaled the business with a dedicated online offering to millions of Spanish speaking US-based players.

The new site caters to 45 million potential customers, or 13.5% of the country, the second largest demographic in the US, and further bolsters its existing Spain, Colombia and Peru sites – all fully localised for Spanish speaking audiences.

Since launching in 2019 BonusFinder’s core offering has been to enable its customers to “play with more” at their favourite casino or sportsbook via simple-to-use tools that allow players of all levels to find the ideal personalised bonus to suit their style and budget.

Only locally licensed operators feature across each site, while BonusFinder has verified and tested all its partners to ensure they meet criteria including clear bonus rules, fast payments, excellent customer service and a responsible and fair gaming experience.

The company has rapidly expanded with 11 licences in the US market and across Europe with a total of 15 localised sites, all available in market specific languages.

BonusFinder will soon launch an offering in Ontario, Canada which the company’s Bonus Index has predicted will become the most attractive iGaming market in North America for players and brands, surpassing all its US online counterparts.

Fintan Costello, Managing Director, BonusFinder.com, said: “We launched with English speaking only sites across every state we are licensed in, however there is huge appetite to expand and Spanish speaking US sports and gaming fans have been crying out for a site that allows them to ‘play with more’ on their favourite casinos and sportsbooks.

“We are very excited to be able to provide this demographic with an easy, safe and responsible way to find the right bonuses and offers to improve their experience and maximise the value of their deposit.”

BonusFinder

New York will be largest gaming market in US despite 51% tax predicts BonusFinder.com

Published

3 years ago

November 10, 2021

GamingAmericas.com

Bonus Index finds combination of 20m population, competitive market, high bonuses and sizeable player volumes will offset tough tax regime to benefit industry and consumers

New York will become the US sports betting market’s most lucrative and consumer friendly state despite one of the highest tax rates on nine newly licensed operators, according to BonusFinder.com‘s new Bonus Index.

The new Bonus Index, launched just 24 hours after New York’s regulator announced its winning licensees, measures a wide variety of factors across all current and future regulated sports betting states. This includes population, number of licences and licensees, betting volume and average bonus offerings across all licensed brands to calculate an overall Free Bet index score.

New York will become the number one state for US sports betting due to its 20 million population, competitive market with nine licensees, sizable player volumes and predicted high bonus offers.

This formula for success is expected to offset some of its 51% operator tax to create a booming market both for brands and consumers with strong competition between operators. This will result in higher bonus offers for players including a predicted average welcome offer of $1,500 with a low of $550 and a high of $5,000 according to Bonusfinder.com calculations.

Fintan Costello, Managing Director, BonusFinder.com, said: “The Bonus Index is able to accurately plot and track how successful every North American state sports betting and casino market is month on month and has uncovered some fascinating data.

“New York is one of the US sports betting market’s crown jewels and its launch is a moment in time the industry has been waiting for, a large state with millions of passionate sports fans and bettors. Even allowing for the high tax rate the convenience for consumers and the number of licenses issued means operators will be competing hard for customer accounts. This means they will be presented with some of the country’s most competitive bonuses.

“Looking ahead we have high hopes for North Carolina and Maryland who are considering a large number of licenses which will create a competitive market and overtake states such as Michigan and Arizona, but while New York is exciting, our Index shows that Ontario Canada will blow it out of the water.

“It may have six million fewer people but its large number of licences across both sportsbook and casino will see it become North America’s largest gaming and betting market.”

Affiliate Industry

BonusFinder launches in Colombia!

Published

4 years ago

February 22, 2021

GamingAmericas.com

Online gamblers in Colombia will be delighted to hear that one of the leading affiliate sites for regulated markets worldwide is now available at www.bonusfinder.com/co/

Colombia is the only Latin American country with a fully-regulated online gaming sector, and as such the country is the perfect partner for BonusFinder.com. The affiliate is widely recognised for its focus on operating in fully regulated markets, as MD Fintan Costello iterates: “We love operating within regulated markets, it is truly our main focus and our passion. It means the players are better protected, the operators are all legitimate – and everything runs fairly for the players.

“Better regulation – including affiliate licensing – represents the future of the industry worldwide, and we are delighted to be working in another well-regulated and well-respected market like Colombia.”

Colombia’s online gambling market sprang to life in 2016 with the implementation of Agreement 4, which regulates the sector. The country presently supports 16 licensed operators, with over 2.5 million player accounts estimated as of mid-2019, a year in which online gaming tax revenue grew by over 63% in the first six months.