Elias Mark
Gambling.com Group Revenue Grows 19% to a Q3 Record of $23.5M Driven by 42% Increase in North American Revenue
Gambling.com Group Limited, a leading provider of digital marketing services for the global online gambling industry, reported record third quarter financial results for the three months ended September 30, 2023. The Company also reiterated its guidance for 2023 full-year revenue and Adjusted EBITDA.
Charles Gillespie, Chief Executive Officer and Co-Founder of Gambling.com Group, said: “Our third quarter results highlight our consistent performance driven by robust organic growth in North America. Even in what is traditionally a seasonally slow quarter, we grew new depositing customers 26% to surpass 86,000 which contributed to 19% revenue growth to $23.5 million, Adjusted EBITDA of $6.1 million and Free Cash Flow of $1.6 million.
“Third quarter North American revenue of $12.9 million includes significant growth in our owned assets and a break-out performance from our media partnerships at the start of the Fall sports season. Our ability to quickly scale our strategic media partnerships complements the growth from our influential owned websites. This results in consistent year-over-year market share gains in existing states even as we face tougher comparisons given the significant organic growth we have already achieved. Our strong North American growth was partially offset by a moderation in our U.K and Ireland performance following seven consecutive quarters of average revenue growth of 28% across these well-established markets. We are confident that our growth opportunities in the UK and Ireland markets will remain strong, including the expected benefit from the ramping up of our recently launched media partnership with The Independent for the U.K market.
“Gambling.com Group is expected to continue to benefit from many near- and long-term opportunities to deliver profitable organic growth. These include further market share gains in existing markets, the benefit from expected future expansions of iGaming and online sports betting in new markets in North America and around the world, our ability to scale and optimize our media partnerships and further growth in our more established European markets. We expect that our ability to leverage these revenue drivers with our business model, which generates attractive Adjusted EBITDA margins and strong Free Cash Flow conversion, will continue to increase shareholder value.”
Third Quarter 2023 and Recent Business Highlights
- Grew North American revenue 42% to $12.9 million
- Delivered more than 86,000 new depositing customers
- Launched the all new Casinos.com in July
- Successfully launched the Company’s first international media partnership in July with The Independent in the UK
- Successfully launched operations in Kentucky just before the quarter end on September 28.
Elias Mark, Chief Financial Officer of Gambling.com Group, said: “Third quarter revenue exceeded expectations and Adjusted EBITDA was in line with expectations, reflecting the faster than anticipated acceleration of our North American media partnerships. We are very pleased with the performance of our media partnerships and we expect them to continue to be a key contributor to revenue and cash flow growth going forward. Our year-to-date revenue growth combined with our disciplined focus on capital efficiency generated Free Cash Flow for the first nine months of 2023 of $16.3 million, already exceeding our full-year 2022 level. We remain on track to deliver strong full year results as our reiterated guidance implies year-over-year revenue and Adjusted EBITDA growth of more than 30% and 50%, respectively.”
Charles Gillespie
Gambling.com Group Reports First Quarter Results Including Record Revenue and Adjusted EBITDA
Gambling.com Group Limited (Nasdaq: GAMB) (“Gambling.com Group” or the “Company”), a fast-growing provider of marketing and sports data services for the global online gambling industry, today reported financial results for the first quarter ended March 31, 2025.
Charles Gillespie, Chief Executive Officer and Co-Founder of Gambling.com Group, commented, “We entered 2025 with our marketing business at all-time highs and with an expanded suite of sports data services having closed the acquisition of OddsJam and OpticOdds on January 1. Since the closing, we have made substantial progress on integrating these offerings into our overall business and the products are performing strongly as expected. With an enhanced sports data services platform, we now have meaningful recurring subscription revenue, which we expect to account for well over 20% of our 2025 revenue, bringing increased revenue visibility and a complimentary, high margin and high growth source of profit and cash flow.
“We are reiterating our full year 2025 guidance despite the unpredictable macro environment, as our services address critical problems for all our customers and our industry is typically insulated from the gyrations of the global economy. We continue to expect 2025 to be another year of record revenue, Adjusted EBITDA and Free Cash Flow as we leverage the skills and expertise of our talented team with a larger product offering to drive growth across all our reporting regions. Each day we are moving closer to our goal of generating $100 million in annual Adjusted EBITDA.”
Elias Mark, Chief Financial Officer of Gambling.com Group, added, “Our first quarter results include record quarterly revenue of $40.6 million and Adjusted EBITDA of $15.9 million, reflecting year-over-year growth of 39% and 56%, respectively. With the solid start to the year, we remain confident in our full year outlook with the midpoints of our guidance for revenue of $172 million and $68 million in Adjusted EBITDA, representing year on year growth of 35% and 40%, respectively.”
Financial Highlights Three Months Ended March 31, 2025 vs. Three Months Ended March 31, 2024
(USD in thousands, except per share data, unaudited)
|
|
Three Months Ended March 31, |
|
Change |
|||||
|
|
2025 |
|
2024 |
|
% |
|||
|
Revenue |
40,635 |
|
|
29,215 |
|
|
39 |
% |
|
Net income for the period attributable to shareholders |
11,236 |
|
|
7,299 |
|
|
54 |
% |
|
Net income per share attributable to shareholders, diluted |
0.31 |
|
|
0.19 |
|
|
63 |
% |
|
Net income margin |
28 |
% |
|
25 |
% |
|
|
|
|
Adjusted net income for the period attributable to shareholders (1) |
16,490 |
|
|
9,264 |
|
|
78 |
% |
|
Adjusted net income per share attributable to shareholders, diluted (1) |
0.46 |
|
|
0.24 |
|
|
92 |
% |
|
Adjusted EBITDA (1) |
15,864 |
|
|
10,159 |
|
|
56 |
% |
|
Adjusted EBITDA Margin (1) |
39 |
% |
|
35 |
% |
|
|
|
|
Cash flows generated by operating activities |
11,415 |
|
|
8,806 |
|
|
30 |
% |
|
Free Cash Flow (1) |
10,277 |
|
|
8,193 |
|
|
25 |
% |
__________
(1) 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.
First Quarter 2024 and Recent Business Highlights
- Delivered more than 138,000 new depositing customers (“NDCs”)
- Completed accretive acquisition of Odds Holdings, Inc. on January 1, 2025 for initial consideration of $70 million in cash and $10 million in ordinary shares
- Expanded credit facility to $165 million with a new syndicate
Three Months Ended March 31, 2025 Results Compared to Three Months Ended March 31, 2024
Revenue rose 39% year-over-year to a record $40.6 million. Revenue from marketing services increased 13% year over year to $30.7 million as the Company delivered more than 138,000 NDCs to clients, a 29% increase over the prior-year period. Revenue from sports data services increased 405% year-over-year to $9.9 million, primarily due to the contribution of OddsJam and OpticOdds following the acquisition on January 1. Recurring subscription revenue represented 24% of total 2025 first quarter revenue.
Gross profit increased 42% to $38.4 million, due to strong revenue growth while cost of sales was in line with the prior-year period reflecting lower cost of sales for media partnerships offset by the addition of cost of sales related to OddsJam and OpticOdds.
Total operating expenses increased 49% to $28.4 million, primarily as a result of increased people costs and higher amortization related to the acquisition of Freebets.com and related assets on April 1, 2024 and the acquisition of Odds Holdings on January 1, 2025.
Net income attributable to shareholders increased $3.9 million to $11.2 million and net income per share was $0.31 compared to $0.19 in the prior-year period. Adjusted net income rose 78% to $16.5 million and Adjusted net income per share increased 92% to $0.46.
Adjusted EBITDA increased 56% to a record $15.9 million, reflecting an Adjusted EBITDA margin of 39% as compared to Adjusted EBITDA of $10.2 million and an Adjusted EBITDA margin of 35% in the prior-year period.
Operating cash flow grew 30% to $11.4 million. Free cash flow increased 25% to $10.3 million, reflecting growth in Adjusted EBITDA partly offset by working capital movements.
2025 Outlook
Gambling.com Group today reiterated the 2025 full-year revenue and Adjusted EBITDA guidance originally provided on February 19, 2025. The Company expects full year revenue of $170 million to $174 million and Adjusted EBITDA of $67 million to $69 million. The midpoints of the new full year revenue and Adjusted EBITDA guidance ranges represent year-over-year growth of 35% and 40%, respectively, and an Adjusted EBITDA margin of 39.5%.
The Company’s guidance assumes:
- Incremental Adjusted EBITDA contributions of approximately $14.5 million related to the acquisition of Odds Holdings, Inc. that was completed on January 1, 2025.
- No additional North American markets coming online over the balance of 2025. While online sports betting is expected to begin in Missouri in the second half of 2025, the Company’s guidance policy excludes any benefits from new state launches until such time as a definitive start date is announced by the appropriate regulatory body.
- An average EUR/USD exchange rate of 1.10 throughout 2025.
Conference Call Details
|
Date/Time: |
Thursday, May 15, 2025, at 8:00 a.m. ET |
||
|
Webcast: |
https://www.webcast-eqs.com/register/Gamb051525/en |
||
|
U.S. Toll-Free Dial In: |
877-407-0890 |
||
|
International Dial In: |
1 201-389-0918 |
The post Gambling.com Group Reports First Quarter Results Including Record Revenue and Adjusted EBITDA appeared first on Gaming and Gambling Industry in the Americas.
Charles Gillespie
Gambling.com Group to Report 2023 Third Quarter Results on November 15 and Host Conference Call and Webcast
Gambling .com Group Limited (Nasdaq: GAMB) (“Gambling .com Group” or the “Company”), a leading provider of player acquisition services for the regulated global online gambling industry, today announced it will release its 2023 third quarter results after the market close on Wednesday, November 15, 2023, and host a conference call and simultaneous webcast at 4:30 p.m. ET that day. During the call, Gambling .com Group Chief Executive Officer and Co-founder, Charles Gillespie, and Chief Financial Officer, Elias Mark, will review the Company’s financial results and provide a business update, followed by a question-and-answer session.
Both the call and webcast are open to the general public and may include forward-looking information. A replay of the webcast will be archived shortly after the call and can be accessed for approximately 30 days on the Company’s website: www .gambling .com/corporate/investors.
Conference Call / Webcast Details
|
Date/Time: |
Wednesday, November 15, 2023, at 4:30 p.m. ET |
|
|
Webcast: |
https://www .webcast-eqs .com/gamb20231115/en |
|
|
U.S. Toll-Free Dial In: |
877-407-0890 |
|
|
International Dial In: |
+1 201-389-0918 |
To access the call, please dial in approximately ten minutes before the start of the call.
Gambling .com Group Limited (Nasdaq: GAMB) (“Gambling .com Group” or the “Company”), a leading provider of digital marketing services for the global online gambling industry, today announced that Elias Mark, Chief Financial Officer, and Peter McGough, Vice President of Investor Relations, will participate in two institutional investor conferences in September in New York:
- The BTIG Game Day: iGaming and Sports Betting Forum on Wednesday, September 13.
- Gambling .com Group will host a fireside chat question-and-answer session and conduct meetings with institutional investors
- Please contact your BTIG sales representative to register for the conference and to request a meeting with Gambling .com Group management
- The B. Riley Consumer Conference on Thursday, September 14.
- Gambling .com Group will host a fireside chat question-and-answer session and conduct meetings with institutional investors
- Please contact your B. Riley sales representative to register for the conference and to request a meeting with Gambling .com Group management
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