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Gambling.com Group Limited Reports Second Quarter 2021 Financial Results

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Gambling.com Group Limited, a leading provider of digital marketing services active exclusively in the global online gambling industry, today announced its operating and financial results for the second quarter ended June 30, 2021.

Second Quarter 2021 Financial Highlights

·         Revenue of $10.4 million; grew 66% compared to $6.3 million in the same period for the prior year

·         Net income of $2.4 million, or $0.08 per diluted share, compared to a net loss of $0.4 million, or a loss of $0.02 per diluted share, in the same period for the prior year

·         Adjusted EBITDA of $5.5 million; grew 46% compared to $3.8 million in the same period for the prior year, representing an Adjusted EBITDA margin of 53%[1]

·         Free cash flow of $3.1 million; decreased 3% compared to $3.2 million in the same period for the prior year[2]

Second Quarter 2021 Business Highlights

·         Completed redomiciliation from Malta to the Channel Island of Jersey in May

·         Successful launches of EmpireStakes.com, BetArizona.com and IllinoisBet.com which provides bettors with trusted and up-to-date state-specific gambling information to help them place safe and secure legal wagers

·         Completed acquisition of two domain portfolios suitable for targeting the US market

·         Subsequent to quarter end, completed successful public listing of common shares on the Nasdaq Global Market under the ticker symbol “GAMB”

·         Subsequent to quarter end, announced appointment of Mr. Daniel D’Arrigo to Board of Directors

“Our second quarter results (which were our first interim financial results as a public company) were highlighted by continued strong top-line growth, and, based on our Adjusted EBITDA margins, we areamong the most profitable names in the online gambling industry,” said Charles Gillespie, Chief Executive Officer and co-founder of Gambling.com Group. “Since our founding in 2006, we have built an affiliate marketing powerhouse with recognizable brands around the globe. Players trust our services to help them find a safe, fun and legal betting experience while our B2C operator clients utilize our best-in-class technology platform to support their increasingly important customer acquisition initiatives. We are incredibly excited about the next step in this journey as a public company and look forward to sharing the success with our new investors.”

Second Quarter 2021 vs. Second Quarter 2020 Financial Highlights

 

THREE MONTHS ENDED

JUNE 30,

CHANGE

2021

2020

$

%

(in thousands USD, except for share and per share data, unaudited)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) DATA

Revenue

$

10,392

$

6,259

$

4,133

66.0

%

Operating expenses

(7,235

)

(2,997

)

(4,238

)

141.4

%

Operating profit

3,157

3,262

(105

)

(3.2

)%

Income (loss) before tax

3,027

(128

)

3,155

n/m

Net income (loss) for the period attributable to the equity holders

$

2,445

$

(428

)

$

2,873

n/m

Net income (loss) per share attributable to ordinary shareholders, basic

0.09

(0.02

)

n/m

n/m

Net income (loss) per share attributable to ordinary shareholders, diluted

0.08

(0.02

)

n/m

n/m

 

n/m = not meaningful

 

THREE MONTHS ENDED

JUNE 30,

CHANGE

2021

2020

$

%

(in thousands USD, unaudited)

NON-IFRS FINANCIAL MEASURES

Adjusted EBITDA

5,518

3,779

1,739

46.0

%

Adjusted EBITDA Margin

53.1

%

60.4

%

n/m

n/m

Free Cash Flow

3,122

3,229

(107

)

(3.3

)%

 

n/m = not meaningful

 

THREE MONTHS ENDED

JUNE 30,

CHANGE

2021

2020

Amount

%

(in thousands, unaudited)

OTHER SUPPLEMENTAL DATA

New Depositing Customers (1)

26

25

1

3.8

%

 

(1) 

We define New Depositing Customers, or NDCs, as unique referral of a player from our system to one of our customers that satisfied an agreed metric (typically making a deposit above a minimum threshold) with the customer, thereby triggering the right to a commission for us.

AS OF

JUNE 30,

AS OF

DECEMBER 31,

CHANGE

2021

2020

$

%

(Unaudited)

(in thousands, USD)

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION DATA

Cash and cash equivalents

$

17,168

$

8,225

$

8,943

108.7

%

Working capital (2)

17,203

10,059

7,144

71.0

%

Total assets

55,139

45,383

9,756

21.5

%

Total borrowings

6,062

5,960

102

1.7

%

Total liabilities

14,052

11,171

2,881

25.8

%

Total equity

41,087

34,212

6,875

20.1

%

 

(2) 

Working capital is defined as total current assets minus total current liabilities.

 

Revenue

Total revenue in the second quarter increased 66% to $10.4 million compared to $6.3 million in the comparable period in 2020. On a constant currency basis, revenue increased $3.5 million, or 52%.The increase was driven by improved monetization of NDCs that we attribute to a combination of technology improvements and changes in product and market mix. NDCs increased 4% to 26,000 compared to 25,000 in the prior year.

Our revenue disaggregated by market is as follows:

 

THREE MONTHS ENDED

JUNE 30,

CHANGE

2021

2020

$

%

(in thousands USD, unaudited)

U.K. and Ireland

$

5,410

$

3,489

$

1,921

55.1

%

Other Europe

2,822

969

1,853

191.2

%

North America

1,408

1,097

311

28.4

%

Rest of the world

752

704

48

6.8

%

Total revenues

$

10,392

$

6,259

$

4,133

66.0

%

 

Revenue increases were primarily driven by organic growth in our U.K. and Ireland, Other Europe, and North American markets.

Our revenue disaggregated by monetization is as follows:

 

THREE MONTHS ENDED

JUNE 30,

CHANGE

2021

2020

$

%

(in thousands USD, unaudited)

Hybrid commission

$

4,611

$

3,238

$

1,373

42.4

%

Revenue share commission

1,054

825

229

27.8

%

CPA commission

3,558

2,130

1,428

67.0

%

Other revenue

1,169

66

1,103

1,671.2

%

Total revenues

$

10,392

$

6,259

$

4,133

66.0

%

 

Revenue increases were driven primarily by additional Hybrid commission, CPA commission and Other revenue. The increase in Other revenue was driven primarily by bonuses related to achieving certain operator NDC performance targets in the quarter.

Our revenue disaggregated by product type from which it is derived is as follows:

THREE MONTHS ENDED

JUNE 30,

CHANGE

2021

2020

$

%

(in thousands USD, unaudited)

Casino

$

9,087

$

5,570

$

3,517

63.1

%

Sports

1,170

518

652

125.9

%

Other

135

171

(36

)

(21.1

)%

Total revenues

$

10,392

$

6,259

$

4,133

66.0

%

 

Revenue increases were driven by growth in revenue from casino and sports products.

Operating Expenses

 

THREE MONTHS ENDED

JUNE 30,

CHANGE

2021

2020

$

%

(in thousands USD, unaudited)

Sales and marketing expenses

$

3,144

$

1,598

1,546

96.7

%

Technology expenses

944

510

434

85.1

%

General and administrative expenses

3,387

875

2,512

287.1

%

Allowance for credit losses

(240

)

14

(254

)

n/m

Total operating expenses

$

7,235

$

2,997

4,238

141.4

%

 

n/m = not meaningful

Total operating expenses increased by $4.2 million to $7.2 million compared to $3.0 million in the prior year. On a constant currency basis, operating expenses increased by $3.9 million to $7.2 million compared to $3.3 million in the prior year.

Sales and Marketing expenses totaled $3.1 million, an increase of $1.5 million compared to 2020, driven by increased wages and salary expenses associated with increased headcount as well as investments in the Company’s organic growth initiatives.

Technology expenses totaled $0.9 million compared to $0.5 million in 2020, mainly the result of higher wages and salary expense associated with increased headcount partially offset by capitalized development costs.

General and Administrative expenses totaled $3.4 million compared to $0.9 million in the prior year, mainly driven by non-recurring expenses related to the public offering totaling approximately $1.5 million and the expansion of the senior management team.

Earnings

Adjusted EBITDA increased by 46% to $5.5 million compared to $3.8 million in the prior year representing an Adjusted EBITDA margin of 53%.

Operating profit in the second quarter decreased 3% to $3.2 million compared to $3.3 million in 2020. Operating profit was affected by non-recurring expenses related to the public offering totaling approximately $1.5 million.

Net income in the second quarter totaled $2.4 million, or $0.08 per diluted share, compared to a net loss of $0.4 million, or a loss of $0.02 per diluted share, in the prior year. The increase was the result of significant growth in pre-tax income compared to the prior year.

Free Cash-flow

Total cash generated from operations of $4.7 million increased 47% compared to $3.2 million in the prior year. The increase was driven by improved operating profit and net income compared to the prior year. Free cash flow, totaled $3.1 million compared to $3.2 million in the prior year. The decline was the result of increased capital expenditures consisting primarily  of the acquisition of two domain portfolios, partially offset by the increase in cash generated from operations.

Balance Sheet

Cash balances as of June 30, 2021 totaled $17.2 million, an increase of $9.0 million compared to $8.2 million as of December 31, 2020. Working capital as of June 30, 2021 totaled $17.2 million, an increase of $7.1 million compared to $10.1 million as of December 31, 2020.

Total assets as of June 30, 2021 were $55.1 million compared to $45.4 million as of December 30, 2020. Total borrowings, including accrued interest, totaled $6.1 million compared to $6.0 million as of December 31, 2020. Total liabilities stood at $14.1 million compared to $11.2 million as of December 31, 2020.

Total equity as of June 30, 2021 was $41.1 million compared to $34.2 million as of December 31, 2020.

2021 – 2023 Financial Targets

Total Revenue Growth

˃ Average 40%

Adjusted EBITDA Margin[3]

≥ Average 40%

Leverage[4]

< Net Debt to Adjusted EBITDA 2.5x[5]

2021 Outlook

Elias Mark, Chief Financial Officer of Gambling.com Group, added, “Our financial results for the second quarter came in at the high end of our previously provided ranges as we reported strong growth in revenue, adjusted EBITDA, and net income compared to the prior year. We also continue to produce strong free cash flow and weremain in a solid financial position after the public offering last month. We are carrying encouraging momentum into the second half of the year. As a result, we are expecting to achieve or exceed our Revenue Growth target and Adjusted EBITDA margin target for the full year 2021 before the effects of any acquisitions and without incurring further borrowings.”

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Ezugi partners with PokerStars to further extend live casino game choice for players

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Ezugi, an innovative live dealer casino supplier known for pushing the boundaries of live gaming, retention, and distribution solutions, is proud to announce a new partnership with PokerStars, the world’s largest online poker site.

Through this partnership, PokerStars’ players in the UK and Ontario will gain access to Ezugi’s standout portfolio, including Revolution Roulette, Ultimate Roulette, Unlimited Blackjack and Lucky 7 online casino games.

PokerStars, launched in 2001, is one of the world’s leading online poker and casino brands and operates as part of Flutter Entertainment. It has grown to become the largest poker site globally, offering the widest selection of online games and hosting prestigious live tournaments.

Formed in 2012, Ezugi is a global live casino provider with a focus on meeting operator and player needs with best-of-breed localised content. The Ezugi games portfolio includes a wide range of live dealer games, many of which are unique. Ezugi became part of Evolution in 2018 and continues to build on its reputation for providing unique and innovative games and solutions for online casino and retail betting shop operators.

Gilad Ben-Ami, Chief Executive Officer at Ezugi, said: “PokerStars’ players already enjoy a wide range of live casino and online slot games from Evolution brands such as Evolution, NetEnt, Red Tiger and Big Time Gaming. Now Ezugi is delighted and honoured to add even more choice for PokerStars’ players with our own innovative games.”

Ben-Ami continued: “The release of Ezugi games to PokerStars clearly demonstrates the rich variety and innovative features of the Ezugi games portfolio. Ultimate Roulette is a unique multiplier Roulette that blends circus-themed fun and TV game show excitement; Revolution Roulette puts a unique spin on classic Roulette by adding special multiplier pockets to the wheel; Unlimited Blackjack allows an unlimited number of players to play at the table, while also featuring Auto-Split functionality and a choice of four side bets – Perfect Pairs, 21+3, Perfect 11 and Ten20; and Lucky 7 is a very popular game with its origins in the Indian subcontinent – a fast-paced, simple and exciting Hi-Lo card game.”

Ben-Ami concluded: “We are confident that PokerStars’ players will love playing these games and we look forward to adding more Ezugi titles for them in the future.”

The post Ezugi partners with PokerStars to further extend live casino game choice for players appeared first on European Gaming Industry News.

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New Online Casinos Canada 2025: RoboCat Casino Best in Canada

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Bragg Gaming Group Enteres into New Financing Agreement with Bank of Montreal

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Bragg Gaming Group, a leading global B2B iGaming content and technology provider, announced it has entered into a new financing agreement with the Bank of Montreal (BMO), a leading North American financial institution, pursuant to which BMO has made available to the Company certain credit facilities in a maximum aggregate amount of up to US$6.0 million to support its ongoing working capital and general corporate requirements (the BMO Facilities).

In connection with the closing of the BMO Facilities, Bragg has successfully repaid in full the outstanding promissory note with entities controlled by Doug Fallon (the Prior Note Indebtedness). The new BMO Facilities replace the Prior Note Indebtedness, signalling a significant step in the Company’s financial strategy to partner with a major commercial bank to support its growth.

“We are very pleased to establish this new relationship with the Bank of Montreal, a recognized leader in financial services. This new credit facility strengthens our balance sheet and provides us with a flexible capital structure to execute our strategic plan. The ability to secure financing from a major North American bank underscores the confidence in our business and our long-term growth prospects. We look forward to a long and successful partnership with BMO,” said Robbie Bressler, CFO of Bragg Gaming Group.

The BMO Facilities are secured by, amongst other things, a first-ranking security interest over all of the assets of the Company and certain of its key operating subsidiaries, and are uncommitted and are repayable upon the earlier of (i) demand by BMO, (ii) the occurrence of certain insolvency events, and (iii) on the one-year anniversary of the closing date, unless a one-year extension is granted at BMO’s discretion.

The agreement includes customary legal and financial covenants, including a requirement for the Company to maintain a Total Funded Debt to EBITDA ratio not exceeding 2.50:1.00, and a Fixed Charge Coverage Ratio of not less than 1.25:1.00. These financial covenants are to be tested on a consolidated basis at the end of each fiscal quarter.

The Company currently expects to draw on the BMO Facilities in Canadian dollars, which would result in estimated borrowing costs of 6.9%–7.9% for Prime-based loans or 5.9%–6.9% for CORRA-based loans, depending on the period of the draw and the Company’s leverage ratio. Standby fees on the unused portion of the revolving facility will range from 0.75% to 1.75% per annum, depending on leverage.

Management believes that based on the terms of the BMO Facilities, the Company’s borrowing costs on an annualized basis will be less than half of its Prior Note Debt.

Matevž Mazij, CEO of Bragg Gaming Group, said: “Securing this BMO facility represents a critical milestone in our strategic plan to strengthen Bragg’s financial foundation and accelerate value creation for our shareholders. With our cybersecurity incident contained and our borrowing costs cut by more than half, we are laser-focused on executing our strategic shift toward higher-quality earnings. The Company is prioritizing margin and cash generation over lower-margin revenue, and synergies realized post-quarter end to become a leaner operation. We’ve already realized EUR 2 million in annualized synergies and are on track to achieve our 20% Adjusted EBITDA margin target for the second half of 2025.

“Our recent leadership additions in AI and innovation, combined with our expanding partnerships with operators like Fanatics and Hard Rock Digital, position us to pursue highly accretive growth opportunities methodically. The Company remains focused on growing the business in a sustainable and margin-accretive manner, with strong momentum in the proprietary content and technology pipeline positioning Bragg for long-term profitable growth.

“We understand the importance of delivering results for our shareholders, and our board and management team are fully aligned and committed to executing the strategic initiatives that will drive value. With improved financial flexibility, a strengthened operational foundation, and clear milestones ahead, we believe we have the right strategy and team in place to unlock Bragg’s full potential. We remain committed to maximizing shareholder value as we build sustainable, profitable growth and ensure our strong operational performance translates into appropriate market valuation.”

Cyber Breach Update

The Company has also provided an update on its previously announced cybersecurity incident initially detected on August 16, 2025.

Immediately following detection, Bragg took appropriate steps to mitigate any potential impact of the breach. With the assistance of independent cybersecurity experts, the Company has followed industry best practices and considers that the incident is now resolved.

There continues to be no indication that any personal information was affected and the breach has had no impact on the ability of the Company to continue its operations. Bragg has also provided assurances to its customers regarding the security of its game titles. The Company has experienced no negative impact on its revenue or profitability and does not expect that the cost of responding to the incident will have a material financial impact on the Company.

The Company has already applied knowledge gathered from the investigation of the event to enhance its cyber security defenses.

The post Bragg Gaming Group Enteres into New Financing Agreement with Bank of Montreal appeared first on European Gaming Industry News.

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