Canada
Gambling.com Group Reports 2021 Financial Results
Gambling.com Group Limited, a leading provider of digital marketing services for the global online gambling industry, today announced its operating and financial results for the year and the fourth quarter ended December 31, 2021.
2021 Financial Highlights
- North American revenue grew 89% to $7.5 million compared to $4.0 million for the prior year
- Revenue of $42.3 million grew 51% compared to $28.0 million for the prior year
- Net income of $12.5 million, or $0.37 per diluted share, compared to a net income of $15.2 million, or $0.49 per diluted share, for the prior year
- Adjusted EBITDA of $18.4 million increased 26% compared to $14.6 million for the prior year, representing an Adjusted EBITDA margin of 43%1
- Free cash flow of $8.4 million decreased 22% compared to $10.8 million for the prior year1
Fourth Quarter 2021 Financial Highlights
- North American revenue grew 56% to $2.2 million compared to $1.4 million in the same period for the prior year
- Revenue of $10.3 million remained consistent to $10.3 million in the same period for the prior year
- Net income of $0.9 million, or $0.02 per diluted share, compared to a net income of $8.5 million, or $0.35 per diluted share, in the same period for the prior year
- Adjusted EBITDA of $2.3 million decreased 63% compared to $6.1 million in the same period for the prior year, representing an Adjusted EBITDA margin of 22%1
- Free cash flow of $(1.8 million) compared to $3.5 million for the prior year1
Business Highlights
- Completed successful public listing of ordinary shares on the Nasdaq Global Market in July 2021 under the ticker symbol “GAMB”
- Named the 2021 EGR Affiliate of the Year and 2021 SBC North America Casino Affiliate of the Year
- Delivered 117,000 new depositing customers in 2021 compared to 104,000 in 2020
- Launched several new U.S.- facing websites during 2021 and acquired an incredibly strong portfolio of U.S. specific domain names
- Announced the acquisition of RotoWire.com – a leader in U.S online fantasy sports – in December 2021 to leverage RotoWire’s high-quality traffic and drive substantial incremental sports betting affiliate revenue in the U.S., the acquisition was completed on January 1, 2022
- Announced media partnership with McClatchy in January 2022 to monetize the McClatchy portfolio of digital media assets through sports betting in 29 markets across 14 states
- Successfully entered the New York and Louisiana markets in January 2022
- Announced acquisition of BonusFinder.com in February 2022 to better position the Group for the upcoming market launch in Ontario and further strengthening the Group’s North American presence
“We grew our revenue in 2021 by 51% compared to the prior year, delivered an EBITDA margin of 43% and generated over $8 million of free cash flow as many other industry players struggled to find a path to sustainable profitability,” said Charles Gillespie, Chief Executive Officer and Co-founder of Gambling.com Group. “As we look towards 2022, we are encouraged by the strongest start to a year we have seen in our 15-year history. Helped by launches in New York and Louisiana, January was our best-single month performance ever – even before consolidating financial results from our recent acquisitions. Just in January, we have seen the total addressable market in North America expand by leaps and bounds and there is a clear path to additional state launches this year, along with the impending launch of Ontario next month. As B2C operators in the U.S. seek a path to sustainable profitability and evaluate their marketing spend going forward, we believe that the affiliate model is ideally positioned to provide operators with more effective, higher ROI investments where they can clearly attribute the source, profitability and lifetime value of a referred player. We view this shift as greatly benefitting the value of our performance marketing revenue model, and we are confident that these tailwinds support what we expect to be another year of record performance for the Group.”
2022 Outlook
Based on currently available information, the Group estimates that, for the full year 2022:
- Total revenue will be in the range of $71 million and $76 million; and
- Adjusted EBITDA will be in the range $22 million and $27 million1
Elias Mark, Chief Financial Officer of Gambling.com Group, added, “Our expectation for another year of record revenue and Adjusted EBITDA is supported primarily by our premier domain portfolio and our growing presence in the U.S. achieved through continuous investments in U.S-facing assets. Organic growth in North America is complemented by our recent acquisitions of RotoWire.com and BonusFinder.com as well as our initiatives to further our leadership in the more established markets that we currently serve. As we have stated, our Adjusted EBITDA margin may deviate from target in the short-term as we strategically invest to strengthen our U.S. footprint, which is reflected in our 2022 outlook. Nonetheless, our profitability metrics remain among the very best in the industry, and our free cash flow generation more than covers our organic growth initiatives and the acquisition of domain names and other assets. We entered 2022 on strong financial footing and are off to the best start to a year in the Company history led by strong growth in North America. We grew total revenue profitably by 51% in 2021 and we look forward to accelerate that rate of profitable growth in 2022.”
|
2021 – 2023 Financial Targets |
||
|
|
|
|
|
Total Revenue Growth |
|
> Average 40% |
|
Adjusted EBITDA Margin1 |
|
> Average 40% |
|
Leverage2 |
|
< Net Debt to Adjusted EBITDA 2.5x3 |
1 Adjusted figures represent non-IFRS information. See “Non-IFRS Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable IFRS numbers.
2 Leverage is defined as Net Debt as a proportion of Adjusted EBITDA.
3 Net Debt is defined as Borrowings less Cash and Cash Equivalents.
|
2021 vs. 2020 Financial Highlights |
||||||||||||||||
|
|
|
YEAR ENDED |
|
|
CHANGE |
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
$ |
|
|
% |
|
||||
|
|
|
(in thousands USD, except for |
|
|
|
|
|
|
|
|||||||
|
CONSOLIDATED STATEMENTS OF |
|
|||||||||||||||
|
Revenue |
|
|
42,323 |
|
|
|
27,980 |
|
|
|
14,343 |
|
|
|
51 |
% |
|
Operating expenses |
|
|
(30,931 |
) |
|
|
(16,849 |
) |
|
|
(14,082 |
) |
|
|
84 |
% |
|
Operating profit |
|
|
11,392 |
|
|
|
11,131 |
|
|
|
261 |
|
|
|
2 |
% |
|
Income before tax |
|
|
12,164 |
|
|
|
10,752 |
|
|
|
1,412 |
|
|
|
13 |
% |
|
Net income for the period attributable to the |
|
|
12,453 |
|
|
|
15,151 |
|
|
|
(2,698 |
) |
|
|
(18 |
)% |
|
Net income per share attributable to ordinary |
|
|
0.40 |
|
|
|
0.55 |
|
|
|
(0.15 |
) |
|
|
(27 |
)% |
|
Net income per share attributable to ordinary |
|
|
0.37 |
|
|
|
0.49 |
|
|
|
(0.12 |
) |
|
|
(24 |
)% |
|
|
|
YEAR ENDED |
|
|
CHANGE |
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
$ |
|
|
% |
|
||||
|
|
|
(in thousands USD, except Adjusted EBITDA Margin, unaudited) |
|
|
|
|
|
|
|
|||||||
|
NON-IFRS FINANCIAL MEASURES |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Adjusted EBITDA |
|
|
18,356 |
|
|
|
14,608 |
|
|
|
3,748 |
|
|
|
26 |
% |
|
Adjusted EBITDA Margin |
|
|
43 |
% |
|
|
52 |
% |
|
n/m |
|
|
n/m |
|
||
|
Free Cash Flow |
|
|
8,423 |
|
|
|
10,804 |
|
|
|
(2,381 |
) |
|
|
(22 |
)% |
n/m = not meaningful
|
|
|
YEAR ENDED |
|
|
CHANGE |
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
Amount |
|
|
% |
|
||||
|
|
|
(in thousands, unaudited) |
|
|
|
|
|
|
|
|||||||
|
OTHER SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
New Depositing Customers (1) |
|
|
117 |
|
|
|
104 |
|
|
|
13 |
|
|
|
13 |
% |
- 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.
Revenue
Total revenue increased 51% to $42.3 million for the year ended December 31, 2021 compared to $28.0 million for the prior year. On a constant currency basis, revenue increased $13.4 million, or 46%. Revenue growth was organic. The increase was driven by both growth in NDCs and improved monetization of NDCs that we attribute to a combination of technology improvements and changes in product and market mix. NDCs increased 13% to 117,000 compared to 104,000 in the prior year.
Our revenue disaggregated by market is as follows:
|
|
|
YEAR ENDED |
|
|
CHANGE |
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
$ |
|
|
% |
|
||||
|
|
|
(in thousands USD) |
|
|
|
|
|
|
|
|||||||
|
U.K. and Ireland |
|
|
21,391 |
|
|
|
16,189 |
|
|
|
5,202 |
|
|
|
32 |
% |
|
Other Europe |
|
|
10,800 |
|
|
|
5,252 |
|
|
|
5,548 |
|
|
|
106 |
% |
|
North America |
|
|
7,484 |
|
|
|
3,959 |
|
|
|
3,525 |
|
|
|
89 |
% |
|
Rest of the world |
|
|
2,648 |
|
|
|
2,580 |
|
|
|
68 |
|
|
|
3 |
% |
|
Total revenues |
|
|
42,323 |
|
|
|
27,980 |
|
|
|
14,343 |
|
|
|
51 |
% |
Revenue increases were primarily driven by growth in revenue from the U.K. and Ireland, Other Europe, and North America.
Our revenue disaggregated by monetization is as follows:
|
|
|
YEAR ENDED |
|
|
CHANGE |
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
$ |
|
|
% |
|
||||
|
|
|
(in thousands USD) |
|
|
|
|
|
|
|
|||||||
|
Hybrid commission |
|
|
15,616 |
|
|
|
14,738 |
|
|
|
878 |
|
|
|
6 |
% |
|
Revenue share commission |
|
|
3,596 |
|
|
|
3,308 |
|
|
|
288 |
|
|
|
9 |
% |
|
CPA commission |
|
|
18,591 |
|
|
|
9,047 |
|
|
|
9,544 |
|
|
|
105 |
% |
|
Other revenue |
|
|
4,520 |
|
|
|
887 |
|
|
|
3,633 |
|
|
|
410 |
% |
|
Total revenues |
|
|
42,323 |
|
|
|
27,980 |
|
|
|
14,343 |
|
|
|
51 |
% |
Revenue increases were driven primarily by additional Cost Per Acquisition, or CPA, commission and Other revenue. The increase in Other revenue was driven by bonuses related to achieving certain operator NDC performance targets and fixed fees.
Our revenue disaggregated by product type from which it is derived is as follows:
|
|
|
YEAR ENDED |
|
|
CHANGE |
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
$ |
|
|
% |
|
||||
|
|
|
(in thousands USD) |
|
|
|
|
|
|
|
|||||||
|
Casino |
|
|
35,632 |
|
|
|
24,135 |
|
|
|
11,497 |
|
|
|
48 |
% |
|
Sports |
|
|
6,188 |
|
|
|
3,210 |
|
|
|
2,978 |
|
|
|
93 |
% |
|
Other |
|
|
503 |
|
|
|
635 |
|
|
|
(132 |
) |
|
|
(21 |
)% |
|
Total revenues |
|
|
42,323 |
|
|
|
27,980 |
|
|
|
14,343 |
|
|
|
51 |
% |
Revenue increases were driven by growth in revenue from casino and sports products.
Operating Expenses
|
|
|
YEAR ENDED |
|
|
CHANGE |
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
$ |
|
|
% |
|
||||
|
|
|
(in thousands USD) |
|
|
|
|
|
|
|
|||||||
|
Sales and marketing expenses |
|
|
14,067 |
|
|
|
8,103 |
|
|
|
5,964 |
|
|
|
74 |
% |
|
Technology expenses |
|
|
3,947 |
|
|
|
2,503 |
|
|
|
1,444 |
|
|
|
58 |
% |
|
General and administrative expenses |
|
|
13,014 |
|
|
|
5,956 |
|
|
|
7,058 |
|
|
|
119 |
% |
|
Movements in credit losses allowance and write offs |
|
|
(97 |
) |
|
|
287 |
|
|
|
(384 |
) |
|
|
(134 |
)% |
|
Total operating expenses |
|
|
30,931 |
|
|
|
16,849 |
|
|
|
14,082 |
|
|
|
84 |
% |
Total operating expenses increased by $14.1 million to $30.9 million compared to $16.8 million in the prior year. On a constant currency basis, operating expenses increased by $13.5 million, or 77%. The increase was driven primarily by increased headcount across Sales and Marketing, Technology, and General and Administrative functions as we invest in the Company’s organic growth initiatives as well as increased administrative expenses associated with operating as a public company.
Sales and Marketing expenses totaled $14.1 million compared to $8.1 million in the prior year. The increase was driven primarily by increased wages and salary expenses associated with increased headcount.
Technology expenses totaled $4.0 million compared to $2.5 million in the prior year. The increase was driven primarily by increased wages and salary expenses associated with increased headcount partially offset by capitalized development costs.
General and Administrative expenses totaled $13.0 million compared to $6.0 million in the prior year. The increase was driven primarily by increased wages and salary expenses associated with increased headcount, professional services, and insurance expenses.
Earnings
Adjusted EBITDA increased by 26% to $18.4 million compared to $14.6 million in the prior year representing an Adjusted EBITDA margin of 43%. The increase was driven primarily by increased revenue partly offset by increased operating expenses.
Operating profit remained relatively constant at $11.4 million compared to $11.1 million in 2020. Operating profit in 2021 was affected by non-recurring costs related to the public offering and future acquisitions by $2.6 million, and share based payments costs by $ 2.0 million ($0.7 million and $0.4 million, respectively, in 2020).
Net income totaled $12.5 million, or $0.37 per diluted share, compared to net income of $15.2 million, or $0.49 per diluted share, in the prior year. Net income in 2020 was positively affected by the recognition of deferred tax assets of $5.4 million and gain from bonds’ redemption of $1.4 million ($1.8 million and zero, respectively, in 2021).
Free Cash-flow
Total cash generated from operations of $14.0 million increased 28% compared to $10.9 million in the prior year. The increase was driven primarily by increased adjusted EBITDA. Free cash flow totaled $8.4 million compared to $10.8 million in the prior year. The decline was the result of increased cash flow generated from operations offset by increased capital expenditures consisting primarily of the acquisition of domain names and capitalized development costs.
|
Balance Sheet |
||||||||||||||||
|
|
|
AS OF |
|
|
CHANGE |
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
$ |
|
|
% |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
(in thousands, USD) |
|
|
|
|
|
|
|
|||||||
|
CONSOLIDATED STATEMENTS OF FINANCIAL |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Cash and cash equivalents |
|
|
51,047 |
|
|
|
8,225 |
|
|
|
42,822 |
|
|
|
521 |
% |
|
Working capital (2) |
|
|
46,714 |
|
|
|
10,059 |
|
|
|
36,655 |
|
|
|
364 |
% |
|
Total assets |
|
|
91,025 |
|
|
|
45,383 |
|
|
|
45,642 |
|
|
|
101 |
% |
|
Total borrowings |
|
|
5,944 |
|
|
|
5,960 |
|
|
|
(16 |
) |
|
|
(0 |
)% |
|
Total liabilities |
|
|
11,116 |
|
|
|
11,171 |
|
|
|
(55 |
) |
|
|
(0 |
)% |
|
Total equity |
|
|
79,909 |
|
|
|
34,212 |
|
|
|
45,697 |
|
|
|
134 |
% |
- Working capital is defined as total current assets minus total current liabilities.
n/m = not meaningful
Cash balances as of December 31, 2021 totaled $51.0 million, an increase of $42.8 million compared to $8.2 million as of December 31, 2020. Working capital as of December 31, 2021 totaled $46.7 million, an increase of $36.6 million compared to $10.1 million as of December 31, 2020.
Total assets as of December 31, 2021 were $91.0 million compared to $45.4 million as of December 31, 2020. Total borrowings, including accrued interest, remained constant at $5.9 million as of December 31, 2021 and 2020. Total liabilities decreased slightly as of December 31, 2021 to $11.1 million compared to $11.2 million as of December 31, 2020.
Total equity as of December 31, 2021 was $79.9 million compared to $34.2 million as of December 31, 2020.
The increases in working capital, total assets, and total equity were driven primarily by the net proceeds received from the IPO and operating profit and net income generated by the Company.
|
Fourth Quarter 2021 vs. Fourth Quarter 2020 Financial Highlights |
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|
|
|
THREE MONTHS ENDED |
|
|
CHANGE |
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
$ |
|
|
% |
|
||||
|
|
|
(in thousands USD, except for |
|
|
|
|
|
|
|
|||||||
|
CONSOLIDATED STATEMENTS OF |
|
|||||||||||||||
|
Revenue |
|
|
10,291 |
|
|
|
10,267 |
|
|
|
24 |
|
|
|
0 |
% |
|
Operating expenses |
|
|
(9,668 |
) |
|
|
(5,897 |
) |
|
|
(3,771 |
) |
|
|
64 |
% |
|
Operating profit |
|
|
623 |
|
|
|
4,370 |
|
|
|
(3,747 |
) |
|
|
(86 |
)% |
|
Income before tax |
|
|
1,311 |
|
|
|
3,489 |
|
|
|
(2,178 |
) |
|
|
(62 |
)% |
|
Net income for the period attributable to the |
|
|
867 |
|
|
|
8,541 |
|
|
|
(7,674 |
) |
|
|
(90 |
)% |
|
Net income per share attributable to ordinary |
|
|
0.03 |
|
|
|
0.39 |
|
|
|
(0.36 |
) |
|
|
(92 |
)% |
|
Net income per share attributable to ordinary |
|
|
0.02 |
|
|
|
0.35 |
|
|
|
(0.33 |
) |
|
|
(94 |
)% |
|
|
|
THREE MONTHS ENDED |
|
|
CHANGE |
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
$ |
|
|
% |
|
||||
|
|
|
(in thousands USD, |
|
|
|
|
|
|
|
|||||||
|
NON-IFRS FINANCIAL MEASURES |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Adjusted EBITDA |
|
|
2,272 |
|
|
|
6,115 |
|
|
|
(3,843 |
) |
|
|
(63 |
)% |
|
Adjusted EBITDA Margin |
|
|
22 |
% |
|
|
60 |
% |
|
n/m |
|
|
|
(38 |
)% |
|
|
Free Cash Flow |
|
|
(1,811 |
) |
|
|
3,533 |
|
|
|
(5,344 |
) |
|
|
(151 |
)% |
n/m = not meaningful
|
|
|
THREE MONTHS ENDED |
|
|
CHANGE |
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
Amount |
|
|
% |
|
||||
|
|
|
(in thousands, unaudited) |
|
|
|
|
|
|
|
|||||||
|
OTHER SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
New Depositing Customers (1) |
|
|
28 |
|
|
|
35 |
|
|
|
(7 |
) |
|
|
(20 |
)% |
- 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.
Revenue
Total revenue in the fourth quarter remained relatively constant at $10.3 million. On a constant currency basis, revenue remained relatively constant. NDCs decreased 20% to 28,000 compared to 35,000 in the prior year. We attribute the improved monetization of NDCs to a combination of technology improvements and changes in product and market mix.
Our revenue disaggregated by market is as follows:
|
|
|
THREE MONTHS ENDED |
|
|
CHANGE |
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
$ |
|
|
% |
|
||||
|
|
|
(in thousands USD, unaudited) |
|
|
|
|
|
|
|
|||||||
|
U.K. and Ireland |
|
|
5,226 |
|
|
|
5,780 |
|
|
|
(554 |
) |
|
|
(10 |
)% |
|
Other Europe |
|
|
2,260 |
|
|
|
2,299 |
|
|
|
(39 |
) |
|
|
(2 |
)% |
|
North America |
|
|
2,154 |
|
|
|
1,383 |
|
|
|
771 |
|
|
|
56 |
% |
|
Rest of the world |
|
|
651 |
|
|
|
805 |
|
|
|
(154 |
) |
|
|
(19 |
)% |
|
Total revenues |
|
|
10,291 |
|
|
|
10,267 |
|
|
|
24 |
|
|
|
0 |
% |
Changes in revenue were driven by strong organic growth in our North American markets, offset by a decline in the U.K. and Ireland and, to a lesser extent, Other Europe and Rest of the world. U.K. and Ireland revenue was negatively affected by higher than usual volatility in organic search traffic. In the comparable period, U.K. and Ireland revenue was positively affected by increased demand coinciding with restrictive Covid-19 measures. Other Europe was negatively affected by regulatory changes in Germany implemented in July 2021 partly offset by growth in revenue from other European markets.
Our revenue disaggregated by monetization is as follows:
|
|
|
THREE MONTHS ENDED |
|
|
CHANGE |
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
$ |
|
|
% |
|
||||
|
|
|
(in thousands USD, unaudited) |
|
|
|
|
|
|
|
|||||||
|
Hybrid commission |
|
|
2,935 |
|
|
|
5,557 |
|
|
|
(2,622 |
) |
|
|
(47 |
)% |
|
Revenue share commission |
|
|
744 |
|
|
|
1,004 |
|
|
|
(260 |
) |
|
|
(26 |
)% |
|
CPA commission |
|
|
5,202 |
|
|
|
3,271 |
|
|
|
1,931 |
|
|
|
59 |
% |
|
Other revenue |
|
|
1,410 |
|
|
|
435 |
|
|
|
975 |
|
|
|
224 |
% |
|
Total revenues |
|
|
10,291 |
|
|
|
10,267 |
|
|
|
24 |
|
|
|
0 |
% |
Revenue from CPA commission and Other revenue increased whereas revenue from hybrid and revenue share commission decreased. The changes in monetization were primarily a result of changes in market mix with a higher proportion of revenue from the U.S compared to the previous year. The increase in Other revenue was driven primarily by bonuses related to achieving certain operator NDC performance targets and fixed fees.
Our revenue disaggregated by product type from which it is derived is as follows:
|
|
|
THREE MONTHS ENDED |
|
|
CHANGE |
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
$ |
|
|
% |
|
||||
|
|
|
(in thousands USD, unaudited) |
|
|
|
|
|
|
|
|||||||
|
Casino |
|
|
8,466 |
|
|
|
8,846 |
|
|
|
(380 |
) |
|
|
(4 |
)% |
|
Sports |
|
|
1,769 |
|
|
|
1,160 |
|
|
|
609 |
|
|
|
53 |
% |
|
Other |
|
|
56 |
|
|
|
261 |
|
|
|
(205 |
) |
|
|
(79 |
)% |
|
Total revenues |
|
|
10,291 |
|
|
|
10,267 |
|
|
|
24 |
|
|
|
0 |
% |
Revenue increases were driven by growth in revenue from sports products offset by a decrease in casino and other revenue.
Operating Expenses
|
|
|
THREE MONTHS ENDED |
|
|
CHANGE |
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
$ |
|
|
% |
|
||||
|
|
|
(in thousands USD, unaudited) |
|
|
|
|
|
|
|
|||||||
|
Sales and marketing expenses |
|
|
4,632 |
|
|
|
2,442 |
|
|
|
2,190 |
|
|
|
90 |
% |
|
Technology expenses |
|
|
1,190 |
|
|
|
798 |
|
|
|
392 |
|
|
|
49 |
% |
|
General and administrative expenses |
|
|
3,877 |
|
|
|
2,609 |
|
|
|
1,268 |
|
|
|
49 |
% |
|
Movements in credit losses allowance and write offs |
|
|
(31 |
) |
|
|
48 |
|
|
|
(79 |
) |
|
|
(165 |
)% |
|
Total operating expenses |
|
|
9,668 |
|
|
|
5,897 |
|
|
|
3,771 |
|
|
|
64 |
% |
Total operating expenses increased by $3.8 million to $9.7 million compared to $5.9 million in the prior year. On a constant currency basis, operating expenses increased by $3.6 million, or 58%. The increase was driven primarily by headcount across Sales and Marketing, Technology, and General and Administrative functions as we invest in the Company’s organic growth initiatives as well as increased administrative expenses associated with operating as a public company.
Sales and Marketing expenses totaled $4.6 million compared to $2.4 million in the prior year. The increase was driven primarily by increased wages and salary expenses associated with increased headcount.
Technology expenses totaled $1.2 million compared to $0.8 million in the prior year. The increase was driven primarily by increased wages and salary expenses associated with increased headcount partially offset by capitalized development costs.
General and Administrative expenses totaled $3.9 million compared to $2.6 million in the prior year. The increase was driven primarily by increased wages and salary expenses associated with increased headcount, professional services, and insurance expenses.
Earnings
Adjusted EBITDA decreased by 63% to $2.3 million compared to $6.1 million in the prior year representing an Adjusted EBITDA margin of 22%. The decrease was driven by increased operating expenses.
Operating profit in the fourth quarter decreased 86% to $0.6 million compared to $4.4 million in 2020. The decrease was driven primarily by a decrease in Adjusted EBITDA and an increase in share-based payments expense.
Net income in the fourth quarter totaled $0.9 million, or $0.02 per diluted share, compared to net income of $8.5 million, or $0.35 per diluted share, in the prior year. Net income in the forth quarter 2021 was positively affected by a USD/Euro foreign currency exchange gain of $1.1 million (zero in 2020). While net income in the fourth quarter of 2020 was positively affected by the recognition of deferred tax assets of $5.4 million (deferred tax asset reduction of $0.2 million in 2021).
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bet365
IBIA and PFA Canada join forces to provide sports integrity education to the Canadian Premier League
CPL first to benefit from CA$300,000 education fund commitment by regulated sports betting operators.
The International Betting Integrity Association (IBIA) and its members bet365, Betway and FanDuel have partnered with the Professional Footballers’ Association Canada (PFA Canada) to design a bespoke two-year sports-integrity education program for players and staff in the Canadian Premier League (CPL).
In 2024, the program – which will start in May – will educate approximately 300 players and staff about the potential threat of sports-betting related match-fixing to the integrity of the Canadian Premier League, their careers, as well as its potential to defraud sports betting operators and customers. The agreement also stipulates a repeat training in 2025 to ensure new players joining the league are also able to protect themselves from criminals and corrupters and report any suspicious activity.
Khalid Ali, CEO of IBIA, said: “IBIA’s members take their role – as responsible regulated betting operators – in protecting the integrity of sporting competition and of betting markets seriously. Alongside balanced, efficient and evidenced-based regulation, protecting soccer players, staff and officials from being targeted by criminals is an essential first step to stamping-out sports-betting related match-fixing and fraud.”
The program will include a combination of dedicated in-person trainings and online resources for players and staff in the CPL’s eight league teams. The in-person sessions will educate players on the environment in which they are operating, including rules and sanctions, as well as highlighting the scale and accuracy of technology enabled sports integrity monitoring.
Dan Kruk, Executive Director of PFA Canada, said: “IBIA has delivered sports-integrity education to over thirty-five thousand athletes in Europe since 2010, and we’re grateful that they can leverage that know-how to design a bespoke training for CPL players. At PFA Canada we understand that, despite being more resource-intensive, in-person sports integrity education is essential to gain the trust and understanding of busy athletes, and to enable full, frank and open conversations.”
The CPL’s sports-integrity education program has been enabled by a CA$300,000 commitment over three years by IBIA and its member operators bet365, Betway and FanDuel for the Canadian market, from which other sports are also expected to benefit.
“At FanDuel Canada, we recognize the critical role athlete education plays in maintaining sports integrity,” said Dale Hooper, General Manager of FanDuel Canada. “We are thrilled to expand our engagement with IBIA through this new partnership helping to build a curriculum that will help athletes understand their role in protecting sport.”
Joachim Bjerg of Betway stated: “We’re very proud to partner and support IBIA and the Professional Footballers’ Association Canada that will design, create and implement a bespoke course that will further enhance Betway’s global commitment to educating players and staff involved in sport.
“As a responsible regulated betting operator, we see our role in this sector imperative to safeguarding the integrity of sports and we very much look forward to working with IBIA on this exciting and important initiative.”
Jean-Francois Reymond, IBIA’s Education Ambassador, who will work with the PFA Canada trainers on the May launch, said: “We look forward to working with PFA Canada to further protect the Canadian Premier League from the threat of sports-betting related match-fixing. Protecting the integrity of sport means protecting the integrity of athletes. Most often through a lack of awareness, it is the athletes who are risking their careers and livelihoods. IBIA’s objective is to help build a best-in-class program for all athletes that serves to protect the integrity of Canadian sport and the careers of Canada’s athletes.”
IBIA’s sports-integrity education program is a global offering, alongside IBIA’s not-for-profit model for sharing data on suspicious sporting events with sports regulators and law enforcement, player education can significantly reduce the threat of sports betting related match-fixing. In 2024, IBIA has already trained athletes at the EUBC’s European Boxing Championships in Serbia and is in active discussion with sports governing bodies in Canada and several other jurisdictions to ensure that as many athletes as possible can benefit from sports integrity education. Please contact us if you are interested in learning more.
Scientific Games, in partnership with Loto-Québec, Sustana Papers and Recyc-Québec, won the 2024 Gutenberg Award for sustainability at the 42nd Gala Gutenberg. The Gutenberg Awards are the Québec printing industry’s premier event, highlighting the talent, creativity and expertise of printing artisans.
The partnership’s winning entry was the Le Billet Vert (The Green Ticket) lottery instant scratch game launched by Loto-Québec in April 2024. The game was printed on 100% recycled board provided by Sustana Papers, with 100% water-based inks. Scientific Games enhanced the sustainability of the production process by packing completed games in boxes containing 60% recycled fiber and delivering them on reused European Pallet Association pallets.
The game promotes the recycling of lottery tickets, inviting players to download Recyc-Québec’s Ça va où? (Where Does It Go?) mobile app. The app teaches users to correctly sort recyclables and shows them drop-off locations for various types of household waste.
Isabelle Jean, Executive Vice-President and Chief Operating Officer of Lottery Games for Loto-Québec, said, “Since our first scratch game printed on 100% recycled paper stock debuted in 2021, our sustainability efforts have only increased. Congratulations to our team members from Loto-Québec, Scientific Games, Sustana Papers and Recyc-Québec for their vision. Together, we are reducing the environmental footprint of our games.”
The sustainable materials and game production techniques used for Le Billet Vert saved 110 mature trees, the equivalent of 326 10-minute showers, and the electrical power of 882,587 60-watt lightbulbs in one hour (Sustana Solutions eco calculator).
Marc-Andre Doyon, Vice President Canada for Scientific Games, said, “Through this collaboration, Scientific Games and our partners lead the global lottery industry in instant game sustainability. It’s truly an honor to win the Gutenberg Award for our efforts.”
Le Billet Vert is the thirteenth 100% recyclable game created for Loto-Québec since 2021 when Scientific Games and the Lottery began collaborating on a project to bring sustainable instant games to the lottery industry. Another game from this collection, Folie des plantes (Plant Madness), won the Gutenberg Award for sustainability in 2022. Other 100% recyclable Loto-Québec games produced by Scientific Games include Evasion (Escape), Code secret (Secret Code), SLINGO 10X and C’est quoi ton signe? (What’s Your Sign?).
Scientific Games is Loto-Québec’s primary instant game partner, producing the Lottery’s first instant game more than 50 years ago. The company has employed generations of Québécois professionals from their Montréal production facility, which produces instant games for Canadian and European lotteries.
With products that generate more than 70% of global instant game retail sales, Scientific Games is the world’s largest instant games creator, producer and services provider, and the primary provider to nine of the Top 10 performing instant game lotteries in the world (La Fleur’s 2024 World Lottery Almanac).
Casino Time, a full-service online casino for Ontario residents, proudly announces the highly anticipated launch of its iGaming website, CasinoTime.ca. Affiliated with 10 Charitable Gaming entertainment venues across the province, Casino Time extends its legacy fundraising model and beloved social gaming experience to the digital realm.
At the time of launch, Casino Time features a premium selection of games in each of its core product verticals including Slots, Live Dealer Casino Games, and Bingo. Adding to its diverse portfolio, Casino Time is also set to introduce a Sportsbook in late 2024. With a robust suite of features including interactive chat, local customer service, 24/7 accessibility, loyalty rewards, and rapid payment solutions, the online platform provides a powerful casino experience that is community-oriented.
Casino Time is committed to meeting the expectations of players who value the superior gaming experience associated with its charitable gaming affiliates. The iGaming website harnesses industry-leading technology from Gaming Innovation Group (GiG) to deliver an intuitive user experience and offers progressive jackpots and full-service game offerings from Pragmatic Play, Evolution, IGT, and Blueprint Gaming, including mega hits like Lightning Roulette, Gonzo’s Quest, and Cleopatra.
Pragmatic Play will also be the driving force behind Casino Time’s Bingo offering, handpicked by the operator for its best-in-class user experience, comprehensive promotional suite, live chat functionality, and exclusive play-on-demand feature. Casino Time is the first Canadian iGaming operator to offer regulated access to the globally renowned bingo product, Bingo Blast, cherished by players everywhere.
“We have been leading the revival of community gaming in Ontario for 20 years with cutting-edge gambling entertainment at the local level. Now through an exclusive partnership with iGO, we’re bringing our offerings online across Ontario, providing more access to the social gaming revolution that has won us a legion of fans,” says D’Arcy Stuart, CEO of Casino Time.
Rooted in legacy, Casino Time’s team is dedicated to delivering an unparalleled online and offline gaming experience with over 50 years of serving the gambling community in Ontario. Committed to VIP loyalty, high-touch customer care, responsible gaming practices, and safety and security, Casino Time provides community and peace of mind to its players.
“In our physical locations, our gambling product is, of course, second to none, but the special sauce is the social experience, which we’re replicating with the iGaming platform,” adds George Prue, General Manager of Jackpot Time Sarnia. “We know our customers personally and we love being part of their recreation and banter. Plus, proceeds get invested straight back into the community. That’s a gambling model we can proudly stand behind.”
Casino Time is not merely an online entity; it is an extension of the vibrant Ontario gambling community. Casino Time’s iGaming website goes beyond the ordinary, fostering a community-oriented gaming experience that is both social and inclusive.
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