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Gambling.com Group Reports First Quarter 2022 Financial Results

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  • 70% Revenue Growth with Record Revenue and Adjusted EBITDA
  • Reiterates full year outlook revenue of $71-76 million and Adjusted EBITDA of $22-27 million in 2022

Gambling.com Group Limited (Nasdaq: GAMB) (“Gambling.com Group” or the “Company”), a multi-award-winning performance marketing company and a leading provider of digital marketing services active in the global online gambling industry, today announced its operating and financial results for the first quarter ended March 31, 2022.

“Our core business performed brilliantly in the quarter, driving record revenue and Adjusted EBITDA performance. This very strong underlying growth together with the acquisitions of RotoWire.com and BonusFinder.com, propelled Q1 2022 revenue 70% past our previous best quarter” said Charles Gillespie, Chief Executive Officer and Co-founder of Gambling.com Group, “Our current primary strategic objective is to rapidly grow our business in the U.S. market, which is exactly what we did in the quarter – while also delivering high margins despite the continuous investments in the business to position us for further U.S. growth. We continue to believe that the affiliate model offers American and international online gambling operators the most effective and reliable way to spend their marketing budgets, and we look forward to another record year for the Group.”

First Quarter 2022 vs. First Quarter 2021 Financial Highlights
(in thousands, USD, except per share data, unaudited)

THREE MONTHS ENDED
MARCH 31,

2022 to 2021
CHANGE

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2022

2021

$

%

Revenue

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19,585

11,517

8,068

70

%

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Adjusted EBITDA

7,187

7,117

70

1

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%

Adjusted EBITDA margin

37

%

62

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%

(25

)%

Cash flow from operations

3,586

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6,740

(3,154

)

(47

)%

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Free cash flow

1,374

6,397

(5,023

)

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(79

)%

Net income for the period attributable to the
equity holders

4,488

4,466

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22

0

%

Net income per share for the period attributable to the
equity holders, diluted

0.12

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0.14

(0.02

)

(15

)%

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First Quarter 2022 Highlights

  • North American revenue grew 544% to $10.6 million
  • Delivered 67,000 new depositing customers
  • Closed the acquisitions of RotoWire.com and BonusFinder.com
  • Successful new market launches in New York and Louisiana
  • Strong organic revenue growth led by North America, complemented by growth from acquisitions
  • Strong start to the recently announced McClatchy media partnership
  • Subsequent to quarter end, successful new launch in Ontario

Elias Mark, Chief Financial Officer of Gambling.com Group, added, “We saw our accelerated investments in the business during the second half of 2021 start to pay off, and grew revenue 70% to deliver the best quarterly performance in the Group’s history. The record performance was driven by exceptionally strong growth in North America, particularly in New York, and very solid results in the United Kingdom and Ireland measured against our previous best quarter. Strong underlying organic growth is complemented by our recent acquisitions, which were all performing in-line with, or better than, our initial expectations. We continue to expect another record year for the Group and reiterate our full year guidance.”

2022 Outlook

For the fiscal year 2022. based on currently available information, we estimate:

  • 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 million

This release contains certain non-IFRS financial measures, such as EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin and free cash flow, and related ratios. See ”Supplemental Information – 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.

Conference Call Details

Date/Time:

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Tuesday, May 31, 2022, at 9:00 am EDT

Webcast:

https://www.webcast-eqs.com/register/gamb20220531/en

U.S. Toll-Free Dial In:

877-407-0890

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International Dial In:

+1-201-389-0918

To access the call, please dial in approximately 10 minutes before the start of the call. An accompanying slide presentation will be available in PDF format within the “News & Events” section of the Company’s website.

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.

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Aaron LaBerge

PENN Entertainment Launches Stand-alone iCasino App, theScore Casino, in Ontario

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PENN Entertainment announced that it has launched theScore Casino, a new stand-alone iCasino app in Ontario. The dedicated online casino experience leverages the popular theScore brand, which has been a mainstay in the Ontario market for decades. Now available on Android, iOS, and desktop, customers can login using their existing theScore Bet credentials, allowing for a seamless experience across online gaming platforms.

theScore Casino operates on the same cutting-edge proprietary technology platform as PENN’s online Hollywood Casino, which launched as a standalone product in the US in December. The product was recently ranked by Eilers & Krejcik as the #2 overall iCasino product in the US.

theScore Casino, also available within theScore Bet app, offers a variety of online slots, table games, and live dealer content, including original titles from PENN Game Studios, the company’s in-house game development studio. theScore Casino also includes bespoke live dealer tables and exclusive games such as Blue Jays Blackjack, an original title leveraging theScore Bet’s partnership with the Toronto Blue Jays.

“We’re excited to introduce our dedicated iCasino product in Ontario under the well-known and trusted theScore brand. We’ve built a strong online gaming foothold in the Ontario market and are primed to deliver an even better casino experience with our proven stand-alone app. Our customer-friendly platform features more than 1200 games, dozens of original titles and intuitive game play that distinguishes our product and positions us for even greater success,” said Aaron LaBerge, Chief Technology Officer and Head of Interactive at PENN Entertainment.

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The post PENN Entertainment Launches Stand-alone iCasino App, theScore Casino, in Ontario appeared first on Gaming and Gambling Industry in the Americas.

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Canada

ELK Studios Expands Partnership with SkillOnNet to Ontario Market

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PlayOJO, SlotsMagic and SpinGenie to carry ELK Studios’ games in Ontario

Global entertainment brand SkillOnNet and innovative Swedish game creator Elk Studios have cemented their longstanding partnership with the launch of ELK’s groundbreaking portfolio in the Ontario market.

ELK Studios is responsible for some of the industry’s most innovative and engaging online casino games. Now, players at SkillOnNet’s Ontario-licensed casinos, PlayOJO, SlotsMagic and SpinGenie, will be able to experience the feature-packed delights of hit titles like Nitropolis, Tinkerbot and Pirot, as well as new release Orbitfall, and the studio’s signature X-iter and CollectR mechanics.

The expansion marks a milestone for ELK Studios as it continues to grow its footprint in regulated markets worldwide. SkillOnNet recently successfully launched the studio’s portfolio in the Spanish and Mexican markets through its Spanish-language brands and expects the studio’s games to make a similarly immediate impact with Ontario players.

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Ontario has become a hugely important growth market since the province launched regulated online gaming in 2022. It was worth $2.4 billion in 2024, with $63 billion in wagering, the lion’s share coming from online casinos.

Jani Kontturi, Head of Games at SkillOnNet said: “ELK Studios is known for its high-quality games that blend unique storytelling and humour with high levels of engagement and playability, which is why we’re delighted to introduce them to Ontario. We believe they will perform successfully, as they have in other markets around the world.”

Vaida Cirtautaite, CCO at ELK Studios said: “SkillOnNet has been an invaluable partner in our growth journey, and we are thrilled to expand our collaboration into Ontario. We’re excited to bring our innovative games to a new wave of players in this dynamic market.”

The post ELK Studios Expands Partnership with SkillOnNet to Ontario Market appeared first on Gaming and Gambling Industry in the Americas.

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AGCO

Playnetic granted Ontario supplier license

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Global B2B iGaming content provider secures first Canadian market entry following the successful submission and approval of its gaming-related supplier application

Playnetic, the in-demand global B2B iGaming content provider known for its quality games, reliable delivery and outstanding customer service, has announced the approval of its gaming-related supplier application by the Alcohol and Gaming Commission of Ontario (AGCO).

With the AGCO licensing process being recognised in the industry for its rigorous standards and thorough due diligence, the new certification confirms Playnetic was able to meet the high levels of integrity and regulatory compliance needed to legally distribute its content within the province.

As a result of the approval, Playnetic has now secured its first Canadian market entry and will be able to provide its library of innovative games to licensed operators in the Ontario region – with this starting point paving the way for further expansion into other regulated provinces in future.

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Given signs of change emerging within the Canadian market and Alberta making progress toward a regulated online model – likely drawing from Ontario’s framework – this license positions Playnetic strongly to expand its footprint in the country and further solidifies the company’s ambitious growth plans.

In the meantime, Playnetic has already begun making groundwork with key operators in the Ontario region and is looking forward to going live with some exciting brands over the coming months. The company will also be attending SBC’s Canadian Gaming Summit from June 17-19, where both existing and new potential partners alike are welcome to stop by and meet the team.

Dan Phillips, Chief Executive Officer at Playnetic, said: “Acquiring AGCO approval for our gaming-related supplier application is undoubtedly a big step for Playnetic. The new license not only secures our first Canadian market entry, but also reaffirms Playnetic’s position as a trusted provider in iGaming and underlines our commitment to compliance and operational excellence.”

Julian Borg-Barthet, Chief Commercial Officer at Playnetic, said: “We’re very excited to now be in a position to offer our library of innovative gaming content in Ontario, and the groundwork to do that with some of the region’s biggest licensed operators is already underway. Over time, we’re confident this license will also help us expand further into current markets and emerging regulated provinces, such as Alberta.”

The post Playnetic granted Ontario supplier license appeared first on Gaming and Gambling Industry in the Americas.

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