Canada
Gambling.com Group Fourth Quarter Revenue Rises 107% to $21.3 Million
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 financial results for the fourth quarter and the full year periods ended December 31, 2022.
|
Fourth Quarter and Full Year 2022 vs. Fourth Quarter and Full Year 2021 Financial Highlights |
|||||||||||||||||
|
(in thousands, USD, except per share data, unaudited)  |
|||||||||||||||||
|
|
Three Months Ended |
|
Change |
|
Year Ended December 31, |
|
Change |
||||||||||
|
|
2022 |
|
2021 |
|
% |
|
2022 |
|
2021 |
|
% |
||||||
|
Revenue |
21,349 |
|
|
10,291 |
|
|
107 |
% |
|
76,507 |
|
|
42,323 |
|
|
81 |
% |
|
Net income (loss) for the period attributable to shareholders (1) |
(4,409 |
) |
|
867 |
|
|
(609 |
)% |
|
2,390 |
|
|
12,453 |
|
|
(81 |
)% |
|
Net income (loss) per share attributable to shareholders, diluted (1) |
(0.12 |
) |
|
0.02 |
|
|
(687 |
)% |
|
0.06 |
|
|
0.37 |
|
|
(86 |
)% |
|
Adjusted net income (loss) for the period attributable to shareholders (1) |
613 |
|
|
867 |
|
|
(29 |
)% |
|
14,195 |
|
|
12,453 |
|
|
14 |
% |
|
Adjusted net income (loss) per share attributable to shareholders, diluted (1) |
0.02 |
|
|
0.02 |
|
|
— |
% |
|
0.37 |
|
|
0.37 |
|
|
— |
% |
|
Adjusted EBITDA |
6,855 |
|
|
2,272 |
|
|
202 |
% |
|
24,069 |
|
|
18,356 |
|
|
31 |
% |
Adjusted EBITDA Margin |
32 |
% |
|
22 |
% |
|
|
|
31 |
% |
|
43 |
% |
|
|
||
|
Cash flows generated by operating activities |
6,188 |
|
|
1,177 |
|
|
426 |
% |
|
18,755 |
|
|
13,997 |
|
|
34 |
% |
|
Free Cash Flow |
364 |
|
|
(1,811 |
) |
|
(120 |
)% |
|
9,467 |
|
|
8,423 |
|
|
12 |
% |
|
(1) For the three months and year ended December 31, 2022 Adjusted Net Income and Adjusted Net income per share is exclusive of, and Net Income and Net Income per share is inclusive of Adjustments related to acquisitions of $5.0 million, or $0.12 per share, and $11.8 million, or $0.31 per share. 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. |
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Charles Gillespie, Chief Executive Officer and Co-Founder of Gambling.com Group commented, “We ended 2022 extending our strong record of organic growth with quarterly revenue and Adjusted EBITDA reflecting another quarter of solid growth in our established markets and the continued strong ramp up of our North American operations. Fourth quarter 2022 revenue more than doubled year over year to $21.3 million, while our high-margin operating model helped drive a 202% increase in Adjusted EBITDA to $6.9 million. The fourth quarter results reflect a nearly 200% year-over-year and 21% quarterly sequential increase in new depositing customers to 82,000. Our investments in expanding our team, technology, and our portfolio of performance marketing websites continue to drive highly efficient and effective customer acquisition for online gambling operators. These factors, combined with our expansion into five new North American markets last year, helped drive an 81% increase in 2022 full year revenue to $76.5 million, a 31% improvement in Adjusted EBITDA to $24.1 million, and Free Cash Flow of $9.5 million.
“Gambling.com Group’s 364% year-over-year increase in fourth quarter North American revenue to $10.0 million reflects the continued benefit from strong performance in our newest markets, including solid results from our November launch in Maryland. Further, we have seen great performance out of the gate from our Ohio launch in January and our launch in Massachusetts earlier this month. Complementing our North American growth, we also continue to demonstrate the value and benefits of our performance marketing platform in the U.K. and Ireland, where we have operated for nearly ten years, as we generated a 54% year-over-year revenue growth to $8.1 million, an all-time record for the fourth consecutive quarter.
“Gambling.com Group is positioned for continued growth in 2023 and beyond as we strategically leverage our technology and portfolio of websites which this year will include the launch of the brand new Casinos.com website. Our previously announced media partnerships with McClatchy and Gannett also position us to further deliver on our growth expectations and for our clients. We expect to generate strong organic growth in 2023 despite no current expectations for any additional North American markets coming online. By leveraging our high-yielding operating model to drive consistent profitability, we are confident that the Company can continue to drive near- and long-term growth and further enhance value for our shareholders.”
Fourth Quarter 2022 and Recent Business Highlights
- North American revenue grew 364% to $10.0 million
- Delivered more than 82,000 new depositing customers
- Successfully launched operations in Maryland
- Acquired ultra-premium domain name Casinos.com
- Repurchased 38,708 ordinary shares for an average price of $8.98 per share
- Won the EGR Sports Affiliate of the Year award
- Since the start of the year, launched operations in Ohio and Massachusetts
- In February, entered into a strategic media partnership with Gannett Co., Inc., publisher of USA TODAY
Elias Mark, Chief Financial Officer of Gambling.com Group, added, “Our leading technology, domain names and websites, successful entry into new markets, and strong value proposition to our customers drove a more than 133% increase in new depositing customers in 2022, and yet another year of industry-leading revenue growth with continued strong profitability and cash generation. Looking ahead, we remain committed to delivering profitable growth and consistent positive operating cash flow. With our strong operating cash-flow and balance sheet, we have the financial flexibility to continue making return-focused investments in our business to deliver increased scale and attractive top-line and cashflow growth – all while maintaining strong profitability.”
2023 Outlook
The Company initiates full year 2023 guidance for revenue of $93 million to $97 million, and for Adjusted EBITDA of $32 million to $36 million. The Company’s guidance assumes:
- No anticipation of going live in any additional North American markets for the balance of 2023
- No benefit from any new acquisitions
- New investments throughout 2023 for the development of Casinos.com as well as to service media partners including Gannett
- An average EUR/USD exchange rate of 1.075 throughout 2023.
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ComeOn Group announced a significant milestone in its sportsbook expansion journey with the addition of sportsbook to their offering in Ontario following the successful acquisition of the required permits. This addition represents a strategic advancement in the Groups sportsbook growth trajectory where they are set to double its sportsbook business in the coming years.
ComeOn Group is one of 51 active operators in Ontario. The Ontario market has experienced robust growth since its launch, reaching C$6.7 billion in revenue in 2023.* By 2029, the market is forecasted to grow by a total of 29%, with 2024 expected to close with a 20% increase.
ComeOn keeps investing in its sportsbook business acceleration that is powered by its proprietary sportsbook platform and in-house risk management and trading team. As a multi product vertical operator, ComeOn is striving to give its customer base a safe and exciting entertainment destination and this approach is now expanded to their Ontario audience.
Juergen Reutter, Chief Executive Officer at ComeOn Group, said: “We are very excited about the opportunities this new milestone opens up for us. As a casino-led operator it represents a key part of our sportsbook strategy to double our business in the coming years. Like in any of our other markets, we are striving for a differentiated sportsbook entertainment experience that is powered by our in-house technology. Our goal is to deliver top-tier entertainment to our players while fostering safe and innovative gaming experiences.”
*Source – H2GC H2 Ontario Data 25.10.2024 (excl. Lottery)
BCLC
INTRALOT Announces New Project with the British Columbia Lottery Corporation for Online Lottery Platform
INTRALOT S.A. has announced the undertaking of a new project between the British Columbia Lottery Corporation (BCLC), the sole lottery operator for the Government of British Columbia in Canada, and INTRALOT Inc., its US subsidiary, for the provision of an online lottery platform. The project also includes the digitalization of the existing land-based network.
The solution will be based on the Player X platform, part of the Lotos X ecosystem, and adds to the company’s overall partnership with BCLC, which has been extended until 2028.
INTRALOT is a leading player in a changing world of gaming. With significant experience in looking forward and anticipating emerging trends, the company provides future-proof solutions to regulated lottery and gaming operators around the world.
Hot on the heels of its most attended conference in history, the International Association of Gaming Regulators (IAGR) is excited to announce that its 2025 conference will take place in Toronto, Canada, from October 20 to 23, 2025.
The event will be held in partnership with the Alcohol and Gaming Commission of Ontario (AGCO) at the Westin Harbour Castle, offering stunning waterfront views and a premier, downtown Toronto location.
‘Fresh off the success of our Rome conference, we’re thrilled to continue the momentum with next year’s event in Toronto,’ said Ben Haden, IAGR President.
‘The IAGR 2025 conference promises to be another unparalleled opportunity for our global community to come together, collaborate and shape the future of gaming regulation. We’re looking forward to working with AGCO to bring it all together.’
AGCO CEO and Registrar Dr. Karin Schnarr, added, ‘We’re excited to welcome IAGR and its members to Toronto. This partnership provides a great opportunity to share Ontario’s innovative regulatory practices and foster meaningful discussions that drive positive change in the industry.’
Stay tuned for registration details early next year.
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