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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Maverick Games has launched sports betting operations in Ontario, through a partnership with Delasport.
Maverick Games will offer Ontarian players a premium sports betting experience, built on Delasport’s superior technology and known for its unique innovative features that players love including personalization, recommendations, gamification, quick bets, player engagement features, and more.
Maverick Games is the second brand to launch on Delasport’s technology in Ontario, with another full turnkey brand set to go live soon. Delasport also recently unveiled its innovative sports betting jackpot network game, SuperPot. The company will showcase this unique product at the Canadian Gaming Summit next month and begin rolling it out to Ontarian operators shortly thereafter.
“We are proud to see Maverick Games live and thriving with our one of a kind sportsbook solution at its core. They have been a fantastic partner from the start, and this launch further demonstrates how fast and efficient our technology is when paired with a clear vision and strong collaboration,” said Rosaire Galea Cavallaro, VP of Business Development at Delasport.
“Maverick Games’s sports vertical is a major step forward for us and launching it with Delasport has been the right move from day one. The platform’s performance and flexibility allow us to deliver the kind of user experience we believe Ontario players deserve. We’re excited to now bring that vision to life,” CEO Matt Rathbun said.
The post Maverick Games Launches Sports Betting Operations in Ontario appeared first on Gaming and Gambling Industry in the Americas.
Tsleil-Waututh Nation (TWN) announced that it has signed a Memorandum of Understanding to acquire the casino business and related real property interests at Hastings Racecourse & Casino (Hastings) in the City of Vancouver from Great Canadian Gaming Corporation (Great Canadian Entertainment).
“We are thrilled to take another important step towards economic self-determination for our Nation in our traditional territory, and we are eager to work with the senior management team at Great Canadian Entertainment to finalize due diligence and execute a definitive agreement, as well as working with the City of Vancouver to ensure the best long-term use of this important asset within the City. We believe that this opportunity is historic for us in many ways, and we look forward to entering the gaming industry in due course,” said Jen Thomas, Chief of the Tsleil-Waututh Nation.
“We are excited about working with TWN on their potential acquisition of the casino operations and related real property interests at Hastings Racecourse & Casino. Recognizing that Hastings is part of the TWN’s traditional territory, we can think of no better entity to inherit this asset, and we look forward to supporting them in the transition after the anticipated close of the sale,” Matt Anfinson, Chief Executive Officer of Great Canadian Entertainment.
The agreement is subject to further due diligence, finalization of financial terms and the execution of a definitive purchase and sale agreement. Once a definitive agreement has been executed by the parties, it is anticipated that the transaction will be subject to customary closing conditions as well as customary approvals by gaming regulatory and other authorities, including certain approvals by the City of Vancouver given its ownership of the real property. It is expected that Great Canadian Entertainment will provide transition services to TWN for a period of time following the anticipated closing.
The post Tsleil-Waututh Nation Signs MoU to Acquire Casino Business at Hastings Racecourse & Casino appeared first on Gaming and Gambling Industry in the Americas.
High Roller Technologies, operator of the premium online casino brands High Roller and Fruta, announced the submission of its Internet Gaming Operator license application in Ontario, Canada, targeting the launch of its flagship brand HighRoller.com in the second half of 2025.
“The submission of our licensing application to access Ontario’s regulated online gambling market is an important milestone in our Company’s journey. Once our application is approved, we anticipate that we will have the opportunity to launch our online casino product into the market later this year,” said Ben Clemes, Chief Executive Officer at High Roller.
Ontario is one of the largest regulated online gambling markets in the world as measured by gross gaming revenue. In 2024, regulated online gambling operators within the province generated approximately $2.3B in gross gaming revenue, and growth continues to be recorded in the first half of 2025. Recently, the province of Alberta passed enabling legislation to establish a regulatory framework for online gambling. Once available, the Company also intends to pursue licensure in Alberta to expand its regulated market footprint in Canada.
“Ontario is missing an elegant brand like High Roller. We’re excited to roll out the red carpet for our new customers, and we’re looking forward to showcasing our tremendous product,” said Clemes.
The post High Roller Submits Gaming License Application in Ontario appeared first on Gaming and Gambling Industry in the Americas.
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