Connect with us

Gambling in the USA

Gambling.com Group Q4 Revenue Rises 52% to a Quarterly Record $32.5 Million

Published

on

gamblingcom-group-q4-revenue-rises-52%-to-a-quarterly-record-$32.5-million
  • Generates Q4 Net Income of $6.4 Million and a 54% Increase in Adjusted EBITDA to $10.6 Million
  • 2023 Full Year Revenue Increased 42% to $108.7 Million; Net Income Rose to $18.3 Million and Adjusted EBITDA Grew 53% to $36.7 Million
  • Enters into Definitive Agreement to Acquire Freebets.com and Related Assets in a Highly Accretive Transaction
  • Introduces 2024 Guidance for Revenue of $129 – $133 Million and Adjusted EBITDA of $44 – $48 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 reported record financial results for the fourth quarter and full year ended December 31, 2023. The Company also announced a definitive agreement to acquire Freebets.com and related assets in a transaction that is expected to be immediately accretive to the Company’s financial results upon closing. In addition, the Company introduced 2024 revenue and Adjusted EBITDA guidance as detailed below.

Fourth Quarter and Full Year 2023 vs. Fourth Quarter and Full Year 2022 Financial Highlights
(USD in thousands, except per share data, unaudited)

Three Months Ended December 31,

Change

Year ended December 31,

Change

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2023

2022

%

2023

2022

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

Revenue

32,530

21,349

52

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

108,652

76,507

42

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Net income (loss) for the period attributable to shareholders (1)

   6,374

  (4,409

)

245

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

18,260

   2,390

664

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Net income (loss) per share attributable to shareholders, diluted (1)

     0.16

    (0.12

)

233

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

     0.47

     0.06

683

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Net income margin (1)

20

%

(21

) %

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

17

%

3

%

Adjusted net income for the period attributable to shareholders (1)(2)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

   6,808

      613

1011

%

26,302

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

14,195

85

%

Adjusted net income per share attributable to shareholders, diluted (1)(2)

     0.18

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

     0.02

800

%

     0.68

     0.37

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

84

%

Adjusted EBITDA (1)(2)

10,572

   6,855

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

54

%

36,715

24,069

53

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

Adjusted EBITDA Margin (1)(2)

32

%

32

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

34

%

31

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Cash flows (used in) generated by operating activities

   6,962

   6,188

13

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

17,910

18,755

(5

)%

Free Cash Flow (2)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

     (118

)

      364

(132

) %

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

16,185

   9,467

71

%

__________

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(1) For the three months ended December 31, 2023, Net income and Net income per share include, and Adjusted net income and Adjusted net income per share exclude, adjustments related to the Company’s 2022 acquisitions of RotoWire and BonusFinder of $0.3 million, or $0.01 per share. Similarly, these adjustments totaled $4.4 million, or $0.13 per share, for the three months ended December 31, 2022. For the year ended December 31, 2023, Net income and Net income per share include, and Adjusted net income and Adjusted net income per share exclude, adjustments related to the Company’s 2022 acquisitions of RotoWire and BonusFinder of $7.7 million, or $0.21 per share. Similarly, these adjustments totaled $11.2 million, or $0.31 per share, for the year ended December 31, 2022. See “Supplemental Information – Non-IFRS Financial Measures” and the tables at the end of this release for an explanation of the adjustments.
(2) Represents a non-IFRS measure. See “Supplemental Information – Non-IFRS Financial Measures” and the tables at the end of this release for reconciliations to the comparable IFRS numbers.

Charles Gillespie, Chief Executive Officer and Co-Founder of Gambling.com Group, commented, “Our fourth quarter results extended our strong record of delivering high top-line growth and attractive margins. With consistent execution over the years, and especially over the past four years in North America, we have established one of the strongest and highest-growth performance marketing businesses in the online gambling industry. Our operating momentum continued throughout 2023 and the undeniable power of our capital efficient business is on full display in our full year results which include a 42% increase in revenue to $108.7 million, a 53% rise in Adjusted EBITDA to $36.7 million and 71% growth in Free Cash Flow to $16.2 million.

“Our fourth quarter and full year North American revenue increased 103% and 69%, respectively. Growth was driven by new state launches, strong increases in ‘same-state’ sales and our blossoming media partnership initiatives. We are confident in our ability to continue growing our North American market share this year and we will also benefit from the recent launch of online sports betting in our home state of North Carolina, where we are off to a strong start since the market launched on March 11th.

“Gambling.com Group is positioned for continued revenue, Adjusted EBITDA and Free Cash Flow growth in 2024 and beyond across all of our markets. As significant shareholders, the founders and senior management of Gambling.com Group remain fully aligned with all owners and we are steadfastly committed to enhancing shareholder value.”

Enters into Definitive Agreement to Acquire Freebets.com and Related Assets

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Gambling.com Group also announced today that it will expand its presence across the United Kingdom and other European markets through a definitive agreement to acquire Freebets.com and related assets. Closing is expected at the beginning of April, subject to customary closing conditions. Gambling.com Group anticipates that these assets will produce revenue of approximately $10.0 million and incremental Adjusted EBITDA of approximately $5.0 million during the nine months from April to December 2024.

The Company will acquire these assets for a total consideration of between $37.5 million and $42.5 million, consisting of $20.0 million paid on closing, $10.0 million paid on the six-month anniversary of closing and between $7.5 million and $12.5 million to be paid on the one-year anniversary of the closing subject to the revenue performance of the assets during the remainder of 2024. Gambling.com Group expects to fund the purchase price from existing cash on hand, borrowings under the recently announced credit facility and future cash flow.

“This acquisition will provide us with another big brand and assets that complement our existing website portfolio in a number of our key-focus markets, enabling us to drive further growth which is both high margin and highly accretive,” said Charles Gillespie. “By operating these assets on our technology platform, we expect to unlock their full potential. We are confident that this latest acquisition will create incremental shareholder value in the same way we have done with previous acquisitions.”

Fourth Quarter 2023 and Recent Business Highlights

  • Grew North American revenue 103% to $20.3 million
  • Delivered more than 159,000 new depositing customers (“NDCs”)
  • Strong contribution from Kentucky following launch in late September
  • Acquired European casino domains and related assets for $6.4 million
  • Repurchased 205,727 shares for an average price of $9.70
  • Won the iGB Casino Affiliate of the Year Award
  • Launched operations in our home state of North Carolina on March 11th
  • Secured new $50 million credit facility with Wells Fargo Bank, National Association
  • Entered into a definitive agreement to acquire Freebets.com and related assets

Elias Mark, Chief Financial Officer of Gambling.com Group, added, “The strong value we create for our online gambling operator partners is evident in the 56% increase in the number of NDCs we sent to them in 2023. Consistent with our capital efficient DNA, nearly all of our revenue growth in 2023 was organic(1) which we again converted into Free Cash Flow at a very high percentage. We are positioned to further our operating momentum in 2024 as the mid-points of our revenue and Adjusted EBITDA outlook reflect growth of 21% and 25%, respectively.”

(1) Organic growth refers to the percentage change in revenue during a period compared to the same period in the previous year. Organic growth is adjusted to exclude revenue from businesses acquired during the preceding 12 months.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2024 Outlook

The Company announced its 2024 guidance as follows:

Low

Midpoint

High

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

FY 2023

Revenue (millions)

129

131

133

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

108.7

Adjusted EBITDA (millions)

44

46

48

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

36.7

The Company introduces full year 2024 guidance for revenue of $129 million to $133 million and Adjusted EBITDA of $44 million to $48 million.

The Company’s guidance assumes:

  • Following the launch of sports betting in North Carolina on March 11th, no additional North American markets coming online over the balance of 2024
  • No benefit from any new acquisitions, apart from approximately $10 million in revenue and $5 million in incremental Adjusted EBITDA related to the acquisition of Freebets.com and related assets as described above
  • An average EUR/USD exchange rate of 1.09 throughout 2024

Conference Call Details

Date/Time:

Thursday, March 21, 2024, at 8:00 a.m. ET

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Webcast:

webcast-eqs.com/gamb20240314/en

U.S. Toll-Free Dial In:

877-407-0890

International Dial In:

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

1 201-389-0918

To access, please dial in approximately 10 minutes before the start of the call. 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. Information contained on the Company’s website is not incorporated into this press release.

About Gambling.com Group Limited

Gambling.com Group Limited (Nasdaq: GAMB) (the “Group”) is a multi-award-winning performance marketing company and a leading provider of digital marketing services active in the online gambling industry. Founded in 2006, the Group has offices globally, primarily operating in the United States and Ireland. Through its proprietary technology platform, the Group publishes a portfolio of premier branded websites including Gambling.com, Bookies.com, Casinos.com and RotoWire.com. Gambling.com Group owns and operates more than 50 websites in seven languages across 15 national markets covering all aspects of the online gambling industry, including iGaming and sports betting, and the fantasy sports industry.

Use of Non-IFRS Measures

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

This press release contains certain non-IFRS financial measures, such as Adjusted Net Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, 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.

Cautionary Note Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that relate to our current expectations and views of future events. All statements other than statements of historical facts contained in this press release, including statements relating to our expectation of continued growth in the North American market and other established markets, benefits from the recent launch of online sports betting in North Carolina, our ability to scale and optimize our media partnerships, whether the acquisition of Freebets.com and related assets is immediately accretive and creates additional shareholder value, the 2024 revenue of Freebets.com and related assets, the funding of the purchase price and whether the customary closing conditions of the acquisition of Freebets.com and related assets will be met, the expected continuation to benefit from near- and long-term opportunities to deliver profitable organic growth, whether our ability to leverage revenue drivers with our business model will continue to increase shareholder value, availability of additional, accretive acquisition opportunities, and our 2024 outlook, are all forward-looking statements. These statements represent our opinions, expectations, beliefs, intentions, estimates or strategies regarding the future, which may not be realized. In some cases, you can identify forward-looking statements by terms such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” “could,” “will,” “would,” “ongoing,” “future” or the negative of these terms or other similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements involve known and unknown risks, uncertainties, contingencies, changes in circumstances that are difficult to predict and other important factors that may cause our actual results, performance, or achievements to be materially and/or significantly different from any future results, performance or achievements expressed or implied by the forward-looking statement. Important factors that could cause actual results to differ materially from our expectations are discussed under “Item 3. Key Information – Risk Factors” in Gambling.com Group’s annual report filed on Form 20-F for the year ended December 31, 2022 with the U.S. Securities and Exchange Commission (the “SEC”) on March 23, 2023, and Gambling.com Group’s other filings with the SEC as such factors may be updated from time to time. Any forward-looking statements contained in this press release speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. Gambling.com Group disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.

Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
(USD in thousands, except per share amounts)

The following table details the consolidated statements of comprehensive income for the three and twelve months ended December 31, 2023 and 2022 in the Company’s reporting currency and constant currency.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Reporting Currency

Constant Currency

Reporting Currency

Constant Currency

Three Months Ended December 31,

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Change

Change

Twelve Months Ended December 31,

Change

Change

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2023

2022

%

%

2023

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2022

%

%

Revenue

32,530

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

21,349

52

%

45

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

108,652

76,507

42

%

38

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

Cost of sales

(5,089

)

(629

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

709

%

668

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(9,112

)

(2,959

)

208

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

198

%

Gross profit

27,441

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

20,720

32

%

26

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

99,540

73,548

35

%

31

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

Sales and marketing expenses

(9,687

)

(9,401

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

3

%

(2

(35,331

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(33,740

)

5

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

1

%

Technology expenses

(3,058

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(2,208

)

39

%

31

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

(10,287

)

(6,764

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

52

%

47

%

General and administrative expenses

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(6,994

)

(5,201

)

34

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

28

%

(24,291

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(19,519

)

24

%

21

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

Movements in credit losses allowance

468

102

359

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

337

%

(914

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(796

)

15

%

11

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

Fair value movement on contingent consideration

(4,317

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(100

) %

(100

) %

(6,939

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(10,852

)

(36

) %

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(38

) %

Operating profit

8,170

(305

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

2779

%

(2637

) %

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

21,778

1,877

1060

%

1023

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

Finance income

620

100

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

100

%

634

2,322

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(73

) %

(74

) %

Finance expenses

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(2,577

)

(4,434

)

42

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

(45

) %

(2,271

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(1,299

)

75

%

69

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

Income before tax

6,215

(4,739

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

231

%

(224

) %

20,141

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2,900

595

%

572

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Income tax (charge) credit

159

330

(52

) %

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(54

) %

(1,881

)

(510

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

269

%

257

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Net income for the period attributable to shareholders

6,374

(4,409

)

245

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

(237

) %

18,260

2,390

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

664

%

640

%

Other comprehensive income (loss)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Exchange differences on translating foreign currencies

4,953

9,095

(46

) %

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(48

) %

2,868

(4,793

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(160

) %

(158

) %

Total comprehensive income (loss) for the period attributable to shareholders

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

11,327

4,686

142

%

(129

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

) %

21,128

(2,403

)

979

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

952

%

Consolidated Statements of Financial Position (Unaudited)
(USD in thousands)

DECEMBER
31,

2023

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

DECEMBER
31,

2022

ASSETS

Non-current assets

Property and equipment

908

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

714

Right-of-use assets

1,460

1,818

Intangible assets

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

98,000

88,521

Deferred compensation cost

29

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Deferred tax asset

7,134

5,832

Total non-current assets

107,502

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

96,914

Current assets

Trade and other receivables

21,938

12,222

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Inventories

75

Cash and cash equivalents

25,429

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

29,664

Total current assets

47,367

41,961

Total assets

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

154,869

138,875

EQUITY AND LIABILITIES

Equity

Share capital

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Capital reserve

74,166

63,723

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Treasury shares

(3,107

)

(348

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Share options and warrants reserve

7,414

4,411

Foreign exchange translation deficit

(4,207

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(7,075

)

Retained earnings

44,658

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

26,398

Total equity

118,924

87,109

Non-current liabilities

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Other payables

290

Deferred consideration

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

4,774

Contingent consideration

11,297

Lease liability

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

1,190

1,518

Deferred tax liability

2,008

2,179

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Total non-current liabilities

3,198

20,058

Current liabilities

Trade and other payables

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

10,793

6,342

Deferred income

2,207

1,692

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Deferred consideration

18,811

2,800

Contingent consideration

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

19,378

Other liability

308

226

Lease liability

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

533

554

Income tax payable

95

716

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Total current liabilities

32,747

31,708

Total liabilities

35,945

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

51,766

Total equity and liabilities

154,869

138,875

Consolidated Statements of Cash Flows (Unaudited)
(USD in thousands)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Three Months Ended December
31,

Year ended
December 31,

2023

2022

2023

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2022

Cash flow from operating activities

Income before tax

6,215

(4,739

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

20,141

2,900

Finance cost / (income), net

1,957

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

4,434

1,637

(1,023

)

Adjustments for non-cash items:

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Depreciation and amortization

568

1,401

2,088

6,959

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Movements in credit loss allowance

(468

)

(102

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

914

796

Fair value movement on contingent consideration

4,317

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

6,939

10,852

Share-based payment expense

817

814

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

3,607

3,214

Warrants repurchased

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(800

)

Income tax paid

(2,063

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(628

)

(3,826

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(1,444

)

Payment of contingent consideration

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(4,621

)

Payment of deferred consideration

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(2,897

)

Cash flows from operating activities before changes in working capital

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

7,026

5,497

23,982

21,454

Changes in working capital

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Trade and other receivables

(3,260

)

(907

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(10,387

)

(5,838

)

Trade and other payables

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

3,196

1,673

4,240

3,214

Inventories

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(75

)

75

(75

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

Cash flows (used in ) generated by operating activities

6,962

6,188

17,910

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

18,755

Cash flows from investing activities

Acquisition of property and equipment

(157

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(451

)

(330

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Acquisition of intangible assets

(6,924

)

(5,824

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(8,792

)

(8,958

)

Acquisition of subsidiaries, net of cash acquired

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(23,411

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Interest received from bank deposits

90

259

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Payment of deferred consideration

(4,933

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Payment of contingent consideration

(5,557

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

Cash flows used in investing activities

(6,991

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(5,824

)

(19,474

)

(32,699

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

Cash flows from financing activities

Exercise of share options

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

106

Treasury shares acquired

(1,813

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(348

)

(2,572

)

(348

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

Repayment of borrowings

(6,000

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(6,000

)

Interest payment attributable to third party borrowings

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(99

)

(458

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Interest payment attributable to deferred consideration settled

(110

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Principal paid on lease liability

(98

)

(75

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(402

)

(315

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Interest paid on lease liability

(38

)

(47

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(165

)

(189

)

Cash flows used in financing activities

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(1,949

)

(6,569

)

(3,143

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(7,310

)

Net movement in cash and cash equivalents

(1,978

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(6,205

)

(4,707

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(21,254

)

Cash and cash equivalents at the beginning of the period

26,884

35,092

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

29,664

51,047

Net foreign exchange differences on cash and cash equivalents

522

777

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

472

(129

)

Cash and cash equivalents at the end of the period

25,429

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

29,664

25,429

29,664

Earnings Per Share

Below is a reconciliation of basic and diluted earnings per share as presented in the Consolidated Statement of Comprehensive Income for the period specified, stated in USD thousands, except per share amounts (unaudited):

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Three Months Ended
December 31,

Reporting
Currency
Change

Constant
Currency
Change

Year Ended December
31,

Reporting
Currency
Change

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Constant
Currency
Change

2023

2022

%

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2023

2022

%

%

Net income for the period attributable to shareholders

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

6,374

(4,409

)

245

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(237

) %

18,260

2,390

664

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

640

%

Weighted-average number of ordinary shares, basic

37,403,888

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

36,467,299

3

%

3

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

37,083,262

35,828,204

4

%

4

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

Net income per share attributable to shareholders, basic

0.17

(0.12

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

242

%

(231

) %

0.49

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.07

600

%

600

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Net income for the period attributable to shareholders

6,374

(4,409

)

245

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

(237

) %

18,260

2,390

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

664

%

640

%

Weighted-average number of ordinary shares, diluted

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

38,879,038

37,289,010

4

%

4

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

38,542,166

38,212,108

1

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

1

%

Net income per share attributable to shareholders, diluted

0.16

(0.12

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

233

%

(233

) %

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.47

0.06

683

%

683

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

Supplemental Information

Rounding

We have made rounding adjustments to some of the figures included in the discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes thereto. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.

Non-IFRS Financial Measures

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Management uses several financial measures, both IFRS and non-IFRS financial measures in analyzing and assessing the overall performance of the business and for making operational decisions.

Adjusted Net Income and Adjusted Net Income Per Share

Adjusted net income is a non-IFRS financial measure defined as net income attributable to equity holders excluding the fair value gain or loss related to contingent consideration, unwinding of deferred consideration, and certain employee bonuses related to acquisitions. Adjusted net income per diluted share is a non-IFRS financial measure defined as adjusted net income attributable to equity holders divided by the diluted weighted average number of common shares outstanding.

We believe adjusted net income and adjusted net income per diluted share are useful to our management as a measure of comparative performance from period to period as these measures remove the effect of the fair value gain or loss related to the contingent consideration, unwinding of deferred consideration, and certain employee bonuses, all associated with our acquisitions, during the limited period where these items are incurred. We expect to incur expenses related to the unwinding of deferred consideration and employee bonuses until April 2024. See Note 5 of the consolidated financial statements for the year ended December 31, 2023 for a description of the contingent and deferred considerations associated with our acquisitions.

Below is a reconciliation to Adjusted net income attributable to equity holders and Adjusted net income per share, diluted from net income for the period attributable to the equity holders and net income per share attributed to ordinary shareholders, diluted as presented in the Consolidated Statements of Comprehensive Income (Loss) and for the period specified stated in the Company’s reporting currency and constant currency (unaudited):

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Reporting Currency

Constant
Currency

Reporting Currency

Constant
Currency

Three months ended
December 31,

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Change

Change

Year ended December
31,

Change

Change

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2023

2022

%

%

2023

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2022

%

%

Revenue

32,530

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

21,349

52

%

45

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

108,652

76,507

42

%

38

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

Net income (loss) for the period attributable to shareholders

6,374

(4,409

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

245

%

(237

) %

18,260

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2,390

664

%

640

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Net income margin

20

%

(21

) %

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

17

%

3

%

Net income (loss) for the period attributable to shareholders

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

6,374

(4,409

)

245

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(237

) %

18,260

2,390

664

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

640

%

Fair value movement on contingent consideration (1)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

4,317

(100

) %

(100

) %

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

6,939

10,852

(36

) %

(38

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

) %

Unwinding of deferred consideration (1)

309

77

301

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

277

%

735

325

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

126

%

119

%

Employees’ bonuses related to acquisition(1)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

125

628

(80

) %

(81

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

) %

368

628

(41

) %

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(43

) %

Adjusted net income for the period attributable to shareholders

6,808

613

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

1011

%

939

%

26,302

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

14,195

85

%

79

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Net income per share attributable to shareholders, basic

0.17

-0.12

242

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(231

) %

0.49

0.07

600

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

600

%

Effect of adjustments for fair value movements on contingent consideration, basic

0.00

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.12

(100

) %

(100

) %

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.19

0.30

(37

) %

(39

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

) %

Effect of adjustments for unwinding on deferred consideration, basic

0.01

0.01

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

%

0.02

0.01

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

100

%

100

%

Effect of adjustments for bonuses related to acquisition, basic

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.00

0.01

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

0.01

0.02

(50

) %

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(50

) %

Adjusted net income per share attributable to shareholders, basic

0.18

0.02

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

800

%

800

%

0.71

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.40

78

%

73

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Net income per share attributable to ordinary shareholders, diluted

0.16

-0.12

233

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(233

) %

0.47

0.06

683

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

683

%

Adjusted net income per share attributable to shareholders, diluted

0.18

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.02

800

%

800

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.68

0.37

84

%

79

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

__________

(1) There is no tax impact from fair value movement on contingent consideration, unwinding of deferred consideration or employee bonuses related to acquisition.

EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin

EBITDA is a non-IFRS financial measure defined as earnings excluding interest, income tax (charge) credit, depreciation, and amortization. Adjusted EBITDA is a non-IFRS financial measure defined as EBITDA adjusted to exclude the effect of non-recurring items, significant non-cash items, share-based payment expense, foreign exchange gains (losses), fair value of contingent consideration, and other items that our board of directors believes do not reflect the underlying performance of the business, including acquisition related expenses, such as acquisition related costs and bonuses. Adjusted EBITDA Margin is a non-IFRS measure defined as Adjusted EBITDA as a percentage of revenue.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

We believe Adjusted EBITDA and Adjusted EBITDA Margin are useful to our management team as a measure of comparative operating performance from period to period as those measures remove the effect of items not directly resulting from our core operations including effects that are generated by differences in capital structure, depreciation, tax effects and non-recurring events.

While we use Adjusted EBITDA and Adjusted EBITDA Margin as tools to enhance our understanding of certain aspects of our financial performance, we do not believe that Adjusted EBITDA and Adjusted EBITDA Margin are substitutes for, or superior to, the information provided by IFRS results. As such, the presentation of Adjusted EBITDA and Adjusted EBITDA Margin is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with IFRS. The primary limitations associated with the use of Adjusted EBITDA and Adjusted EBITDA Margin as compared to IFRS results are that Adjusted EBITDA and Adjusted EBITDA Margin as we define them may not be comparable to similarly titled measures used by other companies in our industry and that Adjusted EBITDA and Adjusted EBITDA Margin may exclude financial information that some investors may consider important in evaluating our performance.

Below is a reconciliation to EBITDA, Adjusted EBITDA from net income for the period attributable to shareholders as presented in the Consolidated Statements of Comprehensive Income and for the period specified (unaudited):

Reporting Currency

Constant
Currency

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Reporting Currency

Constant
Currency

Three Months Ended
December 31,

Change

Change

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Year ended
December 31,

Change

Change

2023

2022

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

%

2023

2022

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

(USD in thousands)

(USD in thousands)

Net income (loss) for the period attributable to shareholders

6,374

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(4,409

)

(245

) %

(237

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

) %

18,260

2,390

664

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

640

%

Add back (deduct):

Interest expenses on borrowings and lease liability

38

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

150

(75

) %

(76

) %

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

165

646

(74

) %

(75

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

) %

Income tax charge

(159

)

(330

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(52

) %

(52

) %

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

1,881

510

269

%

257

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

Depreciation expense

63

43

47

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

41

%

246

190

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

29

%

26

%

Amortization expense

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

505

1,358

(63

) %

(65

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

) %

1,842

6,769

(73

) %

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(74

) %

EBITDA

6,821

(3,188

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(314

) %

(303

) %

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

22,394

10,505

113

%

106

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

Share-based payment expense

997

814

22

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

16

%

3,787

3,214

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

18

%

14

%

Fair value movement on contingent consideration

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

4,317

(100

) %

(100

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

) %

6,939

10,852

(36

) %

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(38

) %

Unwinding of deferred consideration

309

77

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

301

%

281

%

735

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

325

126

%

119

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Foreign currency translation losses (gains), net

1,699

4,293

(60

) %

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(62

) %

923

(2,097

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(144

) %

(143

) %

Interest income from bank deposits

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(90

)

100

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

100

%

(259

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

100

%

100

%

Other finance results

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

1

(86

)

(101

) %

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(101

) %

73

103

(29

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

) %

(31

) %

Secondary offering related costs

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

100

%

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

733

100

%

100

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

Acquisition related costs (1)

508

100

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

100

%

821

539

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

52

%

47

%

Employees’ bonuses related to acquisition

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

125

628

(80

) %

100

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

368

628

(41

) %

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(43

) %

Employee bonuses related to the public offerings

201

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

100

%

100

%

201

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

100

%

100

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Adjusted EBITDA

10,572

6,855

54

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

47

%

36,715

24,069

53

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

48

%

__________

(1) The acquisition costs are related to historical and potential business combinations of the Group.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Below is the Adjusted EBITDA Margin calculation for the period specified stated in the Company’s reporting currency and constant currency (unaudited):

Reporting Currency

Constant
Currency

Reporting Currency

Constant
Currency

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Three Months Ended December 31,

Change

Change

Year ended December
31,

Change

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Change

2023

2022

%

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2023

2022

%

%

(USD in thousands,
except margin)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(in thousands USD, except margin)

Revenue

32,530

21,349

52

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

45

%

108,652

76,507

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

42

%

38

%

Adjusted EBITDA

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

10,572

6,855

54

%

47

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

36,715

24,069

53

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

48

%

Adjusted EBITDA Margin

32

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

32

%

34

%

31

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

In regard to forward looking non-IFRS guidance, we are not able to reconcile the forward-looking non-IFRS Adjusted EBITDA measure to the closest corresponding IFRS measure without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items including, but not limited to, fair value movements, share-based payments for future awards, acquisition-related expenses and certain financing and tax items.

Free Cash Flow

Free Cash Flow is a non-IFRS liquidity financial measure defined as cash flow from operating activities adjusted for payments related to contingent and deferred consideration included within operating cash flow less capital expenditures.

We believe Free Cash Flow is useful to our management team as a measure of financial performance as it measures our ability to generate additional cash from our operations. While we use Free Cash Flow as a tool to enhance our understanding of certain aspects of our financial performance, we do not believe that Free Cash Flow is a substitute for, or superior to, the information provided by IFRS metrics. As such, the presentation of Free Cash Flow is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with IFRS.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

The primary limitation associated with the use of Free Cash Flow as compared to IFRS metrics is that Free Cash Flow does not represent residual cash flows available for discretionary expenditures because the measure does not deduct the payments required for debt service and other obligations or payments made for business acquisitions. Free Cash Flow as we define it also may not be comparable to similarly titled measures used by other companies in the online gambling affiliate industry.

Below is a reconciliation to Free Cash Flow from cash flows generated by operating activities as presented in the Consolidated Statement of Cash Flows for the period specified in the Company’s reporting currency (unaudited):

Three Months Ended
December 31,

Change

Year ended December
31,

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Change

2023

2022

%

2023

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2022

%

(in thousands USD, unaudited)

(USD in thousands, unaudited)

Cash flows generated by operating activities

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

6,962

6,188

13

%

17,910

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

18,755

(5

)

Adjustment for items presented in operating activities:

Payment of contingent consideration

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

4,621

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

100

%

Payment of deferred consideration

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

2,897

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

100

%

Adjustment for items presenting in investing activities:

Capital Expenditures (1)

(7,081

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(5,824

)

22

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(9,243

)

(9,288

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

Free Cash Flow

(118

)

364

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(132

) %

16,185

9,467

71

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

__________

(1) Capital expenditures are defined as the acquisition of property and equipment and the acquisition of intangible assets, and excludes cash flows related to business combinations.

 

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Gambling in the USA

Gaming Americas Weekly Roundup – April 21-27

Published

on

gaming-americas-weekly-roundup-–-april-21-27
Reading Time: 2 minutes

Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.

Latest News

International Game Technology PLC announced that its dynamic Wheel of Fortune DiamondRS Premium Wheel cabinet recently launched in casinos across the US. Guests of Sky River Casino in Elk Grove, Calif. and of Mohegan Sun in Uncasville, Conn. were among the first players in the world to enjoy the Wheel of Fortune Cash Link Reels Double Diamond and Wheel of Fortune Cash Link Reels Double Gold games on IGT’s new ultra-high-tech, mechanical-reel cabinet. Designed exclusively for Wheel of Fortune game content, the Wheel of Fortune DiamondRS Premium Wheel cabinet boasts a 20-inch physical wheel, a 32-inch LCD top box and a 23-inch transmissive display.

CT Gaming continues its strong momentum from the first quarter of 2025 with a new wave of installations in Panama. Strengthening its position in the Latin American market, the company has partnered with leading operators to introduce top-performing products, including the EZ Modulo 32/32/32 slot cabinet and the highly successful Diamond King series. Among the highlights of the installation is Diamond King 3—CT Gaming’s bestselling multigame featuring 50 captivating titles. Players can enjoy a diverse mix of content, including the legendary Mega Jack trio: Aztec Gold, Slot-O-Pol Deluxe and Champagne Party. The experience is further enhanced by the Diamond Tree progressive jackpot, which delivers elevated gameplay and exciting reward potential.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Las Vegas Sands has contributed $100,000 through the Sands Cares global community engagement programme to 100 Black Men Las Vegas in support of the organisation’s youth mentorship, scholarship and community service offerings. The 2025 donation will enable 100 Black Men Las Vegas to offer new programmes including a science, technology, engineering and math initiative; the Pathways to Public Service programme, which focuses on developing a pipeline of law enforcement and first responder professionals; and Realtist Academy, which prepares participants to become licensed real estate agents or mortgage brokers. In addition, Sands Cares funding will help 100 Black Men Las Vegas pursue efforts to identify a permanent location for the organisation.

Partnerships

SCCG Management has announced an expanded partnership with AWARE, a global leader in biometric verification software. Under this agreement, SCCG becomes a preferred reseller for AWARE’s biometric and identity verification solutions within the global gaming industry. AWARE’s advanced biometric technology offers a future-proof solution for iGaming and gambling platforms—empowering operators to ensure compliance, prevent fraud and protect players, all while delivering a seamless and secure user experience. With growing regulatory scrutiny and rising demand for frictionless onboarding, AWARE’s adaptive biometrics provide a scalable and trusted identity framework for modern gaming environments.

The Brazilian Football Confederation and Sportradar Integrity & Regulatory Services, a unit of Sportradar AG announced the extension of their long-standing partnership, set to begin with the 2025 season. The new agreement aims to enhance efforts to combat match-fixing in Brazilian football and safeguard the integrity of the sport. Sportradar, through its industry-leading Universal Fraud Detection System (UFDS), will deliver integrity monitoring for more than 8200 men’s and women’s matches organised annually by the CBF. Through this renewed partnership, the UFDS will now cover all Brazilian national championships.

The post Gaming Americas Weekly Roundup – April 21-27 appeared first on European Gaming Industry News.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)
Continue Reading

California Gambling Control Commission

California Gambling Control Commission Advances Licensing, Tribal Partnerships, and Responsible Gaming Initiatives

Published

on

california-gambling-control-commission-advances-licensing,-tribal-partnerships,-and-responsible-gaming-initiatives

Sacramento, CA — In a meeting packed with regulatory updates and licensing decisions, the California Gambling Control Commission (CGCC) convened on April 24 to advance numerous agenda items impacting the state’s gambling landscape—from tribal gaming approvals to responsible gambling programs and operator renewals.

Problem Gambling & Public Health Takes the Stage

The Commission meeting opened with a presentation by Sosha Marasigan-Quintero from the California Department of Public Health, offering an overview and update on the California Problem Gambling Treatment Services Program. While no specific staff recommendations were provided, the update underscores California’s continued focus on behavioral health in gambling.

Tribal Revenue Distribution Approved

The Commission approved the quarterly distribution of payments from the Revenue Sharing Trust Fund to eligible recipient Indian Tribes. This routine, yet vital, procedure ensures the equitable distribution of revenue to support tribal sovereignty and infrastructure across the state.

Cardroom Licensing: Approvals and Extensions

Among key licensing matters:

  • 500 Club Casino (K & M Casinos, Inc.) received both initial and renewal owner-type license approvals through January 2027.

  • Casino Chico, Hollywood Park Casino, and Lake Bowl Cardroom were granted renewals and short-term extensions, some with conditions such as improving record-keeping systems or ensuring regulatory compliance ahead of reopening.

  • Hotel Del Rio & Casino was granted a 60-day extension under several strict conditions, including updated safety plans and the restatement of commingled financial records.

Key Employee Licensing Actions

The Commission approved several initial and renewal key employee licenses. Notably:

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)
  • Jeffrey Thompson was approved with a condition prohibiting involvement in illegal gambling activities.

  • Kevin Lee and George Rahme received 120-day extensions for renewal processing.

Third-Party Proposition Player Services Under Scrutiny

The Commission approved both initial and temporary licenses for Fortune Players Group, Inc., with a lengthy list of conditions tied to the conduct of a former associate, Rene Medina. These conditions highlight the Commission’s ongoing vigilance in monitoring third-party player services and maintaining compliance across operations.

Progressive Gaming, LLC was also approved for an initial license, further expanding third-party service provider capacity.

Gaming Resource Suppliers & Tribal Approvals

Initial suitability findings for several prominent tribal gaming resource suppliers were approved, including:

  • HCAL, LLC

  • JCM Global

  • Konami Gaming, Inc.

  • PDS Gaming, LLC

Dozens of tribal gaming employees were also approved for key positions at tribal casinos across California, reflecting the Commission’s continued support of tribal gaming operations and the necessary workforce to support it.

Notable Withdrawals and Denials

In two notable cases, requests to withdraw license applications—Josephine Hoang and Jesus Bojorquez—were denied, signaling the Commission’s increased scrutiny and emphasis on applicant accountability.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

A Broader Look Ahead

With regulatory reform on the horizon and ongoing efforts to promote responsible gaming, the April 2025 CGCC meeting showcased a mix of routine license management and deeper engagement with emerging compliance issues. As the Commission prepares for the next quarter, the groundwork laid in this session will likely influence policy developments and enforcement trends across California’s gambling sector.

The post California Gambling Control Commission Advances Licensing, Tribal Partnerships, and Responsible Gaming Initiatives appeared first on Gaming and Gambling Industry in the Americas.

Continue Reading

Gambling in the USA

Gaming Americas Weekly Roundup – April 14-20

Published

on

gaming-americas-weekly-roundup-–-april-14-20
Reading Time: 2 minutes

Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.

Latest News

H. Betti Industries Inc, the leading distributor of amusement and gaming equipment and parts, has announced the appointment of Todd Cravens as President of Betson Gaming. In this expanded leadership role, Cravens will oversee all aspects of its growing gaming division, with a focus on expanding market share, building the product portfolio and accelerating growth in new and existing markets. Since joining the Company in January 2025 as SVP of Gaming, Cravens has made an immediate and measurable impact across the business. His leadership has helped sharpen Betson’s gaming strategy, align the team and focus on new revenue streams, while also bringing operational discipline and strategic vision to other areas of the company.

The Michigan Gaming Control Board has initiated investigations into unlicensed sports prediction markets operating within the state. These platforms, which bypass Michigan’s regulatory framework, have raised significant concerns about consumer protections. Michigan’s investigations align with similar actions already taken by other state regulatory bodies and focus on how this form of unlicensed sports betting may jeopardize the integrity of Michigan’s legal sports betting system. The unlicensed platforms offer what they describe as innovative financial products that allow users to trade their predictions on the outcomes of sports events. By sidestepping the regulatory protections of Michigan’s legal sports betting market, these platforms pose a serious risk to consumers. They create potential confusion among bettors and blur the line between sports betting as entertainment and sports betting as a financial trading vehicle.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Partnerships

Bragg Gaming Group announced the acquisition of a strategic equity stake in, and the signing of an exclusive content partnership with RapidPlay, a specialist Brazilian game development studio renowned for its localised, high-performance online casino content tailored to Brazilian and the broader Latin American market. Under the terms of the agreement, Bragg receives an equity stake in RapidPlay and has entered into an exclusive commercial distribution agreement with RapidPlay at standard market terms. The agreement allows Bragg to integrate and offer RapidPlay’s full content portfolio through its expanding base of licensed Brazilian operators.

PrizePicks has renewed its partnership with the Atlanta Braves, reaffirming its position as the club’s Official Daily Fantasy Sports Partner. This new three-year agreement reinforces the longstanding relationship between the two Atlanta-based powerhouses, building on a successful collaboration that began in 2020. As part of the partnership, PrizePicks branding will be prominently featured throughout Truist Park with a combination of static and LED signage. The company will also retain access to exclusive VIP experiences for business needs and will continue its popular “PrizePicks Pick of the Game” segment, which airs on the Braves Radio Network pregame show before all regular season games.

SCCG Management has become the sponsor of SFT Combat, one of Brazil’s premier MMA promotions. As a long-time client partner, SFT Combat continues to push boundaries in the world of professional fighting, delivering high-quality events that captivate both local and global audiences. The sponsorship reflects a strategic investment in Brazil’s sports and gaming ecosystem, where MMA plays a central role in both cultural identity and entertainment value.

The post Gaming Americas Weekly Roundup – April 14-20 appeared first on European Gaming Industry News.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)
Continue Reading

Trending

Get it on Google Play

Fresh slot games releases by the top brands of the industry. We provide you with the latest news straight from the entertainment industries.

The platform also hosts industry-relevant webinars, and provides detailed reports, making it a one-stop resource for anyone seeking information about operators, suppliers, regulators, and professional services in the European gaming market. The portal's primary goal is to keep its extensive reader base updated on the latest happenings, trends, and developments within the gaming and gambling sector, with an emphasis on the European market while also covering pertinent global news. It's an indispensable resource for gaming professionals, operators, and enthusiasts alike.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2024 - Recent Slot Releases is part of HIPTHER Agency. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania