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Wesley Ward Well-Represented in May 13 Road to Royal Ascot at Gulfstream
Trainer Wesley Ward, who has saddled 12 winners at Royal Ascot during his remarkable career, will be well represented at Gulfstream Park on May 13 when he sends out legendary former-jockey Steve Cauthen’s Holding the Line for a start in the $100,000 Royal Palm Juvenile and Stonestreet Stables LLC’s Ocean Maid for a run in the $100,000 Royal Palm Juvenile Fillies.
The Royal Palm Juvenile, a five-furlong turf stakes for 2-year-olds, and the Royal Palm Juvenile Fillies, a five-furlong turf stakes for 2-year-old fillies, will both provide their respective winners with an automatic berth into one of six stakes during the June 20-24 Royal Ascot meeting, as well as a $25,000 equine travel stipend for shipping from the U.S. to England. The FTBOA will also offer a $25,000 bonus, above and beyond purse money won, to a Florida-bred winner in addition to the winner’s share of the purse.
These races represent the first-ever U.S. Automatic Qualifiers for the Royal meeting, building top-class international participation at Royal Ascot, boosting global awareness and deeper fan engagement around important industry innovations like the World Pool.
Holding the Line, an Irish-bred son of Soldier’s Call, is prominent in a field of 10 entered for the inaugural running of the Royal Palm Juvenile. Ocean Mermaid, a daughter of Kingman, will face 11 other fillies entered for the Royal Palm Juvenile Fillies. Holding the Line was purchased for $71,070 at the 2022 Tattersalls October yearling sale by Cauthen, ‘The Kid’ who rode Affirmed for a sweep of the 1977 Triple Crown before enjoying a highly successful career riding in Europe.
“He’s a horse purchased over in England. Steve picked him out with the hopes he himself can get back to Royal Ascot. They had him there last year commentating,” Ward said.
Holding the Line is unraced due to the lack of turf opportunities for 2-year-olds at Keeneland this spring. “There was only one race, and every trainer was allowed only one horse in the race if it oversubscribed. That entrant was Fandom,” Ward said.
Ward saddled Stonestreet Stables’ Fandom for a 6 ¾-length triumph on turf April 27 to earn his way to Royal Ascot, and Holding the Line is well prepared for his career debut in the Royal Palm Juvenile. “He’s a beautiful colt. He improved in his workouts at Palm Meadows when he was down in Florida on the grass. He’s bred top and bottom for the turf, so I’m anxious to get him on there,” said Ward by phone from his Keeneland base.
Holding the Line continued his training at Keeneland before shipping to Payson Park, where he breezed three furlongs in 37 seconds Saturday morning. Hall of Famer John Velazquez has been named to ride Holding the Line, who figures to face a stern test in his debut.
Trainer George Weaver entered Dew Sweepers LLC’s Blast Furnace in the Royal Palm Juvenile, as well as unraced No Nay Mets, who was purchased for $335,000 at the OBS April 2-year-olds in training sale. Blast Furnace chased the Ward-trained Fandom at Keeneland in the April; 27 five-furlong maiden special weight race on turf before settling for second, No Nay Mets is a son of No Nay Never, whom Ward saddled for a victory in the 2013 Norfolk at Royal Ascot. Edwin Gonzalez has been named on Blast Furnace, while Luca Panici has the call on Irish-bred No Nay Mets.
Arindel’s revered breed-to-race farm has Reaper, an impressive 5 ¾-length winner over Gulfstream’s main track April 21, entered to make his turf debut in the Royal Palm Juvenile. Emisael Jaramillo was given the call aboard the homebred son of Brethren. Arindel will also be represented by Tiberian Sun, an unraced homebred son of Brethren. Reaper and Tiberian Sun are two of four Florida-bred entrants eligible for the FTBOA bonus. Jacks or Better Farm Inc.’s Northshore Drive, who finished third behind Reaper, and Iron Horse Racing Stable LLC and Harlow Stables LLC’s Mattingly, an unraced son of Bucchero, are also Florida-bred. Xaverius Racing Corp.’s Praiseworthy, Gerald James and Hall Performance LLC’s Shotgun Pro, and EAC Racing Stable LLC’s Zaino, round out the field.
Ward had been waiting patiently for Ocean Mermaid to make her debut before entering the Great Britain-bred filly in the Royal Palm Juvenile Fillies.
“She’s a turf filly. She was purchased at Tattersalls. Unfortunately, there has been only one turf race in America, that being a colt race. The filly race at Keeneland here was rained off the turf,” Ward said. “Looking for a race with this race in mind from the onset, we sent her down there and had a nice breeze at Payson at my barn there. She’s ready to go.”
Ocean Mermaid breezed on turf at Palm Meadows, Gulfstream’s satellite training facility in Palm Beach County, before putting in four workouts at Keeneland. She breezed three-furlongs in 37.80 at Payson Park Saturday morning. The daughter of Kingman was bought by Barbara Banke’s Stonestreet Stables LLC for $252,546 at the Tattersalls October yearling sale.
“She was purchased to go to Royal Ascot. That was the whole reason for the purchase, as Barbara does each and every year. Bloodstock agent Ben McElroy goes over every year and picks out a few horses that look like Royal Ascot candidates,” Ward said. Velazquez has the call on Ocean Mermaid.
Dew Sweepers LLC’s Crimson Advocate goes into the Royal Palm Juvenile Fillies off a promising debut at Keeneland April 26. The George Weaver-trained daughter of Nyquist raced wide and in traffic before finishing third in a five-furlong maiden special weight race on dirt. Edwin Gonzalez has the call on Crimson Advocate.
Christian Cruz’s She Has Class is the long entrant to have visited the winner’s circle. The Javier Gonzalez-trained daughter of Khozan closed from off the pace to capture her debut in a 4 ½-furlong maiden special weight race on Gulfstream’s main track April 10. She Has Class is one of four Florida-bred fillies eligible for the FTBOA bonus.
Gary Barber and D. J. Stable LLC’s The Myth, an unraced daughter of The Factor trained by Hall of Famer Mark Casse; Robin Kaiser’s Bucchera, an unraced daughter of Bucchero trained by Laura Cazares; and Cornejo Racing LLC’s Girvin Girl, an unraced daughter of Girvin trained by Carlos David; are the other Florida-bred entrants.
D. J. Stables LLC is also represented in the Royal Palm Juvenile Fillies by Fumblerooski, a Kentucky-bred daughter of Liam’s Map trained by Joe Orseno. Double D. Racing’s Turf Rocket, a daughter of More Than Ready, is scheduled to debut for trainer Jeremiah O’Dwyer, who enjoyed international success this season after saddling Sibelius for a victory in the Dubai Golden Shaheen. Arindel’s Kiss, Jeffrey Crooks’ My Sweetheart Dani and Starry Night Racing’s Scootaloo round out the field.
Gambling.com Group Limited (Nasdaq: GAMB) (“Gambling.com Group” or the “Company”), a fast-growing provider of digital marketing services for the global online gambling industry, today reported financial results for the first quarter ended March 31, 2024. The Company also updated its 2024 revenue and Adjusted EBITDA guidance as detailed below.
“We are off to a great start to the year furthering our confidence in our ability to generate strong Adjusted EBITDA and Free Cash Flow growth this year and for years to come,” commented Charles Gillespie, Chief Executive Officer and Co-Founder of Gambling.com Group. “The investments we have made for years in our proprietary technology, website portfolio, and accretive acquisitions are driving consistent growth. As we continue to expand our industry leadership and influence across global online gambling markets and leverage the many growth drivers we have, we see a clear road ahead to generate substantially higher Adjusted EBITDA and Free Cash Flow.”
Elias Mark, Chief Financial Officer of Gambling.com Group added, “By growing year on year in every one of our geographic reporting markets, we delivered record Q1 revenue with top line growth of 9% despite the comparable period benefiting from significantly more new state launch activity.”
First Quarter 2024 and Recent Business Highlights
Delivered more than 107,000 new depositing customers (“NDCs”)
Strong initial contribution from North Carolina following launch on March 11th
Secured new $50 million credit facility with Wells Fargo Bank, National Association
Repurchased 329,490 shares for an average price of $9.10
Completed highly accretive acquisition of Freebets.com and related assets on April 1st
Board of Directors approved an additional $10 million for the Company’s ordinary shares repurchase program in May
First Quarter 2024 Results Compared to First Quarter 2023
Revenues rose 9% year-over-year to a first quarter record $29.2 million, reflecting growth across all geographic reporting markets. The Company delivered more than 107,000 NDCs to customers, an increase of 22%.
Gross profit increased 5% to $27.0 million, including a $1.2 million increase in cost of sales related to the Gannett and Independent partnerships.
Total operating expenses increased 9% to $19.1 million, reflecting increases in sales and marketing, technology and general and administrative expenses.
Net income attributable to shareholders and net income per share rose 11% to $7.3 million and $0.19, respectively. Adjusted net income of $7.6 million and adjusted net income per share of $0.20 were flat, reflecting fair value movement related to acquisitions in the comparative period.
Adjusted EBITDA for the first quarter of 2024 was $10.2 million, reflecting an Adjusted EBITDA margin of 35% as compared to Adjusted EBITDA of $10.7 million and Adjusted EBITDA margin of 40%, in the year-ago period. The Q1 2024 Adjusted EBITDA margin reflects higher costs of sales related to media partnerships.
Operating cash flow increased 24% to $8.8 million. Free Cash Flow increased 32% to $8.2 million reflecting positive working capital movements within operating cash flow and lower capital expenditures. The Company converted 28% of revenues and 81% of Adjusted EBITDA to Free Cash Flow in the first quarter of 2024.
2024 Outlook
Reflecting changes made in early May to how Google treats commercial content on high authority websites that, at present, diminishes the effectiveness of the Company’s media partnerships, Gambling.com Group today updated its 2024 full-year revenue and Adjusted EBITDA guidance. The Company now expects full year revenue of $118 to $122 million and Adjusted EBITDA of $40 million to $44 million. This compares to the initial guidance provided on March 21, 2024, for revenue of $129 million to $133 million and Adjusted EBITDA of $44 million to $48 million. The midpoint of the updated Adjusted EBITDA outlook of $42 million reflects expected year-over-year growth of 14%.
Charles Gillespie commented, “Even with these shifts in the digital landscape, the strength and resilience of our business will enable us to deliver strong year over year Adjusted EBITDA and Free Cash Flow growth. With less competition in the search engine results pages, our owned and operated assets are better positioned for the long term than ever before.”
The Company’s guidance assumes:
Following the launch of sports betting in North Carolina on March 11th, no additional North American markets come online over the balance of 2024
Apart from the acquisition of Freebets.com and related assets, no impact from any additional acquisitions in 2024
Full year cost of sales of approximately $4.8 million, of which $2.2 million was incurred in Q1
An average EUR/USD exchange rate of 1.09 throughout 2024
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.
Play’n GO, the world’s leading casino entertainment provider, has today announced a partnership with Canadian operator Loto-Québec, launching the Swedish gaming giant’s games into another Canadian province.
Already active in another Canadian province , this partnership sees Play’n GO’s content available in the province of Québec exclusively with Loto-Québec, a state-owned corporation, where online players now have access to titles such as Tome of Madness.
Magnus Olsson, Chief Commercial Officer, Play’n GO said: “At Play’n GO, we have always been clear in our vision to be active in every regulated market in the world, and this partnership with Loto-Québec is the next step on that journey.
“Our past success in Canada gives us confidence that players in Québec will enjoy the best Play’n GO content, and we look forward to many years of success with Loto-Québec in the province.”
Stéphane Martel, Head of Product and Innovation at Loto-Québec added: “As the sole iGaming operator in Québec, we pride ourselves on offering titles that truly add value to our platform, lotoquebec.com. We are happy to bring Play’n GO games to our players.”
Relax Gaming, the iGaming aggregator and supplier of unique content, has further increased its footprint in the LatAm market, by partnering with leading Chilean brand Betsala.
The agreement will see Betsala significantly boost its offering to players across Chile, with curated content from Relax’s award-winning portfolio becoming available to the operator.
Betsala players will now be able to enjoy top-performing titles such as Money Train 4, Temple Tumble and Beast Mode, all of which have proven to be huge hits in key regulated markets.
This latest LatAm development for Relax sees the supplier further improve its profile within the region, where it has already cemented its status as a leading supplier of iGaming content after a successful launch in Colombia in 2022.
Betsala launched in 2020 and is fronted by Chilean football legend Marcelo Salas, with the former Lazio and Juventus star also serving as a brand ambassador.
Nadiya Attard, CCO at Relax Gaming, said: “We are delighted to partner with Betsala. The LatAm market is one of the most exciting in the world with Chilean players seeking the most comprehensive offerings from suppliers.
“Partnering with the best brands is important in enhancing our footprint in such a key jurisdiction. Betsala’s leading platform will help present our offering to a wider audience.”
Albert Bellavista, CEO at Betsala added: “Relax Gaming has earned a reputation as a leading content provider across all regulated markets and we are thrilled to be able to integrate curated content into our platform. We pride ourselves on delivering a best-in-class offering and Relax’s content is a game-changer for us and will significantly boost engagement and enjoyment with our players.”
Established as one of the industry’s leading B2B suppliers, Relax Gaming was awarded GGA’s Product Launch of the Year in February 2023 for Dream Drop Jackpots. Money Train 3 names the 2023 CasinoBeats Game Developer Awards amongst its 6 Slot of the Year titles, while the brand also won the award for Skill Games Supplier at the 2023 EGR B2B Awards along with the Innovation in Mobile award at the 2023 SBC Awards.
Relax Gaming provides more than 4,000 online casino games, from its high-performing proprietary slots to a significant, varied library of content from hand-picked third-party studios via its partnership programmes.
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