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Gambling.com Group Revenue Grows 19% to a Q3 Record of $23.5M Driven by 42% Increase in North American Revenue
Gambling.com Group Limited, a leading provider of digital marketing services for the global online gambling industry, reported record third quarter financial results for the three months ended September 30, 2023. The Company also reiterated its guidance for 2023 full-year revenue and Adjusted EBITDA.
Charles Gillespie, Chief Executive Officer and Co-Founder of Gambling.com Group, said: âOur third quarter results highlight our consistent performance driven by robust organic growth in North America. Even in what is traditionally a seasonally slow quarter, we grew new depositing customers 26% to surpass 86,000 which contributed to 19% revenue growth to $23.5 million, Adjusted EBITDA of $6.1 million and Free Cash Flow of $1.6 million.
âThird quarter North American revenue of $12.9 million includes significant growth in our owned assets and a break-out performance from our media partnerships at the start of the Fall sports season. Our ability to quickly scale our strategic media partnerships complements the growth from our influential owned websites. This results in consistent year-over-year market share gains in existing states even as we face tougher comparisons given the significant organic growth we have already achieved. Our strong North American growth was partially offset by a moderation in our U.K and Ireland performance following seven consecutive quarters of average revenue growth of 28% across these well-established markets. We are confident that our growth opportunities in the UK and Ireland markets will remain strong, including the expected benefit from the ramping up of our recently launched media partnership with The Independent for the U.K market.
âGambling.com Group is expected to continue to benefit from many near- and long-term opportunities to deliver profitable organic growth. These include further market share gains in existing markets, the benefit from expected future expansions of iGaming and online sports betting in new markets in North America and around the world, our ability to scale and optimize our media partnerships and further growth in our more established European markets. We expect that our ability to leverage these revenue drivers with our business model, which generates attractive Adjusted EBITDA margins and strong Free Cash Flow conversion, will continue to increase shareholder value.â
Third Quarter 2023 and Recent Business Highlights
- Grew North American revenue 42% to $12.9 million
- Delivered more than 86,000 new depositing customers
- Launched the all new Casinos.com in July
- Successfully launched the Companyâs first international media partnership in July with The Independent in the UK
- Successfully launched operations in Kentucky just before the quarter end on September 28.
Elias Mark, Chief Financial Officer of Gambling.com Group, said: âThird quarter revenue exceeded expectations and Adjusted EBITDA was in line with expectations, reflecting the faster than anticipated acceleration of our North American media partnerships. We are very pleased with the performance of our media partnerships and we expect them to continue to be a key contributor to revenue and cash flow growth going forward. Our year-to-date revenue growth combined with our disciplined focus on capital efficiency generated Free Cash Flow for the first nine months of 2023 of $16.3 million, already exceeding our full-year 2022 level. We remain on track to deliver strong full year results as our reiterated guidance implies year-over-year revenue and Adjusted EBITDA growth of more than 30% and 50%, respectively.â
Leading Latin American based sports betting operator Aposta Ganha has joined the International Betting Integrity Association (IBIA), strengthening the associationâs presence in the region. The operator launched six years ago and is targeting further growth internationally, notably in Brazil where it will be seeking a licence and where all sports betting operators will be required to join a monitoring body.
Aposta Ganha will now feed into IBIAâs world-leading integrity monitoring network, joining over 50 sports betting companies who operate over 125 sports betting brands globally. Aposta Ganha entered the Mexican market earlier this year with its localised brand, www.apuestagana.mx, and will work with IBIA to combat corruption and match-fixing.
Hugo Baungartner, Aposta Ganha CCO, said: âWeâre proud to partner with the IBIA who share our complete commitment to protecting the integrity of sports and the safety of betting customers. Through our association, alongside other leading businesses, weâre excited to play a key role contributing to the important work the IBIA continues to do.â
Khalid Ali, CEO of IBIA, said: âIBIA is delighted to welcome Aposta Ganha to our association of leading global sports betting companies. The operator further strengthens our position in the LatAm region and globally. Aposta Ganhaâs decision to join IBIA is another vote of confidence in the association and the success of its approach to protect the businesses of its sports betting operator members from corrupt betting practices. Ensuring product integrity is of paramount importance and we look forward to integrating Aposta Ganha within our monitoring network.â
IBIA is a not-for-profit body that has no competing conflicts with the delivery of commercial services to other sectors and is run by operators for operators to protect regulated sports betting markets from match-fixing. IBIAâs global integrity monitoring network is a highly effective anti-corruption tool, detecting and reporting suspicious activity in regulated betting markets.
Through the IBIA monitoring network it is possible to track transactional activities linked to individual customer accounts. IBIA members generate more than $300bn in annual betting turnover (handle), accounting for approximately 50% of the global commercial regulated land-based and online sports betting sector, and in excess of 50% for online alone. IBIA recently released a report on the Availability of Sports Betting Products which includes a focus on the Brazilian market.
1X2 Network, a UK-based premier iGaming provider known for its diverse portfolio of slots, crash games and arcade games, announced its new US deal with top-tier casino, Pokerstars. This agreement follows after 1X2 Networkâs successful partnership with Light & Wonder, a world-leading cross-platform games company.
1X2 Network and PokerStars Casino have already enjoyed a successful collaboration in Europe. PokerStars Casino has been providing the European players with 1X2 Networkâs latest slots for quite some time now, making this expansion into the US market a logical next step to an already prosperous integration.
This announcement signals a significant leap for PokerStars players in the US, who will now have access to a selection of 1X2 Networkâs iconic titles, including the player-favorite Wolf Strife and Eagle Strike from Iron Dog Studio, and the first aviation-themed crash game to launch in Michigan, Crashout Maverick from AD LUNAM.
Kevin Reid, Chief Executive Officer at 1X2 Network, said: âThis new deal with PokerStars Casino reflects our commitment to delivering top-quality games to players around the world. With our recent launch in Michigan just this April, it is exciting to see an increasing demand for our content from US casinos. This partnership with PokerStars marks an exciting opportunity to further introduce our games to this exciting market.â
Tyler Matthews, Head of Casino from PokerStars Casino, said: âAt PokerStars Casino, we are constantly striving to offer our players the best gaming experience possible. Having worked with 1X2 Network before, we are certain that this new deal will provide our players in Michigan with even more gaming excitement and variety.â
Wynn Resorts Limited has reported the financial results for the first quarter ended March 31, 2024.
Operating revenues were $1.86 billion for the first quarter of 2024, an increase of $439.2 million from $1.42 billion for the first quarter of 2023. Net income attributable to Wynn Resorts, Limited was $144.2 million for the first quarter of 2024, compared to net income attributable to Wynn Resorts, Limited of $12.3 million for the first quarter of 2023. Diluted net income per share was $1.30 for the first quarter of 2024, compared to diluted net loss per share of $0.02 for the first quarter of 2023. Adjusted Property EBITDAR was $646.5 million for the first quarter of 2024, compared to Adjusted Property EBITDAR of $429.7 million for the first quarter of 2023.
âThe strong momentum we experienced in our business throughout 2023 continued to build during the first quarter with Adjusted Property EBITDAR reaching a new all-time record. The investments we have made in our properties, our team and our unique programming continue to extend our leadership position in each of our markets. On the development front, vertical construction on the hotel tower at Wynn Al Marjan Island is well underway, and we are confident the resort will be a âmust seeâ tourism destination in the UAE. We are excited about the outlook for the Company, and we believe we are well positioned to deliver continued long-term growth,â Craig Billings, CEO of Wynn Resorts Limited, said.
Consolidated Results
Operating revenues were $1.86 billion for the first quarter of 2024, an increase of $439.2 million from $1.42 billion for the first quarter of 2023. For the first quarter of 2024, operating revenues increased $217.5 million, $181.0 million, $49.8 million, and $1.5 million at Wynn Palace, Wynn Macau, our Las Vegas Operations, and Encore Boston Harbor, respectively, from the first quarter of 2023.
Net income attributable to Wynn Resorts, Limited was $144.2 million for the first quarter of 2024, compared to net income attributable to Wynn Resorts, Limited of $12.3 million for the first quarter of 2023. Diluted net income per share was $1.30 for the first quarter of 2024, compared to diluted net loss per share of $0.02 for the first quarter of 2023. Adjusted net income attributable to Wynn Resorts Limited was $176.8 million, or $1.59 per diluted share, for the first quarter of 2024, compared to adjusted net income attributable to Wynn Resorts, Limited of $33.3 million, or $0.29 per diluted share, for the first quarter of 2023.
Adjusted Property EBITDAR was $646.5 million for the first quarter of 2024, an increase of $216.8 million compared to Adjusted Property EBITDAR of $429.7 million for the first quarter of 2023. For the first quarter of 2024, Adjusted Property EBITDAR increased $91.3 million, $92.4 million, and $14.7 million at Wynn Palace, Wynn Macau, and our Las Vegas Operations, respectively, and decreased $0.3 million at Encore Boston Harbor, from the first quarter of 2023.
Wynn Resorts Limited also announced that its Board of Directors has declared a cash dividend of $0.25 per share, payable on May 31, 2024 to stockholders of record as of May 20, 2024.
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