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Gambling.com Group Limited Reports Second Quarter 2021 Financial Results

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Gambling.com Group Set to Join Russell 3000® Index

 

Gambling.com Group Limited, a leading provider of digital marketing services active exclusively in the global online gambling industry, today announced its operating and financial results for the second quarter ended June 30, 2021.

Second Quarter 2021 Financial Highlights

·         Revenue of $10.4 million; grew 66% compared to $6.3 million in the same period for the prior year

·         Net income of $2.4 million, or $0.08 per diluted share, compared to a net loss of $0.4 million, or a loss of $0.02 per diluted share, in the same period for the prior year

·         Adjusted EBITDA of $5.5 million; grew 46% compared to $3.8 million in the same period for the prior year, representing an Adjusted EBITDA margin of 53%[1]

·         Free cash flow of $3.1 million; decreased 3% compared to $3.2 million in the same period for the prior year[2]

Second Quarter 2021 Business Highlights

·         Completed redomiciliation from Malta to the Channel Island of Jersey in May

·         Successful launches of EmpireStakes.com, BetArizona.com and IllinoisBet.com which provides bettors with trusted and up-to-date state-specific gambling information to help them place safe and secure legal wagers

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·         Completed acquisition of two domain portfolios suitable for targeting the US market

·         Subsequent to quarter end, completed successful public listing of common shares on the Nasdaq Global Market under the ticker symbol “GAMB”

·         Subsequent to quarter end, announced appointment of Mr. Daniel D’Arrigo to Board of Directors

“Our second quarter results (which were our first interim financial results as a public company) were highlighted by continued strong top-line growth, and, based on our Adjusted EBITDA margins, we areamong the most profitable names in the online gambling industry,” said Charles Gillespie, Chief Executive Officer and co-founder of Gambling.com Group. “Since our founding in 2006, we have built an affiliate marketing powerhouse with recognizable brands around the globe. Players trust our services to help them find a safe, fun and legal betting experience while our B2C operator clients utilize our best-in-class technology platform to support their increasingly important customer acquisition initiatives. We are incredibly excited about the next step in this journey as a public company and look forward to sharing the success with our new investors.”

Second Quarter 2021 vs. Second Quarter 2020 Financial Highlights

 

THREE MONTHS ENDED

JUNE 30,

CHANGE

2021

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2020

$

%

(in thousands USD, except for share and per share data, unaudited)

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) DATA

Revenue

$

10,392

$

6,259

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$

4,133

66.0

%

Operating expenses

(7,235

)

(2,997

)

(4,238

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)

141.4

%

Operating profit

3,157

3,262

(105

)

(3.2

)%

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Income (loss) before tax

3,027

(128

)

3,155

n/m

Net income (loss) for the period attributable to the equity holders

$

2,445

$

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(428

)

$

2,873

n/m

Net income (loss) per share attributable to ordinary shareholders, basic

0.09

(0.02

)

n/m

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n/m

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

0.08

(0.02

)

n/m

n/m

 

n/m = not meaningful

 

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THREE MONTHS ENDED

JUNE 30,

CHANGE

2021

2020

$

%

(in thousands USD, unaudited)

NON-IFRS FINANCIAL MEASURES

Adjusted EBITDA

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5,518

3,779

1,739

46.0

%

Adjusted EBITDA Margin

53.1

%

60.4

%

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n/m

n/m

Free Cash Flow

3,122

3,229

(107

)

(3.3

)%

 

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n/m = not meaningful

 

THREE MONTHS ENDED

JUNE 30,

CHANGE

2021

2020

Amount

%

(in thousands, unaudited)

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OTHER SUPPLEMENTAL DATA

New Depositing Customers (1)

26

25

1

3.8

%

 

(1) 

We define New Depositing Customers, or NDCs, as unique referral of a player from our system to one of our customers that satisfied an agreed metric (typically making a deposit above a minimum threshold) with the customer, thereby triggering the right to a commission for us.

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AS OF

JUNE 30,

AS OF

DECEMBER 31,

CHANGE

2021

2020

$

%

(Unaudited)

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(in thousands, USD)

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION DATA

Cash and cash equivalents

$

17,168

$

8,225

$

8,943

108.7

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%

Working capital (2)

17,203

10,059

7,144

71.0

%

Total assets

55,139

45,383

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9,756

21.5

%

Total borrowings

6,062

5,960

102

1.7

%

Total liabilities

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14,052

11,171

2,881

25.8

%

Total equity

41,087

34,212

6,875

20.1

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%

 

(2) 

Working capital is defined as total current assets minus total current liabilities.

 

Revenue

Total revenue in the second quarter increased 66% to $10.4 million compared to $6.3 million in the comparable period in 2020. On a constant currency basis, revenue increased $3.5 million, or 52%.The increase was driven by improved monetization of NDCs that we attribute to a combination of technology improvements and changes in product and market mix. NDCs increased 4% to 26,000 compared to 25,000 in the prior year.

Our revenue disaggregated by market is as follows:

 

THREE MONTHS ENDED

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JUNE 30,

CHANGE

2021

2020

$

%

(in thousands USD, unaudited)

U.K. and Ireland

$

5,410

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$

3,489

$

1,921

55.1

%

Other Europe

2,822

969

1,853

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191.2

%

North America

1,408

1,097

311

28.4

%

Rest of the world

752

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704

48

6.8

%

Total revenues

$

10,392

$

6,259

$

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4,133

66.0

%

 

Revenue increases were primarily driven by organic growth in our U.K. and Ireland, Other Europe, and North American markets.

Our revenue disaggregated by monetization is as follows:

 

THREE MONTHS ENDED

JUNE 30,

CHANGE

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2021

2020

$

%

(in thousands USD, unaudited)

Hybrid commission

$

4,611

$

3,238

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$

1,373

42.4

%

Revenue share commission

1,054

825

229

27.8

%

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CPA commission

3,558

2,130

1,428

67.0

%

Other revenue

1,169

66

1,103

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1,671.2

%

Total revenues

$

10,392

$

6,259

$

4,133

66.0

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%

 

Revenue increases were driven primarily by additional Hybrid commission, CPA commission and Other revenue. The increase in Other revenue was driven primarily by bonuses related to achieving certain operator NDC performance targets in the quarter.

Our revenue disaggregated by product type from which it is derived is as follows:

THREE MONTHS ENDED

JUNE 30,

CHANGE

2021

2020

$

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%

(in thousands USD, unaudited)

Casino

$

9,087

$

5,570

$

3,517

63.1

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%

Sports

1,170

518

652

125.9

%

Other

135

171

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(36

)

(21.1

)%

Total revenues

$

10,392

$

6,259

$

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4,133

66.0

%

 

Revenue increases were driven by growth in revenue from casino and sports products.

Operating Expenses

 

THREE MONTHS ENDED

JUNE 30,

CHANGE

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2021

2020

$

%

(in thousands USD, unaudited)

Sales and marketing expenses

$

3,144

$

1,598

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1,546

96.7

%

Technology expenses

944

510

434

85.1

%

General and administrative expenses

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3,387

875

2,512

287.1

%

Allowance for credit losses

(240

)

14

(254

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)

n/m

Total operating expenses

$

7,235

$

2,997

4,238

141.4

%

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n/m = not meaningful

Total operating expenses increased by $4.2 million to $7.2 million compared to $3.0 million in the prior year. On a constant currency basis, operating expenses increased by $3.9 million to $7.2 million compared to $3.3 million in the prior year.

Sales and Marketing expenses totaled $3.1 million, an increase of $1.5 million compared to 2020, driven by increased wages and salary expenses associated with increased headcount as well as investments in the Company’s organic growth initiatives.

Technology expenses totaled $0.9 million compared to $0.5 million in 2020, mainly the result of higher wages and salary expense associated with increased headcount partially offset by capitalized development costs.

General and Administrative expenses totaled $3.4 million compared to $0.9 million in the prior year, mainly driven by non-recurring expenses related to the public offering totaling approximately $1.5 million and the expansion of the senior management team.

Earnings

Adjusted EBITDA increased by 46% to $5.5 million compared to $3.8 million in the prior year representing an Adjusted EBITDA margin of 53%.

Operating profit in the second quarter decreased 3% to $3.2 million compared to $3.3 million in 2020. Operating profit was affected by non-recurring expenses related to the public offering totaling approximately $1.5 million.

Net income in the second quarter totaled $2.4 million, or $0.08 per diluted share, compared to a net loss of $0.4 million, or a loss of $0.02 per diluted share, in the prior year. The increase was the result of significant growth in pre-tax income compared to the prior year.

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Free Cash-flow

Total cash generated from operations of $4.7 million increased 47% compared to $3.2 million in the prior year. The increase was driven by improved operating profit and net income compared to the prior year. Free cash flow, totaled $3.1 million compared to $3.2 million in the prior year. The decline was the result of increased capital expenditures consisting primarily  of the acquisition of two domain portfolios, partially offset by the increase in cash generated from operations.

Balance Sheet

Cash balances as of June 30, 2021 totaled $17.2 million, an increase of $9.0 million compared to $8.2 million as of December 31, 2020. Working capital as of June 30, 2021 totaled $17.2 million, an increase of $7.1 million compared to $10.1 million as of December 31, 2020.

Total assets as of June 30, 2021 were $55.1 million compared to $45.4 million as of December 30, 2020. Total borrowings, including accrued interest, totaled $6.1 million compared to $6.0 million as of December 31, 2020. Total liabilities stood at $14.1 million compared to $11.2 million as of December 31, 2020.

Total equity as of June 30, 2021 was $41.1 million compared to $34.2 million as of December 31, 2020.

2021 – 2023 Financial Targets

Total Revenue Growth

˃ Average 40%

Adjusted EBITDA Margin[3]

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≥ Average 40%

Leverage[4]

< Net Debt to Adjusted EBITDA 2.5x[5]

2021 Outlook

Elias Mark, Chief Financial Officer of Gambling.com Group, added, “Our financial results for the second quarter came in at the high end of our previously provided ranges as we reported strong growth in revenue, adjusted EBITDA, and net income compared to the prior year. We also continue to produce strong free cash flow and weremain in a solid financial position after the public offering last month. We are carrying encouraging momentum into the second half of the year. As a result, we are expecting to achieve or exceed our Revenue Growth target and Adjusted EBITDA margin target for the full year 2021 before the effects of any acquisitions and without incurring further borrowings.”

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FBM® unveils golden treasures in Mexico with Croc’s Lock™ bites

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FBM® unveils golden treasures in Mexico with Croc’s Lock™ bites

 

There is a new hero in Mexico as FBM® launches the thrilling Croc’s Lock™. This slot game merges an engaging storyline with a disruptive game mechanic based on the Lock feature and two accumulators, taking players into a cartooned adventure with Super Croc full of golden coins to collect.

Croc’s Lock is a 30-line slot filled with adrenaline and great prizes. Super Croc is the character around all action happens. Working with 15 independent reels, Croc’s Lock offers gaming sessions where Super Croc exploits lead the player through an entertaining journey with three new features. The surprise element is always present, as the big prizes can come on the main game or bonus free spins modes.

Extra Coins and Extra Spins unlock extra fun!

The central reel is the focus of the Croc’s Lock game mechanic. Every time players obtain a Super Croc on this position, the Lock Feature is activated. Super Croc liberates all the existing lock symbols and may open the bonus with Extra Coins, Extra Spins or both accumulators combined.

If the bonus mode starts with one chest open, players get five free spins. This number increases to ten free rounds when Super Croc triggers Extra Spins and Extra Coins at the same time. Each accumulator of the Croc’s Lock slot game presents a different feature:

  • Extra Spins – Super Croc releases thunders from its fingers, increasing the free spins counter during the bonus rounds.
  • Extra Coins – Super Croc changes the reels by shooting flaming coins to introduce more lock symbols on each free round.

The character stays on the central reel during the bonus plays. The features attached to each accumulator appear in the first free spin and can be repeated several times during the bonus rounds.

When players get into the bonus with one of the accumulators active, Super Croc keeps contributing with coins for the unopened chest. These contributions can lead to the opening of the other accumulator, allowing players to benefit from the combined effect of Extra Spins and Extra Coins.

Four jackpots, reel rewinds, and Luck Has Arrived to collect bags of coins

The Lock feature is just a part of Croc’s Lock’s adrenaline injection. This FBM slot offers a complete feature set, including four Progressive Jackpots and two game features ready to keep the players engaged on the screen: Rewind and Luck Has Arrived.

  • Progressive Jackpots – Croc’s Lock offers access to four different prize levels – Mini, Minor, Major, and Grand – through a jackpot vault that can appear on the reels during the main game or bonus rounds.
  • Rewind – part of the Super Croc special powers, this feature changes the game round outcome. When Crocs hits the paw, one or more reels will change the symbol displayed and deliver a winning round to the player.
  • Luck Has Arrived – the lasers coming from the eyes of the Super Croc pre-announce this feature, anticipating a big win for the player.

A villain, a hero and great graphics engage players in a disruptive FBM slot!

Several factors contribute to the immersive game experience offered by Croc’s Lock. Besides the rewards included in the product’s feature set, this FBM slot involves casino players and operators through a compelling narrative with the traditional duel “hero vs villain”.

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On one side, the Lock represents the evil force of the game and is visible on all lock symbols landed on the 15 independent reels, bringing challenges to the game hero on each spin. On the other side, Super Croc embodies the superpowers of the good forces on a joyful character, who guides the player on all relevant moments of the game with entertaining animations like the dances, the paw hit, the Extra Spins thunders, the Extra Coins flaming coins or the Luck Has arrived lasers.

The sound effects of Croc’s Lock add an extra layer of enthusiasm, completing the visual effects and animations of the game with sounds that keep on the player’s mind with catchy rhymes and melodies.

Available for the Galaxy II, Auria and Shadow III casino cabinets, Croc’s Lock starts its expansion journey in Mexico. Designed for players looking for significant prizes in durable and long-lasting gaming sessions, this title promises to enchant slot fans spread all over the country.

Following the releases of Jin Qián Link Spirits™ and Xing Fú Fortune Money Trees™, FBM continues renovating its slots portfolio with an innovative, reliable, high-performing casino game. Croc’s Lock is compatible with different casino floor layouts and ready to add value to the casino operator’s portfolio with an exciting narrative and compelling aesthetics, features, and game mechanics.

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Latest News

AGS Named One of U.S. News & World Report’s 2025–2026 Best Companies to Work For

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AGS Named One of U.S. News & World Report’s 2025–2026 Best Companies to Work For

 

AGS, a global gaming supplier known for its high-performing slot, table, and interactive products, has been named one of U.S. News & World Report’s 2025–2026 Best Companies to Work For.

AGS was selected as one of U.S. News & World Report’s Best Companies to Work For, placing in the top 30 percent of 2,119 publicly traded companies evaluated. To be eligible, companies were required to have more than 75 employee reviews on Glassdoor submitted between 2021 and early 2025, alongside strong workplace data across key metrics.

The U.S. News evaluation assessed companies based on employee sentiment and six key workplace factors: quality of pay and benefits, work-life balance and flexibility, job and company stability, physical and psychological comfort, belonging and esteem, and career opportunities and professional development.

AGS was honored in the following categories:

  • Best Companies to Work For – Overall
  • Best Companies to Work For in the West
  • Best Companies to Work For in the Media and Communications Industry
  • Best Companies to Work For – Top Workplace Environment
  • Best Companies to Work For – Top Engineering Jobs

In Nevada, AGS was one of only two companies featured on the 2025–2026 list.

“Our recognition by U.S. News & World Report is especially meaningful because it reflects what our employees have shared about their experience working at AGS,” said Kim Nasuta, Senior Vice President of Human Resources. “The hundreds of Glassdoor reviews submitted over the past several years tell a powerful story about a culture rooted in trust, transparency, and opportunity. We are proud to foster an environment where people feel supported, empowered, and excited to come to work every day.”

AGS was also recently named a 2025 Best and Brightest Companies to Work For in the Nation and in Atlanta, and recognized by USA TODAY as a 2025 Top Workplace in the U.S.

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Compliance Updates

Honolulu Mayor Signs New Laws Targeting Illegal Game Rooms

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Last Thursday, Honolulu Mayor Rick Blangiardi signed into law three bills — Bills 11, 12 and 13 — each of which are related to illegal gambling in the county.

The first, Bill 11, sets requirements on “electronic amusement devices” in public establishments. Operators of the establishment are now required to obtain a permit from the Honolulu Police Chief to use such a device on the premises, or else forfeit the device.

The Police Chief could deny a permit application if the proposed location of the device “would be reasonably likely to result in an increase in criminal activity, vandalism, litter, noise or traffic congestion,” according to the bill. The bill also requires anyone with a permit to allow a police officer to enter the premises and inspect the device and other records.

Meanwhile, Bill 12 allows the Honolulu Department of Planning and Permitting to deny permit applications for properties that have been cited for a gambling-related public nuisance within the previous two years.

And Bill 13 allows landlords to request a police escort while inspecting a private property for nuisance claims, with the accompanying officers authorized to document law violations or unsafe conditions, and to warn people not authorized to be there to leave.

In tandem, the three bills are meant to clamp down on illicit gambling rooms, which often become hotspots for associated complaints of criminal behavior.

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