WITNESS THE ASCENT OF THE GODS
Connect with us
WITNESS THE ASCENT OF THE GODS
WITNESS THE ASCENT OF THE GODS

Latest News

Gambling.com Group Limited Reports Second Quarter 2021 Financial Results

Published

on

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

Advertisement
Stake - Best Online Casino & Sports Betting Platform

·         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

Advertisement
Stake - Best Online Casino & Sports Betting Platform

·         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

Advertisement
Stake - Best Online Casino & Sports Betting Platform

 

THREE MONTHS ENDED

JUNE 30,

CHANGE

2021

Advertisement
Stake - Best Online Casino & Sports Betting Platform

2020

$

%

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

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) DATA

Advertisement
Stake - Best Online Casino & Sports Betting Platform

Revenue

$

10,392

$

6,259

Advertisement
Stake - Best Online Casino & Sports Betting Platform

$

4,133

66.0

%

Operating expenses

Advertisement
Stake - Best Online Casino & Sports Betting Platform

(7,235

)

(2,997

)

(4,238

Advertisement
Stake - Best Online Casino & Sports Betting Platform

)

141.4

%

Operating profit

3,157

Advertisement
Stake - Best Online Casino & Sports Betting Platform

3,262

(105

)

(3.2

)%

Advertisement
Stake - Best Online Casino & Sports Betting Platform

Income (loss) before tax

3,027

(128

)

3,155

Advertisement
Stake - Best Online Casino & Sports Betting Platform

n/m

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

$

2,445

$

Advertisement
Stake - Best Online Casino & Sports Betting Platform

(428

)

$

2,873

n/m

Advertisement
Stake - Best Online Casino & Sports Betting Platform

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

0.09

(0.02

)

n/m

Advertisement
Stake - Best Online Casino & Sports Betting Platform

n/m

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

0.08

(0.02

)

Advertisement
Stake - Best Online Casino & Sports Betting Platform

n/m

n/m

 

n/m = not meaningful

 

Advertisement
Stake - Best Online Casino & Sports Betting Platform

THREE MONTHS ENDED

JUNE 30,

CHANGE

2021

2020

Advertisement
Stake - Best Online Casino & Sports Betting Platform

$

%

(in thousands USD, unaudited)

NON-IFRS FINANCIAL MEASURES

Adjusted EBITDA

Advertisement
Stake - Best Online Casino & Sports Betting Platform

5,518

3,779

1,739

46.0

%

Advertisement
Stake - Best Online Casino & Sports Betting Platform

Adjusted EBITDA Margin

53.1

%

60.4

%

Advertisement
Stake - Best Online Casino & Sports Betting Platform

n/m

n/m

Free Cash Flow

3,122

3,229

Advertisement
Stake - Best Online Casino & Sports Betting Platform

(107

)

(3.3

)%

 

Advertisement
Stake - Best Online Casino & Sports Betting Platform

n/m = not meaningful

 

THREE MONTHS ENDED

JUNE 30,

CHANGE

Advertisement
Stake - Best Online Casino & Sports Betting Platform

2021

2020

Amount

%

(in thousands, unaudited)

Advertisement
Stake - Best Online Casino & Sports Betting Platform

OTHER SUPPLEMENTAL DATA

New Depositing Customers (1)

26

25

1

Advertisement
Stake - Best Online Casino & Sports Betting Platform

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.

Advertisement
Stake - Best Online Casino & Sports Betting Platform

AS OF

JUNE 30,

AS OF

DECEMBER 31,

CHANGE

Advertisement
Stake - Best Online Casino & Sports Betting Platform

2021

2020

$

%

(Unaudited)

Advertisement
Stake - Best Online Casino & Sports Betting Platform

(in thousands, USD)

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION DATA

Cash and cash equivalents

$

17,168

Advertisement
Stake - Best Online Casino & Sports Betting Platform

$

8,225

$

8,943

108.7

Advertisement
Stake - Best Online Casino & Sports Betting Platform

%

Working capital (2)

17,203

10,059

7,144

Advertisement
Stake - Best Online Casino & Sports Betting Platform

71.0

%

Total assets

55,139

45,383

Advertisement
Stake - Best Online Casino & Sports Betting Platform

9,756

21.5

%

Total borrowings

6,062

Advertisement
Stake - Best Online Casino & Sports Betting Platform

5,960

102

1.7

%

Total liabilities

Advertisement
Stake - Best Online Casino & Sports Betting Platform

14,052

11,171

2,881

25.8

%

Advertisement
Stake - Best Online Casino & Sports Betting Platform

Total equity

41,087

34,212

6,875

20.1

Advertisement
Stake - Best Online Casino & Sports Betting Platform

%

 

(2) 

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

 

Advertisement
Stake - Best Online Casino & Sports Betting Platform

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

Advertisement
Stake - Best Online Casino & Sports Betting Platform

JUNE 30,

CHANGE

2021

2020

$

Advertisement
Stake - Best Online Casino & Sports Betting Platform

%

(in thousands USD, unaudited)

U.K. and Ireland

$

5,410

Advertisement
Stake - Best Online Casino & Sports Betting Platform

$

3,489

$

1,921

55.1

Advertisement
Stake - Best Online Casino & Sports Betting Platform

%

Other Europe

2,822

969

1,853

Advertisement
Stake - Best Online Casino & Sports Betting Platform

191.2

%

North America

1,408

1,097

Advertisement
Stake - Best Online Casino & Sports Betting Platform

311

28.4

%

Rest of the world

752

Advertisement
Stake - Best Online Casino & Sports Betting Platform

704

48

6.8

%

Total revenues

Advertisement
Stake - Best Online Casino & Sports Betting Platform

$

10,392

$

6,259

$

Advertisement
Stake - Best Online Casino & Sports Betting Platform

4,133

66.0

%

 

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

Advertisement
Stake - Best Online Casino & Sports Betting Platform

Our revenue disaggregated by monetization is as follows:

 

THREE MONTHS ENDED

JUNE 30,

CHANGE

Advertisement
Stake - Best Online Casino & Sports Betting Platform

2021

2020

$

%

(in thousands USD, unaudited)

Advertisement
Stake - Best Online Casino & Sports Betting Platform

Hybrid commission

$

4,611

$

3,238

Advertisement
Stake - Best Online Casino & Sports Betting Platform

$

1,373

42.4

%

Revenue share commission

Advertisement
Stake - Best Online Casino & Sports Betting Platform

1,054

825

229

27.8

%

Advertisement
Stake - Best Online Casino & Sports Betting Platform

CPA commission

3,558

2,130

1,428

67.0

Advertisement
Stake - Best Online Casino & Sports Betting Platform

%

Other revenue

1,169

66

1,103

Advertisement
Stake - Best Online Casino & Sports Betting Platform

1,671.2

%

Total revenues

$

10,392

Advertisement
Stake - Best Online Casino & Sports Betting Platform

$

6,259

$

4,133

66.0

Advertisement
Stake - Best Online Casino & Sports Betting Platform

%

 

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

Advertisement
Stake - Best Online Casino & Sports Betting Platform

JUNE 30,

CHANGE

2021

2020

$

Advertisement
Stake - Best Online Casino & Sports Betting Platform

%

(in thousands USD, unaudited)

Casino

$

9,087

Advertisement
Stake - Best Online Casino & Sports Betting Platform

$

5,570

$

3,517

63.1

Advertisement
Stake - Best Online Casino & Sports Betting Platform

%

Sports

1,170

518

652

Advertisement
Stake - Best Online Casino & Sports Betting Platform

125.9

%

Other

135

171

Advertisement
Stake - Best Online Casino & Sports Betting Platform

(36

)

(21.1

)%

Total revenues

Advertisement
Stake - Best Online Casino & Sports Betting Platform

$

10,392

$

6,259

$

Advertisement
Stake - Best Online Casino & Sports Betting Platform

4,133

66.0

%

 

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

Advertisement
Stake - Best Online Casino & Sports Betting Platform

Operating Expenses

 

THREE MONTHS ENDED

JUNE 30,

CHANGE

Advertisement
Stake - Best Online Casino & Sports Betting Platform

2021

2020

$

%

(in thousands USD, unaudited)

Advertisement
Stake - Best Online Casino & Sports Betting Platform

Sales and marketing expenses

$

3,144

$

1,598

Advertisement
Stake - Best Online Casino & Sports Betting Platform

1,546

96.7

%

Technology expenses

944

Advertisement
Stake - Best Online Casino & Sports Betting Platform

510

434

85.1

%

General and administrative expenses

Advertisement
Stake - Best Online Casino & Sports Betting Platform

3,387

875

2,512

287.1

%

Advertisement
Stake - Best Online Casino & Sports Betting Platform

Allowance for credit losses

(240

)

14

(254

Advertisement
Stake - Best Online Casino & Sports Betting Platform

)

n/m

Total operating expenses

$

7,235

Advertisement
Stake - Best Online Casino & Sports Betting Platform

$

2,997

4,238

141.4

%

Advertisement
Stake - Best Online Casino & Sports Betting Platform

 

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.

Advertisement
Stake - Best Online Casino & Sports Betting Platform

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.

Advertisement
Stake - Best Online Casino & Sports Betting Platform

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.

Advertisement
Stake - Best Online Casino & Sports Betting Platform

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]

Advertisement
Stake - Best Online Casino & Sports Betting Platform

≥ 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.”

Advertisement
Stake - Best Online Casino & Sports Betting Platform

Compliance Updates

Tennessee Sports Wagering Council Takes Action Against Illegal Sportsbook

Published

on

 

The Tennessee Sports Wagering Council through its executive director issued $50,000 in fines to Bovada.lv, an unlicensed and therefore illegal sportsbook operating in Tennessee.

Bovada failed to comply with cease and desist letters delivered to addresses in Curaçao, and Council investigators placed wagers through Bovada’s platform on three separate occasions, including as recently as October 16, 2024.

The Sports Gaming Act authorizes the Council to impose a $10,000 fine for the first offense of accepting wagers without a license, which rises to $15,000 for the second offense, and $25,000 for the third offense. Subsequent offenses may lead to the imposition of a $25,000 fine for each occurrence, an occurrence being a single wager accepted in Tennessee.

In the cease and desist letters, the Council ordered Bovada to allow all Tennessee users to withdraw any funds currently held by the unlicensed sportsbook.

Advertisement
Stake - Best Online Casino & Sports Betting Platform

“The Sports Wagering Council recommends that Tennessee users of Bovada withdraw their funds immediately. Our primary role is the protection of the public interest through a safe, regulated environment, and Tennessee sports bettors need to know that just because they can access a sports betting website or app inside Tennessee’s borders does not mean it is licensed to do business here,” Mary Beth Thomas, Executive Director of Tennessee Sports Wagering Council, said.

Legal sportsbook operators provide important bettor protections not found in the illegal market. If an individual wagers with unlicensed sportsbooks, their sensitive financial and personal information may not be protected and could even be shared with criminal enterprises. The bettor’s money could be withheld or disappear without a way to recover it.

The SWC is working closely with its network of law enforcement at the state and federal level to eradicate illegal sportsbooks such as Bovada and others.

Tennessee is the largest “online-only” sports betting market in the US, with more than $4.7 billion wagered in Tennessee last fiscal year through online sportsbooks licensed by the Council.

Advertisement
Stake - Best Online Casino & Sports Betting Platform
Continue Reading

Gambling in the USA

Phoenix Link by Aristocrat Gaming Now Lighting Up Casino Floors

Published

on

 

The hottest new game from Aristocrat Gaming, Phoenix Link, is now live on casino floors, with Yaamava’ Resort & Casino being the first in North America to offer the highly-anticipated game. As the next evolution of the international hit game, Dragon Link, Phoenix Link features player-favorite mechanics from top games with all-new themes, features, and bonuses.

“We have been humbled by the incredible global fanfare Dragon Link has received over the years but are never ones to rest on our laurels. The teams have been working tirelessly on a follow-up that brings together all the player-favorite elements in a new and exciting way with Phoenix Link as the proud result. We were thrilled to partner with Yaamava’ to premiere Phoenix Link with flair, excitement, and celebration,” said Victor Duarte, executive vice president of product for Aristocrat Gaming.

Phoenix Link players will enjoy the game’s additional denominations, configurations, and jackpots on each of the launch game theme titles. Gameplay features include Hold & Spin, Free Games with multiplier wilds or twin spin reels, Phoenix Mystery trigger, and more new bonus twists. Phoenix Link is available on the Neptune Single cabinet.

“Yaamava’ is thrilled to host yet another world premiere in gaming with the launch of Phoenix Link by Aristocrat Gaming. Our Club Serrano members are already raving about this captivating extension of the player-favorite Dragon Link. It’s a great addition to the Yaamava’ gaming floor,” said Kenji Hall, General Manager of Yaamava’ Resort & Casino at San Manuel, said.

Advertisement
Stake - Best Online Casino & Sports Betting Platform
Continue Reading

Latest News

Panel on the benefits of regulation in the Mexican iGaming market

Published

on

On November 6, the iGaming industry in Mexico is preparing for a key event in which the benefits and challenges that regulation has brought to the Mexican market will be discussed. Under the title “Benefits of Regulation in the Mexican Market”, this panel will offer an in-depth look at the impact of regulation on transparency, competition and consumer protection, critical issues in the new digital era of iGaming.

The event, moderated by Geraldine Alexandra García Torres, Media Manager of Digital Gaming News, will feature the participation of recognized figures in the sector such as Daniel Magariños, representative of BMM Testlabs, and Hermilo Peregrina Cabrera of Prometeo IT Solutions. Both panelists will contribute their extensive knowledge and experience in regulation and certification in the Mexican market, and will analyze with the public the challenges and opportunities that companies face in an increasingly competitive and regulated context.

BMM Testlabs, who will participate as a Gold Sponsor, underlines with its sponsorship the importance of regulation to strengthen the iGaming sector in Mexico and demonstrates its commitment to progress and transparency in the Mexican market. For its part, Kushki joins as a Silver Sponsor, promoting the dialogue and analysis necessary for the industry.

Daniel Magariños, from BMM Testlabs, expressed his enthusiasm for participating in this digital webinar: “It has been a pleasure to be able to share our comments as a Laboratory on a market like the Mexican one and exchange opinions with a reference like Hermilo and the company Prometeo IT Solutions, with its excellent track record in this market. A relaxed talk with a lot of learning that I hope will be interesting for the attendees.”

For his part, Hermilo Peregrina, from Prometeo IT Solutions, highlighted the relevance of these spaces for dialogue: “Thank you to Conferencias iGaming for the invitation to participate in this panel. Thanks to Geraldine for coordinating us, and it was a pleasure to share ideas and opinions with my friend Daniel from BMM Testlabs, who has extensive experience in international regulations and certifications.”

Advertisement
Stake - Best Online Casino & Sports Betting Platform

Sponsor Support

The panel has the support of important sponsors who recognize the relevance of regulation in the development of the iGaming market in Mexico. Among them, BMM Testlabs as Gold Sponsor, and Kushki as Silver Sponsor.

Event Details:

Date: November 6

Time: 10:00 a.m. (Mexico)

Advertisement
Stake - Best Online Casino & Sports Betting Platform

Registration: Register here

Don’t miss the opportunity to be part of this essential conversation for the future of the industry. Secure your place and access a key analysis on the dynamic iGaming market in Mexico!

Continue Reading

Trending

GamingAmericas.com (part of HIPTHER) is your one-stop portal for the latest news, insights, and analyses in the gaming industry across the Americas. From legislative updates and market trends to interviews with industry leaders, we provide a comprehensive look at the dynamic landscape of both online and land-based gaming. Whether you're a stakeholder looking to stay ahead of the curve or a gaming enthusiast eager for reliable updates, GamingAmericas.com has got you covered. Follow us on social media and subscribe to our newsletter for real-time updates and exclusive content. Make informed decisions and stay ahead in the game with GamingAmericas.com.

Disclaimer: All the information provided is for educational and entertainment purposes only. Always check your local laws before participating in any gaming activities.

Copyright © 2018 – 2024, HIPTHER. All Rights Reserved.