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Gambling.com Group Reports First Quarter 2022 Financial Results

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  • 70% Revenue Growth with Record Revenue and Adjusted EBITDA
  • Reiterates full year outlook revenue of $71-76 million and Adjusted EBITDA of $22-27 million in 2022

Gambling.com Group Limited (Nasdaq: GAMB) (“Gambling.com Group” or the “Company”), a multi-award-winning performance marketing company and a leading provider of digital marketing services active in the global online gambling industry, today announced its operating and financial results for the first quarter ended March 31, 2022.

“Our core business performed brilliantly in the quarter, driving record revenue and Adjusted EBITDA performance. This very strong underlying growth together with the acquisitions of RotoWire.com and BonusFinder.com, propelled Q1 2022 revenue 70% past our previous best quarter” said Charles Gillespie, Chief Executive Officer and Co-founder of Gambling.com Group, “Our current primary strategic objective is to rapidly grow our business in the U.S. market, which is exactly what we did in the quarter – while also delivering high margins despite the continuous investments in the business to position us for further U.S. growth. We continue to believe that the affiliate model offers American and international online gambling operators the most effective and reliable way to spend their marketing budgets, and we look forward to another record year for the Group.”

First Quarter 2022 vs. First Quarter 2021 Financial Highlights
(in thousands, USD, except per share data, unaudited)

THREE MONTHS ENDED
MARCH 31,

2022 to 2021
CHANGE

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2022

2021

$

%

Revenue

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19,585

11,517

8,068

70

%

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Adjusted EBITDA

7,187

7,117

70

1

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%

Adjusted EBITDA margin

37

%

62

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%

(25

)%

Cash flow from operations

3,586

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6,740

(3,154

)

(47

)%

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Free cash flow

1,374

6,397

(5,023

)

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(79

)%

Net income for the period attributable to the
equity holders

4,488

4,466

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22

0

%

Net income per share for the period attributable to the
equity holders, diluted

0.12

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0.14

(0.02

)

(15

)%

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First Quarter 2022 Highlights

  • North American revenue grew 544% to $10.6 million
  • Delivered 67,000 new depositing customers
  • Closed the acquisitions of RotoWire.com and BonusFinder.com
  • Successful new market launches in New York and Louisiana
  • Strong organic revenue growth led by North America, complemented by growth from acquisitions
  • Strong start to the recently announced McClatchy media partnership
  • Subsequent to quarter end, successful new launch in Ontario

Elias Mark, Chief Financial Officer of Gambling.com Group, added, “We saw our accelerated investments in the business during the second half of 2021 start to pay off, and grew revenue 70% to deliver the best quarterly performance in the Group’s history. The record performance was driven by exceptionally strong growth in North America, particularly in New York, and very solid results in the United Kingdom and Ireland measured against our previous best quarter. Strong underlying organic growth is complemented by our recent acquisitions, which were all performing in-line with, or better than, our initial expectations. We continue to expect another record year for the Group and reiterate our full year guidance.”

2022 Outlook

For the fiscal year 2022. based on currently available information, we estimate:

  • Total revenue will be in the range of $71 million and $76 million; and
  • Adjusted EBITDA will be in the range $22 million and $27 million

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

Conference Call Details

Date/Time:

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Tuesday, May 31, 2022, at 9:00 am EDT

Webcast:

https://www.webcast-eqs.com/register/gamb20220531/en

U.S. Toll-Free Dial In:

877-407-0890

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International Dial In:

+1-201-389-0918

To access the call, please dial in approximately 10 minutes before the start of the call. An accompanying slide presentation will be available in PDF format within the “News & Events” section of the Company’s website.

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.

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Latest News

QTech Games recruits David Camacho to take the lead for LatAm markets

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QTech Games recruits David Camacho to take the lead for LatAm markets

QTech Games, the leading games distributor for all emerging markets, has appointed David Camacho to the new role of Account Manager for LatAm Markets.

Camacho arrives at QTech Games after a successful and long-serving spell at Tabella, a global powerhouse across varied igaming verticals, where he proved himself across a range of senior roles focusing on the LatAm markets. At QTech Games, David will drive sales and its existing presence across Central and South America, growing its global footprint in more Spanish and Portuguese-speaking territories.

QTech Games commented: “We’re delighted that David is now part of the QTech team. His extensive experience and network in the industry are second to none, after over two decades in the sector. So, he will prove a true asset to both QTech Games and all our clients, as we will deepen our existing influence across Hispanic markets in Central and South America.

“Recruiting the best localised talent and expertise has always been a central pillar of our strategy. Therefore, we’re naturally thrilled to have David on board.

David Camacho added: “I’m excited to be joining QTech Games, a company with the most remarkable content suite across varied igaming verticals, all delivered via a stellar platform built on bleeding-edge technology. I can’t wait to get started by deploying my business connections and contacts across a region I know so well at such a crucial point in its maturation.

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“Of course, when it comes to LatAm, everyone’s talking about the unfolding scene in Brazil, but I’ll also be concentrating our efforts in more mature countries such as Colombia and Mexico, alongside some other opportunities in Peru, another promising territory with one of the most operator-friendly regulations in recent times. Argentina and Chile will also be interesting in due course. Apart from the strong growth in this region, I believe we will be able to fuel it further with our new QTech Hybrid product that fits perfectly in all these markets!”

QTech Hybrid – get in touch to find out more!

QTech Hybrid will next be showcased at the upcoming SBWA+ show in Ghana in August, where QTech Games delegates will be on site to unpack its breakout technology and salient applications for joining up the retail and digital-mobile experience. QTech Hybrid offers a retail solution that can be transferred seamlessly to mobile in any emerging market, enabling the customer to continue playing after leaving the retail environment. QTech Hybrid allows players to access the full game library of QTech Games, while the retail solution also contains a state-of-the-art Agent Management System. It’s also an instant win for efficient payments

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BETBY AND PIXBET ENTER LONG-TERM BRAZILIAN SPORTS BETTING PARTNERSHIP

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BETBY AND PIXBET ENTER LONG-TERM BRAZILIAN SPORTS BETTING PARTNERSHIP

 

BETBY strengthens its Latin American position with agreement to power leading Brazilian brand Pixbet

BETBY, the premium sports betting supplier, has signed a long-term sports betting agreement with Pixbet. The partnership will see Pixbet leverage Betby’s award-winning sports betting solution and services to upgrade its current sportsbook, offering Brazilians a best-in-class online betting experience.

Pixbet a leading Brazilian bookmaker present throughout the national territory, is well known for its bold marketing strategy, having earlier this year been announced as the new shirt sponsor for Brazilian soccer club Flamengo under a lucrative two-year deal.

Chris Nikolopoulos, Chief Commercial Officer at Betby, said: “It is a pleasure to have put pen to paper on this agreement with Pixbet, an operator whose management team boasts clear expertise and a passion for sports betting that mirrors our own.

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“This agreement further bolsters Betby’s impressive range of partners throughout Brazil and Latin America, and we are excited to capitalise on the rich promise this partnership holds.”

Ernildo Junior, owner of Pixbet, said: “We are very pleased to have signed with Betby as we look to further deliver on our sports betting ambitions to become the leading betting brand in Brazil.

“Betby has a proven track record in Latin America and its suite of high-performance sportsbook technology will provide our players with a superior sports betting experience whilst providing us with cutting-edge risk management tools.”

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Press Releases

Arizona Department of Gaming Releases May Sports Betting Figures

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Bettors in Arizona wagered approximately $568.5 million on sports in May of 2024, according to a new report by the Arizona Department of Gaming. This represents an approximate 25.9% increase when compared to May of 2023.

The state collected approximately $4.3 million in privilege fees in the month.

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