Latest News
Gambling.com Group Third Quarter Revenue Rises 94% to $19.6 Million
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 for the global online gambling industry, today announced financial results for the third quarter ended September 30, 2022.
Charles Gillespie, Chief Executive Officer and Co-founder of Gambling.com Group, commented, “Our quarterly results, including record revenue, reflect continued strength in established markets, our successful execution in the rapidly growing North American market and the benefits of our efficient operating model which drives attractive operating margins and consistent positive Adjusted EBITDA and Free Cash Flow. Third quarter 2022 revenue rose 94%, inclusive of currency headwinds, to $19.6 million; Adjusted EBITDA increased 32% to $6.4 million; and we generated Free Cash Flow of $4.9 million. In addition, new depositing customers rose 152% year-over-year in the third quarter and nearly 20% on a quarterly sequential basis.
“Our investments to expand the breadth and quality of our portfolio of performance marketing websites ahead of new North American market launches has positioned Gambling.com Group for strong performance from its first day of operations in each of these new markets. The efficacy of this strategy is evident in our strong third quarter revenue growth in North America, which increased nearly 300% year-over-year to $9.1 million. This growth reflects, in part, contributions from three new markets that have come online since Q3 2021, including a strong first month of operations in Kansas which opened on September 1. We believe our similar investments in premium domains to address markets that we expect to come online over the next several quarters, including Ohio, Maryland and Massachusetts, position the Company for similarly strong starts as these new markets formally launch. In addition to leveraging our extraordinary North American growth opportunity, we continue to grow in more established markets, as reflected by our all-time record quarterly revenue in the U.K. and Ireland. Gambling.com Group’s strong performance in both new and mature markets provides clear evidence that our performance marketing platform helps online gambling operators address their critically important goal of investing in efficient and profitable customer acquisition that delivers easily attributable and quantifiable returns.
“Our consistently strong Adjusted EBITDA and Free Cash Flow, even as we continue to invest to drive further growth, is a key differentiator for Gambling.com Group. We will continue to benefit from our proprietary technology, which offers us competitive advantages, a significant pathway for near and long-term growth in North America, a track record of delivering consistent growth in our established markets and an operating model that drives profitability. As such, we are confident in our ability to grow over the balance of this year and extend our successes in 2023 and beyond.”
Third Quarter 2022 vs. Third Quarter 2021 Financial Highlights
(in thousands, USD, except per share data, unaudited)
Three Months Ended September 30, | CHANGE | ||||||||||
2022 | 2021 | $ | % | ||||||||
Revenue | 19,649 | 10,123 | 9,526 | 94 | % | ||||||
Net income for the period attributable to the shareholders | 2,261 | 4,675 | (2,414 | ) | (52 | )% | |||||
Net income per share attributable to shareholders, diluted | 0.06 | 0.13 | (0.07 | ) | (52 | )% | |||||
Adjusted net income for the period attributable to shareholders | 6,035 | 4,675 | 1,360 | 29 | % | ||||||
Adjusted net income per share attributable to shareholders, diluted | 0.16 | 0.13 | 0.03 | 27 | % | ||||||
Adjusted EBITDA | 6,413 | 4,870 | 1,543 | 32 | % | ||||||
Adjusted EBITDA Margin | 33 | % | 48 | % | (15 | )% | |||||
Cash flows generated by operating activities | 5,622 | 1,381 | 4,241 | 307 | % | ||||||
Free Cash Flow | 4,896 | 754 | 4,142 | 549 | % |
Share Repurchase Program
The Company’s Board of Directors approved a share repurchase program pursuant to which Gambling.com Group may purchase up to $10.0 million of its ordinary shares in open market transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The actual number of shares to be purchased will depend upon market conditions and is subject to available liquidity, economic conditions, alternative uses for the capital and other factors. All shares purchased will be held in the Company’s treasury for possible future use. As of September 30, 2022, Gambling.com Group had approximately 36.5 million shares issued and outstanding. There is no minimum number of shares that the Company is required to repurchase, and the repurchase program may be suspended or discontinued at any time without prior notice.
Third Quarter 2022 and Recent Business Highlights
- North American revenue grew 299% to $9.1 million
- Delivered more than 68,000 new depositing customers
- Successfully launched operations in Kansas
- BonusFinder.com performed ahead of plan and RotoWire.com’s performance marketing revenues accelerated
- Won the SBC North America Sports Affiliate of the Year Award
- Subsequent to quarter end, acquired ultra-premium domain name Casinos.com
Elias Mark, Chief Financial Officer of Gambling.com Group, added, “Our third quarter revenue and Adjusted EBITDA were ahead of analyst consensus estimates. We remain focused on investing in the business in a disciplined manner as we prioritize growth that delivers positive Free Cash Flow. The Company remains well capitalized and in a strong position to meet our 2022 full year outlook and to generate continued growth in 2023 and beyond.”
2022 Outlook
For fiscal year 2022, based on currently available information, the Company reiterates its fiscal 2022 guidance and estimates:
- Total revenue will be in the range of $71 million to $76 million
- The mid-point of this range represents year-over-year growth of 74%
- Adjusted EBITDA will be in the range of $22 million to $27 million
- The mid-point of this range represents year-over-year growth of 33%
Compliance Updates
Play’n GO announces Delaware license award
Legendary studio’s games now live with Rush Street Interactive brand BetRivers in US state
Play’n GO, the world’s leading casino entertainment provider, has today announced the receipt of a sixth US state license, this time in the state of Delaware.
Having entered the US market in 2022, Play’n GO has gone live in West Virginia, New Jersey, Pennsylvania, Michigan, Connecticut, and now Delaware, where some classic Play’n GO titles, such as Piggy Blitz will now be available to BetRivers players in the state affectionately known as the First State.
Play’n GO added Pennsylvania and Connecticut to its list of regulated markets in 2024, and have a publicly stated goal of being active in every regulated market in the world, a goal that has seen the Swedish gaming giant release a portfolio of over 350 premium games in over 35 regulated markets to date.
Anna Mackney, US Head of Region at Play’n GO added “It’s fantastic to begin the year by adding yet another new regulated market in the US, this time in the shape of Delaware. Our expansion into the state marks yet another significant step in our US growth strategy. Play’n GO continues to lead the charge in regulated markets, and we are committed to delivering our premium content to players across the country.
“We’ve already established an excellent relationship with BetRivers across the United States and we are confident that our partnership will continue to be mutually beneficial to both businesses as we enter yet another new market together. US players have clearly demonstrated their demand for our games, and we will continue to deliver.”
Latest News
Rebranded VSiN Las Vegas 1230 The Game Brings 24-7 Sports Betting Talk Format to Vegas Radio Listeners Just Ahead of Biggest Sports Betting Day of the Year
Lotus Las Vegas is expanding its partnership with VSiN, The Sports Betting Network, to deliver 24-7 sports betting content to Las Vegas radio listeners. The rebranded VSiN Las Vegas 1230 The Game provides sports enthusiasts the expert sports betting insights and analysis they need – all straight from the floor of one of the biggest sportsbooks in the world at Circa Resort and Casino, stationed in the heart of downtown Las Vegas.
“We are thrilled to announce the rebranding of 1230 The Game as VSiN Las Vegas 1230 The Game, solidifying our long-standing partnership with VsiN. As one of the first stations to bring VSiN content to terrestrial radio, we’ve always shared a commitment to delivering the best in sports betting insights to our listeners. This next step underscores our dedication to providing cutting-edge content and highlights the growth and impact of VSiN in the world of sports broadcasting,” said Natalie Marsh, General Manager at Lotus Broadcasting.
VSiN Las Vegas 1230 The Game delivers news, analysis, and insights that bettors need to make informed wagering decisions. As the voice of the sports betting industry, VSiN delivers the most credible, actionable information to sports fans and betting enthusiasts by tapping the industry’s most knowledgeable sports betting experts, legendary book makers, former athletes, and league executives.
“Like everyone else involved in this partnership, I’m very excited to see the rebranding of 1230 The Game become officially VSiN Las Vegas 1230 The Game. We have had a lengthy partnership with VSiN and all this does is continue to grow it and take it to the next level. Excited about what’s to come next with the dedication from us and VSiN, forming VSIN Las Vegas 1230 The Game,” said Q Myers, Las Vegas Sports Network Program Director and On-Air Host on Raider Nation Radio 920.
“Lotus has been an amazing partner in helping VSiN build a passionate local following, hungry for credible sports betting information. It’s that passion, and the excitement of being at the center of the sports and entertainment capital of the world, that we try to capture for our audience in the rest of the country. We’re excited to kick off this relationship in time to bring non-stop coverage of the Big Game to our local listeners,” said Brian Musburger, president and chief business officer at VSiN.
This 24-7 sports betting programming launches just ahead of the single biggest sports betting event of the year and VSiN will deliver non-stop coverage leading into Super Sunday, including reports directly from the action in New Orleans. VSiN personalities Adam Schein, John Hansen, and Jonathan Von Tobel will do shows live on location.
The network will showcase insights from all of its experts, professional bettors and bookmakers on Super Sunday with live coverage from Las Vegas beginning at 5 a.m. Pacific and continuing through midnight.
Latest News
Robinhood Launches “Pro Football Championship” Contracts
Robinhood Derivatives LLC (RHD) has launched event contracts for the Pro Football Championship. The trading platform launched the event contracts on Monday to let U.S. customers wager on the outcome of the Super Bowl clash, seeking to tap into the betting mania around one of the most iconic sporting events in the country.
“Robinhood’s mission is to democratize finance for all. With an emerging asset class like event contracts, we recognize an opportunity to better serve our customers as their interests converge across the markets, news, sports, and entertainment,” the company said.
Available in all 50 states through KalshiEX LLC, a regulated exchange, the Pro Football Championship event contract gives eligible customers the power to trade on the outcome of the big game.
Event contracts for the Pro Football Championship leverage the power and rigor of financial market structure to facilitate greater liquidity, transparency, and price discovery.
The Pro Football Championship event contract lets customers trade one of two different event contracts based on their prediction for “who will win” between Kansas City or Philadelphia. To participate, customers must download the latest version of the app, and apply and meet certain criteria to be approved for a RHD account.
Event contracts for the Pro Football Championship follows the launch of the Presidential Election Market last October, which enabled customers to trade event contracts through RHD based on their prediction for “who will win the 2024 presidential election.”
-
Canada5 days ago
Bragg Gaming Announces Preliminary Unaudited Results for the Year Ended December 31, 2024 and 2025 Strategic Initiatives and Guidance
-
Canada5 days ago
Playson Signs Agreement with Light & Wonder in Global Distribution Deal
-
Gaming6 days ago
Fourth Star Launches Immersive Media Streaming Platform
-
Compliance Updates2 days ago
Governor Lombardo Appoints Chandeni Sendall to Nevada Gaming Control Board
-
Compliance Updates5 days ago
Kambi Group plc secures licensing approval in Nevada
-
Compliance Updates2 days ago
PA Gaming Control Board Levies Fines Totaling $282,205
-
Latest News5 days ago
SCCG Launches Cybersecurity Services (CSaaS) to Safeguard the Gaming Industry
-
Latest News1 day ago
SCCG Launches ProServices to Expand a Full Suite of Professional Services for the Gaming Industry