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Gambling.com Group Fourth Quarter Revenue Rises 107% to $21.3 Million

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Gambling.com Group Announces Select Preliminary 2023 First Quarter Results

 

Gambling.com Group Limited (Nasdaq: GAMB) (“Gambling.com Group” or the “Company”), a leading provider of digital marketing services for the global online gambling industry, today announced financial results for the fourth quarter and the full year periods ended December 31, 2022.

Fourth Quarter and Full Year 2022 vs. Fourth Quarter and Full Year 2021 Financial Highlights

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

Three Months Ended
December 31,

Change

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Year Ended December 31,

Change

2022

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2021

%

2022

2021

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%

Revenue

21,349

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10,291

107

%

76,507

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42,323

81

%

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Net income (loss) for the period attributable to shareholders (1)

(4,409

)

867

(609

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)%

2,390

12,453

(81

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)%

Net income (loss) per share attributable to shareholders, diluted (1)

(0.12

)

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0.02

(687

)%

0.06

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0.37

(86

)%

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Adjusted net income (loss) for the period attributable to shareholders (1)

613

867

(29

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)%

14,195

12,453

14

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%

Adjusted net income (loss) per share attributable to shareholders, diluted (1)

0.02

0.02

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%

0.37

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0.37

%

Adjusted EBITDA

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6,855

2,272

202

%

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24,069

18,356

31

%

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Adjusted EBITDA Margin

32

%

22

%

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31

%

43

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%

Cash flows generated by operating activities

6,188

1,177

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426

%

18,755

13,997

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34

%

Free Cash Flow

364

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(1,811

)

(120

)%

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9,467

8,423

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12

%

(1) For the three months and year ended December 31, 2022 Adjusted Net Income and Adjusted Net income per share is exclusive of, and Net Income and Net Income per share is inclusive of Adjustments related to acquisitions of $5.0 million, or $0.12 per share, and $11.8 million, or $0.31 per share. 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.

Charles Gillespie, Chief Executive Officer and Co-Founder of Gambling.com Group commented, “We ended 2022 extending our strong record of organic growth with quarterly revenue and Adjusted EBITDA reflecting another quarter of solid growth in our established markets and the continued strong ramp up of our North American operations. Fourth quarter 2022 revenue more than doubled year over year to $21.3 million, while our high-margin operating model helped drive a 202% increase in Adjusted EBITDA to $6.9 million. The fourth quarter results reflect a nearly 200% year-over-year and 21% quarterly sequential increase in new depositing customers to 82,000. Our investments in expanding our team, technology, and our portfolio of performance marketing websites continue to drive highly efficient and effective customer acquisition for online gambling operators. These factors, combined with our expansion into five new North American markets last year, helped drive an 81% increase in 2022 full year revenue to $76.5 million, a 31% improvement in Adjusted EBITDA to $24.1 million, and Free Cash Flow of $9.5 million.

“Gambling.com Group’s 364% year-over-year increase in fourth quarter North American revenue to $10.0 million reflects the continued benefit from strong performance in our newest markets, including solid results from our November launch in Maryland. Further, we have seen great performance out of the gate from our Ohio launch in January and our launch in Massachusetts earlier this month. Complementing our North American growth, we also continue to demonstrate the value and benefits of our performance marketing platform in the U.K. and Ireland, where we have operated for nearly ten years, as we generated a 54% year-over-year revenue growth to $8.1 million, an all-time record for the fourth consecutive quarter.

“Gambling.com Group is positioned for continued growth in 2023 and beyond as we strategically leverage our technology and portfolio of websites which this year will include the launch of the brand new Casinos.com website. Our previously announced media partnerships with McClatchy and Gannett also position us to further deliver on our growth expectations and for our clients. We expect to generate strong organic growth in 2023 despite no current expectations for any additional North American markets coming online. By leveraging our high-yielding operating model to drive consistent profitability, we are confident that the Company can continue to drive near- and long-term growth and further enhance value for our shareholders.”

Fourth Quarter 2022 and Recent Business Highlights

  • North American revenue grew 364% to $10.0 million
  • Delivered more than 82,000 new depositing customers
  • Successfully launched operations in Maryland
  • Acquired ultra-premium domain name Casinos.com
  • Repurchased 38,708 ordinary shares for an average price of $8.98 per share
  • Won the EGR Sports Affiliate of the Year award
  • Since the start of the year, launched operations in Ohio and Massachusetts
  • In February, entered into a strategic media partnership with Gannett Co., Inc., publisher of USA TODAY

Elias Mark, Chief Financial Officer of Gambling.com Group, added, “Our leading technology, domain names and websites, successful entry into new markets, and strong value proposition to our customers drove a more than 133% increase in new depositing customers in 2022, and yet another year of industry-leading revenue growth with continued strong profitability and cash generation. Looking ahead, we remain committed to delivering profitable growth and consistent positive operating cash flow. With our strong operating cash-flow and balance sheet, we have the financial flexibility to continue making return-focused investments in our business to deliver increased scale and attractive top-line and cashflow growth – all while maintaining strong profitability.”

2023 Outlook

The Company initiates full year 2023 guidance for revenue of $93 million to $97 million, and for Adjusted EBITDA of $32 million to $36 million. The Company’s guidance assumes:

  • No anticipation of going live in any additional North American markets for the balance of 2023
  • No benefit from any new acquisitions
  • New investments throughout 2023 for the development of Casinos.com as well as to service media partners including Gannett
  • An average EUR/USD exchange rate of 1.075 throughout 2023.

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CT Gaming with First installations in Guatemala

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CT Gaming with First installations in Guatemala

 

CT Gaming has announced its debut installations in Guatemala, marking a significant milestone in the expansion across Latin America. Following this year’s successful installations in Mexico and Perú, CT Gaming’s presence in the region continues to grow at full speed.

“We are proud of the established partnerships and see these installations as the foundation for a long-term collaboration. We believe this is just the beginning of our journey toward becoming a leading provider in Guatemala,” said Georgi Koprinarov, General Manager LatAm at CT Gaming.

Leading gaming venues in Guatemala, among which Fantastic – Majadas, Fantastic – Las Americas, Magic Bingo – Metro Norte and Magic Bingo – Capitol, are now equipped with EZ Modulo 32/32/32 slot cabinet and the newest addition to the Diamond King family – Diamond King 4. Among the 40 games in the pack, players will experience a unique blend of classic titles and brand-new games such as Zet Fruits,Clovers on Fire and others. Additionally, half of the games are linked to the progressive jackpot Diamond Tree Deluxe, which concept is offering exciting rewards and enhanced gameplay. Another new feature that premiers within Diamond King 4, is the “Buy Bonus” game which brings additional excitement and better chances of winning.

“We are thrilled to partner with CT Gaming and introduce their cutting-edge products to Guatemala. The installation of the EZ Modulo cabinets in combination with the latest multigame – Diamond King 4 has already sparked interest among our players. We look forward to a long and successful collaboration with CT Gaming, bringing top-tier entertainment to our customers,” said Edgar Paz Ravines, director of Desarrollos Providencia.

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Spintec Expands its US Presence

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Spintec Expands its US Presence

 

Spintec returns to IGA with its exclusive US distributor, Dynamic Gaming, and a shared booth with Gaming Arts.

Spintec’s return to the Indian Gaming Association (IGA) Conference & Tradeshow this year is marked by the significant success the company has achieved since the last show. Their partnership with their exclusive distributor, Dynamic Gaming, has expanded their presence across the US by leaps and bounds.

They are currently licensed and approved for their latest product and games, in California, Michigan, Nebraska, New Mexico, North Dakota, Oklahoma, Wisconsin, Kansas, and Washington, with approvals in Arkansas, Wyoming, Idaho, and Florida waiting in the wings. This highlights their ongoing commitment to the US market and their growing footprint across North America, emphasized further by their imminent entry into Ontario, Canada.

To celebrate their unwavering success in North America, Spintec will be showcasing the best parts of their latest Charisma product line at this year’s IGA. Charisma is a brand-new line of products, which has already won awards and has become an instant global bestseller. In an exclusive introduction, the visitors at IGA will be shown its brand-new Craps solution. It comes with super innovative elements such as the shooter button, 7-out function, and a rotating dealer feature. Additionally, they will also be unveiling their virtual/video Charisma Blackjack machine. Both of these exceptional new solutions are designed to elevate the gaming experience and include a variety of side bets on both games.

But that’s not all – visitors will also have the chance to try out their proprietary new Galactic Spin Roulette game. It offers an enhanced roulette experience with integrated Mega, Major, and Minor Jackpots, bet multipliers of up to 300, and the exciting possibility of winning free spins. This game revolutionizes the roulette experience by eliminating breaks, making the wait for the ball to drop the most thrilling part of the game.

Their booth will also include a variety of compact, multi-station solutions, giving the visitors the opportunity to explore and experience the breadth of their latest product portfolio.

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TheLotter US Expands its Lottery Courier Service to Arizona

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TheLotter US Expands its Lottery Courier Service to Arizona

TheLotter US has expanded its trusted lottery courier service to Arizona, following successful launches in New Jersey and New York just last year. With this latest addition, TheLotter US now operates in five states, including Oregon, and Minnesota.

Yael Hertz, CEO of TheLotter Group, said: “We’re thrilled to expand our service to yet another state. Now, Arizona residents can enjoy the convenience of entering their favorite lottery draws without having to go out and buy a ticket.”

TheLotter US fulfills lottery ticket orders on customers’ behalf at licensed retailers, scans them, and uploads them to their personal accounts before the draw. From there, they can view their ticket and track their numbers with ease.

With years of experience in the industry, TheLotter US is making lottery play more convenient than ever. Their dedicated 24/7 customer support ensures players always receive prompt and reliable assistance whenever they need it.

Over time, TheLotter US has built a loyal customer base by consistently proving itself as a trusted and reliable service.

Creating an account takes just minutes. After verifying their info, users can choose their favorite lottery game, pick their lucky numbers or use Quick Pick, select the number of lines to be added, and confirm their order. TheLotter US will take it from there.

With years of experience and a solid reputation, TheLotter US uses top-tier security measures like GeoTrust 128-bit SSL encryption to protect all transactions. Plus, ticket scans will be viewable in customers’ accounts before the draw for total transparency, and their 24/7 customer support is always there to assist with any and all queries.

Arizona has seen some incredible jackpot wins, including a $108 million Mega Millions prize in Lake Havasu City just four years ago. More recently, in January 2025, a lucky player in Tempe became the sole winner of a $112 million jackpot.

This win has special significance, as the winner purchased their ticket through an online lottery courier service. This incredible win highlights how ticket courier services make it easier than ever for players to enter their favorite draws—and seize life-changing opportunities.

Now that TheLotter US is live in Arizona, Arizona residents have the same opportunity to play for the biggest prizes and create their own “jackpot moment”.

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Whether it is a big or small win, customers will be notified by email right away by TheLotter US. Smaller prizes (under $600) are deposited directly into a players’ account. Should a player win a larger prize, TheLotter US will assist them in claiming their prize in person at the official lottery office.

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