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Gambling.com Group Announces Select Preliminary 2023 First Quarter Results

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Gambling.com Group Announces Select Preliminary 2023 First Quarter Results

 

Gambling.com Group Limited, a leading provider of player acquisition services for the regulated global online gambling industry, today provided select preliminary financial results for the first quarter ended March 31, 2023. The Group will report its actual 2023 first quarter results on Thursday, May 18, 2023.

Preliminary 2023 First Quarter Results:

  • Total revenue will be in the range of $26.4 million to $26.9 million
  • Net Income will be in the range of $6.3 million to $6.8 million
  • Adjusted EBITDA will be in the range of $10.3 million to $10.8 million, representing an Adjusted EBITDA margin of 39% to 40%1
  • Cash flow generated by operating activities will be in the range of $6.8 million to $7.3 million
  • Free Cash Flow will be in the range of $5.9 million to $6.4 million1

Charles Gillespie, Chief Executive Officer and Co-Founder of Gambling.com Group, commented, “Our preliminary 2023 first quarter results exceeded internal forecasts. These results reflect strong organic growth driven by the robust ramp up of our North American operations and ongoing momentum in our established markets. These preliminary results also highlight the benefits of our operating model which enables us to simultaneously deliver impressive top line, profitability, and cash flow growth. With the strong start to 2023, we remain confident that Gambling.com Group is on track for another year of record revenue, Adjusted EBITDA and Free Cash Flow.”

The preliminary unaudited results provided in this release are derived from preliminary internal financial reports and are subject to revision based on the Group’s procedures and controls associated with the completion of its 2023 first quarter financial reporting.

2023 First Quarter Conference Call and Webcast

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Gambling.com Group will release 2023 first quarter results before the market opens on Thursday, May 18, 2023, and host a conference call and simultaneous webcast at 8:00 AM ET that day. During the call, Gambling.com Group Chief Executive Officer and Co-Founder, Charles Gillespie, and Chief Financial Officer, Elias Mark, will review the Group’s financial results and provide a business update, followed by a question-and-answer session. An accompanying slide presentation will be available in the “News & Events” section of the Group’s website.

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MGM Resorts Named a Proud Partner of the New York Yankees

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MGM Resorts International announced a new partnership designating MGM Resorts as a “Proud Partner of the New York Yankees”.

The two organizations will collaborate to deliver exclusive VIP experiences to MGM Rewards members and baseball fans, including the opportunity to watch batting practice from the warning track and throw out a ceremonial first pitch at Yankee Stadium. MGM Resorts will also have brand placement at Yankee Stadium on LED signage, first and third base rotational signage, and its logo appearing on the back of the pitcher’s mound during live local television broadcasts of select games.

“We remain committed to investing in the community, while collaborating with the New York Yankees to provide unparalleled experiences for baseball fans. Our company has owned and operated Empire City Casino and Yonkers Raceway for the past five years. As we continue working to secure a full commercial casino license at Empire City, this partnership allows us to further develop these properties to their potential, while providing the world-class hospitality guests have come to expect from the MGM Resorts brand,” Bill Hornbuckle, CEO & President of MGM Resorts, said.

“We are excited to partner with MGM Resorts this season. Through branding displayed on signage inside Yankee Stadium and integrated into our television broadcasts, the MGM Resorts brand will only see increased exposure and recognition for its resort and casino properties— especially for the nearby Empire City Casino,” Michael Tusiani, SVP of Partnerships at New York Yankees, said.

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As this partnership moves forward, MGM Resorts’ Empire City Casino plans to host New York Yankees-themed fan activities and experiences involving active Major League Baseball players, as well as alumni.

Ed Domingo, President and COO of MGM Resorts’ Empire City Casino, said: “This alliance with the Yankees allows us to create unique and engaging opportunities for guests and baseball fans alike. Empire City sits less than two miles from the Bronx border and is not only the gaming entertainment destination of choice for Bronxites, but also the longtime employer of hundreds of team members who call the Bronx home. We are well positioned to significantly increase that number when a full-scale commercial casino license is secured.”

In November 2018, MGM Resorts and Major League Baseball formed a wide-ranging and groundbreaking partnership in the US and Japan, designating MGM Resorts as the first “Official Gaming Partner of MLB” and “Official Entertainment Partner of MLB”. Additionally, MGM Resorts has been an “Official Partner of MLB Players Inc” since 2022.

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Super Group Announces Exit from U.S. Sportsbook Markets

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Super Group, the parent company of Betway, a leading online sports betting and gaming business, and Spin, the multi-brand online casino, announced that, following the completion of an extensive internal review, the company intends to undertake an exit plan for its sportsbook product in the US.

The company, along with relevant regulators and partners, will shortly begin the process to fully close its U.S. sportsbook operations in the nine states in which it is currently live. Super Group will, however, maintain its iGaming presence in the US and plans to operate two iGaming brands from its Spin portfolio (including Jackpot City) in both New Jersey and Pennsylvania.

Chief Executive Officer Neal Menashe said: “As a global business, we constantly evaluate the optimal use of our resources across all markets in which we operate. We have recently concluded an extensive review of our U.S. operations and, at present, we do not see a long-term path to profitability for the sportsbook product.

“The vast majority of Super Group’s revenue is generated in iGaming and, in line with that strategy, we will continue to offer our leading casino product in New Jersey and Pennsylvania. We are open to expanding our U.S. footprint if the right investment or strategic opportunities arise.”

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Funds Advised by Apax Partners LLP Fully Exit their Equity Position in Genius Sports

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Genius Sports Limited announced that Funds advised by Apax Partners LLP (Apax Funds) have fully monetized their equity interest in Genius Sports and no longer holds any shares in the Company. The Apax Funds first acquired a majority interest in Genius Sports in September 2018 and have supported the Company through a period of transformational growth over the last six years.

“Apax has been a tremendous partner to Genius Sports, and we are grateful for their valuable insight and expertise over the last six years. Today marks the conclusion of a very successful partnership, and we look forward to welcoming this next chapter with the ongoing support of our high-quality institutional shareholders,” Mark Locke, Co-Founder and CEO of Genius Sports, said.

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