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Gambling.com Group Limited Revenue Grows 63% to a Q2 Record of $26.0 Million, Net Income Rises to $0.3 Million and Adjusted EBITDA Increases to a Q2 Record of $9.4 Million

Published

2 years ago

August 17, 2023

Raises 2023 revenue guidance to $100-$104 million and adjusted EBITDA guidance to $36-$40 million; mid-points imply revenue growth of 33% and adjusted EBITDA growth of 58% over the full year 2022

Gambling.com Group Limited (Nasdaq: GAMB), a leading provider of digital marketing services for the global online gambling industry, today reported record second-quarter financial results for the three months ended June 30, 2023. The company also increased its guidance for full-year revenue and adjusted EBITDA.

Second Quarter 2023 vs. Second Quarter 2022 Financial Highlights
(USD in thousands, except per share data, unaudited)

	Three Months Ended June 30,					Change
		2023		2022			%
Revenue		25,972		15,924			63	%
Net income for the period attributable to shareholders ⁽¹⁾		278		56			396	%
Net income per share attributable to shareholders, diluted ⁽¹⁾		0.01		0.00			100	%
Net income margin⁽¹⁾		1	%	—	%
Adjusted net income for the period attributable to shareholders ⁽¹⁾⁽²⁾		6,535		3,065			113	%
Adjusted net income per share attributable to shareholders, diluted ⁽¹⁾⁽²⁾		0.17		0.08			113	%
Adjusted EBITDA ⁽¹⁾⁽²⁾		9,424		3,617			161	%
Adjusted EBITDA Margin ⁽¹⁾⁽²⁾		36	%	23	%
Cash flows generated by operating activities		4,586		3,368			36	%
Free Cash Flow ⁽²⁾		8,526		2,822			202	%

(1) For the three months ended June 30, 2023, net income and net income per share include, and adjusted net income and adjusted net income per share exclude, adjustments related to the company’s 2022 acquisitions of RotoWire and BonusFinder of $6.1 million, or $0.17 per share. Similarly, these adjustments totalled $3 million, or $0.08, per share for the three months ended June 30, 2022. See Supplemental Information – Non-IFRS Financial Measures and the tables at the end of this release for an explanation of the adjustments

(2) Represents a non-IFRS measure. See Supplemental Information – Non-IFRS Financial Measures and the tables at the end of this release for reconciliations to the comparable IFRS numbers.

“The business performed phenomenally in the second quarter with record operating results reflecting another quarter of significant organic revenue growth and strong free cash flow generation,” the co-founder and Chief Executive Officer for Gambling.com Group Limited, Charles Gillespie, said. “The growth highlights our success in scaling our North American operations as well as continued growth in our more established markets. New depositing customers rose 60% year-over-year to over 91,000, which helped drive a 63% revenue increase to $26 million, 161% growth in adjusted EBITDA to $9.4 million and $8.5 million of free cash flow.

“Despite North America already being our largest reporting market, it still represents a significant growth opportunity for Gambling.com Group Limited and we remain very confident in our ability to continue to increase market share in existing states as they continue to grow. This expected growth will be complemented by an overall expansion of the addressable market as new states such as North Carolina and Kentucky come online with sports betting and iGaming is authorized in additional states. As we continue to scale our North American operations, Gambling.com Group Limited will benefit from other attractive near and long-term growth drivers including valuable media partnerships with leading domestic digital media publishers, McClatchy and Gannett, and the significant long-term global opportunity provided by the recently launched Casinos.com. In addition, we are well positioned to continue growing in our more established markets where we continue to take market share and have signed our first international media partnership with The Independent for the United Kingdom market.

“With each quarter of consistent profitable organic growth delivered by Gambling.com Group Limited, we are demonstrating the benefits of what we believe to be the most attractive business model in the industry as we leverage our many growth drivers and capital efficiency. Our excellence in SEO and proprietary data science allows us to consistently generate top-line growth, adjusted EBITDA margins that exceed 30% and strong free cash flow conversion. As a result, we are confident Gambling.com Group Limited will continue to create added value for our shareholders, clients and our valued team members.”

Second Quarter 2023 and Recent Business Highlights

Stake - Best Online Casino & Sports Betting Platform

Grew North American revenue 115% to $13.4 million
Delivered more than 91,000 new depositing customers
Entered into first international media partnership with The Independent, one of the United Kingdom’s largest digital media publishers with more than 20 million unique monthly users
Negotiated a final, deferred consideration payment of €18 million related the acquisition of BonusFinder in exchange for the early termination of the earn-out period, providing the company with the ability to accelerate the realization of synergies
Repurchased 77,683 ordinary shares at an average price of $9.83 per share

“The operating leverage we generated on 63% year-over-year revenue growth and 161% adjusted EBITDA growth in the second quarter grew free cash flow growth of 202% to $8.5 million,” the Chief Financial Officer for Gambling.com Group Limited, Elias Mark, said. “As a result, we have significant flexibility to simultaneously continue to strategically invest in growth opportunities including the buildout of Casinos.com and the development of our media partnerships and to evaluate strategic transactions that we believe create new shareholder value. Reflecting our strong operating results through the first six months of the year, which outperformed our expectations and our confidence for continued strong performance over the balance of 2023, we are raising our full-year revenue and adjusted EBITDA outlook with the mid-point of the new ranges representing year-over-year growth of 33% and 58%, respectively.”

2023 Outlook

The company raised its full-year 2023 revenue guidance to between $100 million and $104 million and adjusted EBITDA guidance to between $36 million and $40 million. The company’s guidance assumes:

Kentucky goes live on September 28 with online sports betting
Beyond Kentucky, no online sports betting or iGaming going live in any additional North American markets for the balance of 2023
No contribution from any new acquisitions
New investments throughout 2023 for the development of Casinos.com and support to our media partners including Gannett, McClatchy and The Independent
An average EUR/USD exchange rate of 1.095 throughout the remainder of 2023

First Half 2023 vs. First Half 2022 Financial Highlights
(USD in thousands, except per share data, unaudited)

	Six Months Ended June 30,				Change
	2023		2022		%
Revenue	52,664		35,509		48	%
Net income for the period attributable to shareholders ⁽¹⁾	6,873		4,542		51	%
Net income per share attributable to shareholders, diluted ⁽¹⁾	0.18		0.12		50	%
Net income margin ⁽¹⁾	13	%	13	%
Adjusted net income for the period attributable to shareholders ⁽¹⁾⁽²⁾	14,086		7,551		87	%
Adjusted net income per share attributable to shareholders, diluted ⁽¹⁾⁽²⁾	0.37		0.21		76	%
Adjusted EBITDA ⁽¹⁾⁽²⁾	20,097		10,719		87	%
Adjusted EBITDA Margin ⁽¹⁾⁽²⁾	38	%	30	%
Cash flows generated by operating activities	11,669		6,944		68	%
Free Cash Flow ⁽²⁾	14,732		4,186		252	%

(1) For the six months ended June 30, 2023, net income and net income per share include, and adjusted net income and adjusted net income per share exclude, adjustments related to the company’s 2022 acquisitions of RotoWire and BonusFinder of $7 million, or $0.19 per share. Similarly, these adjustments totalled $3 million, or $0.09, per share for the six months ended June 30, 2022. See Supplemental Information – Non-IFRS Financial Measures and the tables at the end of this release for an explanation of the adjustments.

(2) Represents a non-IFRS measure. See Supplemental Information – Non-IFRS Financial Measures and the tables at the end of this release for reconciliations to the comparable IFRS numbers.

Conference Call Details

Date/Time: Thursday, August 17, 2023, at 8:00 am ET
Webcast: https: //www. webcast-egs .com/gamb20230817/en
US Toll-Free Dial In: 877-407-0890
International Dial In: +1-201-389-0918

To access, please dial in approximately ten minutes before the start of the call. 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. Information contained on the company’s website is not incorporated into this press release.

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Casino Kings Knocks Out Partnership with Boxing Powerhouse BoxNation

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3 days ago

May 9, 2025

Zoltan Tundik

Two titans of entertainment are joining forces! UK-licensed casino and sportsbook, Casino Kings, and the legendary boxing platform, BoxNation, have announced a dynamic new partnership, set to deliver a knockout blow of exclusive content, promotions and responsible betting experiences for fans. Becoming their official boxing betting partner, Casino Kings is stepping into the ring with one of the most respected names in the fight game, promising fans a ringside seat to even better betting.

This isn’t just a bell ringing for another sponsorship deal; it’s a knockout partnership designed to bring you closer to the action than ever before. Casino Kings branding will be engrained into the boxing industry, prominent across BoxNation’s popular YouTube channel through branding and content, where the biggest names and personalities in boxing step into the spotlight for exclusive interviews.

For you savvy fight fans, Casino Kings will be rolling out a series of exclusive offers, adding even more thrill to 2025’s already-explosive boxing schedule. And here’s a great way to kick things off: Casino Kings is welcoming new members with a £35 Free Bet! Just deposit a minimum of £10 and place bets of £10 or more to grab yours. Don’t miss out!

Given BoxNation’s powerful presence in the boxing arena and Casino Kings’ reputation as a premier UK online casino and sports betting platform, this partnership is bound to be a knockout you won’t want to miss.

“We’re buzzing to partner with BoxNation—this really puts Casino Kings in the heart of the action.” Says Jack Dunn, COO of Casino Kings. “The team have been absolutely brilliant, and we’re excited to get stuck into some top-tier behind-the-scenes boxing content for the fans!”

“BoxNation is delighted to announce our partnership with Casino Kings. Casino Kings has a great reputation for delivering sports and entertainment options for users. We look forward to working together with Casino Kings to create a safe and enjoyable experience for fans.” adds Umar Ahmed, BoxNation Channel Lead.

Want to be the first to know? Follow Casino Kings and BoxNation on social media now for instant updates, special offers, and all the ringside action!

About BoxNation:

BoxNation is a dedicated boxing news and media outlet, providing fans exclusive interviews and behind the content featuring the boxing’s biggest names and personalities. With over 95k YouTube subscribers and 50 million plus views, BoxNation is delivering the best boxing content from all around the world. To find out more about BoxNation, visit: www.youtube.com/@BoxNationOfficial

About Casino Kings:

Casino Kings isn’t just another UK-licensed online casino and sportsbook – it’s a platform that puts player well-being first. Deeply committed to responsible gambling, they offer a secure environment equipped with robust tools to empower users to manage their play effectively. Beyond this dedication, Casino Kings delivers consistently fair and competitive odds across a thrilling selection of sports. Plus, the king casino team consistently provides their players with the best welcome bonuses, weekly promotions, daily offers, and much more!

Let’s keep the fun in the game. Please remember to gamble responsibly. 18+ only. For more information, visit: www.gambleaware.org.

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Grand View Research: Global Sports Betting Market Size is Estimated to Reach USD 187.39 Billion by 2030

Published

3 days ago

May 9, 2025

Niji Narayan

The global online gambling market size is estimated to reach USD 153.57 billion by 2030, registering a CAGR of 11.9% from 2025 to 2030, according to a new report by Grand View Research.

Sports Betting Market Report Highlights:

• The offline segment accounts for a significant revenue share in the sports betting industry in 2024, particularly in regions with a mature gambling infrastructure such as Europe and Australia.

• Based on the sports type football segment dominated the sports betting market, holding the largest share due to its vast international fan base and the continuous presence of domestic and international tournaments.

• Live/In-Play Betting emerged as the leading segment in the sports betting market in 2024, thanks to its real-time and interactive nature.

• Europe sports betting market accounts for the largest revenue share of around 48% in 2024. The sports betting market in Europe is continually evolving, bolstered by established regulations in several countries and increasing digital engagement.

The growth of the global sports betting market is driven by the proliferation of internet infrastructure and evolving regulatory landscape of the entire gambling industry across the world. In addition, the increase in the number of sports events and leagues worldwide such as the NFL, FIFA World Cup, Carabao Cup, and UEFA Europa League has positively influenced the growth of the market. Furthermore, an increase in disposable income and the rising usage of AI and blockchain technologies to improve the prediction algorithms in betting software are likely to boost the growth of the market during the forecast period.

Esports, which is an organized, multiplayer video game competition, played by professional players, individuals, or teams, has gained massive popularity during the COVID-19 pandemic and witnessed a surge in the number of events worldwide. Market players are utilizing the increased number of esports events to offer an opportunity for their customers to bet on such esports competitions and earn extra income. The surge in online sports events backed up by a rise in the number of esports tournaments offers stable growth opportunities for the betting industry. For instance, according to the report by the UK Gambling Commission, there was a huge 2922% year-on-year rise in esports betting revenue from March 2019 to March 2020.

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CANJ Launches “Casinos United Against Hunger” Campaign

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3 days ago

May 9, 2025

Niji Narayan

In an effort to address food insecurity in New Jersey, the Casino Association of New Jersey (CANJ) has launched the Casinos United Against Hunger campaign in partnership with the Community FoodBank of New Jersey (CFBNJ). Atlantic City casinos collectively are donating more than $170,000 to support CFBNJ’s mission.

“Ending hunger will take all of us stepping up to do more for our neighbors. Atlantic City casinos are coming together to form Casinos United Against Hunger, a new campaign dedicated to strengthening our efforts to combat food insecurity in New Jersey. By supporting important organizations like the Community FoodBank of New Jersey, we will help address hunger by providing meals to families throughout the state,” said Mark Giannantonio, president of the Casino Association of New Jersey.

The donation was presented at CFBNJ’s Night of 300,000 Meals on May 1, 2025, a culinary event that brings together local chefs, restaurants and community members to help provide 300,000 meals for neighbors in need. Chefs from Atlantic City casinos participated in the annual event.

“Atlantic County has some of the highest rates of food insecurity in the state. We’re grateful to the Casino Association of New Jersey for helping to honor the FoodBank’s 50th anniversary with their generous support and for uniting the Atlantic City casino community to help address hunger. Through this partnership, we can provide more meals to local families in need and make a lasting impact in the area,” said Elizabeth McCarthy, president & CEO of the Community FoodBank of New Jersey.

In addition to the CFBNJ’s 50th anniversary, the partnership between the CANJ and CFBNJ comes at an especially crucial time given the level of food insecurity in New Jersey. Nearly 1 million people in the state, including more than 260,000 children, are at risk of hunger. Atlantic County, home to Atlantic City’s casinos, has some of the highest rates of food insecurity in the state, with 12.2% of residents and 17.4% of children affected.

The casinos involved in the Casinos United Against Hunger initiative – Bally’s Atlantic City Casino Resort, Borgata Hotel Casino & Spa, Caesars Entertainment’s Atlantic City Resorts, Golden Nugget Atlantic City, Hard Rock Hotel & Casino Atlantic City, Ocean Casino Resort and Resorts Casino Hotel – are joining a long-standing tradition of support for CFBNJ. Many properties in Atlantic City are longtime supporters of CFBNJ, and this collective effort demonstrates their commitment to addressing this critical issue. Through this partnership, CFBNJ will be able to distribute more meals to families in need, especially in areas that are most impacted. The $170,000 donation is a total of all financial, grant and in-kind contributions from each Atlantic City casino to the CFBNJ this year.