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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

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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

  • 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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Plaza Hotel & Casino to celebrate summer with Friday night fireworks

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The Plaza Hotel & Casino will celebrate the start of every weekend this summer with a live fireworks show Friday nights at 9:15 p.m., beginning May 24 for Memorial Day weekend through Aug. 30 for Labor Day weekend.
Inspired by the fireworks shows at Disneyland, the Plaza’s Welcome to the Weekend Summer Friday Fireworks will light up the sky above downtown Las Vegas and be part of a festive summer block party atmosphere at the property’s Carousel Bar and rooftop pool deck.
“The Plaza is known for its great fireworks on New Year’s Eve and July 4th, but who says fireworks are only for those holidays?” said Jonathan Jossel, CEO of the Plaza Hotel & Casino. “This summer, we wanted to celebrate and give a gift to everyone downtown by sharing the excitement and fun of our fireworks shows with them every Friday night.”
“Las Vegas is the world’s destination because of all the spectacular attractions that are available here,” City of Las Vegas Mayor Carolyn Goodman said. “The Plaza is adding a new weekly fireworks extravaganza this summer, and everyone is invited to visit downtown Las Vegas and enjoy the show!”
Derek Stevens, CEO and Owner of Circa Resort & Casino said “The weekly fireworks show will amp up Fremont Street’s high-energy atmosphere to a new level. It’s a terrific addition for the entire neighborhood, providing another exciting reason for visitors to come downtown. Huge thanks to Jonathan and the Plaza team for bringing this idea to life. We’ll definitely be enjoying the show every week from Circa’s rooftop lounge, Legacy Club.”
The fireworks shot from the Plaza’s towers will be visible to the thousands of tourists and locals in downtown Las Vegas as well as for miles beyond. Plaza hotel guests will be able to enjoy the fireworks from an exclusive viewing party on its rooftop pool deck where the fireworks will be “ignited” by a special guest pushing a detonator button on an oversized TNT box.
To attract even more people to stay downtown, the Plaza introduced the only all-inclusive hotel room package starting at $125 per person per night. The package includes bottomless drinks, breakfast and dinner, a free bingo session, waived resort fees, and more. Rooms must be booked online by June 30 for a stay June 1 through July 1.
The Friday night rooftop pool party for hotel guests will feature the Frozen Firecracker, a special red, white, and blue cocktail made with strawberry daiquiri, pina colada, and blue lemonade spiked with Don Q Rum. At Carousel Bar the summer party vibe continues every Friday night with a DJ and the specialty cocktail Watermelon Agua Fresca made with Mi Campo tequila, Jägermeister, rose aperitivo, watermelon juice, chamoy, and aloe leaves as a garnish.
“Downtown Las Vegas is already a vibrant, unique, and exciting destination. Our Summer Friday Fireworks paired with our all-inclusive room package and great summertime block party atmosphere at Carousel Bar and the rooftop pool deck will be even more reasons to come downtown this summer,” added Jossel.
The Plaza’s fireworks will be dependent on weather conditions and are subject to change or cancellation.

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Aviatrix and Vibra Solutions Agree Partnership with Focus on Latin America

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Aviatrix, the crash game that’s changing the way online casinos engage their players, has partnered with platform provider Vibra Solutions in yet another move that expands its reach in Latin America.

Aviatrix’s push into Latin America has really picked up pace over recent months and that continues with this deal.

Vibra Gaming has established itself as a major player in the region since it was founded in 2020 and later with the launch of Vibra Solutions in 2022, its platforms and content aggregation division. Now operators using its platform will be able to offer customers Aviatrix.

“We’ve long admired the fantastic work Vibra Solutions is doing in growing our industry across Latin America via innovative product development,” the Latin America Head of Business Development for Aviatrix, Gabriela Novello, said. “By working alongside it, we’re able to bring Aviatrix to more players in the region and together write a new chapter in this ongoing growth story.”

“Our commitment to our operator partners is to provide the very best portfolio of games available,” the Chief Commercial Officer for Vibra Solutions, Federico Saini, said. “Some of those we build ourselves but others we onboard via partnerships like this. Aviatrix is one of the most talked about games in the industry at the moment and we couldn’t be happier to be able to offer it to online brands via our platform.”

Aviatrix’s has enjoyed considerable success in Latin America since it was launched a little over a year ago including being named Rising Star in Casino at the SBC Awards LatinoAmerica.

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PG Soft Set to Sponsor Key SiGMA Americas Event

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PG Soft, a world-class digital mobile games company, is proud to announce its sponsorship of SiGMA Americas set to take place in Sao Paulo, Brazil, from April 23 to 25. The important iGaming event is being hosted at the Transamerica Expo Center.

As a leading event sponsor, PG Soft will benefit from prominent branding opportunities including the PG Soft logo printed on staff shirts and an exclusive PG Soft logo and video content at the registration table.

This commitment highlights PG Soft’s ambition to amplify its presence in Latin America, particularly the Brazilian market. Before expanding into the jurisdiction, PG Soft completed an in-depth research and analysis project for a true understanding of the local players’ preferences, which included consumer behaviour, purchasing habits and regulatory requirements.

PG Soft has been working on developing bespoke and localised games tailored specifically for the Brazilian audience.

“Brazil represents a wonderful opportunity for PG Soft and we’re proud to partner with SiGMA Americas for this influential iGaming gathering,” a spokesperson for PG Soft said. “We place huge importance on producing localised content, features and promotions that not only align with Brazilian player preferences, but also meet the regulatory requirements.”

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