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Gambling.com Group Reports First Quarter 2024 Results

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Gambling.com Group Limited (Nasdaq: GAMB) (“Gambling.com Group” or the “Company”), a fast-growing provider of digital marketing services for the global online gambling industry, today reported financial results for the first quarter ended March 31, 2024. The Company also updated its 2024 revenue and Adjusted EBITDA guidance as detailed below.

“We are off to a great start to the year furthering our confidence in our ability to generate strong Adjusted EBITDA and Free Cash Flow growth this year and for years to come,” commented Charles Gillespie, Chief Executive Officer and Co-Founder of Gambling.com Group. “The investments we have made for years in our proprietary technology, website portfolio, and accretive acquisitions are driving consistent growth. As we continue to expand our industry leadership and influence across global online gambling markets and leverage the many growth drivers we have, we see a clear road ahead to generate substantially higher Adjusted EBITDA and Free Cash Flow.”

Elias Mark, Chief Financial Officer of Gambling.com Group added, “By growing year on year in every one of our geographic reporting markets, we delivered record Q1 revenue with top line growth of 9% despite the comparable period benefiting from significantly more new state launch activity.”

First Quarter 2024 and Recent Business Highlights

Delivered more than 107,000 new depositing customers (“NDCs”)
Strong initial contribution from North Carolina following launch on March 11th
Secured new $50 million credit facility with Wells Fargo Bank, National Association
Repurchased 329,490 shares for an average price of $9.10
Completed highly accretive acquisition of Freebets.com and related assets on April 1st
Board of Directors approved an additional $10 million for the Company’s ordinary shares repurchase program in May
First Quarter 2024 Results Compared to First Quarter 2023

Revenues rose 9% year-over-year to a first quarter record $29.2 million, reflecting growth across all geographic reporting markets. The Company delivered more than 107,000 NDCs to customers, an increase of 22%.

Gross profit increased 5% to $27.0 million, including a $1.2 million increase in cost of sales related to the Gannett and Independent partnerships.

Total operating expenses increased 9% to $19.1 million, reflecting increases in sales and marketing, technology and general and administrative expenses.

Net income attributable to shareholders and net income per share rose 11% to $7.3 million and $0.19, respectively. Adjusted net income of $7.6 million and adjusted net income per share of $0.20 were flat, reflecting fair value movement related to acquisitions in the comparative period.

Adjusted EBITDA for the first quarter of 2024 was $10.2 million, reflecting an Adjusted EBITDA margin of 35% as compared to Adjusted EBITDA of $10.7 million and Adjusted EBITDA margin of 40%, in the year-ago period. The Q1 2024 Adjusted EBITDA margin reflects higher costs of sales related to media partnerships.

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Operating cash flow increased 24% to $8.8 million. Free Cash Flow increased 32% to $8.2 million reflecting positive working capital movements within operating cash flow and lower capital expenditures. The Company converted 28% of revenues and 81% of Adjusted EBITDA to Free Cash Flow in the first quarter of 2024.

2024 Outlook

Reflecting changes made in early May to how Google treats commercial content on high authority websites that, at present, diminishes the effectiveness of the Company’s media partnerships, Gambling.com Group today updated its 2024 full-year revenue and Adjusted EBITDA guidance. The Company now expects full year revenue of $118 to $122 million and Adjusted EBITDA of $40 million to $44 million. This compares to the initial guidance provided on March 21, 2024, for revenue of $129 million to $133 million and Adjusted EBITDA of $44 million to $48 million. The midpoint of the updated Adjusted EBITDA outlook of $42 million reflects expected year-over-year growth of 14%.

Charles Gillespie commented, “Even with these shifts in the digital landscape, the strength and resilience of our business will enable us to deliver strong year over year Adjusted EBITDA and Free Cash Flow growth. With less competition in the search engine results pages, our owned and operated assets are better positioned for the long term than ever before.”

The Company’s guidance assumes:

Following the launch of sports betting in North Carolina on March 11th, no additional North American markets come online over the balance of 2024
Apart from the acquisition of Freebets.com and related assets, no impact from any additional acquisitions in 2024
Full year cost of sales of approximately $4.8 million, of which $2.2 million was incurred in Q1
An average EUR/USD exchange rate of 1.09 throughout 2024

To access, please dial in approximately 10 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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Gila River Resorts & Casinos Announce Partnership with Peak Strategic Partnerships

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Gila River Resorts & Casinos Announce Partnership with Peak Strategic Partnerships

 

Gila River Resorts & Casinos has partnered with Peak Strategic Partnerships in a first-of-its-kind collaboration in the tribal gaming industry. Through this strategic alignment, Peak Strategic Partnerships will identify and broker sponsorship opportunities for Gila River Resorts & Casinos, further enhancing the brand’s presence and strategic partnerships across multiple industries.

As the first example of this innovative partnership, Gila River Resorts & Casinos has secured a landmark partnership with Carnival Corporation’s global portfolio of cruise lines, creating new opportunities to elevate guest experiences and brand visibility. This partnership will introduce exclusive offers and brand placements within the casino environment designed to enhance engagement between both brands and their audiences.

“We are thrilled to partner with Peak Strategic Partnerships to push the boundaries of sponsorship and brand collaborations in the tribal gaming industry. This partnership allows us to tap into valuable markets and deliver unique experiences for our guests while strengthening our position as a leader in the industry,” said Dominic Orozco, President and CMO of Gila River Resorts & Casinos.

Peak Strategic Partnerships, known for its ability to forge impactful brand partnerships, will leverage its extensive network and expertise to secure and manage sponsorships that will be meaningful to Gila River Resorts & Casinos.

“This partnership marks a significant milestone, not only for Gila River Resorts & Casinos but for the tribal gaming industry as a whole. By utilizing a 24/7/365 casino environment to align with world-class brands, Peak is setting a new standard for innovative marketing and guest engagement. Brands are excited at the potential of unlocking Out-of-Home and Sponsorship budgets to align themselves with premier tribal operators such as Gila River Resorts & Casinos,” said Sean Boyd, COO of Peak Strategic Partnerships.

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Wire Industries Inc Announces Expansion of its FantasyWire Subdivision

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Wire Industries Inc Announces Expansion of its FantasyWire Subdivision

 

Wire Industries Inc, an award-winning technology and media company that owns and operates the revolutionary sports betting marketplace WagerWire, announced the groundbreaking expansion of its FantasyWire subdivision.

FantasyWire recently garnered recognition by winning awards from the Fantasy Sports and Gaming Association (FSGA) for “Best Product Experience” and “Best Innovation”. The award for Product Experience was attributed to the FantasyWire Pickem trading marketplace which launched in partnership with RealTime Fantasy Sports in 2024 and broke new ground as the first-ever secondary marketplace for users to buy and sell DFS (daily fantasy sports) Pickem entries. Their Best Innovation win acknowledged FantasyWire’s robust pricing engine which powers the dynamic marketplace by allowing players to evaluate a live suggested sales price and deal score on any lineup they wish to sell or buy.

The overwhelming success of the Pickem entries marketplace laid the foundation to expand the offering to an even wider fantasy sports audience. And now, this latest release introduces DFS Pools to the secondary marketplace for the first time ever, further solidifying WagerWire’s position as a leader in the daily fantasy and sports betting industries. The DFS Pool marketplace will operate similarly to the Pickem marketplace. After a player builds a lineup and joins a particular pool, they will be able to sell a portion, or the entirety of the entry within the marketplace directly embedded into the RealTime Sports platform.

“Our users fell in love with the Pickem marketplace and took to it right away. The results were astounding, so creating a new user experience to increase the action and engagement for our users was a no-brainer. There is no other fantasy platform on the planet that allows you to turn your unique entries, both Pickem and pool based, into an asset by leveraging the real time value of that entry. RealTime Sports has been leading the way in terms of fantasy sports innovation since 1995, and our ultra-successful partnership with WagerWire solidifies that we’re still the market leader in game-play, winnings, and innovation,” said Tim Jensen, COO of RT Sports.

The FantasyWire experience is powered by the same award-winning pricing engine from Pickem, but now enhanced to accommodate the complexities of a DFS Pool. The platform’s dynamic suggested pricing and deal scores empower users with unparalleled insights, ensuring players can maximize returns on their assets. The models are built on thousands of real-time simulations – which are constantly run both before the games and during the games as scores are changing – to calculate where entries will finish against their competitors within a specific pool. Based on these simulations, WagerWire’s data science team models the calculated probability, as well as a live and real-time dollar value for an entry, to help buyers and sellers’ price and set the market accordingly.

Wire Media serves as the growth engine behind FantasyWire’s expanding product suite by inverting the traditional media model. Instead of relying on paid ads or celebrity endorsements, Wire Media tells the story of the fantasy entries and the people playing them, elevating users into influencers to organically drive engagement.

The expansion of the partnership and product has begun to make noise in the fantasy sports and gaming industry. With the news of this latest launch in partnership with RealTime Sports as well as the two 2025 FSGA awards, the industry acknowledged Wire Industries even further by electing cofounder and CEO Zach Doctor to the FSGA Board of Directors.

“One of the main missions behind the creation and founding of WagerWire is to provide liquidity and value to every form of gaming asset, from betting tickets, to Pickems, to contests. And DFS pools were the next asset class to be utilized. Our industry recognition is proof that our products and offerings are truly cutting edge, reshaping the fantasy user experience and changing the expectations around the fantasy market forever,” said Zach Doctor, CEO of WagerWire.

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awards

AGS Wins 2025 USA TODAY Top Workplaces USA Award

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AGS Wins 2025 USA TODAY Top Workplaces USA Award

 

AGS has announced that it has been named a 2025 USA TODAY Top Workplaces USA Award winner. Recognized for its commitment to fostering an exceptional, people-first culture, AGS ranked in the Top 28% of companies in the 500-999 employee category, placing the company in the Top 100 of companies in this size category across America.

The USA TODAY Top Workplaces USA Award is a prestigious honor that recognizes organizations for their commitment to creating outstanding workplace environments that prioritize employee engagement and satisfaction. AGS’ strong performance in this year’s awards is based on authentic employee feedback gathered through a confidential survey conducted by a third-party, HR research and technology company.

“We’re really proud to be recognized as a Top Workplace. What makes this award so meaningful is that it comes from feedback directly from our employees across all of our U.S. offices. It shows the commitment, passion, energy and teamwork they bring every day. At AGS, we’re all about creating a culture where people can thrive, grow, and be themselves—and this award just proves that we’re doing something right. I couldn’t be prouder of the team we’ve built and the culture we’ve created together,” said David Lopez, CEO of AGS.

The 2025 USA TODAY Top Workplaces USA Award adds to AGS’ impressive list of accolades, including being recognized as a Top Workplace in 2024 for Oklahoma, Las Vegas, and Atlanta, as well as earning the prestigious Best and Brightest Companies to Work For 2024 award both nationally and in Atlanta.

AGS’ dedication to its people-first culture is reflected in its ongoing focus on employee engagement, professional development opportunities, competitive benefits, and work-life balance. These efforts have helped AGS create an environment where employees are motivated and empowered to perform at their best.

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