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Gambling.com Group Reports First Quarter 2024 Results

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.
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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SX Bet Bets Big on Berachain: Bringing Web3 Sports Betting to Bera

SX Bet is the fastest-growing on-chain betting exchange—built for the future of sports and crypto.
SX Bet has officially launched on Berachain, marking the next milestone in its cross-chain expansion strategy. With over 2 million bets placed, $675 million wagered, and 93% year-over-year growth in volume, SX Bet is reshaping the future of sports betting — and Berachain is the next big stage.
SX Bet’s Berachain launch comes with a unique incentive structure designed to reward bettors for their activity. Users can now place bets using the native $HONEY stablecoin and earn $SXBRT, a receipt token that can be staked to the SX Vault on BeraHub to generate weekly yields in $BGT, Berachain’s governance token. The more you win, the more you earn.
SX Bet will be hosting a summer Berachain betting tournament with a 69,420 bet credit prize pool from May 31 – July 14th and airdropping bet credits to top Berachain communities.
But the Berachain deployment is not just about incentives. It’s about creating a scalable global liquidity hub for bettors and builders alike. Builders can leverage SX liquidity to launch their own custom betting frontends and experiences.
“SX Bet isn’t just a single dApp — it’s a betting protocol anyone can build on. With this Berachain launch, we’re not just growing SX, we’re growing the entire Web3 betting ecosystem,” said Andrew Young, SX Bet Project Lead.
The cross-chain architecture enables shared liquidity across multiple blockchains, allowing users to place bets on their preferred chain without sacrificing odds or depth.
Already the top sports betting dApp by volume on Arbitrum, SX Bet has achieved sustained growth without relying on ongoing incentives — proving that sharp odds, fast UX, and a product-first approach win. Bettors choose SX for its peer-to-peer, non-custodial, on-chain model — a platform with the best odds, deepest liquidity, and a clear message: winners are welcome.
SX Bet is setting the standard for scalable sports betting infrastructure in Web3.
For bettors: more rewards, deeper liquidity, and better odds.
For builders: a plug-and-play liquidity engine to leverage and build upon.
For chains: a sticky, high-volume dApp proven to drive user growth and retention.
Start betting and earning on Berachain today: bera.bet
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SEGA SAMMY Completes Acquisition of GAN Limited

GAN Limited announced that it has completed its merger with an affiliate of SEGA SAMMY HOLDINGS INC.
SEGA SAMMY through its affiliated entity SEGA SAMMY CREATION INC. acquired all of the outstanding securities of GAN for $1.97 per share in cash, which represents a premium of over 121% to GAN’s closing stock price on November 7, 2023 (the trading day prior to the announcement that GAN entered into a merger agreement with SSC).
Seamus McGill, GAN’s Chief Executive Officer, said: “Our acquisition by SSC is an exciting next step for GAN and the culmination of many years of hard work to deliver an unparalleled and unique gaming experience for our clients and players. GAN’s board of directors carefully evaluated a range of options to maximize shareholder value, and SSC’s recognition of the value of our assets and people leaves us confident that this transaction is in the best interest of our shareholders and provides a home for our assets to flourish. We look forward to seeing the company continuing to grow with the guidance of a global gaming and entertainment leader.”
Koichi Fukazawa, Senior Executive Vice President and Group CFO of SEGA SAMMY, said: “We are excited to be bringing the GAN team onboard. The team brings significant experience in the U.S. market, along with significant technical and development resources. This marks a new chapter in SEGA SAMMY’s operations, and we look forward to serving our customers with increased product offerings and resources.”
B. Riley Securities Inc. served as financial advisor to GAN’s Special Committee and Board of Directors and Sheppard Mullin Richter & Hampton LLP is served as legal counsel to GAN. SMBC Nikko Securities served as SEGA SAMMY’s financial advisor and Greenberg Traurig acted as SEGA SAMMY’s legal counsel.
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“We are excited to partner with BetMGM, a leading online sports betting and gaming entertainment company with a dynamic and innovative brand. This partnership is another step forward in leveraging our Missouri licenses and delivering premium entertainment experiences for our customers,” said Erwin Haitzmann and Peter Hoetzinger, Co-Chief Executive Officers of Century Casinos.
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