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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.

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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Introducing the Winners of the 2024 Game Developer Awards

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Play’n GO, Playtech, Elk Studios, Pragmatic Play and streamer CasinoDaddy were some of the big names celebrating victories at the 2024 edition of the Game Developer Awards ceremony.

Concluding the final day of the highly successful CasinoBeats Summit, the illustrious awards ceremony, which took place at the Hilton Malta, was a night dedicated to honouring the remarkable achievements of the iGaming industry.

The evening witnessed the return of veteran host Trudy Kerr, alongside award-winning game developer John Romero, as they handed out 28 awards to accomplished operators, game studios and individuals.

Award categories included:

  • Game Performance,
  • Streamers,
  • Game Creation,
  • Game People,
  • SlotCatalog,
  • Casino Platform, and
  • Best Game Release.

Rasmus Sojmark, Founder and CEO of SBC, said: “The Game Developer Awards offers a pivotal opportunity to honour the remarkable accomplishments of the industry, celebrating both regional and global brands as well as individual talent. This year’s shortlist was by far the most competitive we have seen, and I would like to congratulate all our esteemed winners.”

It was a good night for Play’n GO, who secured the prestigious SlotCatalog’s Game Studio of the Year (Large) award for the second consecutive year, whilst also picking up the Game Music / Soundtrack accolade for their title Hugo Legacy.

The game creation categories saw:

  • Playtech once again take home the Game Licensed Content award for their work on Breaking Bad: Cash Collect & Link.
  • Hacksaw Gaming was awarded Game Feature of the Year for their title Chaos Crew 2,
  • Relax Gaming was honoured with the Game Design & Art Direction award for Money Train 4, and
  • GAMOMAT was named winner of the Game Retro-Style award for Fancy Fruits Deluxe.

Pragmatic Play notably took home two awards on the night, winning both the Game Mechanic of the Year award for their MultiHold mechanic and Slot Legacy Title for Gates of Olympus.

The SlotCatalog categories saw:

  • GAMOMAT return to the stage to pick up their second award of the night for Best Game Development Company Central Europe, while
  • Playson was awarded Best Game Studio In Development Countries.
  • Reel Kingdom secured the SlotCatalog’s Game Studio of the Year (Medium) award,
  • Fortune Factory Studios was named SlotCatalog’s Game Studio of the Year (Small) and
  • IGT Play Digital claimed SlotCatalog’s Best Game Development Company North America.

The coveted SlotCatalog’s Rookie of the Year accolade was presented to industry newcomers Area Vegas.

In honour of the individual achievements in the industry, the Game People categories saw:

  • Andrei Filipovich of Aviatrix awarded Game Designer of the Year,
  • Julia Aliakseyeva from BGaming named Product Manager of the Year and
  • PearFiction Studios’ Jean-Pierre Larouche presented with the Game Composer of the Year award.

EveryMatrix won the Aggregator of the Year award, The Mill Adventure was awarded Platform Innovation of the Year, while the Best Game Release award went to Lambda Gaming for 8Bit Football Twinko.

This year’s edition saw the introduction of two new awards:

  • the FTN Game of the Year award which was sponsored by BetConstruct and presented to Rubyplay for Mad Hit Olympic First, and
  • the CasinoBeats Annual Community Recognition Award which was awarded to SoftConstruct for its work on BFTH Arena.

It was a big night for CasinoDaddy who took home the esteemed Streamer of the Year award, while The Slot Beasts and Haddzy were recipients of two new Streamer awards, Responsible Streamer of the Year and Next-Gen Streamer of the Year, respectively.

In the Game Performance categories:

  • PowderKeg Studios claimed the Slot Debut award for their title Munition Mines,
  • Stormcraft Studios won Slot to Watch for their work on Immortal Romance 2, while
  • Light & Wonder and Netflix took home Slot Collaboration of the Year for Squid Game.

The illustrious Slot of the Year award went to Elk Studios for Pirots 2.

“Last night’s ceremony was a tremendous success and proved to be a truly memorable night. I would like to thank our official partner Gaming Malta, alongside all our supporting sponsors for their help in honouring the incredible achievements of the industry” Sojmark added.

The awards ceremony concluded the final day of the CasinoBeats Summit, which saw 4,500 industry professionals convene at the InterContinental Hotel in Malta, the hub of iGaming.

 

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FBM Foundation helps Rio Grande do Sul communities with substantial donation from FBM Brazil

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In a heartfelt display of solidarity, the FBM Foundation has announced a significant milestone in its ongoing commitment to humanitarian causes through FBM Brazil’s support.

A generous donation of 500 grocery baskets, 500 personal hygiene kits, and 9,000 liters of water will be delivered and distributed to struggling communities in Rio Grande, Brazil. This effort will be carried out in partnership with Central Única das Favelas (CUFA) in Porto Alegre, with J&T Express Brazil and Correios Sedex Brasil providing transportation.

The most recent and devastating Rio Grande natural disasters, that provoked floods, landslides, and extreme weather events, have left communities grappling with immense challenges, from widespread displacement to the destruction of homes, infrastructure, and livelihoods.

Given the context of these calamities and the urgent need to assist these families, FBM Foundation’s donation emerged as a powerful alliance dedicated to promoting positive change in communities worldwide. With FBM Brazil’s substantial contribution, the organisation aims to make an impact in supporting these communities.

Beyond financial assistance, FBM Foundation recognizes the power of awareness and advocacy in driving meaningful change. Through strategic communication efforts, the organisation aims to raise awareness for additional support from like-minded individuals and organizations.

At the heart of this donation lies a shared vision of creating a brighter, more inclusive world for all. By supporting Rio Grande do Sul, FBM Foundation reaffirms its commitment to making a tangible difference in the lives of those in need.
“As a foundation deeply rooted in Brazilian heritage, FBM Foundation takes pride in its origins and the rich cultural background of Brazil. We have a legacy shaped by the spirit of proximity, compassion, and innovation, so we want to honour its Brazilian roots while embracing a global perspective in its solidarity endeavours”, shares Renato Almeida, Director at the FBM Group.

As we continue this journey of solidarity, FBM Foundation invites individuals and entities alike to join hands in creating a brighter future for all. Through collective actions, we can uplift communities, inspire change, and leave a lasting impact on the world.

 

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eSports

LEON.BET partners with 9INE to become their Exclusive Online Betting House

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We at LEON.BET are thrilled to announce our partnership with 9INE, one of Europe’s top esports organizations known for their focus on Counter-Strike 2 (CS2). This partnership will take esports betting to a new level, offering fans exclusive content and exciting new ways to engage with their favorite games.

As a leading online betting platform, LEON.BET offers a wide range of betting options across sports, casino and esports. Our user-friendly interface, competitive odds, and commitment to fair play have made us a trusted name worldwide. We’re also dedicated to supporting young talents, believing it’s the key to a bright and promising future.

Through this partnership, we aim to combine 9INE’s expertise in competitive gaming with our innovative betting platform. This will create a more immersive experience for esports fans, providing new and exciting betting opportunities along with exclusive behind-the-scenes content.

“We are extremely happy to start our cooperation with 9INE. Recent changes to their roster show huge potential, and we at LEON.BET want to be part of that journey,” said our CGO.

“Together with 9INE, we will create a fantastic space for esports enthusiasts. Supporting young talents is at the core of LEON.BET’s development strategy, and we see great future and prospects in this path.”

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