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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.

Compliance Updates

HIPTHER Launches Responsible Gambling Assessment Tool Across Its Global Gaming Media Network

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HIPTHER Launches Responsible Gambling Assessment Tool Across Its Global Gaming Media Network

 

HIPTHER, a leading media and events brand in the Gaming and Tech industries, has launched a new Responsible Gambling Assessment Tool, now live across all of its gaming media platforms. This quick, anonymous self-test is designed to help players better understand their relationship with gambling, encouraging safer play through awareness and early self-checks.

The “Play Responsibly” tool is backed by clinical research and built with user privacy at its core, based on the globally recognized Problem Gambling Severity Index (PGSI) – a 9-question framework used to assess gambling risk levels, from low to moderate or high.

No sign-up needed. No Cost. No data collected. No Judgement. Just honest insight.

Whether you’re simply curious or looking to take a proactive step toward support, this free tool delivers instant results and practical next steps – all in under two minutes.

Key Features:

  • Completely anonymous – no registration or personal data required
  • Instant results with tailored guidance
  • Available in 5 languages
  • Mobile-first and accessible across all devices
  • Fully GDPR compliant

Designed to meet WCAG 2.1 AA accessibility standards, the tool ensures a smooth and inclusive user experience for everyone. With multilingual support and local resource integration, it helps diverse populations connect with trusted support networks in their region.

While our media platforms primarily serve the B2B side of the industry, we know they’re also visited by players looking for insights and updates. That’s why it’s important for us to go beyond headlines and contribute real tools that support safer play. This assessment is one small, meaningful step toward that.” – Zoltán Tűndik, Co-Founder and Head of Business at HIPTHER.

Take the assessment today and share it with your community.
Because gambling should always be safe, informed, and fun.

Try it now on any of HIPTHER’s gaming media platforms:

By launching this tool, HIPTHER reaffirms its ongoing commitment to promoting transparency, responsibility, and player well-being in the global gaming industry. Together with our partners and audiences, we continue working toward a safer, more informed future for players everywhere.

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Evoplay enters Peru’s lottery vertical through a partnership with Loterías Torito

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Evoplay enters Peru’s lottery vertical through a partnership with Loterías Torito

 

Evoplay, the award-winning game development studio, has partnered with Loterías Torito, one of the authorised operators of lottery games in Peru, to supply a tailored portfolio of instant win games.

The collaboration will see five of Evoplay’s most popular instant games, including Adrenaline Rush, Adrenaline Rush: Scratch, Penalty Shootout: Street, BBall Blitz, and Hockey Shootout, launch on Loterías Torito’s platform. Each title has been localised and tailored to meet the lottery’s regulatory standards and responsible gaming objectives.

Operating both online and across retail locations, Loterías Torito is a trusted name in the Peruvian lottery sector. Its blend of traditional lottery products and digital offerings makes it an ideal partner for Evoplay’s instant game portfolio, which is designed to attract a broader, mobile-first audience.

Breaking into the lottery space marks a significant achievement for Evoplay, following their strategy to expand its presence in regulated markets across Latin America, delivering localised content and tailored solutions to forward-thinking lottery operators.

Frank Cecchini, Head of Lottery at Evoplay, said: “We are immensely proud to be working with Loterías Torito. “I firmly believe our content can bridge the gap between lottery players and online gamers, helping drive revenue in a safe, responsible, and engaging way.”

José Ludeña Díaz, Director of Operations at Loterías Torito, added: “Evoplay’s games are one of a kind. They’re innovative, high-quality, and exactly what we need to appeal to new generations of players while staying true to our mission and values.”

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Gila River Resorts & Casinos Announces Brand New Bingo Venue

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Gila River Resorts & Casinos has announced the opening of a brand-new bingo hall at its newest property, Santan Mountain. To celebrate the launch of bingo at Santan Mountain and unveil its new bingo club, Gila River Resorts & Casinos will be hosting a grand opening event that is open to the public on Aug. 29 – Sept. 1. The grand opening event will be held from 10a.m. to 12p.m. and 4p.m. to 6p.m., at Gila River Resorts & Casinos – Santan Mountain, located at 7101 Gilbert Rd. Chandler, AZ 85249. 

Attendees can look forward to seeing the World’s Largest Bingo drum, giveaways, live DJ, a surprise celebrity guest host and more throughout the grand opening weekend. The first 230 guests in line for each session will get to spin the prize wheel and win a free t-shirt, dauber, gift card, hat, varsity jacket, or other prizes while supplies last. Attendees will also have a chance to participate in Santan Mountain’s inaugural bingo games at 12p.m., 5:30p.m., and 6:30p.m. Santan Mountain is offering a “Buy One, Get One Free” special offer for electronic ticket packages during the grand opening weekend, Friday, Aug. 29 – Monday, Sept. 1.

The new state-of-the-art bingo room also will host Bingo After Dark. Also known as B.A.D. Bingo, the exciting late night sessions will take place every Saturday night at 11:30p.m. and include a live DJ, line dancing, glowsticks, cash prizes, and more. Sales start at 9p.m. and spots fill up fast. Attendees won’t want to miss the surprise hosts for the first ever B.A.D. Bingo session at Santan Mountain on Saturday, August 30.

Bingo has consistently been one of the most beloved and high-energy experiences at our Vee Quiva location, drawing loyal guests and new players alike with every session,” said Gila River Resorts & Casinos’ General Manager, Denise Pfaff. “We knew we had something special, and with the excitement and demand continuing to grow, it only made sense to bring bingo to our newest and most modern property—Santan Mountain. We’re thrilled to introduce a vibrant new way to play and win in a one-of-a-kind setting.”

Santan Mountain’s 13,000-square foot Bingo Club boasts an indoor/outdoor open floor plan with floor-to-ceiling windows offering stunning panoramic views of the San Tan Mountains. The bingo hall also features a world-class sound system and lighting system for an immersive playing experience, a dance floor, sophisticated decor and modern interior design elements, 98inch HDTV’s, and digital bingo options and playing features. Bingo sessions will be hosted daily, with bingo ticket packages ranging from $30-$225.

In addition to the new bingo club, Gila River Resorts & Casinos’ Santan Mountain is a modern gaming destination and home to the largest casino sportsbook in the state, 900+ slot machines and table games, a luxurious High Limit Room, five culinary concepts, three bars and lounges, and live music on the weekends.

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GamingAmericas.com (part of HIPTHER) is your one-stop portal for the latest news, insights, and analyses in the gaming industry across the Americas. From legislative updates and market trends to interviews with industry leaders, we provide a comprehensive look at the dynamic landscape of both online and land-based gaming. Whether you're a stakeholder looking to stay ahead of the curve or a gaming enthusiast eager for reliable updates, GamingAmericas.com has got you covered. Follow us on social media and subscribe to our newsletter for real-time updates and exclusive content. Make informed decisions and stay ahead in the game with GamingAmericas.com.

Disclaimer: All the information provided is for educational and entertainment purposes only. Always check your local laws before participating in any gaming activities.

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