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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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Las Vegas’ only all-inclusive hotel room package is back for summer at the Plaza Hotel & Casino

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With summer fast approaching, the Plaza Hotel & Casino is bringing back Las Vegas’ only all-inclusive hotel room package starting June 1 at $125 per person per night.

The Plaza introduced its all-inclusive hotel room package last summer. It was so well received by guests that the iconic downtown Las Vegas property is bringing the all-inclusive offer back and extending it for all of June, July and August.

“At a time when tourists are concerned about increasing costs in Las Vegas, including resort fees and paying to park, we wanted to give our guests a more affordable summer vacation option by again offering our all-inclusive hotel room package,” said Jonathan Jossel, CEO of the Plaza Hotel & Casino.

The Plaza’ all-inclusive hotel room package waives all resort fees. Guests will enjoy free access to the fitness center, rooftop pool, and self-parking. The package also includes bottomless drinks from the Omaha Bar and Sports Book Bar on the casino floor and breakfast and dinner from various dining outlets.

With free access to the rooftop pool, guests can also enjoy the pool’s new amenities including:

  • Smart lockers have been installed in a climate-controlled area leading out to the pool allowing guests to conveniently store their belongings with just their phone for a nominal rental fee.
  • New sun loungers that can accommodate two guests have been added poolside and are available for rental that includes towels, an umbrella and dedicated cocktail service.
  • Conveniently located next to the pool’s full-service cocktail bar, the Plaza Pool’s Food Truck will also be open all summer long offering light bites like street tacos, hummus & pita, and fruit cups, as well as more hearty fare like pizzas, hot dogs, burgers, and wraps.
  • Ice cream treats have been added to the retail concessions sold in the pool lobby.

To take advantage of the Plaza’s all-inclusive hotel room package, rooms must be booked online by Aug. 29 for a stay June 1 through Aug. 30.

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PrizePicks Named Official Daily Fantasy Partner of The Houston Astros

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PrizePicks Named Official Daily Fantasy Partner of The Houston Astros

 

PrizePicks, the largest daily fantasy sports operator in North America, announced that it has been named the Official Daily Fantasy Sports Partner of the Houston Astros. The multi-year partnership features digital and in-stadium activations at Daikin Park, building on the DFS leader’s growing presence around Major League Baseball.

As part of the partnership, PrizePicks branding will be showcased prominently throughout Daikin Park with featured static and rotational signage throughout the ballpark. PrizePicks will also be featured on the Astros Radio Network with sponsored “More or Less” segments prior to each game.

“This partnership is all about bringing more fun and bigger rewards to PrizePicks players in Houston,” said Mike Quigley, Chief Marketing Officer at PrizePicks. “We’re rolling out new promotions and experiences that make following the Astros even more exciting for fans — both at the ballpark and at home.”

PrizePicks will also collaborate with the Astros on a special City Connect Monday promotion supporting the team’s Monday home games. As the Astros wear their Nike City Connect uniforms, the team will provide fans a chance to win a $10,000 free PrizePicks lineup and tickets to a future Astros game to watch their picks live at Daikin Park.

“We are thrilled to add PrizePicks as an official Astros partner,” says Matt Richardson, Vice President Corporate Partnerships.  “PrizePicks continues to invest in Major League Baseball and is committed to engaging fantasy sports fans in both a responsible and fun way.”

As PrizePicks continues to expand to new markets, investment into responsible gaming remains a key focus. In 2025, PrizePicks was awarded iCAP accreditation by the NCPG for its responsible gaming practices and efforts, becoming the first and only fantasy sports operator to earn the certification. For more information visit, www.prizepicks.com/responsible-gaming.

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BMM INNOVATION GROUP NAMES JOHN HELDERMAN AS CHIEF FINANCIAL & ADMINISTRATIVE OFFICER

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BMM INNOVATION GROUP NAMES JOHN HELDERMAN AS CHIEF FINANCIAL & ADMINISTRATIVE OFFICER

 

BMM Innovation Group, a technology conglomerate focused on product compliance testing, training, and cybersecurity solutions for the global gaming industry, today announced the appointment of John Helderman as Chief Financial & Administrative Officer.

With more than two decades of executive leadership in the gaming, finance, hospitality, and nonprofit sectors, Helderman brings extensive experience in financial strategy, operational oversight, and enterprise transformation. In his role, Helderman will help drive continued growth and strategic execution for the BIG Group.

BIG Chief Executive Officer Martin Storm said, “John’s deep financial expertise and operational leadership make him an outstanding addition to the BIG executive team. He has a strong track record of aligning financial strategy with organizational growth and creating value across complex, multi-entity businesses. His leadership will be important as we continue to expand our services and technology footprint.”

Before joining BIG, Helderman served as Chief Financial Officer of Fontainebleau Las Vegas, a $1 billion luxury resort, where he led accounting, IT, and procurement and was licensed as a Key Executive by the Nevada Gaming Commission. He also held CFO roles at Bluberi Gaming and The Brennan Entities, modernizing financial systems, enhancing operational efficiency, and supporting liquidity management during critical growth periods.

Earlier in his career, Helderman served as President & Chief Executive Officer of Goodwill Industries of Southern Nevada, where he led a financial turnaround that improved operating income tenfold. He also held senior finance roles at Caesars Entertainment, including Vice President of Finance and Capital Planning, managing large-scale budgeting and investment strategies across multiple Las Vegas Strip properties.

Helderman earned a Juris Doctor from the University of North Carolina School of Law and bachelor’s degrees in business management and economics from North Carolina State University. He is a licensed attorney in both Georgia and North Carolina and serves on the board of Goodwill Industries of Southern Nevada.

Helderman said, “Joining BMM Innovation Group is an incredible opportunity. BIG is a powerhouse in gaming and technology, and I’m thrilled to be part of a team that’s transforming gambling industry performance. I’m excited to help refine BIG’s strategies, systems, and processes and build on the momentum that’s already driving BIG’s growth worldwide.”

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