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Gambling.com Group Reports Second Quarter 2024 Results and Raises 2024 Guidance

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 second quarter ended June 30, 2024. The Company also raised its 2024 revenue and Adjusted EBITDA guidance as detailed below.
“Our second quarter and year-to-date results highlight the incredible power of our high-intent audience and the clear value we create for our online gambling operator clients. Our team’s proven ability to dynamically manage our owned and operated assets to quickly address changes to the operating environment was evident in the second quarter’s strong topline and Adjusted EBITDA growth, and will continue to benefit us in the future,” commented Charles Gillespie, Chief Executive Officer and Co-Founder of Gambling.com Group. “As we continue to execute at a high level, expand our footprint in the online gambling ecosystem and leverage industry growth opportunities, we continue to see a clear path towards our goal of $100 million in annual Adjusted EBITDA. Our significant share repurchase activity in the first half of this year underscores our confidence in the future of the business.”
Elias Mark, Chief Financial Officer of Gambling.com Group added, “Our second quarter performance was driven by our team’s faster than expected re-calibration of our portfolio, leading to accelerated performance of our owned and operated assets. Year-over-year second quarter revenue and Adjusted EBITDA growth of 18% and 19%, respectively, reflect very strong delivery of iGaming NDCs across Europe, including the United Kingdom, as well as resiliency in our North American business, against a challenging comparative prior-year period.”
Second Quarter 2024 and Recent Business Highlights
-Delivered more than 108,000 new depositing customers (“NDCs”)
-Completed highly accretive acquisition of Freebets.com and related assets on April 1st, and made the initial consideration payment of $20.0 million
-Repurchased 833,770 shares at an average price of $8.17 per share. Subsequent to the end of the second quarter, repurchased an additional 798,061 shares at an average price of $8.87 per share
-Made final deferred consideration payment of $13.6 million for BonusFinder.com
-Drew $18.0 million on the credit facility
-Authorized an additional $10.0 million for the Company’s share repurchase program on August 14th
Second Quarter 2024 Results Compared to Second Quarter 2023
Revenue rose 18% year-over-year to a second quarter record $30.5 million. The Company delivered more than 108,000 NDCs to customers, an increase of 19% year-over-year, even as the year-ago period benefited from atypically strong growth in U.S. sports betting NDCs, which did not recur this year.
Gross profit increased 16% to $29.1 million, including a $0.5 million increase in cost of sales related to the Company’s media partnerships.
Total operating expenses decreased 15% to $20.8 million, reflecting the elimination of fair value movement in contingent consideration and a modest decrease in general and administrative expenses, partially offset by increases in sales and marketing and technology expenses.
Net income attributable to shareholders rose from $0.3 million to $6.9 million and net income per share rose from $0.01 to $0.19. Adjusted net income increased 13% to $7.4 million and adjusted net income per share increased 18% to $0.20.
Adjusted EBITDA was $11.2 million, reflecting an Adjusted EBITDA margin of 37% as compared to Adjusted EBITDA of $9.4 million and an Adjusted EBITDA margin of 36%, in the year-ago period.
Operating cash flow of $0.2 million included $7.2 million for the final deferred consideration payment for the acquisition of BonusFinder. Absent the deferred consideration payment, operating cash flow would have been $7.4 million. Free Cash Flow was $6.0 million compared to $8.7 million in the year-ago period reflecting working capital movements and increased capital expenditures.
2024 Outlook
Gambling.com Group today updated its 2024 full-year revenue and Adjusted EBITDA guidance. The Company now expects full year revenue of $123 million to $127 million and Adjusted EBITDA of $44 million to $47 million. The midpoints of the new full year revenue and Adjusted EBITDA guidance ranges represent year-over-year growth of 15% and 24%, respectively. The Company’s updated outlook compares to the guidance provided on May 16, 2024 for revenue of $118 million to $122 million and Adjusted EBITDA of $40 million to $44 million.
The Company’s guidance assumes:
- No additional North American markets come online over the balance of 2024
- Apart from the completed acquisition of Freebets.com and related assets, no benefit from any additional acquisitions in 2024
- Full year cost of sales of approximately $6.5 million, of which $3.7 million was incurred in the first half of 2024
- An average EUR/USD exchange rate of 1.09 throughout 2024
Latest News
Belatra ready to present latest iGaming innovations at SAGSE

Belatra Games, the specialist online slots developer, is set to provide an exclusive first look at its latest LatAm-focused gaming innovations at SAGSE.
This is the 33rd edition of the brilliant Buenos Aires event taking place on March 19-20, 2025, under the theme “SAGSE Latam 2025: Your Bridge to Connect with Latin America”. Belatra will be based at stand 126 where visitors will be able to experience cutting-edge slot releases, explore innovative solutions, and connect with the Belatra team shaping the future of gaming.
Belatra’s award-winning games bring together timeless classics and new, bold concepts, offering unforgettable experiences for players and profitable solutions for operators.
Belatra’s LatAm team is headquartered in Buenos Aires. Marcos Isla Casares, Clara Moreno, and Latin America Commercial Director Andrés Troelsen will represent Belatra at SAGSE. A core focus of his time in BA will be exploring new partnerships, engaging with current clients, and sourcing opportunities in the region.
Andrés Troelsen, Belatra Games’ Commercial Director for Latin America, said: “Buenos Aires is our LatAm home so we couldn’t be happier to be back at SAGSE to showcase Belatra’s brilliant offering for the region. Whether you’re looking to expand your offerings or explore new business opportunities, we welcome you to our stand to discuss how we can deliver success for you in this hugely exciting region.”
Latest News
XSOLLA LAUNCHES THE XSOLLA GOLD GIFT CARD TO ENHANCE GAME BRAND VISIBILITY THROUGH PHYSICAL AND DIGITAL CHANNELS, OFFERING GAMERS A NEW WAY TO PAY

Xsolla, a leading global video game commerce company, announces the launch of the Xsolla Gold Gift Card, a flexible payment solution designed to enhance how gamers purchase, gift, and redeem virtual goods. Available in physical and digital formats, the Xsolla Gold Gift Card provides players with an accessible and convenient way to engage with their favorite games across multiple platforms.
As the global gift card market is projected to reach $5.3 trillion by 2033, developers face increasing opportunities to expand their monetization strategies and engage players more effectively. The Xsolla Gold Gift Card offers a seamless way for players to acquire in-game items, gift content to friends, and redeem rewards, enriching their gaming experience. This solution unlocks new revenue streams for developers, enhances brand visibility, and enables targeted marketing initiatives, including co-branded promotions and customized campaigns.
Discover the standout benefits making this gift card a game-changer for players and developers:
- Flexible Distribution Options: Includes physical and digital cards, ensuring broad accessibility for players worldwide
- Enhanced Community Engagement: Encourages players to share gaming experiences through gifting, fostering deeper connections within gaming communities
- Monetization and Marketing Opportunities: Leverages gift cards for cross-promotions, partnerships with retail brands, and exclusive in-game offers, driving increased engagement and revenue for developers
- Cross-Platform Usability: Fully compatible across multiple platforms and game titles, catering to a diverse player base with various spending preferences
“We’re excited to offer a gift card to help simplify how players purchase and share virtual goods while helping developers increase player retention and engagement through strategic integrations,” said Chris Hewish, Chief Strategy Officer of Xsolla. “The Xsolla Gold Gift Card allows us to continue innovating, enhancing how players interact with their favorite games and how developers can reach a broader audience.”
The Xsolla Gold Gift Card will be available in various denominations, adapting to different player needs. Developers can integrate these cards into their ecosystems to enhance player engagement and drive monetization through tailored campaigns and promotions.
Gambling in the USA
Bitline and Everi Announce Crypto Liquidity for Choctaw Casinos & Resorts in Industry First Development

Bitline, the only provider for casino chip access directly from cryptocurrency, has announced its first major collaboration in the U.S. casino market, teaming up with Choctaw Casinos & Resorts through its collaboration with Everi, a premier provider of financial technology and gaming solutions. This collaboration introduces cryptocurrency and digital assets as a new source of liquidity for casino patrons and marks the first time that such a functionality has been enabled within the American gaming industry.
Leveraging Everi’s CashClub’s comprehensive payment infrastructure, Bitline’s solution is able to efficiently board, screen and verify patrons looking to leverage their digital assets whilst also allowing patrons to move screened assets into custody within minutes. Bitline’s integration with Everi Cash Club, the leading financial access services suite for casino payments, will enable the technology for the benefit of Choctaw Casinos & Resorts, and is the first time that such a functionality has been possible in the U.S. regulated casino market.
Catering to the growing demand for greater cryptocurrency and digital asset integration within the casino industry, the collaboration between Bitline and Everi’s forms a transferable blueprint that offers casino operators and their patrons an alternative way to manage funds, access liquidity, and leverage the benefits of cryptocurrency and other digital assets.
This milestone reflects a strategic shift in how casino operators view and manage financial interactions with their guests. The introduction of cryptocurrency as a liquidity solution provides additional options for guests and lays the foundation for Choctaw Casinos & Resorts as it looks to the future of gaming sector finance, setting a new standard in financial accessibility and convenience.
“Working with Choctaw Casinos & Resorts and Everi to make this a reality is a historical moment for both the casino and blockchain industries. Bitline was conceptualized to advance the gaming sector and offer a wider variety of financial options for the casino industry,” said Richard Jones, CEO at Bitline. “We’re entering an era where digital assets can fundamentally enhance the gaming experience, providing casino operators with a future-ready financial framework that can expand and evolve as the industry does. This collaboration is just the beginning of our vision to modernize casino payment capabilities on a global scale.”
Victor Newsom, SVP Product Management, Payments Solutions at Everi comments “This unique integration combines BitLine’s additional payment accessibility options with Everi’s ability to enable seamless, secure, and regulatory compliant financial transactions for casino patrons. Designed from the ground up to exceed the rigorous compliance demands of the industry as well as the discerning expectations of gaming VIPs around the world, Choctaw’s patrons are now no longer limited to the access, times, amount, and speed constraints of the legacy financial systems. This also significantly reduces risk for our casino customers, such as Choctaw.”
“We are excited to be the first casino in North America to offer our guests another way to play,” said Thomas McDonald, Senior Director of Cage and Credit at Choctaw Casinos & Resorts. “Through our long-term relationship with Everi, a leader in fintech solutions, we will continue to invest in innovative offerings that provide the discerning gaming VIP access to funds in a safe and secure manner.”
The Choctaw Casinos & Resorts integration represents only the first phase of Bitline’s broader mission to bring cryptocurrency solutions to casinos and casino patrons worldwide. As cryptocurrency and digital assets continue to gain traction in the gaming sector, Bitline’s easy to integrate and patented payment model stands poised to become a key player in transforming gaming finance. Future plans include expanding services across other major casinos and gaming markets, both domestically and internationally, establishing cryptocurrency as a new standard feature of the gaming experience.
The solution is to be formally rolled out on March 7, 2025, with the first transaction taking place at Choctaw’s Durant, Oklahoma, location.
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