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

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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 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

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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:

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  • 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

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RESORTS WORLD LAS VEGAS NAMES TOM MCMAHON SENIOR VICE PRESIDENT OF SLOT OPERATIONS AND MARKETING

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Resorts World Las Vegas is continuing the expansion of its executive leadership team with the appointment of Tom McMahon as Senior Vice President of Slot Operations and Marketing.

A respected leader with more than two decades of experience in gaming and hospitality, McMahon steps into his role effective immediately.

“Tom’s deep expertise in luxury casino operations and marketing makes him a powerful addition to our team,” said Carlos Castro, President and Chief Financial Officer of Resorts World Las Vegas. “We look forward to the leadership he will provide in this essential function at Resorts World Las Vegas.”

McMahon has held senior roles at some of the most recognized names in the industry, including Wynn Resorts, Bellagio Resort & Casino, Las Vegas Sands, Venetian | Palazzo and most recently Sycuan Casino Resort. At Resorts World Las Vegas, he will lead initiatives across slot operations, marketing and the Genting Rewards Loyalty Program, with a focus on innovation, guest engagement and operational excellence.

Said McMahon, “Returning to Las Vegas to join a forward-thinking property like Resorts World is an incredible opportunity. I am eager to help shape the next chapter of growth by enhancing the guest experience and building on the strong foundation already in place.”

For more information about Resorts World Las Vegas, please visit rwlasvegas.com

 

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Aristocrat Gaming and Aristocrat Interactive to Debut Innovative Firsts at the Oklahoma Indian Gaming Show 2025

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Aristocrat Gaming and Aristocrat Interactive will showcase four world premieres in land-based gaming, and innovative solutions for tribal customers in booth #242 during the Oklahoma Indian Gaming Show (OIGA), taking place July 14-16 in Oklahoma City, OK.

Making its first public appearance, Polar High Roller Super Lightning Wilds will be a Class II gaming highlight of the show, evolving the player-favorite Lightning Wilds brand, bringing it to new premium hardware on the Marquis three-reel cabinet. Additional features include popular Class III mechanics like Hold & Spin and a digital wheel, combined with classic touches including Red Screen Free Spins. Polar High Roller Super Lightning Wilds will be on the popular $UPER HIT$ JACKPOT$ $250k MSP link.

In an Aristocrat Gaming first, the company will introduce a Class II Bartop. The all-new Bartop will feature VGT by Aristocrat Gaming classics like The Hunt for Neptune’s Gold, with more to follow.

Making its trade show premiere, All-Star Scratchers brings a unique, innovative gaming experience to the Neptune Single and MarsX Portrait hardware. This new bespoke game allows players to form any combination of their favorite VGT characters including Hot Red Ruby, Mr. Money Bags, Lucky Ducky, and Jewel. All-Star Scratchers also features even more Red Screen Free Spin action with four different bingo cards at play at once, resulting in more fun and excitement.

In Class III, Chief Inferno will also make its world premiere. Housed on the MarsX Flex, Chief Inferno is an extension of the popular Buffalo Chief family, featuring classic Chief stack multipliers, now with all-new enhanced Gold Coins that create even larger Chief stacks, as well as a popular bonus meter.

Presented on the Marquis three-reel cabinet, Buffalo Eclipse takes a classic stepper game and elevates the excitement with Hold & Spin and a metamorphic meter. Spin the digital wheel for a chance at the Grand Jackpot, Eclipse Hold & Spin, or other credit prizes.

Aristocrat Gaming will display its latest hardware, The Baron Portrait cabinet. The Baron Portrait takes on the same basic shape as The Baron Upright, with a new and sleek 43” curved ultra hi-def 4K monitor. The curved monitor on The Baron Portrait was carefully designed for proven player comfort and ergonomics with an improved visual display. Its launch portfolio of Coin Trio Buffalo, Spooky Link, and Fa Fa Fa is now available and quickly making its way onto casino floors across the country.

Making its OIGA debut on The Baron Upright is the all-new Galactic Quest for Love and Money. Specifically designed for The Baron Upright, this game features the popular Re-spin mechanic with an innovative twist, set to entertain players with its out-of-this-world graphics and sounds.

Aristocrat Interactive will showcase the power of an omni-channel experience, with innovative solutions that bridge the gap between retail and online gaming.

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The company will present a tailored Class II mobile gaming solution for Tribal operators that will extend its brand to players beyond the casino floor. This new offering allows players to enjoy their favorite Aristocrat Gaming Class II games like Mr. Money Bags and Lucky Ducky on their mobile device on approved tribal land, including from the hotel room, restaurants in the resort, pool area, and more.

Gaming Systems will display its version 15 suite of products designed to modernize casino floors with the latest features in OASIS casino management; floor-wide bonusing and media capabilities with ONE LINK; new features in the PlayerMax mobile app, including mobile enrollment and a new progressive jackpot display with player alerts; and a Loyalty solution designed for accurate reinvestment and player engagement.

Aristocrat remains invested in tribal gaming, underscoring its dedication to supporting tribal operators with cutting-edge technology, forward-thinking gaming solutions, as well as supporting tribal communities.

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NASCAR & iRacing Renew Partnership with PlayVS

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PlayVS, the leading amateur esports platform, announced the renewal of its groundbreaking partnership with NASCAR and iRacing, reaffirming its commitment to supporting the rapidly expanding eNASCAR College iRacing Series. This renewed collaboration will continue to bring high-octane, competitive virtual racing to college students across the country, providing unique career and scholarship opportunities through one of the most innovative programs in collegiate esports. This season will also mark the debut of PlayVS as the official league platform, following its recent acquisition of Playfly College Esports.

Launched in 2022, the eNASCAR College iRacing Series has quickly become one of the most engaging and inclusive collegiate esports competitions in the country. Powered by iRacing’s premier motorsport simulation platform and NASCAR’s deep racing heritage, the series gives full-time college students the opportunity to compete for scholarship prizes, develop real-world career skills, and gain exposure to professional motorsports and esports pathways.

The eNASCAR College iRacing Series has grown to over 300 schools and almost 500 unique racers. In April, the 2024-25 Series season concluded with Cal State Fullerton’s Logan Clampitt celebrating victory at the Homestead-Miami Speedway and earning $10,000 in scholarship prizes.

“Renewing our partnership with NASCAR and iRacing reflects our commitment to delivering competitive and meaningful esports experiences to college students across North America. The eNASCAR College iRacing Series is not just about virtual racing—it’s a launchpad for future talent in motorsports, gaming, and media,” said Charles O’Donnell, Sr. Director of College Esports at PlayVS.

Through iRacing’s hyper-realistic simulation software, students experience the thrill of authentic stock car racing while competing from their dorm rooms, esports arenas, or home setups. The upcoming 2025-26 season promises even more exciting races, new tracks, and increased prize opportunities.

“We’re proud to continue building the future of sim racing through our partnership with iRacing and PlayVS. The eNASCAR College iRacing Series is more than just competition—it’s a foundational bridge between the collegiate esports ecosystem and the world of NASCAR. As we enter the 2025–26 season, this partnership strengthens our commitment to developing young talent, expanding access, and inspiring the next generation of motorsports professionals,” said Ray Smith, Sr. Director of Esports at NASCAR.

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