Financial reports

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

Published

7 months ago

November 14, 2024

Peter Tolan

Gambling.com Group Reports Fourth Quarter and Full-Year 2024 Results

– Third Quarter Revenue Increases 37% to Record $32.1 Million; Net Income Rises to $8.5 Million

– Record Quarterly Adjusted EBITDA of $12.6 Million Up 108% Versus Year-Ago Period

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 third quarter ended September 30, 2024. The Company also raised its 2024 revenue and Adjusted EBITDA guidance as detailed below.

“Our record third quarter and year-to-date results reflect our best-in-class execution in the affiliate sector to consistently grow market share around the world,” commented Charles Gillespie, Chief Executive Officer and Co-Founder of Gambling.com Group. “The third quarter’s strong revenue growth and record Adjusted EBITDA highlights Gambling.com Group’s position as an industry leader in creating value for both our shareholders and our online gambling operator clients. To complement our continued organic market share growth, we continue to evaluate opportunities adjacent to the core business to expand our footprint in the online gaming ecosystem as we progress towards our goal of $100 million in annual Adjusted EBITDA.”

Elias Mark, Chief Financial Officer of Gambling.com Group, added, “Year-over-year third quarter revenue and Adjusted EBITDA increased 37% and 108%, respectively, with very high free cash flow conversion, reflecting the continued success of our strategies to optimize the returns from our global portfolio of owned and operated assets. As expected, we generated strong iGaming NDC growth across all our geographical regions, while our North American business continued to be resilient against challenging comparables. As reflected in our raised full year outlook, we expect to generate significant year-over-year revenue and Adjusted EBITDA growth in 2024, and we are well-positioned to carry this operating momentum forward, particularly as the North American market is expected to return to growth next year.”

Three Months Ended September 30, 2024 vs. Three Months Ended September 30, 2023 Financial Highlights
(USD in thousands, except per share data, unaudited)

	Three Months Ended September 30,				Change
	2024		2023		%
Revenue	32,118		23,458		37	%
Net income for the period attributable to shareholders ⁽¹⁾	8,509		5,013		70	%
Net income per share attributable to shareholders, diluted ⁽¹⁾	0.24		0.13		85	%
Net income margin⁽¹⁾	26	%	21	%
Adjusted net income for the period attributable to shareholders ⁽¹⁾⁽²⁾	8,905		5,407		65	%
Adjusted net income per share attributable to shareholders, diluted ⁽¹⁾⁽²⁾	0.25		0.14		79	%
Adjusted EBITDA ⁽¹⁾⁽²⁾	12,584		6,054		108	%
Adjusted EBITDA Margin ⁽¹⁾⁽²⁾	39	%	26	%
Cash flows generated by operating activities	14,936		(715	)	2189	%
Free Cash Flow ⁽²⁾	14,240		1,578		802	%

__________

(1) For the three months ended September 30, 2024, Net income and Net income per share include, and Adjusted net income and Adjusted net income per share exclude, adjustments related to the Company’s 2022 acquisition of BonusFinder of $0.4 million, or $0.01 per share. Similarly, these adjustments totaled $0.3 million, or $0.01 per share, for the three months ended September 30, 2023. See “Supplemental Information – Non-IFRS Financial Measures” and the tables at the end of this release for an explanation of the adjustments.

(2) Represents a non-IFRS measure. See “Supplemental Information – Non-IFRS Financial Measures” and the tables at the end of this release for reconciliations to the comparable IFRS numbers.

Third Quarter 2024 and Recent Business Highlights

Delivered more than 116,000 new depositing customers (“NDCs”)
Repurchased 1,316,975 shares at an average price of $9.35 per share. Subsequent to the end of the third quarter, repurchased an additional 486,000 shares at an average price of $9.80 per share
Outstanding balance of $25.0 million of the $50.0 million credit facility as of September 30, 2024
Won Casino Affiliate of the Year at the 2024 EGR Operator Awards
Authorized an additional $10.0 million for the Company’s share repurchase program on November 13

Three Months Ended September 30, 2024 Results Compared to Three Months Ended September 30, 2023

Revenue rose 37% year-over-year to a third quarter record $32.1 million. The Company delivered more than 116,000 NDCs to clients, a 35% year-over-year increase.

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Gross profit increased 43% to $30.4 million, primarily as a result of strong revenue growth and a $0.5 million decrease in cost of sales related to the Company’s media partnerships.

Total operating expenses increased 25% to $20.8 million, primarily as a result of increased people costs and higher amortization related to the acquisition of Freebets.com and related assets.

Net income attributable to shareholders increased $3.5 million to $8.5 million and net income per share was $0.24 compared to $0.13 in the prior year period. Adjusted net income rose 65% to $8.9 million and adjusted net income per share increased 79% to $0.25.

Adjusted EBITDA more than doubled to a quarterly record $12.6 million, reflecting an Adjusted EBITDA margin of 39% as compared to Adjusted EBITDA of $6.1 million and an Adjusted EBITDA margin of 26%, year-over-year.

Operating cash flow of $14.9 million compared to negative $0.7 million, which in the prior year period included contingent consideration payments of $2.9 million related to the BonusFinder acquisition. Free cash flow grew to $14.2 million from $1.6 million primarily reflecting growth in net income and Adjusted EBITDA and positive working capital movements in the period.

2024 Outlook

Gambling.com Group today updated its 2024 full-year revenue and Adjusted EBITDA guidance. The Company now expects full year revenue of $125 million to $127 million and Adjusted EBITDA of $46.5 million to $48.5 million. The midpoints of the new full year revenue and Adjusted EBITDA guidance ranges represent year-over-year growth of 16% and 29%, respectively. The Company’s updated outlook compares to the guidance provided on August 15, 2024 for revenue of $123 million to $127 million and Adjusted EBITDA of $44 million to $47 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 $7.5 million, of which $5.4 million was incurred in the first nine months of 2024
An average EUR/USD exchange rate of 1.065 for the fourth quarter of 2024

Nine Months Ended September 30, 2024 vs. Nine Months Ended September 30, 2023 Financial Highlights
(USD in thousands, except per share data, unaudited)

	Nine Months Ended September 30,				Change
	2024		2023		%
Revenue	91,874		76,122		21	%
Net income for the period attributable to shareholders ⁽¹⁾	22,746		11,886		91	%
Net income per share attributable to shareholders, diluted ⁽¹⁾	0.62		0.31		100	%
Net income margin⁽¹⁾	25	%	16	%
Adjusted net income for the period attributable to shareholders ⁽¹⁾⁽²⁾	23,821		19,493		22	%
Adjusted net income per share attributable to shareholders, diluted ⁽¹⁾⁽²⁾	0.65		0.51		27	%
Adjusted EBITDA ⁽¹⁾⁽²⁾	33,955		26,146		30	%
Adjusted EBITDA Margin ⁽¹⁾⁽²⁾	37	%	34	%
Cash flows generated by operating activities	23,936		10,950		119	%
Free Cash Flow ⁽²⁾	28,417		16,694		70	%

__________

(1) For the nine months ended September 30, 2024, Net income and Net income per share include, and Adjusted net income and Adjusted net income per share exclude, adjustments related to the Company’s 2022 acquisition of BonusFinder of $1.1 million, or $0.03 per share. Similarly, these adjustments totaled $7.4 million, or $0.20 per share, for the nine months ended September 30, 2023. See “Supplemental Information – Non-IFRS Financial Measures” and the tables at the end of this release for an explanation of the adjustments.

(2) Represents a non-IFRS measure. See “Supplemental Information – Non-IFRS Financial Measures” and the tables at the end of this release for reconciliations to the comparable IFRS numbers.

Conference Call Details

Date/Time:	Thursday, November 14, 2024, at 8:00 a.m. ET
Webcast:	webcast-eqs.com/gamb20241114/en
U.S. Toll-Free Dial In:	877-407-0890
International Dial In:	1 201-389-0918

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.

About Gambling.com Group Limited

Gambling.com Group Limited (Nasdaq: GAMB) (the “Group”) is a fast-growing provider of digital marketing services for the global online gambling industry. Founded in 2006, the Group has offices globally, primarily operating in the United States and Ireland. Through its proprietary technology platform, the Group publishes a portfolio of premier branded websites including Gambling.com, Bookies.com, Casinos.com, and RotoWire.com. Gambling.com Group owns and operates more than 50 websites in seven languages across 15 national markets covering all aspects of the online gambling industry, including iGaming and sports betting, and the fantasy sports industry.

Use of Non-IFRS Measures

This press release contains certain non-IFRS financial measures, such as Adjusted Net Income, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, and related ratios. See “Supplemental Information – Non-IFRS Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable IFRS numbers.

Cautionary Note Concerning Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that relate to our current expectations and views of future events. All statements other than statements of historical facts contained in this press release, including statements relating to our further expansion of our footprint in the online gaming ecosystem, whether we can achieve $100 million in annual Adjusted EBITDA, whether the North American market returns to growth in 2025, and our 2024 outlook, are all forward-looking statements. These statements represent our opinions, expectations, beliefs, intentions, estimates or strategies regarding the future, which may not be realized. In some cases, you can identify forward-looking statements by terms such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” “could,” “will,” “would,” “ongoing,” “future” or the negative of these terms or other similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements involve known and unknown risks, uncertainties, contingencies, changes in circumstances that are difficult to predict and other important factors that may cause our actual results, performance, or achievements to be materially and/or significantly different from any future results, performance or achievements expressed or implied by the forward-looking statement. Important factors that could cause actual results to differ materially from our expectations are discussed under “Item 3. Key Information – Risk Factors” in Gambling.com Group’s annual report filed on Form 20-F for the year ended December 31, 2023 with the U.S. Securities and Exchange Commission (the “SEC”) on March 21, 2024, and Gambling.com Group’s other filings with the SEC as such factors may be updated from time to time. Any forward-looking statements contained in this press release speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. Gambling.com Group disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.

Consolidated Statements of Comprehensive Income (Unaudited)
(USD in thousands, except per share amounts)

The following table details the consolidated statements of comprehensive income for the three and nine months ended September 30, 2024 and 2023 in the Company’s reporting currency and constant currency.

	Reporting Currency						Constant Currency		Reporting Currency						Constant Currency
	Three Months Ended September 30,				Change		Change		Nine Months Ended September 30,				Change			Change
	2024		2023		%		%		2024		2023		%			%
Revenue	32,118		23,458		37	%	35	%	91,874		76,122		21	%		21	%
Cost of sales	(1,683	)	(2,136	)	(21	)%	(22	)%	(5,351	)	(4,023	)	33	%		33	%
Gross profit	30,435		21,322		43	%	41	%	86,523		72,099		20	%		20	%
Sales and marketing expenses	(10,815	)	(8,636	)	25	%	24	%	(31,021	)	(25,644	)	21	%		21	%
Technology expenses	(3,616	)	(2,525	)	43	%	41	%	(10,044	)	(7,229	)	39	%		39	%
General and administrative expenses	(6,041	)	(4,831	)	25	%	23	%	(18,582	)	(17,297	)	7	%		8	%
Movements in credit losses allowance and write-offs	(360	)	(615	)	(41	)%	(42	)%	(1,061	)	(1,382	)	(23	)%		(23	)%
Fair value movement on contingent consideration	—		—		—	%	—	%	—		(6,939	)	(100	)%		(100	)%
Operating profit	9,603		4,715		104	%	101	%	25,815		13,608		90	%		90	%
Finance income	551		968		(43	)%	(44	)%	1,725		1,674		3	%		3	%
Finance expenses	(1,052	)	(373	)	182	%	179	%	(2,396	)	(1,356	)	77	%		77	%
Income before tax	9,102		5,310		71	%	69	%	25,144		13,926		81	%		81	%
Income tax charge	(593	)	(297	)	100	%	97	%	(2,398	)	(2,040	)	18	%		18	%
Net income for the period attributable to shareholders	8,509		5,013		70	%	68	%	22,746		11,886		91	%		92	%
Other comprehensive income (loss)
Exchange differences on translating foreign currencies	4,309		(2,777	)	(255	)%	(253	)%	794		(2,085	)	(138	)%		(138	)%
Total comprehensive income for the period attributable to shareholders	12,818		2,236		473	%	466	%	23,540		9,801		140	%		140	%


Consolidated Statements of Financial Position (Unaudited)
(USD in thousands)

	SEPTEMBER 30, 2024		DECEMBER 31, 2023
ASSETS
Non-current assets
Property and equipment	1,884		908
Right-of-use assets	5,062		1,460
Intangible assets	138,398		98,000
Deferred tax asset	6,792		7,134
Total non-current assets	152,136		107,502
Current assets
Current tax asset	229		—
Trade and other receivables	20,447		21,938
Cash and cash equivalents	15,723		25,429
Total current assets	36,399		47,367
Total assets	188,535		154,869
EQUITY AND LIABILITIES
Equity
Share capital	—		—
Capital reserve	76,821		74,166
Treasury shares	(25,233	)	(3,107	)
Share-based compensation reserve	9,755		7,414
Foreign exchange translation deficit	(3,413	)	(4,207	)
Retained earnings	67,404		44,658
Total equity	125,334		118,924
Non-current liabilities
Lease liability	4,169		1,190
Deferred tax liability	2,258		2,008
Borrowings	21,524		—
Total non-current liabilities	27,951		3,198
Current liabilities
Trade and other payables	7,979		10,793
Deferred income	2,499		2,207
Deferred consideration	17,451		18,811
Contingent consideration	2,652		—
Borrowings and accrued interest	2,922		—
Other liability	—		308
Lease liability	1,246		533
Income tax payable	501		95
Total current liabilities	35,250		32,747
Total liabilities	63,201		35,945
Total equity and liabilities	188,535		154,869


Consolidated Statements of Cash Flows (Unaudited)
(USD in thousands)

	Three months ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cash flow from operating activities
Income before tax	9,102		5,310		25,144		13,926
Finance expense (income), net	501		(596	)	671		(318	)

Adjustments for non-cash items:
Depreciation and amortization	1,801		495		4,046		1,520
Movements in credit loss allowance and write-offs	360		615		1,061		1,382
Fair value movement on contingent consideration	—		—		—		6,939
Share-based payment expense	1,180		696		3,737		2,790
Income tax paid	(131	)	26		(1,571	)	(1,763	)
Payment of deferred consideration	—		(2,897	)	(7,156	)	(2,897	)
Payment of contingent consideration	—		—		—		(4,621	)
Cash flows from operating activities before changes in working capital	12,813		3,649		25,932		16,958
Changes in working capital
Trade and other receivables	535		(5,235	)	571		(7,127	)
Trade and other payables	1,588		858		(2,567	)	1,044
Inventories	—		13		—		75
Cash flows generated by operating activities	14,936		(715	)	23,936		10,950
Cash flows from investing activities
Acquisition of property and equipment	(274	)	(90	)	(1,188	)	(294	)
Acquisition of intangible assets	(469	)	—		(21,074	)	(388	)
Capitalization of internally developed intangibles	(422	)	(514	)	(1,487	)	(1,480	)
Interest received from bank deposits	14		90		118		169
Payment of deferred consideration	—		(2,543	)	(10,044	)	(4,933	)
Payment of contingent consideration	—		—		—		(5,557	)
Cash flows used in investing activities	(1,151	)	(3,057	)	(33,675	)	(12,483	)
Cash flows from financing activities
Exercise of options	697		106		1,254		106
Treasury shares acquired	(12,445	)	—		(22,195	)	(759	)
Repayment of borrowings	(20,560	)	—		(20,560	)	—
Proceeds from borrowings	27,560		—		45,560		—
Transaction costs related to borrowings	—		—		(847	)	—
Interest payment attributable to third party borrowings	(371	)	—		(545	)	—
Interest payment attributable to deferred consideration settled	—		—		(1,382	)	(110	)
Principal paid on lease liability	(229	)	(105	)	(483	)	(304	)
Interest paid on lease liability	(83	)	(40	)	(172	)	(127	)
Cash flows generated by (used in) financing activities	(5,431	)	(39	)	630		(1,194	)
Net movement in cash and cash equivalents	8,354		(3,811	)	(9,109	)	(2,727	)
Cash and cash equivalents at the beginning of the period	7,523		31,311		25,429		29,664
Net foreign exchange differences on cash and cash equivalents	(154	)	(616	)	(597	)	(53	)
Cash and cash equivalents at the end of the period	15,723		26,884		15,723		26,884

Earnings Per Share

Below is a reconciliation of basic and diluted earnings per share as presented in the Consolidated Statement of Comprehensive Income for the period specified, stated in USD thousands, except per share amounts (unaudited):

	Three Months Ended September 30,		Reporting Currency Change		Constant Currency Change		Nine Months Ended September 30,		Reporting Currency Change		Constant Currency Change
	2024	2023	%		%		2024	2023	%		%
Net income for the period attributable to shareholders	8,509	5,013	70	%	68	%	22,746	11,886	91	%	92	%
Weighted-average number of ordinary shares, basic	35,592,252	37,402,935	(5	)%	(5	)%	36,466,391	36,988,690	(1	)%	(1	)%
Net income per share attributable to shareholders, basic	0.24	0.13	85	%	71	%	0.62	0.32	94	%	94	%

Net income for the period attributable to shareholders	8,509	5,013	70	%	68	%	22,746	11,886	91	%	92	%
Weighted-average number of ordinary shares, diluted	35,833,767	38,711,429	(7	)%	(7	)%	36,750,150	38,176,200	(4	)%	(4	)%
Net income per share attributable to shareholders, diluted	0.24	0.13	85	%	85	%	0.62	0.31	100	%	100	%

Disaggregated Revenue

Revenue is disaggregated based on how the nature, amount, timing and uncertainty of the revenue and cash flows are affected by economic factors.

The Company presents revenue as disaggregated by market based on the location of end user as follows:

	Three Months Ended September 30,		Change		Nine Months Ended September 30,		Change
	2024	2023	2024 vs 2023		2024	2023	2024 vs 2023
North America	12,803	12,903	(1	)%	39,877	40,407	(1	)%
UK and Ireland	9,800	6,858	43	%	28,631	23,749	21	%
Other Europe	6,770	2,320	192	%	16,557	7,902	110	%
Rest of the world	2,745	1,377	99	%	6,809	4,064	68	%
Total revenues	32,118	23,458	37	%	91,874	76,122	21	%

The Company presents disaggregated revenue by monetization type as follows:

	Three Months Ended September 30,		Change		Nine Months Ended September 30,		Change
	2024	2023	2024 vs 2023		2024	2023	2024 vs 2023
Performance marketing	25,082	18,232	38	%	72,674	60,769	20	%
Subscription & content syndication	2,272	2,104	8	%	6,176	5,678	9	%
Advertising & other	4,764	3,122	53	%	13,024	9,675	35	%
Total revenues	32,118	23,458	37	%	91,874	76,122	21	%

The Company also tracks its revenues based on the product type from which it is derived. Revenue disaggregated by product type was as follows:

	Three Months Ended September 30,		Change		Nine Months Ended September 30,		Change
	2024	2023	2024 vs 2023		2024	2023	2024 vs 2023
Casino	24,835	15,190	63	%	66,707	49,803	34	%
Sports	6,830	7,930	(14	)%	24,156	25,518	(5	)%
Other	453	338	34	%	1,011	801	26	%
Total revenues	32,118	23,458	37	%	91,874	76,122	21	%

Supplemental Information

Rounding

We have made rounding adjustments to some of the figures included in the discussion and analysis of our financial condition and results of operations together with our consolidated financial statements and the related notes thereto. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.

Non-IFRS Financial Measures

Management uses several financial measures, both IFRS and non-IFRS financial measures in analyzing and assessing the overall performance of the business and for making operational decisions.

Adjusted Net Income and Adjusted Net Income Per Share

Adjusted net income is a non-IFRS financial measure defined as net income attributable to equity holders excluding the fair value gain or loss related to contingent consideration, unwinding of deferred consideration, and certain employee bonuses related to acquisitions. Adjusted net income per diluted share is a non-IFRS financial measure defined as adjusted net income attributable to equity holders divided by the diluted weighted average number of common shares outstanding.

We believe adjusted net income and adjusted net income per diluted share are useful to our management as a measure of comparative performance from period to period as these measures remove the effect of the fair value gain or loss related to the contingent consideration, unwinding of deferred consideration, and certain employee bonuses, all associated with our acquisitions, during the limited period where these items are incurred. The unwinding of deferred and contingent consideration during the three and nine months ended September 30, 2024 is mainly associated with the unwinding of the discount applied to the valuation of deferred and contingent consideration for the acquisition of the Freebets.com Assets. The unwinding of deferred consideration and employee bonuses incurred until April 2024 relate to the Company’s acquisition of Roto Sports and BonusFinder. See Note 5 of the consolidated financial statements for the year ended December 31, 2023 filed on March 21, 2024 for a description of the contingent and deferred considerations associated with our 2022 acquisitions.

Below is a reconciliation to Adjusted net income attributable to equity holders and Adjusted net income per share, diluted from net income for the period attributable to the equity holders and net income per share attributed to ordinary shareholders, diluted as presented in the Consolidated Statements of Comprehensive Income and for the period specified stated in the Company’s reporting currency and constant currency (unaudited):

	Reporting Currency						Constant Currency		Reporting Currency							Constant Currency
	Three months ended September 30,				Change		Change		Nine Months Ended September 30,				Change			Change
	2024		2023		%		%		2024		2023			%		%
Revenue	32,118		23,458		37	%	35	%	91,874		76,122			21	%	21	%
Net income for the period attributable to shareholders	8,509		5,013		70	%	68	%	22,746		11,886			91	%	92	%
Net income margin	26	%	21	%					25	%	16	%

Net income for the period attributable to shareholders	8,509		5,013		70	%	68	%	22,746		11,886			91	%	92	%
Fair value movement on contingent consideration (1)	—		—		—	%	—	%	—		6,939			(100	)%	(100	)%
Unwinding of deferred consideration (1)	396		316		25	%	23	%	1,075		425			153	%	153	%
Employees’ bonuses related to acquisition⁽¹⁾	—		78		(100	)%	(100	)%	—		243			(100	)%	(100	)%
Adjusted net income for the period attributable to shareholders	8,905		5,407		65	%	63	%	23,821		19,493			22	%	22	%
Net income per share attributable to shareholders, basic	0.24		0.13		85	%	71	%	0.62		0.32			94	%	94	%
Effect of adjustments for fair value movements on contingent consideration, basic	0.00		0.00		—	%	—	%	0.00		0.19			(100	)%	(100	)%
Effect of adjustments for unwinding on deferred consideration, basic	0.01		0.01		—	%	—	%	0.03		0.01			200	%	200	%
Effect of adjustments for bonuses related to acquisition, basic	0.00		0.00		—	%	—	%	0.00		0.01			(100	)%	(100	)%
Adjusted net income per share attributable to shareholders, basic	0.25		0.14		79	%	67	%	0.65		0.53			23	%	23	%
Net income per share attributable to ordinary shareholders, diluted	0.24		0.13		85	%	85	%	0.62		0.31			100	%	100	%
Adjusted net income per share attributable to shareholders, diluted	0.25		0.14		79	%	79	%	0.65		0.51			27	%	27	%

__________

(1) There is no tax impact from fair value movement on contingent consideration, unwinding of deferred consideration or employee bonuses related to acquisition.

EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin

EBITDA is a non-IFRS financial measure defined as earnings excluding interest, income tax (charge) credit, depreciation, and amortization. Adjusted EBITDA is a non-IFRS financial measure defined as EBITDA adjusted to exclude the effect of non-recurring items, significant non-cash items, share-based payment expense, foreign exchange gains (losses), fair value of contingent consideration, and other items that our board of directors believes do not reflect the underlying performance of the business, including acquisition related expenses, such as acquisition related costs and bonuses. Adjusted EBITDA Margin is a non-IFRS measure defined as Adjusted EBITDA as a percentage of revenue.

We believe Adjusted EBITDA and Adjusted EBITDA Margin are useful to our management team as a measure of comparative operating performance from period to period as those measures remove the effect of items not directly resulting from our core operations including effects that are generated by differences in capital structure, depreciation, tax effects and non-recurring events.

While we use Adjusted EBITDA and Adjusted EBITDA Margin as tools to enhance our understanding of certain aspects of our financial performance, we do not believe that Adjusted EBITDA and Adjusted EBITDA Margin are substitutes for, or superior to, the information provided by IFRS results. As such, the presentation of Adjusted EBITDA and Adjusted EBITDA Margin is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with IFRS. The primary limitations associated with the use of Adjusted EBITDA and Adjusted EBITDA Margin as compared to IFRS results are that Adjusted EBITDA and Adjusted EBITDA Margin as we define them may not be comparable to similarly titled measures used by other companies in our industry and that Adjusted EBITDA and Adjusted EBITDA Margin may exclude financial information that some investors may consider important in evaluating our performance.

Below is a reconciliation to EBITDA, Adjusted EBITDA from net income for the period attributable to shareholders as presented in the Consolidated Statements of Comprehensive Income and for the period specified (unaudited):

	Reporting Currency						Constant Currency		Reporting Currency							Constant Currency
	Three Months Ended September 30,				Change		Change		Nine Months Ended September 30,				Change			Change
	2024		2023		%		%		2024		2023			%			%
	(USD in thousands)								(USD in thousands)
Net income (loss) for the period attributable to shareholders	8,509		5,013		70	%	68	%	22,746		11,886			91	%		92	%
Add back (deduct):
Interest expenses on borrowings and lease liability	450		40		1025	%	1000	%	929		127			631	%		637	%
Interest income	(14	)	(90	)	(84	)%	(85	)%	(118	)	(169	)		(30	)%		(30	)%
Income tax charge	593		297		100	%	97	%	2,398		2,040			18	%		18	%
Depreciation expense	111		63		76	%	73	%	252		183			38	%		38	%
Amortization expense	1,690		432		291	%	287	%	3,794		1,337			184	%		184	%
EBITDA	11,339		5,755		97	%	95	%	30,001		15,404			95	%		95	%
Share-based payment and related expense	1,180		696		70	%	67	%	3,737		2,790			34	%		34	%
Fair value movement on contingent consideration	—		—		—	%	—	%	—		6,939			(100	)%		(100	)%
Unwinding of deferred consideration	396		316		25	%	23	%	1,075		425			153	%		153	%
Foreign currency translation losses (gains), net	(385	)	(878	)	(56	)%	(57	)%	(1,308	)	(775	)		69	%		69	%
Other finance results	54		17		218	%	218	%	93		74			26	%		27	%
Secondary offering related costs	—		—		—	%	—	%	—		733			(100	)%		(100	)%
Acquisition related costs ⁽¹⁾	—		70		(100	)%	(100	)%	357		313			14	%		14	%
Employees’ bonuses related to acquisition	—		78		(100	)%	(100	)%	—		243			(100	)%		(100	)%
Adjusted EBITDA	12,584		6,054		108	%	105	%	33,955		26,146			30	%		30	%

__________

(1) The acquisition costs are related to historical and contemplated business combinations of the Group.

Below is the Adjusted EBITDA Margin calculation for the period specified stated in the Company’s reporting currency and constant currency (unaudited):

	Reporting Currency						Constant Currency		Reporting Currency							Constant Currency
	Three Months Ended September 30,				Change		Change		Nine Months Ended September 30,				Change			Change
	2024		2023		%		%		2024		2023			%			%
	(USD in thousands, except margin)								(in thousands USD, except margin)
Revenue	32,118		23,458		37	%	35	%	91,874		76,122			21	%		21	%
Adjusted EBITDA	12,584		6,054		108	%	105	%	33,955		26,146			30	%		30	%
Adjusted EBITDA Margin	39	%	26	%					37	%	34	%

In regard to forward looking non-IFRS guidance, we are not able to reconcile the forward-looking non-IFRS Adjusted EBITDA measure to the closest corresponding IFRS measure without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items including, but not limited to, fair value movements, share-based payments for future awards, acquisition-related expenses and certain financing and tax items.

Free Cash Flow

Free Cash Flow is a non-IFRS liquidity financial measure defined as cash flow from operating activities less capital expenditures. In the second quarter of 2024, the Company changed its definition of free cash flow to exclude from capital expenditures the cash flows related to asset acquisitions, in addition to cash flows related to business combinations. Previously, cash flows related to business combinations but not assets acquisitions were excluded from capital expenditures. The Company believes that this more appropriately reflects the measurement of free cash flow as it includes capital expenditures related to internal development, ongoing maintenance and acquisition of property and equipment in the ordinary course of business but excludes discretionary acquisitions.

We believe Free Cash Flow is useful to our management team as a measure of financial performance as it measures our ability to generate additional cash from our operations. While we use Free Cash Flow as a tool to enhance our understanding of certain aspects of our financial performance, we do not believe that Free Cash Flow is a substitute for, or superior to, the information provided by IFRS metrics. As such, the presentation of Free Cash Flow is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with IFRS.

The primary limitation associated with the use of Free Cash Flow as compared to IFRS metrics is that Free Cash Flow does not represent residual cash flows available for discretionary expenditures because the measure does not deduct the payments required for debt payments and other obligations or payments made for acquisitions. Free Cash Flow as we define it also may not be comparable to similarly titled measures used by other companies in the online gambling affiliate industry.

Below is a reconciliation to Free Cash Flow from cash flows generated by operating activities as presented in the Consolidated Statement of Cash Flows for the period specified in the Company’s reporting currency (unaudited):

	Three Months Ended September 30,				Change		Nine Months Ended September 30,				Change
	2024		2023		%		2024		2023		%
	(in thousands USD, unaudited)						(USD in thousands, unaudited)
Cash flows generated by operating activities	14,936		(715	)	2189	%	23,936		10,950		119	%
Adjustment for items presented in operating activities:
Payment of contingent consideration	—		—		—	%	—		4,621		(100	)%
Payment of deferred consideration	—		2,897		(100	)%	7,156		2,897		147	%
Adjustment for items presenting in investing activities:
Capital Expenditures ⁽¹⁾	(696	)	(604	)	15	%	(2,675	)	(1,774	)	51	%
Free Cash Flow	14,240		1,578		802	%	28,417		16,694		70	%

__________

(1) Capital expenditures are defined as the acquisition of property and equipment, and capitalized research and development costs, and excludes cash flows related to acquisitions accounted for as business combinations and asset acquisitions, as described above. Accordingly, capital expenditures presented above for the nine months ended September 30, 2024 and 2023 exclude $21.1 million (related to the Freebets.com and other asset acquisitions) and $0.4 million, respectively.

Financial reports

PA Gaming Control Board Reports a Nearly 11% increase of Gaming Revenue in April

Published

1 week ago

May 21, 2025

George Miller

PA Gaming Control Board Reports a Nearly 11% increase of Gaming Revenue in April

The Pennsylvania Gaming Control Board (PGCB) reported today that the combined total revenue generated from all forms of gaming along with fantasy contests during April 2025 was $558,717,922, an increase of 10.7% from last April.

The following chart compiles all revenue generated in April 2025 by casinos, along with fantasy contests and VGTs operated by other vendors and includes a comparison to total revenue generated in April 2024.

Source	April 2025 Total Revenue	April 2024 Total Revenue	% Change
Valley Forge Casino Resort Advertisement	$99,090,172	$85,340,755	16.11%
Hollywood Casino at Penn National Race Course	$97,719,246	$78,343,398	24.73%
Rivers Casino Philadelphia	$56,209,401	$49,076,360 Advertisement	14.53%
Parx Casino	$54,211,940	$53,793,286	0.78%
Wind Creek Bethlehem	$47,825,103	$46,326,454	3.23%
Rivers Casino Pittsburgh Advertisement	$27,533,445	$28,478,326	-3.32%
Hollywood Casino at the Meadows	$27,138,316	$26,007,948	4.35%
Live! Casino Philadelphia	$26,562,159	$24,304,441 Advertisement	9.29%
Harrah’s Philadelphia	$23,511,110	$21,071,057	11.58%
Mohegan Pennsylvania	$19,130,831	$20,024,953	-4.47%
Mount Airy Casino Resort Advertisement	$17,803,898	$19,187,606	-7.21%
Presque Isle Downs and Casino	$13,732,651	$8,862,424	54.95%
Hollywood Casino York	$10,235,524	$8,450,128 Advertisement	21.13%
Live! Casino Pittsburgh	$9,585,109	$10,589,049	-9.48%
Golden Nugget	$7,670,389	$3,544,056	116.43%
Hollywood Casino Morgantown Advertisement	$7,532,447	$7,330,347	2.76%
Video Gaming Terminals	$3,518,821	$3,648,270	-3.55%
Parx Shippensburg	$3,160,614	$3,125,398 Advertisement	1.13%
Bally’s Pennsylvania	$2,958,241	$3,812,426	-22.41%
The Casino at Nemacolin	$2,331,513	$2,138,432	9.03%
Fantasy Contests Advertisement	$1,256,994	$1,228,294	2.34%
Statewide Total	$558,717,922	$504,683,409	10.71%

Total tax from games revenue during April 2025 was $234,493,926*.

April Revenue by Game Type

The PGCB is also providing a synopsis of revenue year-over-year by types of games:

Type of Gaming Revenue	April 2025	April 2024	% Change
Retail Slots Revenue	$203,094,831	$205,485,828	-1.16%
iGaming Slots Revenue Advertisement	$169,478,496	$126,013,832	34.49%
Retail Tables Revenue	$80,604,940	$78,482,947	2.70%
iGaming Tables Revenue	$55,892,309	$45,006,006 Advertisement	24.19%
Sports Wagering Revenue	$42,533,444	$42,412,510	0.29%
Video Gaming Terminals Revenue	$3,518,821	$3,648,270	-3.55%
iGaming Poker Revenue Advertisement	$2,338,087	$2,405,721	-2.81%
Fantasy Contests Revenue	$1,256,994	$1,228,294	2.34%
Total Gaming Revenue	$558,717,922	$504,683,409 Advertisement	10.71%

Slot Machine Revenue

April’s revenue from the play of retail slot machines was $203,094,831, a 1.16% decrease in revenue when compared to the $205,485,828 generated in April 2024.

The number of slot machines in operation in April 2025 was 24,363 compared to 24,890 at the casinos in April 2024.

Slot machine revenue for each of the casinos, with the percentage change reflected over the previous year, is as follows:

Casino	April 2025 Slots Revenue	April 2024 Slots Revenue	% Change Advertisement
Parx Casino	$31,398,827	$31,627,184	-0.72%
Wind Creek Bethlehem	$22,484,142	$22,648,114	-0.72%
Rivers Casino Pittsburgh	$20,903,809 Advertisement	$21,552,173	-3.01%
Mohegan Pennsylvania	$15,066,512	$15,605,963	-3.46%
Hollywood Casino at the Meadows	$13,359,817	$13,791,981	-3.13% Advertisement
Live! Casino Philadelphia	$12,578,702	$12,575,159	0.03%
Mount Airy Casino Resort	$11,989,812	$12,266,755	-2.26%
Rivers Casino Philadelphia	$11,807,479 Advertisement	$12,032,212	-1.87%
Hollywood Casino at Penn National Race Course	$11,528,692	$11,684,897	-1.34%
Valley Forge Casino Resort	$9,401,048	$9,035,378	4.05% Advertisement
Harrah’s Philadelphia	$8,833,678	$9,080,862	-2.72%
Live! Casino Pittsburgh	$8,142,058	$9,126,484	-10.79%
Presque Isle Downs and Casino	$7,631,607 Advertisement	$7,476,168	2.08%
Hollywood Casino York	$7,560,618	$6,728,004	12.38%
Hollywood Casino Morgantown	$5,261,874	$5,338,456	-1.43% Advertisement
Parx Shippensburg	$3,106,843	$3,040,633	2.18%
The Casino at Nemacolin	$2,039,313	$1,875,402	8.74%
Statewide Total	$203,094,831 Advertisement	$205,485,828	-1.16%

Tax revenue from the play of slot machines in April 2025 was $102,841,807*.

Retail Table Games Revenue

Retail Table Games revenue for April 2025 was $80,604,940, an increase of 2.70% from April 2024 when revenue was $78,482,947.

Table games revenue for each of the casinos, with the percentage change reflected over the previous year, is as follows.

Casino	April 2025 Table Games Revenue	April 2024 Table Games Revenue Advertisement	% Change
Wind Creek Bethlehem	$23,971,086	$21,882,043	9.55%
Parx Casino	$16,102,523	$15,718,477	2.44%
Live! Casino Philadelphia Advertisement	$9,233,598	$7,704,612	19.85%
Rivers Casino Philadelphia	$7,937,680	$6,993,058	13.51%
Rivers Casino Pittsburgh	$5,950,178	$6,154,381 Advertisement	-3.32%
Valley Forge Casino Resort	$2,883,706	$2,797,020	3.10%
Mount Airy Casino Resort	$2,380,314	$2,949,545	-19.30%
Harrah’s Philadelphia Advertisement	$2,271,048	$2,071,503	9.63%
Mohegan Pennsylvania	$2,026,335	$2,662,142	-23.88%
Hollywood Casino at the Meadows	$1,632,924	$2,387,398 Advertisement	-31.60%
Hollywood Casino York	$1,496,542	$1,086,823	37.70%
Hollywood Casino at Penn National Race Course	$1,321,634	$2,176,702	-39.28%
Live! Casino Pittsburgh Advertisement	$1,195,412	$1,375,312	-13.08%
Presque Isle Downs and Casino	$1,075,228	$1,319,443	-18.51%
Hollywood Casino Morgantown	$786,348	$870,996 Advertisement	-9.72%
The Casino at Nemacolin	$292,200	$263,030	11.09%
Parx Shippensburg	$48,185	$70,462	-31.62%
Statewide Total Advertisement	$80,604,940	$78,482,947	2.70%

Total tax revenue from table games play during April 2025 was $13,496,060*.

Internet Casino-Type Gaming (iGaming) Revenue

Casino games offered online generated monthly gross revenue totaling $227,708,892 during April 2025. Compared to revenue of $173,425,559 in April 2024, this represents an increase of 31.30%.

A breakdown of revenue of casino games offered online is as follows:

Casino Operator	iSlots Advertisement Revenue	iTables Revenue	iPoker Revenue	Total iGaming Revenue
Hollywood Casino at Penn National Race Course	$57,479,821	$25,212,629	$498,895	$83,191,345
Valley Forge Casino Resort Advertisement	$48,266,132	$18,464,415		$66,730,547
Rivers Casino Philadelphia	$31,127,572	$4,490,644	$266,573	$35,884,789
Harrah’s Philadelphia	$8,115,975 Advertisement	$2,670,850	$378,874	$11,165,698
Golden Nugget	$7,136,062	$534,327		$7,670,389
Parx Casino	$4,809,436	$960,916 Advertisement		$5,770,352
Live! Casino Philadelphia	$3,737,078	$861,343		$4,598,421
Mount Airy Casino Resort	$1,755,991	$510,777	$1,193,745	$3,460,513 Advertisement
Presque Isle Downs and Casino	$1,859,955	$1,253,532		$3,113,487
Bally’s Pennsylvania	$2,570,604	$387,637		$2,958,241
Mohegan Pennsylvania	$1,528,712 Advertisement	$301,957		$1,830,668
Wind Creek Bethlehem	$1,091,159	$243,283		$1,334,442
Statewide Total	$169,478,496	$55,892,309	$2,338,087 Advertisement	$227,708,892

Tax revenue generated from iGaming during April 2025 was $100,825,684*.

Total iGaming revenue for each of the casinos during April 2025 and April 2024, if applicable, is as follows:

Operator	April 2025 iGaming Revenue	April 2024 iGaming Revenue	% Change
Hollywood Casino at Penn National Race Course	$83,191,345	$62,315,703 Advertisement	33.50%
Valley Forge Casino Resort	$66,730,547	$48,092,985	38.75%
Rivers Casino Philadelphia	$35,884,789	$30,642,859	17.11%
Harrah’s Philadelphia Advertisement	$11,165,698	$9,409,722	18.66%
Golden Nugget	$7,670,389	$3,544,056	116.43%
Parx Casino	$5,770,352	$4,990,916 Advertisement	15.62%
Live! Casino Philadelphia	$4,598,421	$3,436,705	33.80%
Mount Airy Casino Resort	$3,460,513	$3,956,965	-12.55%
Presque Isle Downs and Casino Advertisement	$3,113,487	n/a	n/a
Bally’s Pennsylvania	$2,958,241	$3,812,426	-22.41%
Mohegan Pennsylvania	$1,830,668	$1,412,160 Advertisement	29.64%
Wind Creek Bethlehem	$1,334,442	$1,811,063	-26.32%
Statewide Total	$227,708,892	$173,425,559	31.30%

Sports Wagering Revenue

April 2025 total sports wagering handle was $711,569,216, 10.14% above the April 2024 total of $646,061,065.

The taxable revenue figure for April 2025 was $42,533,444, or 0.29% higher when compared to April 2024, when taxable revenue was $42,412,510.

April 2025 sports wagering total handle and revenue are as follows:

Casino Operator	Total Handle²	Retail Revenue	Online Revenue Advertisement	Total Revenue
Valley Forge Casino Resort	$269,836,185	-$35,399	$20,110,270	$20,074,871
Hollywood Casino at the Meadows	$185,602,950	$53,276	$12,092,299 Advertisement	$12,145,575
Presque Isle Downs and Casino	$34,243,132	$31,271	$1,881,058	$1,912,329
Hollywood Casino at Penn National	$32,151,458	$72,749	$1,604,825 Advertisement	$1,677,575
Hollywood Casino Morgantown	$60,055,196	-$26,384	$1,510,609	$1,484,225
Harrah’s Philadelphia	$25,824,434	$134,774	$1,105,911 Advertisement	$1,240,686
Hollywood Casino York	$42,038,254	$918	$1,177,446	$1,178,364
Parx Casino	$14,986,726	$263,367	$676,869 Advertisement	$940,237
Rivers Casino Pittsburgh	$25,411,936	$218,799	$460,660	$679,459
Rivers Casino Philadelphia	$12,149,428	$66,794	$512,660 Advertisement	$579,454
Live! Casino Pittsburgh	$1,087,213	$247,640	$0	$247,640
Live! Casino Philadelphia	$5,490,455	$151,438	$0 Advertisement	$151,438
Mohegan Pennsylvania	$717,634	$117,077	$0	$117,077
Mohegan Lehigh Valley¹	$712,790	$90,238	$0 Advertisement	$90,238
Wind Creek Bethlehem	$828,888	-$620	$36,053	$35,434
Parx Shippensburg	$42,879	$5,585	$0 Advertisement	$5,585
Mount Airy Casino Resort	$389,661	-$26,742	$0	-$26,742
Statewide Total	$711,569,216	$1,364,783	$41,168,661 Advertisement	$42,533,444

¹Operated by Mohegan Pennsylvania

²A breakout of the handle between retail and online sportsbooks can be found on the website report.

Sports wagering revenue for each of the casinos and plus the one Off Track Betting facility during April 2025 and April 2024, if applicable, is as follows:

Operator	April 2025 Sports Wagering Revenue	April 2024 Sports Wagering Revenue	% Change
Valley Forge Casino Resort	$20,074,871 Advertisement	$25,415,372	-21.01%
Hollywood Casino at the Meadows	$12,145,575	$9,828,569	23.57%
Presque Isle Downs and Casino	$1,912,329	$66,814	2762.17% Advertisement
Hollywood Casino at Penn National Race Course	$1,677,575	$2,166,095	-22.55%
Hollywood Casino Morgantown	$1,484,225	$1,120,894	32.41%
Harrah’s Philadelphia	$1,240,686 Advertisement	$508,970	143.76%
Hollywood Casino York	$1,178,364	$635,301	85.48%
Parx Casino	$940,237	$1,343,210	-30.00% Advertisement
Rivers Casino Pittsburgh	$679,459	$771,772	-11.96%
Rivers Casino Philadelphia	$579,454	-$591,769	-197.92%
Live! Casino Pittsburgh	$247,640 Advertisement	$87,253	183.82%
Live! Casino Philadelphia	$151,438	$587,965	-74.24%
Mohegan Pennsylvania	$117,077	$168,079	-30.34% Advertisement
Mohegan Lehigh Valley²	$90,238	$176,609	-48.91%
Wind Creek Bethlehem	$35,434	-$14,766	-339.96%
Parx Shippensburg	$5,585 Advertisement	$14,302	-60.95%
Mount Airy Casino Resort	-$26,742	$14,342	n/a
South Philly Race & Sportsbook^{1 3}	n/a	$113,499	n/a Advertisement
Statewide Total	$42,533,444	$42,412,510	0.29%

¹Operated by Parx Casino

²Operated by Mohegan Pennsylvania

³ No longer operating

Tax revenue generated from sports wagering during April 2025 was $15,312,040*.

Video Gaming Terminals

Total adjusted revenue for April 2025 for video gaming terminals (VGTs) was $3,518,821, 3.55% lower than April 2024 when revenue was $3,648,270. By the end of April 2025, all VGT Operators offered the maximum permitted five machines at each of the 74 qualified truck stop establishments, compared to five machines at each of the 74 establishments at this time last year.

Truck Stop VGT adjusted revenue for each of the terminal operators during April 2025 is as follows:

VGTs Terminal Operator	April 2025 VGT Revenue	April 2024 VGT Revenue	% Change
Marquee by Penn¹	$2,407,652	$2,388,864	0.79% Advertisement
J&J Ventures Gaming²	$800,157	$960,004	-16.65%
Jango³	$311,012	$249,650	24.58%
Accel Entertainment Gaming⁵	$0 Advertisement	$4,696	n/a
Venture Gaming LLC⁴	$0	$45,056	n/a
Statewide Total	$3,518,821	$3,648,270	-3.55% Advertisement

¹ operated VGTs in 32 establishments during April

² operated VGTs in 27 establishments during April

³ operated VGTs in 13 establishments during April

⁴ operated VGT’s in 2 establishments but were not operational during April

⁵ operated VGTs in no establishments during April

Tax revenue collected from the play of VGTs in April 2025 was $1,829,787*.

Fantasy Contests

Fantasy Contests revenue was $1,256,994 in April 2025, an increase of 2.34% over April 2024, when revenue was $1,228,294

Fantasy Contests Operator Advertisement	April 2025 Fantasy Revenue	April 2024 Fantasy Revenue	% Change
DraftKings	$945,998	$915,949	3.28%
FanDuel	$181,113	$211,873 Advertisement	-14.52%
Underdog Sports, Inc.	$114,632	$84,085	36.33%
Yahoo Fantasy Sports	$10,635	$11,038	-3.65%
Fantasy Sports Games LLC Advertisement	$2,760	$3,460	-20.24%
Sportshub Technologies	$1,937	$1,844	5.03%
OwnersBox	-$81	$37 Advertisement	-316.83%
Jock MKR	n/a	$8	n/a
Statewide Total	$1,256,994	$1,228,294	2.34%

Tax revenue collected from the play of Fantasy Contests in April 2025 was $188,549*.

*All tax revenue figures reflect amount generated prior to any adjustments by the PA Department of Revenue

Financial reports

Arizona Department of Gaming Reports $30.8 Million in Tribal Gaming Contributions for the Third Quarter of Fiscal Year 2025

Published

2 months ago

March 24, 2025

George Miller

Arizona Department of Gaming Reports $30.8 Million in Tribal Gaming Contributions for the Third Quarter of Fiscal Year 2025

The Arizona Department of Gaming announced today $30,845,042 in tribal gaming contributions to the Arizona Benefits Fund for the third quarter of Fiscal Year 2025. This amount represents an approximate 7.9 percent increase when compared to the same quarter of FY 2024.

The Arizona Benefits Fund receives 88 percent of tribal gaming contributions, providing significant dollars to support instructional improvement in schools, trauma and emergency care, tourism, and wildlife conservation throughout the state.

Tribal gaming contributions to the Arizona Benefits Fund for the 3rd quarter of the Stateߣs FY 2025 are as follows:

Instructional Improvement Fund/Education ߝ $15,373,169

Trauma and Emergency Services Fund ߝ $7,686,584

Arizona Department of Gaming Operating Costs ߝ $2,776,054

Arizona Wildlife Conservation Fund ߝ $2,196,167

Tourism Fund ߝ $2,196,167

Problem Gambling Education, Treatment and Prevention ߝ $616,901

FY 25 Qtr 3 Total: Tribal Gaming Contributions to the Arizona Benefits Fund ߝ $30,845,042

Per the Arizona Tribal-State Gaming Compact, Tribes with casinos also contribute a percentage of their Class III gross gaming revenue to cities, towns, and counties. Currently, there are 26 Class III casinos in Arizona, which ADG regulates in partnership with Arizona tribes. Since the inception of tribal gaming in Arizona, over $2.34 billion in cumulative tribal contributions has been contributed to the state and its cities, towns, and counties since FY 2004.

Financial reports

Gambling.com Group Reports Fourth Quarter and Full-Year 2024 Results

Published

2 months ago

March 20, 2025

George Miller

2025 Guidance Mid-points Imply 35% and 40% Year-Over-Year Revenue and Adjusted EBITDA Growth

Gambling.com Group Limited, a fast-growing provider of digital marketing services for the global online gambling industry, today reported financial results for the fourth quarter and full-year ended December 31, 2024.

Charles Gillespie, Chief Executive Officer and Co-Founder of Gambling.com Group, commented, “Our record fourth quarter and full-year results were driven by our team’s prioritization of iGaming across the markets where we operate. Our team delivered outstanding performance in the quarter, especially when compared to the launch driven results in the prior-year period. We anticipate growth and continued market share gains in our performance marketing business across all geographic regions in 2025, including North America. The consolidation of Odds Holdings, Inc. from January 1st marks the start of the Company’s next phase of growth as we layer on sports data solutions to our existing, high-growth, high-margin business. Our competitive positioning is strong across the globe.”

“We capped an active and productive year during which we set the stage for continued strong growth in 2025 and beyond,” said Mr. Gillespie. “In 2024, we extended our record of delivering full-year revenue, Adjusted EBITDA and Free Cash Flow growth with those metrics improving 17%, 33%, and 81%, respectively, year-over-year. In addition, we strengthened our product and market positioning organically as well as through the complementary, accretive acquisitions of Freebets.com and Odds Holdings. With the biggest and most talented team we have ever had and an enhanced product offering, we are making great progress towards our goal of reaching $100 million in annual Adjusted EBITDA.”

Elias Mark, Chief Financial Officer of Gambling.com Group, added, “Fourth quarter revenue and Adjusted EBITDA increased 9% and 39% year-over-year, respectively, and over 80% of Adjusted EBITDA converted to free cash flow, reflecting the continued success of our strategies to optimize the returns from our global portfolio of owned and operated assets. As expected, we generated strong online casino growth across all our geographical regions, while our North American business continued to be resilient against challenging comparables. As reflected in our full-year guidance, we expect to generate significant year-over-year revenue and Adjusted EBITDA growth in 2025, and we are well-positioned to carry this operating momentum forward.”

Financial Highlights Three Months Ended December 31, 2024 vs. Three Months Ended December 31, 2023

(USD in thousands, except per share data, unaudited)

	Three Months Ended December 31,				Change Advertisement
	2024		2023		%
Revenue	35,308		32,530		9	%
Net income for the period attributable to shareholders	7,933 Advertisement		6,372		24	%
Net income per share attributable to shareholders, diluted	0.23		0.16		44	%
Net income margin	22 Advertisement	%	20	%
Adjusted net income for the period attributable to shareholders ⁽¹⁾	12,172		8,622		41	%
Adjusted net income per share attributable to shareholders, diluted ⁽¹⁾	0.35 Advertisement		0.22		59	%
Adjusted EBITDA ⁽¹⁾	14,736		10,569		39	%
Adjusted EBITDA Margin ⁽¹⁾	42 Advertisement	%	32	%
Cash flows generated by operating activities	13,698		7,140		92	%
Free Cash Flow ⁽¹⁾	13,162 Advertisement		6,511		102	%

__________

(1) Represents a non-IFRS measure. See “Supplemental Information – Non-IFRS Financial Measures” and the tables at the end of this release for reconciliations to the comparable IFRS numbers.

Fourth Quarter 2024 and Recent Business Highlights

Delivered more than 145,000 new depositing customers (“NDCs”)
Repurchased 486,312 shares at an average price of $9.80 per share
Won Casino Affiliate of the Year at the 2024 EGR Operator Awards
Completed accretive acquisition of Odds Holdings, Inc. on January 1, 2025 for initial consideration of $70 million in cash and $10 million in shares
Expanded credit facility to $165 million with a new syndicate

Three Months Ended December 31, 2024 Results Compared to Three Months Ended December 31, 2023

Revenue rose 9% year-over-year to a record $35.3 million. The Company delivered more than 145,000 NDCs to clients, a 9% year-over-year decrease reflecting a challenging comparison primarily due to ESPNBet’s launch in 17 markets in the 2023 fourth quarter period.

Gross profit increased 21% to $33.1 million, due to strong revenue growth and a $2.9 million year-over-year decrease in cost of sales related to the Company’s media partnerships.

Total operating expenses increased 21% to $23.3 million, primarily as a result of increased people costs and higher amortization related to the acquisition of Freebets.com and related assets.

Net income attributable to shareholders increased $1.6 million to $7.9 million and net income per share was $0.23 compared to $0.16 in the prior year period. Adjusted net income rose 41% to $12.2 million and adjusted net income per share increased 59% to $0.35.

Adjusted EBITDA increased 39% to a record $14.7 million, reflecting an Adjusted EBITDA margin of 42% as compared to Adjusted EBITDA of $10.6 million and an Adjusted EBITDA margin of 32% in the prior-year period.

Operating cash flow of $13.7 million compared to $7.1 million in the prior-year period. Free cash flow grew 102% to $13.2 million reflecting growth in net income and Adjusted EBITDA and positive working capital movements in the quarter.

2025 Outlook

Gambling.com Group today reiterated the 2025 full-year revenue and Adjusted EBITDA guidance originally provided on February 19, 2025. The Company expects full year revenue of $170 million to $174 million and Adjusted EBITDA of $67 million to $69 million. The midpoints of the new full year revenue and Adjusted EBITDA guidance ranges represent year-over-year growth of 35% and 40%, respectively, and an adjusted EBITDA margin of 39.5%.

The Company’s guidance assumes:

Incremental Adjusted EBITDA contributions of approximately $14.5 million related to the acquisition of Odds Holdings, Inc. that was completed on January 1, 2025.
No additional North American markets coming online over the balance of 2025. While online sports betting is expected to begin in Missouri in the second half of 2025, the Company’s guidance policy excludes any benefits from new state launches until such time as a definitive start date is announced by the appropriate regulatory body.
An average EUR/USD exchange rate of 1.07 throughout 2025.

Financial Highlights Full Year Ended December 31, 2024 vs. Full Year Ended December 31, 2023

(USD in thousands, except per share data, unaudited)

	Year ended December 31,				Change
	2024		2023 Advertisement		%
Revenue	127,182		108,652		17	%
Net income for the period attributable to shareholders	30,679		18,260		68 Advertisement	%
Net income per share attributable to shareholders, diluted	0.84		0.47		79	%
Net income margin	24	%	17 Advertisement	%
Adjusted net income for the period attributable to shareholders ⁽¹⁾	42,120		32,207		31	%
Adjusted net income per share attributable to shareholders, diluted ⁽¹⁾	1.16		0.84		38 Advertisement	%
Adjusted EBITDA ⁽¹⁾	48,691		36,715		33	%
Adjusted EBITDA Margin ⁽¹⁾	38	%	34 Advertisement	%
Cash flows generated by operating activities	37,638		17,910		110	%
Free Cash Flow ⁽¹⁾	41,582		23,000		81 Advertisement	%

__________

(1) Represents a non-IFRS measure. See “Supplemental Information – Non-IFRS Financial Measures” and the tables at the end of this release for reconciliations to the comparable IFRS numbers.