SBC News Voice of the Sports Betting Industry
XLMedia Plc has informed investors that it has closed the sale of three of its European igaming properties and related domains.
The European properties sold are listed as Casino.se, Casino.gr and Casino.pt and have generated a total cash consideration of $4m (€3.5m).
The London AIM media publisher cited that the deal represented “4.7x multiple on revenue” of the sold assets.
An XLMedia notice read: “In the year ended 31 December 2022, the assets relating to the sale generated revenues of $840,000, 6% of the Group’s European Casino revenue, with a gross profit of approximately $750,000. Total European Casino revenues in 2022 were $14.3 million.”
The sale will provide XLMedia with additional working capital to fund the continued expansion of its North American media network and earnings-effective European domains.
Irrespective of the sale, XLMedia stated that it will continue to operate in the market of Sweden and other European markets in which the firm’s performance is “tracking marginally ahead of management expectations.”
Since 2022, the company has revised its media portfolio and growth strategy, under the leadership of CEO David King.
H1 trading saw XLMedia confirm the full divestment of its personal finance unit, generating $2m cash for the sale of MoneyUnder30, Greedy Rates and MPD media properties.
In May, investors were warned of stagnant H1 2023 financial performance, attributed to a slowdown in US activities in comparison to 2022 which featured new wagering launches in New York and Massachusetts.
