SBC News Voice of the Sports Betting Industry
Gambling.com Group has upgraded its full-year 2024 guidance, following the highest commercial activity recorded by its media network.
The global Nasdaq-listed media group published its Q2 2024 accounts, in which it delivered 108,000 (+18%) new depositing customers (NDCs) to its iGaming clients.
Notably, the KPI on NDCs outperformed year-on-year comparatives, which had benefitted from an “atypically strong growth in U.S. sports betting NDCs, which did not recur this year.”
Peak activity saw Gambling.com register Q2 corporate revenues of $30.5m, up 18% on 2023 results of $26m.
During the period, Gambling.com bolstered its media network by completing the acquisition of Freebets.com and related assets as of 1 April, initiating a deal payment with an initial sum of $20m.
Q2 trading benefitted from a 15% decrease in operating expenses to $21m, which helped Gambling.com offset increased investment in sales and marketing of $10.7m and tech expenses of $3m.
Operating its media network on an adjusted margin of 37%, Gambling.com’s Q2 EBITDA stood at $11.2m, reflecting a 19% increase on 2023 results of $9.4m.
The Nasdaq firm’s operating cash flow from activities was reduced to $200,000, due to accounts booking a $7.2m payment related to the final instalment of Gambling.com’s acquisition of BonusFinder.com and related assets.
On a year-to-date basis, Gambling.com tracks revenues of $59m (YTD 2023: $52m) and adjusted EBITDA of $21.5m (YTD 2023: $20m).
Closing Q2 accounts, Gambling.com raised its full-year guidance for revenue to the range of $123m to $127m, alongside an upgrade in adjusted EBITDA to $44m to $47m. The new targets represent year-over-year growth of 15% and 24%, respectively.
CEO and Co-Founder Charles Gillespie commented on the results: “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 in 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.”
“As we continue to execute at a high level, expand our footprint in the online gambling ecosystem, and leverage industry growth opportunities, we 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.”
