Gambling.com Group has tripled its US revenues, with the affiliate media group confident of achieving its full-year financial and operating objectives.
In its Q3 trading update, the Global Nasdaq-listed media group registered corporate revenues of $19.6m up 94% on corresponding 2021 results of $10m.
Other highlights included in its Q3 report included its UK and Irish portfolio achieving an all-time quarterly revenue increase of 58%, despite the unit trading against negative currency headwinds.
New depositing customers (NDCs) increased by 152% to more than 68,000 compared to 27,000 registered in Q3 2021.
Charles Gillespie, CEO of Gambling.com, commented: “Our quarterly results, including record revenue, reflect continued strength in established markets, our successful execution in the rapidly growing North American market and the benefits of our efficient operating model which drives attractive operating margins and consistent positive Adjusted EBITDA and Free Cash Flow.”
Q3 adjusted EBITDA stood at $6.4m, up 32% on 2021’s comparatives of $4.9m – helping Gambling.com generate a free cash flow of $4.9m.
Period results saw the firm’s net income halved to $2.3m (Q32021: $4.7m) as the operating costs totalled $18.9m, attributed to US expansion costs and preparing properties for imminent wagering launches of Ohio, Massachusetts and Maryland.
The Group further confirmed the acquisition of the ultra-premium domain name Casinos.com from Caesars Entertainment.
“Our investments to expand the breadth and quality of our portfolio of performance marketing websites ahead of new North American market launches has positioned Gambling.com Group for strong performance from its first day of operations in each of these new markets,” Gillespie explained.
“We believe our similar investments in premium domains to address markets that we expect to come online over the next several quarters, including Ohio, Maryland and Massachusetts, position the Company for similarly strong starts as these new markets formally launch.”
For this year to date, Gambling.com revenues stand at $55m, up 72% from last year, alongside a YTD adjusted EBITDA of $17m – an increase of 107%.
Group leadership reiterated its full-year target of generating revenues of $71m to $76m and an EBITDA range of $22m to $27m. Gambling.com is confident of achieving a year-on-year earnings growth of 20% to 47%.
Entering Q4, the board of Gambling.com has approved a Share Repurchase Program of up to $10m of ordinary shares.
Elias Mark, Chief Financial Officer of Gambling.com Group, added: “Our third quarter revenue and Adjusted EBITDA were ahead of analyst consensus estimates. We remain focused on investing in the business in a disciplined manner as we prioritise growth that delivers positive Free Cash Flow.
“The Company remains well capitalised and in a strong position to meet our 2022 full year outlook and to generate continued growth in 2023 and beyond.”