SBC News Voice of the Sports Betting Industry
Gambling.com Group has raised its full-year guidance as Q1 financial results outperform all business expectations.
A strong opening to 2023 trading saw Gambling.com’s corporate revenues stand at $26.7m, up 36% on previous year comparatives of $19.5m.
Headline growth was attributed to the continued expansion of Gambling.com North American portfolio which generated a revenue contribution of $14.1m.
Period highlights saw the group declare hyper successful launches in the states of Ohio and Massachusetts, helping its media network generate over +88,000 new depositing customers (NDCs).
“The record first quarter 2023 results demonstrate both successful execution on our North American growth initiatives and our success in generating ongoing growth in more established markets,” commented CEO Charles Gillespie.
In the UK and Ireland, with revenue increasing by 36% to $8.5m, marking a record fifth consecutive quarter of growth. Additionally, the company saw a 51% revenue increase from other parts of Europe and the rest of the world.
US and UK growth helped Gambling.com net income rise by 47% to $6.6m, as Q1 adjusted EBITDA stood at $10.7m, up 49% on 2022’s results of $7.1m.
Given the impressive start to the year, Gambling.com Group raised its full-year 2023 guidance to a revenue range of $95-to-$99m, and Adjusted EBITDA of $33-to-$37m.
The revised guidance takes into account new investments for the development of Casinos.com and support for its media partners. It also presupposes no entry into additional North American markets or benefits from new acquisitions.
Group CFO Elias Mark, highlighted the importance of efficiency in expanding the Adjusted EBITDA Margin and growing Free Cash Flow by an astounding 352% year over year.
“We are able to continue to invest in our near- and long-term organic growth opportunities, including the development of Casinos.com and our new media partnership with Gannett while simultaneously delivering impressive top-line growth, Adjusted EBITDA and Free Cash Flow growth.
“Our strong cash generation and balance sheet also provides us with the flexibility to opportunistically evaluate value-enhancing strategic transactions.”
