SBC News Voice of the Sports Betting Industry
Gambling.com Group enters the close of 2023 with confidence, continuing to deliver on accelerated growth targets within North American markets.
Q3 trading saw the igaming media publisher generate corporate revenues of $23.5m, up 19% on corresponding 2022 results of $19.6m.
Coping with the trends of a ‘seasonally slow quarter’, period trading saw Gambling.com deliver more than 86,000 (+26%) new depositing customers (NDCs) to its partners.
Marked as a key performance driver, Gambling.com highlighted the strategic importance of localised media partnerships with US publisher Gannett CO (USA Today) and The Independent for British audiences.
Period trading saw Gambling.com maintain its core objective of accelerating North American profile, as the geographic segment grew revenues by 42% to $12.9m – representing 53% of corporate income.
Despite achieving headline growth, Q3 adjusted EBITDA declined by 6% to $6m (Q3 2022: $6.4m) as Gambling.com accounts were impaired by negative currency fluctuations against the US dollar.
Closing Q3 trading, Gambling.com leadership maintains its corporate guidance of generating revenue in the range of $100-to-$104m, signifying an organic revenue growth of 31%-36%, and anticipates adjusted EBITDA of $36-to-$40m.
Providing a year-to-date (YTD) overview Gambling.com has experienced a notable 38% increase in revenue, currently tracking at $76m, compared to $55m in the same period in 2022.
YTD adjusted EBITDA also saw a significant rise of 52%, climbing from $17m in 2022 to $26m in 2023.
Group CEO Charles Gillespie commented: “Gambling.com Group is expected to continue to benefit from many near- and long-term opportunities to deliver profitable organic growth. These include further market share gains in existing markets, the benefit from expected future expansions of iGaming and online sports betting in new markets in North America and around the world, our ability to scale and optimize our media partnerships and further growth in our more established European markets.
“We expect that our ability to leverage these revenue drivers with our business model, which generates attractive adjusted EBITDA margins and strong Free Cash Flow conversion, will continue to increase shareholder value.”
