Gambling.com has raised its full-year guidance on revenue and earnings following what it cited as exceptional H1 trading.
Posting its interim H1 2023 results, the global Nasdaq igaming media publisher registered group revenues of $52.7m, reflecting a 48% increase from the 2022 comparative results of $35m.
Standalone Q2 results revealed that Gambling.com generated revenues of $26m. Meanwhile, the company doubled its adjusted EBITDA to $9.4m, paired with an $8.5m free cash flow outcome.
Strong Q2 trading allowed the company’s North American media network to boost its sales by 115% to $13.4m. This contributed to Gambling.com registering 91,000 new depositing customers during the trading period.
Charles Gillespie, CEO and Co-Founder, remarked: “The business performed phenomenally in the second quarter, with record operating results reflecting another period of significant organic revenue growth and robust free cash flow generation. The growth underscores our triumph in expanding our North American operations and the continued progress in our more established markets.”
Year-to-date, Gambling.com has seen its adjusted EBITDA double to $20m, with group efficiencies resulting in an H1 cash flow of $11.6m from activities, compared to $6.9m in H1 2022.
Transitioning into H2, the firm foresees promising US prospects as “Kentucky is set to launch online sports betting on September 28th”. The US prospects will receive further momentum as Gambling.com amplifies its investment in its media partnership with local news publishers, The McClatchy Company, and Gannett, who collectively provide content for 300 local communities and boast a digital audience of 65m visitors.
Additional strategies include Gambling.com’s inauguration of its new Casinos.com domain and its fresh content collaboration with The Independent.
Concluding its trading update, the group has revised its revenue guidance to $100-$104m and raised its adjusted EBITDA projection to a range of $36-$40m.
CFO Elias Mark noted: “We possess significant flexibility to consistently and strategically invest in growth opportunities, such as the expansion of Casinos.com and the advancement of our media collaborations.
“Reflecting our commendable operational results during the initial six months of this year, which surpassed our anticipations, and our optimism for sustained robust performance throughout 2023, we’re uplifting our full-year revenue and adjusted EBITDA forecast. The median of the new estimates denotes a year-over-year growth of 33% and 58%, respectively.