- COMPANY RESULTS
Gambling.com Group (GAMB) has posted a 52.5% rise in revenue to a record total of $32.5m (£25.5m/€29.8m) for the final quarter of 2023, with adjusted EBITDA also up 54% to $10.6m.
Underpinned by the delivery of more than 159,000 NDCs to operators, this momentum pushed the group to €108.7m revenue for the FY, with this 42% improvement paired with a 53% uplift in EBITDA to $36.7m.
As reported on iGB Affiliate, the group has also entered into a definitive agreement for the "highly accretive" Canadian and European assets of XLMedia, spearheaded by XL’s flagship Freebets.com brand. This will be funded by current and future cash flows as well as the $50m credit facility announced on 20 March.
CEO Charles Gillespie said the Q4 results extended the group’s “strong record of delivering high top-line growth and attractive margins”, based on “consistent execution over the years, and especially over the past four years in North America”.
In North America, quarterly and FY revenue totals were up 103% and 69%, respectively, which Gillespie said was driven by new state launches, increases in ‘same-state’ sales and growth from media partnerships.
The group had also got off to a strong start in its home state of North Carolina since the market went live on 11 March, revealed Gillespie.
GAMB said the acquisition of XL’s non-US assets including Freebets.com WhichBingo.co.uk, Nettikasinot.com and Vedonlyonti.com would increase its reach in the UK and other European markets. The assets are expected to generate revenue of circa $10m and incremental adjusted EBITDA of around $5m in the final three quarters of 2024.
Gillespie added that he was confident that by migrating these assets to its own technology platform the transaction “will create incremental shareholder value in the same way we have done with previous acquisitions”.
This year's winner of the iGB Affiliate Award for Best Casino Affiliate also issued FY guidance of revenue in the range of $129-$133m and adjusted EBITDA of $44-$48m for 2024.