Gambling.com Group has announced the completion of the European and Canadian assets it agreed to purchase from XLMedia for $42.5m (£33.3m/€38.9m).
As reported back in March, the deal will involve a fixed sum of $37.5m plus a potential earnout of up to $5m. Assets in the deal include Freebets.com, WhichBingo.co.uk, Nettikasinot.com and Vedonlyonti.com, together with smaller Europe and Canada sites.
The affiliate expects the assets will generate revenue of around $10m and incremental adjusted EBITDA of $5m over the balance of 2024.
On the deal’s completion, Gambling.com Group CEO and co-founder Charles Gillespie commented, “While expansion of gambling in the U.S. grabs all the headlines these days, many of the industry’s most attractive markets remain in Europe, the historical home of the industry.
“I expect this acquisition to fundamentally change the balance of power within the European online gambling affiliate market and provide Gambling.com Group with a clear path to drive further growth in both our existing European markets as well as new ones.”
Gillespie went on to add that as part of the transaction, Gambling.com Group is gaining a number of new employees in the region. “I look forward to sharing our leading technology platform and high performance culture with our new team members.”
The affiliate also recently announced a 52.5% in revenue to $32.5m for the final quarter of 2023, with adjusted EBITDA also up by 54% to $10.6m.