Gambling.com Group increased its revenue by 18% year-on-year in Q2 and subsequently raised its full-year targets.
The 18% revenue increase for the three months ending on 30 June took the amount from $25.97m (£20m/€23.53m) to $30.54m between 2023 and 2024. Adjusted EBITDA also rose, with a 19% increase year-on-year from $9.42m to $11.21m.
Gross profits increased by 16% from Q2 2023 to $29.1m, which included a $500,000 rise in the cost of sales related to media partnerships.
For the first half of 2024, revenue was up by 13% in 2023, while adjusted EBITDA increased by 6% in the same period.
Acquisition payments
The affiliate in Q2 also delivered more than 108,000 new depositing customers (NDCs) and completed the acquisition of the Freebets.com brand and its related assets. It also paid the initial instalment of the purchase during the quarter which totalled $20m and made the final deferred payment of $13.6m for the BonusFinder.com brand.
Gambling.com Group off the back of its Q2 results has raised its full-year revenue and adjusted EBITDA guidance. It now expects to earn between $123m-$127m and adjusted EBITDA of $44m-$47m.
Previously, the company expected to earn revenue of $188m-$122m and adjusted EBITDA of $40m-$44m. The new guidance from the affiliate assumes that no additional North American markets will come online for the rest of the year and no more acquisitions will be made.
Audience power
Chief executive Charles Gillespie said that the company’s Q2 results highlight the “incredible power” of its high-intent audience and the value it creates for operator clients.
“Our team’s proven ability to dynamically manage our owned and operated assets to quickly address changes to the operating environment was evident in the second quarter’s strong topline and adjusted EBITDA growth, and will continue to benefit us in the future,” said the chief executive.
Gillespie added that as the affiliate continues to “execute at a high level, expand our footprint in the online gambling ecosystem and leverage industry growth opportunities, we continue to see a clear path towards our goal of $100 million in annual Adjusted EBITDA.
“Our significant share repurchase activity in the first half of this year underscores our confidence in the future of the business.”