Online gaming marketing services provider Gambling.com Group has reported an 18% revenue increase to a record $30.5 million for the second quarter of the year. Net income during the three-month period rose to $6.6 million, while Adjusted EBITDA increased 19% to $11.2 million. The company also raised its guidance for full-year revenue and Adjusted EBITDA.
Charles Gillespie, CEO and Co-Founder of Gambling.com, said: “Our second quarter and year-to-date results highlight the incredible power of our high-intent audience and the clear value we create for our online gambling 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.”
“As we continue 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,” he added.
During the three months, the group delivered more than 108,000 new depositing customers (NDCs) to clients, an increase of 19% year-over-year. It said this was achieved even as the prior period benefited from unusually strong growth in US sports betting NDCs, which did not recur this year.
Furthermore, gross profit increased 16% to $29.1 million, including a $0.5 million increase in cost of sales related to the company’s media partnerships. Meanwhile, total operating expenses decreased 15% to $20.8 million, reflecting the elimination of fair value movement in contingent consideration and a modest decrease in general and administrative expenses, partially offset by increases in sales, marketing, and technology expenses.
During the quarter, the business repurchased 833,770 shares at an average price of $8.17 per share. Other outgoings included an initial $20 million payment related to the Freebets acquisition and the final payment of $13.6 million for BonusFinder.
Elias Mark, CFO of Gambling.com Group, commented: “Our second quarter performance was driven by our team’s faster than expected re-calibration of our portfolio, leading to accelerated performance of our owned and operated assets.
“Year-over-year second-quarter revenue and Adjusted EBITDA growth of 18% and 19%, respectively, reflect very strong delivery of iGaming NDCs across Europe, including the United Kingdom, as well as resiliency in our North American business, against a challenging comparative prior-year period.”
First half of the year
For the six months ended June 30, the company reported a 13% revenue increase to $59.7 million. Additionally, net income rose 107% to $14.2 million, while Adjusted EBITDA increased 6% to $21.3 million.
Following the strong results, the company is raising its outlook for 2024 full-year revenue and Adjusted EBITDA. The firm now expects revenue of $123 million to $127 million and Adjusted EBITDA of $44 million to $47 million for the full year. The mid-points of the new ranges reflect year-over-year growth of 15% and 24%, respectively.
The company’s updated outlook compares to the guidance provided on May 16, 2024, for revenue of $118 million to $122 million and Adjusted EBITDA of $40 million to $44 million.
Original article: https://www.yogonet.com/international/noticias/2024/08/16/75560-gamblingcom-group-posts-18-revenue-increase-to-a-record-305m-in-q2-upgrades-fullyear-guidance
