Gambling.com Group records 107% YoY Q4 revenue growth
Affiliate points to strong US and UK&I results as it sets sights on $93m full-year 2023 revenue
Gambling.com Group has posted a 107% year-on-year (YoY) increase in Q4 2022 revenue as the affiliate championed strong growth in the US, UK and Ireland.
Revenue for the last three months of the year jumped from $10.3m (£8.4m) in 2021 to reach $21.3m in 2022.
The group noted revenue derived from North America skyrocketed 364% YoY to $10m, which was bolstered by a successful launch in Maryland after the online sports betting market went live in the state in November.
In the UK and Ireland, the affiliate recorded a 54% YoY jump in revenue to $8.1m, representing an all-time record for the region for the fourth consecutive quarter.
Elsewhere, EBITDA for the quarter soared 202% from $2.3m to $6.9m, which the company said was mainly driven by its “high-margin operating model”.
New depositing customers in the quarter leaped 200% YoY and 21% quarter on quarter to 82,000.
The positive Q4 performance propelled the group to achieving an 81% YoY rise in full-year 2022 revenue to $76.5m.
Full-year 2022 EBITDA jumped by 31% from $18.4m to $24.1m.
At the end of 2022, Gambling.com Group had cash flows generated by operating activities of $18.8m plus $9.5m in free cash flow.
Looking ahead, management said the business had had a strong start to the year thanks to launches in Ohio and Massachusetts and its recently inked partnership with media firm Gannett.
The group anticipates full-year revenue of between $93m and $97m and EBITDA to land between $32m and $36m.
It also does not expect to go live in any additional US states in 2023 and there would be no benefit from any new acquisitions.
The group did say new investment throughout the year would be deployed for the development of its Casinos.com brand – acquired from Caesars in November 2022 – as well as to bolster its partnership with Gannett.
Speaking following the results, Gambling.com Group CEO Charles Gillespie said: “Gambling.com Group is positioned for continued growth in 2023 and beyond as we strategically leverage our technology and portfolio of websites which, this year, will include the launch of the brand new Casinos.com website.
“Our previously announced media partnerships with McClatchy and Gannett also position us to further deliver on our growth expectations and for our clients. We expect to generate strong organic growth in 2023 despite no current expectations for any additional North American markets coming online.
“By leveraging our high-yielding operating model to drive consistent profitability, we are confident that the company can continue to drive near- and long-term growth and further enhance value for our shareholders,” the CEO added.