
Gambling.com Group reports record Q1 revenue and upgrades 2023 financial targets
Nasdaq-listed affiliate notes revenue of $26.7m as CEO also points to expanded presence in established markets


Gambling.com Group has posted revenue of $26.7m (£21.5m) for Q1 2023, representing a 36% year-on-year (YoY) increase on the $19.6m posted in Q1 2022.
The affiliate championed its strong US segment, which was bolstered by launches in Ohio and Massachusetts, as revenue increased 33% YoY to $14.1m.
Gambling.com Group also penned a partnership with USA TODAY publisher Gannett to strengthen its US position during the reporting period.
The firm also reported record revenue for a fifth consecutive month in the UK and Ireland of $8.6m, while revenue from other European markets and the rest of the world division jumped 51%
Adjusted EBITDA also saw significant increases, rising 49% YoY from $7.2m to $10.7m, with the adjusted EBITDA margin rising from 37% to 40%.
Cash flow generated by operating activities rocketed 98% YoY from $3.6m in 2022 to $7..1m, with free cash flow also increasing drastically by 352% from $1.4m to $6.2m.
New depositing customers increased 31% YoY, with that figure being over 88,000.
Following the strong start to 2023, Gambling.com Group has increased its full-year 2023 financial guidance. Total revenue is expected to land between $95m and $99m while adjusted EBITDA has been set at a range between $33m and $37m.
The firm also noted that it did not expect any further US states to go live in 2023, while it also ruled out any further M&A activity.
Charles Gillespie, CEO and co-founder of Gambling.com, stated that the firm’s start to the year “exceeded” expectations.
On the results, Gillespie said: “We have established a record of consistently delivering market-leading organic revenue growth compared to our publicly-traded peers, as well as strong adjusted EBITDA and free cash flow.
“The advantages of our proprietary technology are a key factor driving our consistent growth in established markets and our success in addressing the high-growth North American market opportunity. Following the strong start to the year, we are raising our outlook for 2023 full-year revenue and adjusted EBITDA as we remain on track to deliver another year of strong profitable organic growth and record financial results.”