Gambling.com Group revenue up 63% fueled by North American growth
Affiliate confirms EBITDA growth as it notes €18m payment to BonusFinder will terminate earn-out period ahead of schedule
Gambling.com Group has posted record Q2 revenue of $26m as the firm’s North American arm once again delivered impressive growth.
Group revenue jumped 63% from $15.9m in Q2 2022, while adjusted EBITDA soared 161% from $3.6m to $9.4m.
Gambling.com Group also noted an improved EBITDA margin, rising from 23% to 36%.
North American revenue increased 115% to $13.4m while UK and Ireland revenue increased 25% year on year (YOY).
The affiliate also delivered more than 91,000 new depositing customers, up 60% compared to 57,000 in Q2 2022.
Free cash flow skyrocketed 202% from $2.8m in Q2 2022 to $8.5m in the reporting period.
Elsewhere, Gambling.com Group confirmed it had negotiated a final, deferred payment of €18m in relation to its acquisition of BonusFinder.
The payment will allow Gambling.com Group to terminate the earn-out period agreed as part of the deal at an early stage.
The firm said this would provide the company with the “ability to accelerate the realization of synergies”.
Following the positive Q2 results, the affiliate has raised its full-year 2023 revenue and adjusted EBITDA guidance.
Revenue is now expected to land between $100m and $104m, while adjusted EBITDA is predicted to amount to between $36m and $40m.
Gambling.com Group said guidance was based on Kentucky going live with online sports betting next month, coupled with the development of its Casinos.com brand.
Charles Gillespie, Gambling.com Group CEO, said: “Despite North America already being our largest reporting market, it still represents a significant growth opportunity for Gambling.com Group and we remain very confident in our ability to continue to increase market share in existing states as they continue to grow.
“In addition, we are well positioned to continue growing in our more established markets where we continue to take market share and have signed our first international media partnership with The Independent for the UK market,” he added.