Gambling.com Group revenue rises 19% fueled by North American growth
Affiliate lauds 42% increase in North American revenue as core reason for $23.5m Q3 revenue
Gambling.com Group has posted Q3 revenue of $23.5m as the firm’s North American arm continues to deliver impressive growth.
Group revenue jumped 19% from $19.6m in Q3 2022 to $23.5m, however, adjusted EBITDA fell slightly by 6% from $6.4m to $6.1m.
The affiliate’s EBITDA margin also fell from 33% to 26%.
North America continued to be a highlight for the firm as revenue for the quarter rose by 42% to $12.9m.
The firm noted that seven consecutive quarters of average growth in the UK and Ireland of 28% had come to an end, but did not fully disclose by how much those markets grew.
The affiliate also delivered more than 86,000 new depositing customers, up 26.5% compared to 68,000 in Q3 2022.
Elsewhere, Gambling.com Group successfully launched the new version of Casinos.com in July and launched its first-ever international media partnership with The Independent in the UK.
The affiliate also launched operations in Kentucky before the end of the quarter on September 28.
Following the mixed Q3 results, the affiliate confirmed its full-year 2023 revenue and adjusted EBITDA guidance.
Revenue is expected to be between $100m and $104m, while adjusted EBITDA is predicted to be between $36m and $40m.
The firm said the guidance was based on no new revenue from any additional North American markets and no contribution from any new acquisitions.
Charles Gillespie, Gambling.com Group CEO, said: “Our third quarter results highlight our consistent performance driven by robust organic growth in North America.
“Even in what is traditionally a seasonally slow quarter, we grew new depositing customers 26% to surpass 86,000, which contributed to 19% revenue growth to $23.5m, adjusted EBITDA of $6.1m, and free cash flow of $1.6m.
“Gambling.com Group is expected to continue to benefit from many near- and long-term opportunities to deliver profitable organic growth.
“These include further market share gains in existing markets, the benefit from expected future expansions of igaming and online sports betting in new markets in North America and around the world, our ability to scale and optimize our media partnerships, and further growth in our more-established European markets.
“We expect that our ability to leverage these revenue drivers with our business model, which generates attractive adjusted EBITDA margins and strong free cash flow conversion, will continue to increase shareholder value,” the CEO added.