Gambling.com Group Hits Record Q3 2024: Revenue Up 37%, Adjusted EBITDA 108%

NDCs Strong

One of the main drivers of revenue was the 35% year on year growth in new depositing customers, which reached 116,000 for the quarter. This influx of new players drove gross profit up 43% to $30.4m. This shows the company can attract and retain customers through its network of over 50 websites in 15 markets, 7 languages.

Net profit margin was up from 21% to 26% and adjusted EBITDA margin was up from 26% to 39%. This shows the company is focused on operational efficiency and can scale its marketing. The result is a more profitable business model that gets more value from its growing customer base.

Gambling.com Group had operating cash flow of $14.9m in Q3 2024, a big turnaround from the negative $0.7m in the same period last year. Free cash flow was up to $14.2m from $1.6m a year ago.

The company used its strong balance sheet to do some share buybacks. In the quarter, Gambling.com bought back 1,316,975 shares at $9.35. After the quarter it bought back an additional 486,000 shares at $9.80, showing it is confident in its long term growth.

Gambling.com Group was named “Casino Affiliate of the Year” at the 2024 EGR Operator Awards. This is a big recognition of the company’s leadership in digital marketing for the online gaming industry and its ability to deliver value to operators and players.

Upgraded Full Year Guidance

After a record Q3, Gambling.com Group has upgraded its full year guidance. The company now expects revenue to be $125m-$127m and adjusted EBITDA $46.5m-$48.5m. This is 16% revenue growth and 29% EBITDA growth year on year, as the company continues to scale globally.

As a fast growing digital marketing company for the online gaming industry, Gambling.com Group services all aspects of iGaming, sports betting and fantasy sports. Its broad reach and innovative marketing allows the company to connect operators with a growing player base across key international markets.