Gambling.com Group Reports Record Revenue and Strong Financial Performance in Q1 2024

The company experienced growth across all regions, and reached $10.2 million in adjusted EBITDA, representing a 35% margin, with full-year expectations revised to $40 million to $44 million. The full-year revenue guidance has been updated from $118 million to $122 million, demonstrating strong financial health and strategic foresight.

Strategic Initiatives

Gambling.com has focused on optimizing resource allocation and expanding its share buyback program by an additional $10 million.

The company is committed to maintaining a high return on investment and has outlined a strategic approach to further its market presence.

The expansion of M&A focus includes technology-first companies within the online gambling ecosystem, targeting businesses with predictable subscription revenue.

Entering new jurisdictions such as Greece and Romania enhances its international footprint. Owned and operated sites are expected to drive revenue growth with high gross margins, underscoring the company’s focus on core assets.

Market and Operational Insights

Despite changes in the digital media landscape, including Google’s new policy on site reputation abuse, Gambling.com has navigated these challenges effectively.

Adjustments have been made to mitigate the impact of Google’s policy changes, although media partnership revenues have decreased. The company has updated its full-year revenue guidance and remains confident in reaching its adjusted EBITDA targets.

No new state launches are expected in 2024, potentially limiting US market expansion. Media partnerships are anticipated to have a reduced impact moving forward, with a greater focus on owned and operated assets.

Company Outlook and Growth Projections

Gambling.com remains optimistic about its growth trajectory, with executives expressing confidence in achieving strong underlying growth by 2025.

The integration of Freebets.com is progressing well and is expected to enhance market share and competitive positioning outside the US. Core assets are anticipated to contribute significantly to the 2025 adjusted EBITDA target. Continued investment in own assets and strategic mergers and acquisitions bolster the company’s market position.

Charles Gillespie, Chief Executive Officer and Co-Founder of Gambling.com Group said: “We are off to a great start to the year furthering our confidence in our ability to generate strong Adjusted EBITDA and Free Cash Flow growth this year and for years to come. The investments we have made for years in our proprietary technology, website portfolio, and accretive acquisitions are driving consistent growth. As we continue to expand our industry leadership and influence across global online gambling markets and leverage the many growth drivers we have, we see a clear road ahead to generate substantially higher Adjusted EBITDA and Free Cash Flow.”

Elias Mark, Chief Financial Officer of Gambling.com Group added, “By growing year on year in every one of our geographic reporting markets, we delivered record Q1 revenue with top line growth of 9% despite the comparable period benefiting from significantly more new state launch activity.”