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Elias Mark

Gambling.com Group Revenue Grows 19% to a Q3 Record of $23.5M Driven by 42% Increase in North American Revenue

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Gambling.com Group Limited, a leading provider of digital marketing services for the global online gambling industry, reported record third quarter financial results for the three months ended September 30, 2023. The Company also reiterated its guidance for 2023 full-year revenue and Adjusted EBITDA.

Charles Gillespie, Chief Executive Officer and Co-Founder of Gambling.com Group, 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 $23.5 million, Adjusted EBITDA of $6.1 million and Free Cash Flow of $1.6 million.

“Third quarter North American revenue of $12.9 million includes significant growth in our owned assets and a break-out performance from our media partnerships at the start of the Fall sports season. Our ability to quickly scale our strategic media partnerships complements the growth from our influential owned websites. This results in consistent year-over-year market share gains in existing states even as we face tougher comparisons given the significant organic growth we have already achieved. Our strong North American growth was partially offset by a moderation in our U.K and Ireland performance following seven consecutive quarters of average revenue growth of 28% across these well-established markets. We are confident that our growth opportunities in the UK and Ireland markets will remain strong, including the expected benefit from the ramping up of our recently launched media partnership with The Independent for the U.K market.

“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.”

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Third Quarter 2023 and Recent Business Highlights

  • Grew North American revenue 42% to $12.9 million
  • Delivered more than 86,000 new depositing customers
  • Launched the all new Casinos.com in July
  • Successfully launched the Company’s first international media partnership in July with The Independent in the UK
  • Successfully launched operations in Kentucky just before the quarter end on September 28.

Elias Mark, Chief Financial Officer of Gambling.com Group, said: “Third quarter revenue exceeded expectations and Adjusted EBITDA was in line with expectations, reflecting the faster than anticipated acceleration of our North American media partnerships. We are very pleased with the performance of our media partnerships and we expect them to continue to be a key contributor to revenue and cash flow growth going forward. Our year-to-date revenue growth combined with our disciplined focus on capital efficiency generated Free Cash Flow for the first nine months of 2023 of $16.3 million, already exceeding our full-year 2022 level. We remain on track to deliver strong full year results as our reiterated guidance implies year-over-year revenue and Adjusted EBITDA growth of more than 30% and 50%, respectively.”

Charles Gillespie

Gambling.com Group to Report 2023 Third Quarter Results on November 15 and Host Conference Call and Webcast

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Gambling .com Group Limited (Nasdaq: GAMB) (“Gambling .com Group” or the “Company”), a leading provider of player acquisition services for the regulated global online gambling industry, today announced it will release its 2023 third quarter results after the market close on Wednesday, November 15, 2023, and host a conference call and simultaneous webcast at 4:30 p.m. ET that day. During the call, Gambling .com Group Chief Executive Officer and Co-founder, Charles Gillespie, and Chief Financial Officer, Elias Mark, will review the Company’s financial results and provide a business update, followed by a question-and-answer session.

Both the call and webcast are open to the general public and may include forward-looking information. A replay of the webcast will be archived shortly after the call and can be accessed for approximately 30 days on the Company’s website: www .gambling .com/corporate/investors.

Conference Call / Webcast Details

Date/Time:

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Wednesday, November 15, 2023, at 4:30 p.m. ET

Webcast:

https://www .webcast-eqs .com/gamb20231115/en

U.S. Toll-Free Dial In:

877-407-0890

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International Dial In:

+1 201-389-0918

To access the call, please dial in approximately ten minutes before the start of the call.

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Chief Financial Officer

Gambling.com Group to Participate in Two September Investor Conferences

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Gambling .com Group Limited (Nasdaq: GAMB) (“Gambling .com Group” or the “Company”), a leading provider of digital marketing services for the global online gambling industry, today announced that Elias Mark, Chief Financial Officer, and Peter McGough, Vice President of Investor Relations, will participate in two institutional investor conferences in September in New York:

  • The BTIG Game Day: iGaming and Sports Betting Forum on Wednesday, September 13.
    • Gambling .com Group will host a fireside chat question-and-answer session and conduct meetings with institutional investors
    • Please contact your BTIG sales representative to register for the conference and to request a meeting with Gambling .com Group management
  • The B. Riley Consumer Conference on Thursday, September 14.
    • Gambling .com Group will host a fireside chat question-and-answer session and conduct meetings with institutional investors
    • Please contact your B. Riley sales representative to register for the conference and to request a meeting with Gambling .com Group management
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BonusFinder

Gambling.com Group Limited Revenue Grows 63% to a Q2 Record of $26.0 Million, Net Income Rises to $0.3 Million and Adjusted EBITDA Increases to a Q2 Record of $9.4 Million

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Raises 2023 revenue guidance to $100-$104 million and adjusted EBITDA guidance to $36-$40 million; mid-points imply revenue growth of 33% and adjusted EBITDA growth of 58% over the full year 2022

Gambling.com Group Limited (Nasdaq: GAMB), a leading provider of digital marketing services for the global online gambling industry, today reported record second-quarter financial results for the three months ended June 30, 2023. The company also increased its guidance for full-year revenue and adjusted EBITDA.

Second Quarter 2023 vs. Second Quarter 2022 Financial Highlights
(USD in thousands, except per share data, unaudited)

Three Months Ended June 30, Change
2023 2022 %
Revenue 25,972 15,924 63 %
Net income for the period attributable to shareholders (1) 278 56 396 %
Net income per share attributable to shareholders, diluted (1) 0.01 0.00 100 %
Net income margin (1) 1 % %
Adjusted net income for the period attributable to shareholders (1)(2) 6,535 3,065 113 %
Adjusted net income per share attributable to shareholders, diluted (1)(2) 0.17 0.08 113 %
Adjusted EBITDA (1)(2) 9,424 3,617 161 %
Adjusted EBITDA Margin (1)(2) 36 % 23 %
Cash flows generated by operating activities 4,586 3,368 36 %
Free Cash Flow (2) 8,526 2,822 202 %

(1) For the three months ended June 30, 2023, net income and net income per share include, and adjusted net income and adjusted net income per share exclude, adjustments related to the company’s 2022 acquisitions of RotoWire and BonusFinder of $6.1 million, or $0.17 per share. Similarly, these adjustments totalled $3 million, or $0.08, per share for the three months ended June 30, 2022. See Supplemental Information – Non-IFRS Financial Measures and the tables at the end of this release for an explanation of the adjustments

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(2) Represents a non-IFRS measure. See Supplemental Information – Non-IFRS Financial Measures and the tables at the end of this release for reconciliations to the comparable IFRS numbers.

“The business performed phenomenally in the second quarter with record operating results reflecting another quarter of significant organic revenue growth and strong free cash flow generation,” the co-founder and Chief Executive Officer for Gambling.com Group Limited, Charles Gillespie, said. “The growth highlights our success in scaling our North American operations as well as continued growth in our more established markets. New depositing customers rose 60% year-over-year to over 91,000, which helped drive a 63% revenue increase to $26 million, 161% growth in adjusted EBITDA to $9.4 million and $8.5 million of free cash flow.

“Despite North America already being our largest reporting market, it still represents a significant growth opportunity for Gambling.com Group Limited and we remain very confident in our ability to continue to increase market share in existing states as they continue to grow. This expected growth will be complemented by an overall expansion of the addressable market as new states such as North Carolina and Kentucky come online with sports betting and iGaming is authorized in additional states. As we continue to scale our North American operations, Gambling.com Group Limited will benefit from other attractive near and long-term growth drivers including valuable media partnerships with leading domestic digital media publishers, McClatchy and Gannett, and the significant long-term global opportunity provided by the recently launched Casinos.com. 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 United Kingdom market.

“With each quarter of consistent profitable organic growth delivered by Gambling.com Group Limited, we are demonstrating the benefits of what we believe to be the most attractive business model in the industry as we leverage our many growth drivers and capital efficiency. Our excellence in SEO and proprietary data science allows us to consistently generate top-line growth, adjusted EBITDA margins that exceed 30% and strong free cash flow conversion. As a result, we are confident Gambling.com Group Limited will continue to create added value for our shareholders, clients and our valued team members.”

Second Quarter 2023 and Recent Business Highlights

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  • Grew North American revenue 115% to $13.4 million
  • Delivered more than 91,000 new depositing customers
  • Entered into first international media partnership with The Independent, one of the United Kingdom’s largest digital media publishers with more than 20 million unique monthly users
  • Negotiated a final, deferred consideration payment of €18 million related the acquisition of BonusFinder in exchange for the early termination of the earn-out period, providing the company with the ability to accelerate the realization of synergies
  • Repurchased 77,683 ordinary shares at an average price of $9.83 per share

“The operating leverage we generated on 63% year-over-year revenue growth and 161% adjusted EBITDA growth in the second quarter grew free cash flow growth of 202% to $8.5 million,” the Chief Financial Officer for Gambling.com Group Limited, Elias Mark, said. “As a result, we have significant flexibility to simultaneously continue to strategically invest in growth opportunities including the buildout of Casinos.com and the development of our media partnerships and to evaluate strategic transactions that we believe create new shareholder value. Reflecting our strong operating results through the first six months of the year, which outperformed our expectations and our confidence for continued strong performance over the balance of 2023, we are raising our full-year revenue and adjusted EBITDA outlook with the mid-point of the new ranges representing year-over-year growth of 33% and 58%, respectively.”

2023 Outlook

The company raised its full-year 2023 revenue guidance to between $100 million and $104 million and adjusted EBITDA guidance to between $36 million and $40 million. The company’s guidance assumes:

  • Kentucky goes live on September 28 with online sports betting
  • Beyond Kentucky, no online sports betting or iGaming going live in any additional North American markets for the balance of 2023
  • No contribution from any new acquisitions
  • New investments throughout 2023 for the development of Casinos.com and support to our media partners including Gannett, McClatchy and The Independent
  • An average EUR/USD exchange rate of 1.095 throughout the remainder of 2023

First Half 2023 vs. First Half 2022 Financial Highlights
(USD in thousands, except per share data, unaudited)

Six Months Ended June 30, Change
2023 2022 %
Revenue 52,664 35,509 48 %
Net income for the period attributable to shareholders (1) 6,873 4,542 51 %
Net income per share attributable to shareholders, diluted (1) 0.18 0.12 50 %
Net income margin (1) 13 % 13 %
Adjusted net income for the period attributable to shareholders (1)(2) 14,086 7,551 87 %
Adjusted net income per share attributable to shareholders, diluted (1)(2) 0.37 0.21 76 %
Adjusted EBITDA (1)(2) 20,097 10,719 87 %
Adjusted EBITDA Margin (1)(2) 38 % 30 %
Cash flows generated by operating activities 11,669 6,944 68 %
Free Cash Flow (2) 14,732 4,186 252 %

(1) For the six months ended June 30, 2023, net income and net income per share include, and adjusted net income and adjusted net income per share exclude, adjustments related to the company’s 2022 acquisitions of RotoWire and BonusFinder of $7 million, or $0.19 per share. Similarly, these adjustments totalled $3 million, or $0.09, per share for the six months ended June 30, 2022. See Supplemental Information – Non-IFRS Financial Measures and the tables at the end of this release for an explanation of the adjustments.

(2) Represents a non-IFRS measure. See Supplemental Information – Non-IFRS Financial Measures and the tables at the end of this release for reconciliations to the comparable IFRS numbers.

Conference Call Details

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Date/Time: Thursday, August 17, 2023, at 8:00 am ET
Webcast: https: //www. webcast-egs .com/gamb20230817/en
US Toll-Free Dial In: 877-407-0890
International Dial In: +1-201-389-0918

To access, please dial in approximately ten minutes before the start of the call. An archived webcast of the conference call will also be available in the News & Events section of the company’s website at Gambling .com/corporate/investors/news-events. Information contained on the company’s website is not incorporated into this press release.

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