Canada
Gambling.com Group Reports 2021 Financial Results
Gambling.com Group Limited, a leading provider of digital marketing services for the global online gambling industry, today announced its operating and financial results for the year and the fourth quarter ended December 31, 2021.
2021 Financial Highlights
- North American revenue grew 89% to $7.5 million compared to $4.0 million for the prior year
- Revenue of $42.3 million grew 51% compared to $28.0 million for the prior year
- Net income of $12.5 million, or $0.37 per diluted share, compared to a net income of $15.2 million, or $0.49 per diluted share, for the prior year
- Adjusted EBITDA of $18.4 million increased 26% compared to $14.6 million for the prior year, representing an Adjusted EBITDA margin of 43%1
- Free cash flow of $8.4 million decreased 22% compared to $10.8 million for the prior year1
Fourth Quarter 2021 Financial Highlights
- North American revenue grew 56% to $2.2 million compared to $1.4 million in the same period for the prior year
- Revenue of $10.3 million remained consistent to $10.3 million in the same period for the prior year
- Net income of $0.9 million, or $0.02 per diluted share, compared to a net income of $8.5 million, or $0.35 per diluted share, in the same period for the prior year
- Adjusted EBITDA of $2.3 million decreased 63% compared to $6.1 million in the same period for the prior year, representing an Adjusted EBITDA margin of 22%1
- Free cash flow of $(1.8 million) compared to $3.5 million for the prior year1
Business Highlights
- Completed successful public listing of ordinary shares on the Nasdaq Global Market in July 2021 under the ticker symbol “GAMB”
- Named the 2021 EGR Affiliate of the Year and 2021 SBC North America Casino Affiliate of the Year
- Delivered 117,000 new depositing customers in 2021 compared to 104,000 in 2020
- Launched several new U.S.- facing websites during 2021 and acquired an incredibly strong portfolio of U.S. specific domain names
- Announced the acquisition of RotoWire.com – a leader in U.S online fantasy sports – in December 2021 to leverage RotoWire’s high-quality traffic and drive substantial incremental sports betting affiliate revenue in the U.S., the acquisition was completed on January 1, 2022
- Announced media partnership with McClatchy in January 2022 to monetize the McClatchy portfolio of digital media assets through sports betting in 29 markets across 14 states
- Successfully entered the New York and Louisiana markets in January 2022
- Announced acquisition of BonusFinder.com in February 2022 to better position the Group for the upcoming market launch in Ontario and further strengthening the Group’s North American presence
“We grew our revenue in 2021 by 51% compared to the prior year, delivered an EBITDA margin of 43% and generated over $8 million of free cash flow as many other industry players struggled to find a path to sustainable profitability,” said Charles Gillespie, Chief Executive Officer and Co-founder of Gambling.com Group. “As we look towards 2022, we are encouraged by the strongest start to a year we have seen in our 15-year history. Helped by launches in New York and Louisiana, January was our best-single month performance ever – even before consolidating financial results from our recent acquisitions. Just in January, we have seen the total addressable market in North America expand by leaps and bounds and there is a clear path to additional state launches this year, along with the impending launch of Ontario next month. As B2C operators in the U.S. seek a path to sustainable profitability and evaluate their marketing spend going forward, we believe that the affiliate model is ideally positioned to provide operators with more effective, higher ROI investments where they can clearly attribute the source, profitability and lifetime value of a referred player. We view this shift as greatly benefitting the value of our performance marketing revenue model, and we are confident that these tailwinds support what we expect to be another year of record performance for the Group.”
2022 Outlook
Based on currently available information, the Group estimates that, for the full year 2022:
- Total revenue will be in the range of $71 million and $76 million; and
- Adjusted EBITDA will be in the range $22 million and $27 million1
Elias Mark, Chief Financial Officer of Gambling.com Group, added, “Our expectation for another year of record revenue and Adjusted EBITDA is supported primarily by our premier domain portfolio and our growing presence in the U.S. achieved through continuous investments in U.S-facing assets. Organic growth in North America is complemented by our recent acquisitions of RotoWire.com and BonusFinder.com as well as our initiatives to further our leadership in the more established markets that we currently serve. As we have stated, our Adjusted EBITDA margin may deviate from target in the short-term as we strategically invest to strengthen our U.S. footprint, which is reflected in our 2022 outlook. Nonetheless, our profitability metrics remain among the very best in the industry, and our free cash flow generation more than covers our organic growth initiatives and the acquisition of domain names and other assets. We entered 2022 on strong financial footing and are off to the best start to a year in the Company history led by strong growth in North America. We grew total revenue profitably by 51% in 2021 and we look forward to accelerate that rate of profitable growth in 2022.”
|
2021 – 2023 Financial Targets |
||
|
|
|
|
|
Total Revenue Growth |
|
> Average 40% |
|
Adjusted EBITDA Margin1 |
|
> Average 40% |
|
Leverage2 |
|
< Net Debt to Adjusted EBITDA 2.5x3 |
1 Adjusted figures represent non-IFRS information. See “Non-IFRS Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable IFRS numbers.
2 Leverage is defined as Net Debt as a proportion of Adjusted EBITDA.
3 Net Debt is defined as Borrowings less Cash and Cash Equivalents.
|
2021 vs. 2020 Financial Highlights |
||||||||||||||||
|
|
|
YEAR ENDED |
|
|
CHANGE |
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
$ |
|
|
% |
|
||||
|
|
|
(in thousands USD, except for |
|
|
|
|
|
|
|
|||||||
|
CONSOLIDATED STATEMENTS OF |
|
|||||||||||||||
|
Revenue |
|
|
42,323 |
|
|
|
27,980 |
|
|
|
14,343 |
|
|
|
51 |
% |
|
Operating expenses |
|
|
(30,931 |
) |
|
|
(16,849 |
) |
|
|
(14,082 |
) |
|
|
84 |
% |
|
Operating profit |
|
|
11,392 |
|
|
|
11,131 |
|
|
|
261 |
|
|
|
2 |
% |
|
Income before tax |
|
|
12,164 |
|
|
|
10,752 |
|
|
|
1,412 |
|
|
|
13 |
% |
|
Net income for the period attributable to the |
|
|
12,453 |
|
|
|
15,151 |
|
|
|
(2,698 |
) |
|
|
(18 |
)% |
|
Net income per share attributable to ordinary |
|
|
0.40 |
|
|
|
0.55 |
|
|
|
(0.15 |
) |
|
|
(27 |
)% |
|
Net income per share attributable to ordinary |
|
|
0.37 |
|
|
|
0.49 |
|
|
|
(0.12 |
) |
|
|
(24 |
)% |
|
|
|
YEAR ENDED |
|
|
CHANGE |
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
$ |
|
|
% |
|
||||
|
|
|
(in thousands USD, except Adjusted EBITDA Margin, unaudited) |
|
|
|
|
|
|
|
|||||||
|
NON-IFRS FINANCIAL MEASURES |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Adjusted EBITDA |
|
|
18,356 |
|
|
|
14,608 |
|
|
|
3,748 |
|
|
|
26 |
% |
|
Adjusted EBITDA Margin |
|
|
43 |
% |
|
|
52 |
% |
|
n/m |
|
|
n/m |
|
||
|
Free Cash Flow |
|
|
8,423 |
|
|
|
10,804 |
|
|
|
(2,381 |
) |
|
|
(22 |
)% |
n/m = not meaningful
|
|
|
YEAR ENDED |
|
|
CHANGE |
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
Amount |
|
|
% |
|
||||
|
|
|
(in thousands, unaudited) |
|
|
|
|
|
|
|
|||||||
|
OTHER SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
New Depositing Customers (1) |
|
|
117 |
|
|
|
104 |
|
|
|
13 |
|
|
|
13 |
% |
- We define New Depositing Customers, or NDCs, as unique referral of a player from our system to one of our customers that satisfied an agreed metric (typically making a deposit above a minimum threshold) with the customer, thereby triggering the right to a commission for us.
Revenue
Total revenue increased 51% to $42.3 million for the year ended December 31, 2021 compared to $28.0 million for the prior year. On a constant currency basis, revenue increased $13.4 million, or 46%. Revenue growth was organic. The increase was driven by both growth in NDCs and improved monetization of NDCs that we attribute to a combination of technology improvements and changes in product and market mix. NDCs increased 13% to 117,000 compared to 104,000 in the prior year.
Our revenue disaggregated by market is as follows:
|
|
|
YEAR ENDED |
|
|
CHANGE |
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
$ |
|
|
% |
|
||||
|
|
|
(in thousands USD) |
|
|
|
|
|
|
|
|||||||
|
U.K. and Ireland |
|
|
21,391 |
|
|
|
16,189 |
|
|
|
5,202 |
|
|
|
32 |
% |
|
Other Europe |
|
|
10,800 |
|
|
|
5,252 |
|
|
|
5,548 |
|
|
|
106 |
% |
|
North America |
|
|
7,484 |
|
|
|
3,959 |
|
|
|
3,525 |
|
|
|
89 |
% |
|
Rest of the world |
|
|
2,648 |
|
|
|
2,580 |
|
|
|
68 |
|
|
|
3 |
% |
|
Total revenues |
|
|
42,323 |
|
|
|
27,980 |
|
|
|
14,343 |
|
|
|
51 |
% |
Revenue increases were primarily driven by growth in revenue from the U.K. and Ireland, Other Europe, and North America.
Our revenue disaggregated by monetization is as follows:
|
|
|
YEAR ENDED |
|
|
CHANGE |
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
$ |
|
|
% |
|
||||
|
|
|
(in thousands USD) |
|
|
|
|
|
|
|
|||||||
|
Hybrid commission |
|
|
15,616 |
|
|
|
14,738 |
|
|
|
878 |
|
|
|
6 |
% |
|
Revenue share commission |
|
|
3,596 |
|
|
|
3,308 |
|
|
|
288 |
|
|
|
9 |
% |
|
CPA commission |
|
|
18,591 |
|
|
|
9,047 |
|
|
|
9,544 |
|
|
|
105 |
% |
|
Other revenue |
|
|
4,520 |
|
|
|
887 |
|
|
|
3,633 |
|
|
|
410 |
% |
|
Total revenues |
|
|
42,323 |
|
|
|
27,980 |
|
|
|
14,343 |
|
|
|
51 |
% |
Revenue increases were driven primarily by additional Cost Per Acquisition, or CPA, commission and Other revenue. The increase in Other revenue was driven by bonuses related to achieving certain operator NDC performance targets and fixed fees.
Our revenue disaggregated by product type from which it is derived is as follows:
|
|
|
YEAR ENDED |
|
|
CHANGE |
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
$ |
|
|
% |
|
||||
|
|
|
(in thousands USD) |
|
|
|
|
|
|
|
|||||||
|
Casino |
|
|
35,632 |
|
|
|
24,135 |
|
|
|
11,497 |
|
|
|
48 |
% |
|
Sports |
|
|
6,188 |
|
|
|
3,210 |
|
|
|
2,978 |
|
|
|
93 |
% |
|
Other |
|
|
503 |
|
|
|
635 |
|
|
|
(132 |
) |
|
|
(21 |
)% |
|
Total revenues |
|
|
42,323 |
|
|
|
27,980 |
|
|
|
14,343 |
|
|
|
51 |
% |
Revenue increases were driven by growth in revenue from casino and sports products.
Operating Expenses
|
|
|
YEAR ENDED |
|
|
CHANGE |
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
$ |
|
|
% |
|
||||
|
|
|
(in thousands USD) |
|
|
|
|
|
|
|
|||||||
|
Sales and marketing expenses |
|
|
14,067 |
|
|
|
8,103 |
|
|
|
5,964 |
|
|
|
74 |
% |
|
Technology expenses |
|
|
3,947 |
|
|
|
2,503 |
|
|
|
1,444 |
|
|
|
58 |
% |
|
General and administrative expenses |
|
|
13,014 |
|
|
|
5,956 |
|
|
|
7,058 |
|
|
|
119 |
% |
|
Movements in credit losses allowance and write offs |
|
|
(97 |
) |
|
|
287 |
|
|
|
(384 |
) |
|
|
(134 |
)% |
|
Total operating expenses |
|
|
30,931 |
|
|
|
16,849 |
|
|
|
14,082 |
|
|
|
84 |
% |
Total operating expenses increased by $14.1 million to $30.9 million compared to $16.8 million in the prior year. On a constant currency basis, operating expenses increased by $13.5 million, or 77%. The increase was driven primarily by increased headcount across Sales and Marketing, Technology, and General and Administrative functions as we invest in the Company’s organic growth initiatives as well as increased administrative expenses associated with operating as a public company.
Sales and Marketing expenses totaled $14.1 million compared to $8.1 million in the prior year. The increase was driven primarily by increased wages and salary expenses associated with increased headcount.
Technology expenses totaled $4.0 million compared to $2.5 million in the prior year. The increase was driven primarily by increased wages and salary expenses associated with increased headcount partially offset by capitalized development costs.
General and Administrative expenses totaled $13.0 million compared to $6.0 million in the prior year. The increase was driven primarily by increased wages and salary expenses associated with increased headcount, professional services, and insurance expenses.
Earnings
Adjusted EBITDA increased by 26% to $18.4 million compared to $14.6 million in the prior year representing an Adjusted EBITDA margin of 43%. The increase was driven primarily by increased revenue partly offset by increased operating expenses.
Operating profit remained relatively constant at $11.4 million compared to $11.1 million in 2020. Operating profit in 2021 was affected by non-recurring costs related to the public offering and future acquisitions by $2.6 million, and share based payments costs by $ 2.0 million ($0.7 million and $0.4 million, respectively, in 2020).
Net income totaled $12.5 million, or $0.37 per diluted share, compared to net income of $15.2 million, or $0.49 per diluted share, in the prior year. Net income in 2020 was positively affected by the recognition of deferred tax assets of $5.4 million and gain from bonds’ redemption of $1.4 million ($1.8 million and zero, respectively, in 2021).
Free Cash-flow
Total cash generated from operations of $14.0 million increased 28% compared to $10.9 million in the prior year. The increase was driven primarily by increased adjusted EBITDA. Free cash flow totaled $8.4 million compared to $10.8 million in the prior year. The decline was the result of increased cash flow generated from operations offset by increased capital expenditures consisting primarily of the acquisition of domain names and capitalized development costs.
|
Balance Sheet |
||||||||||||||||
|
|
|
AS OF |
|
|
CHANGE |
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
$ |
|
|
% |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
(in thousands, USD) |
|
|
|
|
|
|
|
|||||||
|
CONSOLIDATED STATEMENTS OF FINANCIAL |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Cash and cash equivalents |
|
|
51,047 |
|
|
|
8,225 |
|
|
|
42,822 |
|
|
|
521 |
% |
|
Working capital (2) |
|
|
46,714 |
|
|
|
10,059 |
|
|
|
36,655 |
|
|
|
364 |
% |
|
Total assets |
|
|
91,025 |
|
|
|
45,383 |
|
|
|
45,642 |
|
|
|
101 |
% |
|
Total borrowings |
|
|
5,944 |
|
|
|
5,960 |
|
|
|
(16 |
) |
|
|
(0 |
)% |
|
Total liabilities |
|
|
11,116 |
|
|
|
11,171 |
|
|
|
(55 |
) |
|
|
(0 |
)% |
|
Total equity |
|
|
79,909 |
|
|
|
34,212 |
|
|
|
45,697 |
|
|
|
134 |
% |
- Working capital is defined as total current assets minus total current liabilities.
n/m = not meaningful
Cash balances as of December 31, 2021 totaled $51.0 million, an increase of $42.8 million compared to $8.2 million as of December 31, 2020. Working capital as of December 31, 2021 totaled $46.7 million, an increase of $36.6 million compared to $10.1 million as of December 31, 2020.
Total assets as of December 31, 2021 were $91.0 million compared to $45.4 million as of December 31, 2020. Total borrowings, including accrued interest, remained constant at $5.9 million as of December 31, 2021 and 2020. Total liabilities decreased slightly as of December 31, 2021 to $11.1 million compared to $11.2 million as of December 31, 2020.
Total equity as of December 31, 2021 was $79.9 million compared to $34.2 million as of December 31, 2020.
The increases in working capital, total assets, and total equity were driven primarily by the net proceeds received from the IPO and operating profit and net income generated by the Company.
|
Fourth Quarter 2021 vs. Fourth Quarter 2020 Financial Highlights |
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|
|
|
THREE MONTHS ENDED |
|
|
CHANGE |
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
$ |
|
|
% |
|
||||
|
|
|
(in thousands USD, except for |
|
|
|
|
|
|
|
|||||||
|
CONSOLIDATED STATEMENTS OF |
|
|||||||||||||||
|
Revenue |
|
|
10,291 |
|
|
|
10,267 |
|
|
|
24 |
|
|
|
0 |
% |
|
Operating expenses |
|
|
(9,668 |
) |
|
|
(5,897 |
) |
|
|
(3,771 |
) |
|
|
64 |
% |
|
Operating profit |
|
|
623 |
|
|
|
4,370 |
|
|
|
(3,747 |
) |
|
|
(86 |
)% |
|
Income before tax |
|
|
1,311 |
|
|
|
3,489 |
|
|
|
(2,178 |
) |
|
|
(62 |
)% |
|
Net income for the period attributable to the |
|
|
867 |
|
|
|
8,541 |
|
|
|
(7,674 |
) |
|
|
(90 |
)% |
|
Net income per share attributable to ordinary |
|
|
0.03 |
|
|
|
0.39 |
|
|
|
(0.36 |
) |
|
|
(92 |
)% |
|
Net income per share attributable to ordinary |
|
|
0.02 |
|
|
|
0.35 |
|
|
|
(0.33 |
) |
|
|
(94 |
)% |
|
|
|
THREE MONTHS ENDED |
|
|
CHANGE |
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
$ |
|
|
% |
|
||||
|
|
|
(in thousands USD, |
|
|
|
|
|
|
|
|||||||
|
NON-IFRS FINANCIAL MEASURES |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
Adjusted EBITDA |
|
|
2,272 |
|
|
|
6,115 |
|
|
|
(3,843 |
) |
|
|
(63 |
)% |
|
Adjusted EBITDA Margin |
|
|
22 |
% |
|
|
60 |
% |
|
n/m |
|
|
|
(38 |
)% |
|
|
Free Cash Flow |
|
|
(1,811 |
) |
|
|
3,533 |
|
|
|
(5,344 |
) |
|
|
(151 |
)% |
n/m = not meaningful
|
|
|
THREE MONTHS ENDED |
|
|
CHANGE |
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
Amount |
|
|
% |
|
||||
|
|
|
(in thousands, unaudited) |
|
|
|
|
|
|
|
|||||||
|
OTHER SUPPLEMENTAL DATA |
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
New Depositing Customers (1) |
|
|
28 |
|
|
|
35 |
|
|
|
(7 |
) |
|
|
(20 |
)% |
- We define New Depositing Customers, or NDCs, as unique referral of a player from our system to one of our customers that satisfied an agreed metric (typically making a deposit above a minimum threshold) with the customer, thereby triggering the right to a commission for us.
Revenue
Total revenue in the fourth quarter remained relatively constant at $10.3 million. On a constant currency basis, revenue remained relatively constant. NDCs decreased 20% to 28,000 compared to 35,000 in the prior year. We attribute the improved monetization of NDCs to a combination of technology improvements and changes in product and market mix.
Our revenue disaggregated by market is as follows:
|
|
|
THREE MONTHS ENDED |
|
|
CHANGE |
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
$ |
|
|
% |
|
||||
|
|
|
(in thousands USD, unaudited) |
|
|
|
|
|
|
|
|||||||
|
U.K. and Ireland |
|
|
5,226 |
|
|
|
5,780 |
|
|
|
(554 |
) |
|
|
(10 |
)% |
|
Other Europe |
|
|
2,260 |
|
|
|
2,299 |
|
|
|
(39 |
) |
|
|
(2 |
)% |
|
North America |
|
|
2,154 |
|
|
|
1,383 |
|
|
|
771 |
|
|
|
56 |
% |
|
Rest of the world |
|
|
651 |
|
|
|
805 |
|
|
|
(154 |
) |
|
|
(19 |
)% |
|
Total revenues |
|
|
10,291 |
|
|
|
10,267 |
|
|
|
24 |
|
|
|
0 |
% |
Changes in revenue were driven by strong organic growth in our North American markets, offset by a decline in the U.K. and Ireland and, to a lesser extent, Other Europe and Rest of the world. U.K. and Ireland revenue was negatively affected by higher than usual volatility in organic search traffic. In the comparable period, U.K. and Ireland revenue was positively affected by increased demand coinciding with restrictive Covid-19 measures. Other Europe was negatively affected by regulatory changes in Germany implemented in July 2021 partly offset by growth in revenue from other European markets.
Our revenue disaggregated by monetization is as follows:
|
|
|
THREE MONTHS ENDED |
|
|
CHANGE |
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
$ |
|
|
% |
|
||||
|
|
|
(in thousands USD, unaudited) |
|
|
|
|
|
|
|
|||||||
|
Hybrid commission |
|
|
2,935 |
|
|
|
5,557 |
|
|
|
(2,622 |
) |
|
|
(47 |
)% |
|
Revenue share commission |
|
|
744 |
|
|
|
1,004 |
|
|
|
(260 |
) |
|
|
(26 |
)% |
|
CPA commission |
|
|
5,202 |
|
|
|
3,271 |
|
|
|
1,931 |
|
|
|
59 |
% |
|
Other revenue |
|
|
1,410 |
|
|
|
435 |
|
|
|
975 |
|
|
|
224 |
% |
|
Total revenues |
|
|
10,291 |
|
|
|
10,267 |
|
|
|
24 |
|
|
|
0 |
% |
Revenue from CPA commission and Other revenue increased whereas revenue from hybrid and revenue share commission decreased. The changes in monetization were primarily a result of changes in market mix with a higher proportion of revenue from the U.S compared to the previous year. The increase in Other revenue was driven primarily by bonuses related to achieving certain operator NDC performance targets and fixed fees.
Our revenue disaggregated by product type from which it is derived is as follows:
|
|
|
THREE MONTHS ENDED |
|
|
CHANGE |
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
$ |
|
|
% |
|
||||
|
|
|
(in thousands USD, unaudited) |
|
|
|
|
|
|
|
|||||||
|
Casino |
|
|
8,466 |
|
|
|
8,846 |
|
|
|
(380 |
) |
|
|
(4 |
)% |
|
Sports |
|
|
1,769 |
|
|
|
1,160 |
|
|
|
609 |
|
|
|
53 |
% |
|
Other |
|
|
56 |
|
|
|
261 |
|
|
|
(205 |
) |
|
|
(79 |
)% |
|
Total revenues |
|
|
10,291 |
|
|
|
10,267 |
|
|
|
24 |
|
|
|
0 |
% |
Revenue increases were driven by growth in revenue from sports products offset by a decrease in casino and other revenue.
Operating Expenses
|
|
|
THREE MONTHS ENDED |
|
|
CHANGE |
|
||||||||||
|
|
|
2021 |
|
|
2020 |
|
|
$ |
|
|
% |
|
||||
|
|
|
(in thousands USD, unaudited) |
|
|
|
|
|
|
|
|||||||
|
Sales and marketing expenses |
|
|
4,632 |
|
|
|
2,442 |
|
|
|
2,190 |
|
|
|
90 |
% |
|
Technology expenses |
|
|
1,190 |
|
|
|
798 |
|
|
|
392 |
|
|
|
49 |
% |
|
General and administrative expenses |
|
|
3,877 |
|
|
|
2,609 |
|
|
|
1,268 |
|
|
|
49 |
% |
|
Movements in credit losses allowance and write offs |
|
|
(31 |
) |
|
|
48 |
|
|
|
(79 |
) |
|
|
(165 |
)% |
|
Total operating expenses |
|
|
9,668 |
|
|
|
5,897 |
|
|
|
3,771 |
|
|
|
64 |
% |
Total operating expenses increased by $3.8 million to $9.7 million compared to $5.9 million in the prior year. On a constant currency basis, operating expenses increased by $3.6 million, or 58%. The increase was driven primarily by headcount across Sales and Marketing, Technology, and General and Administrative functions as we invest in the Company’s organic growth initiatives as well as increased administrative expenses associated with operating as a public company.
Sales and Marketing expenses totaled $4.6 million compared to $2.4 million in the prior year. The increase was driven primarily by increased wages and salary expenses associated with increased headcount.
Technology expenses totaled $1.2 million compared to $0.8 million in the prior year. The increase was driven primarily by increased wages and salary expenses associated with increased headcount partially offset by capitalized development costs.
General and Administrative expenses totaled $3.9 million compared to $2.6 million in the prior year. The increase was driven primarily by increased wages and salary expenses associated with increased headcount, professional services, and insurance expenses.
Earnings
Adjusted EBITDA decreased by 63% to $2.3 million compared to $6.1 million in the prior year representing an Adjusted EBITDA margin of 22%. The decrease was driven by increased operating expenses.
Operating profit in the fourth quarter decreased 86% to $0.6 million compared to $4.4 million in 2020. The decrease was driven primarily by a decrease in Adjusted EBITDA and an increase in share-based payments expense.
Net income in the fourth quarter totaled $0.9 million, or $0.02 per diluted share, compared to net income of $8.5 million, or $0.35 per diluted share, in the prior year. Net income in the forth quarter 2021 was positively affected by a USD/Euro foreign currency exchange gain of $1.1 million (zero in 2020). While net income in the fourth quarter of 2020 was positively affected by the recognition of deferred tax assets of $5.4 million (deferred tax asset reduction of $0.2 million in 2021).
Toronto, Ontario, May 08, 2025 (GLOBE NEWSWIRE) — 
The rise of cryptocurrencies has transformed online gaming, making it easier for players to enjoy added security, faster transactions, and a seamless experience. If you’re searching for the best Bitcoin casinos in Canada, you’ll definitely come across Wild.io, a platform that stands out for its exciting game library, innovative features, and lucrative bonuses.
Wild.io is specifically designed for Bitcoin enthusiasts who want a safe and rewarding environment to play their favorite casino games. With a 400% match bonus that can go up to $10,000 plus 300 free spins, the casino attracts players looking to maximize their crypto gaming adventure.
Overview of the Best Bitcoin Casino in Canada
Wild.io launched with a clear goal in mind—to become the ultimate destination for Bitcoin users who enjoy online gambling. The casino has quickly earned its reputation as one of Canada’s top picks, offering a blend of innovation and reliability.
The first thing that sets Wild.io apart is that it’s fully optimized for cryptocurrency users. From Bitcoin to Ethereum and other popular digital currencies, the platform ensures fast, secure, and hassle-free transactions. Plus, the transparency of blockchain technology guarantees fair play and secure payouts, which are essential for players who prioritize safety.
What’s more, Wild.io boasts a growing library of over 300 games, including slots, table games, and live dealer options. Its sleek website design is mobile-friendly and easy to use, ensuring a smooth experience whether you’re playing on a desktop or smartphone.
Customer satisfaction is clearly a priority at Wild.io. With strong customer support available via live chat or email 24/7, you’ll never feel left in the dark when you need assistance. All these features combine to make Wild.io a top choice for Canadian players in search of the best Bitcoin casinos.
Pros of Wild.io
- Top Crypto Casino: Wild.io was built specifically for crypto users, making payments fast and secure.
- Massive Welcome Bonus: New players can take advantage of a 400% match bonus up to $10,000 along with 300 free spins.
- Wide Game Selection: From slots to live dealer games, Wild.io offers a little bit of everything for all kinds of players.
- Blockchain Transparency: The platform leverages blockchain to ensure fair gaming and trustworthy payouts.
- Mobile Compatibility: The casino runs smoothly on all devices, be it desktop or mobile.
- 24/7 Customer Support: With fast responses through live chat, help is always available.
- Fast Payouts: Withdrawals are almost instant with cryptocurrency.
Cons of Wild.io
- Crypto Only: While perfect for crypto enthusiasts, players who prefer traditional banking might feel limited.
- Bonus Wagering Requirements: The large bonus comes with significant terms and conditions that may require effort to fulfill.
How to Join the Best Bitcoin Casinos Canada
Signing up for Wild.io is simple and straightforward. Follow these steps to get started and claim your 400% bonus today:
- Click on the Link
Use this link to head over to the official Wild.io website. - Create Your Account
Enter your details, including a username and email address, then confirm your account. Be sure to choose a strong password for added security. - Deposit Crypto
Select your preferred cryptocurrency, such as Bitcoin or Ethereum, to make your first deposit. You’ll instantly receive the welcome bonus that matches your deposit up to 400%. - Explore and Play
Browse through the game selection and start playing right away with your boosted bankroll!
With an easy sign-up process and crypto-friendly features, getting started with Wild.io takes just minutes.
GRAB UP TO C$10,000 + 300 FREE SPINS AT WILD.IO NOW
How We Ranked the Best Bitcoin Casinos Canada
When evaluating the best Bitcoin casinos for Canadian players, we focus on critical factors that ensure you’re playing on a safe, rewarding platform. Here’s how Wild.io checks all the boxes:
Crypto Optimization
Wild.io is designed for Bitcoin users, with features that take full advantage of blockchain technology.
Bonuses and Promotions
The massive 400% bonus combined with ongoing promotions makes Wild.io appealing to both newbies and seasoned players.
Security and Transparency
Blockchain-backed security, paired with SSL encryption, ensures that player funds and data stay safe.
Game Library
Although smaller, Wild.io’s collection of hand-picked games guarantees high-quality entertainment for all preferences.
Payment Efficiency
Instant deposits and fast withdrawals are a huge plus for crypto users, ensuring smooth gameplay with minimal delays.
Game Types at the Best Bitcoin Online Casinos in Canada
Despite having a smaller library than some competitors, Wild.io’s games are carefully selected to deliver maximum entertainment and variety. Here’s what they offer:
Slots
The slots section includes both classic and modern options, featuring stunning graphics, exciting themes, and rewarding bonus features. Some games even come with progressive jackpots, offering the chance for big wins.
Table Games
Players can enjoy sophisticated favorites like blackjack, baccarat, and poker, as well as roulette in a variety of versions.
Live Dealer Games
For an immersive experience, visit Wild.io’s live dealer section. Watch real-time gameplay and interact with dealers while playing blackjack, roulette, and more.
Specialty Games
Want a break from the usual? Games like keno, dice, and crypto-based games add an extra twist to your gambling experience.
Payment Methods at the Best Bitcoin Casino in Canada
Wild.io makes payments simple, catering specifically to players who prefer cryptocurrencies. Supported coins include:
- Bitcoin
- Ethereum
- Litecoin
- Bitcoin Cash
Because the casino operates exclusively in crypto, you won’t find traditional payment options like credit cards. While this may seem limiting to some, cryptocurrency ensures faster transactions, lower fees, and added security for players.
Deposits appear instantly, and withdrawals are processed almost as quickly. Players can trust their funds are safe while enjoying complete privacy thanks to blockchain technology.
Responsible Gambling at Canadian Bitcoin Casino Sites
Wild.io is committed to promoting responsible gambling habits among its players. The casino includes features such as deposit limits, loss limits, and self-exclusion tools to help keep gaming fun and under control.
Additionally, the website provides links to resources like Gamblers Anonymous for players who may need extra assistance. It’s a welcome addition to an already customer-focused approach.
Ready to Explore the Best Crypto Casinos Canada Has in Store?
When it comes to the best Bitcoin casinos in Canada, Wild.io delivers an unmatched experience for crypto gamblers. With its lucrative 400% match bonus up to $10,000 and 300 free spins, fast payouts, and engaging game selection, the platform is perfect for both newcomers and experienced Bitcoin users.
Don’t miss your chance to join one of the most innovative and secure crypto casinos out there.
SIGN UP TO WILD.IO HERE ➜ Canada!
Editorial Note
This article is provided solely for informational and entertainment purposes. Nothing within should be interpreted as legal, financial, or professional advice. Readers should carry out their own research before participating in any gambling activities or signing up with any online casinos mentioned.
Gambling Caution
Online gambling comes with financial risks and may lead to addictive behavior or monetary loss. We urge all readers to gamble responsibly. If you or someone you know is struggling with gambling, professional help is available. In Canada, you can dial 1-626-960-3500.
19+ only. It is up to each individual to verify whether online gambling is permitted under their local, state, or federal laws. Neither the publisher, the authors, nor any syndication partners condone or support unlawful gambling. Participation in online gambling is done at the reader’s own discretion and risk.
Affiliate Transparency
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Syndication and Liability Disclaimer
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Contact Details:
Company Wild.io
Address: Scharlooweg 39, Willemstad, Curaçao
Website: https://wild.io/l/exclusivebonus
Email: [email protected]
Attachment
CONTACT: Contact Details: Company Wild.io Address: Scharlooweg 39, Willemstad, Curaçao Website: https://wild.io/l/exclusivebonus Email: [email protected]
ToonieBet, Soft2Bet’s flagship online casino and sportsbook for Ontario, has officially launched its sportsbook on the Apple App Store and Google Play Store. The platform is tailored specifically for local players, offering a dynamic betting experience with a broad range of sports events and competitive odds. The platform also features personalised promotions and loyalty rewards designed to match the preferences of Ontario’s diverse betting community.
The sportsbook uses official data feeds, ensuring players have access to the most accurate and up-to-date information on top local and international sports events. Additionally, the platform offers live broadcasting with real-time match analytics, allowing users to make informed betting decisions as events unfold. Integrated with MEGA and advanced player account management features, the operator is committed to delivering a seamless and responsible gaming environment that enhances the overall player experience while supporting local sports initiatives.
As part of this launch, the platform has also introduced a Sportsbook section on its official website, expanding its portfolio and bringing more choice to its growing customer base. With access to over 85,000 live events each month and more than 70,000 pre-match events across a wide range of sports, players now have even more ways to bet on what they love. Soft2Bet’s Canadian brand invites all players to explore its standout online casino and the full spectrum of sports betting, all delivered through a fast, secure, and fully localised platform.
Since its debut at the end of 2024, ToonieBet has offered a fast, fair, and secure online casino and sportsbook experience, fully localised for Ontario’s vibrant gaming market. The Apple App and Google Play additions further enhance accessibility, bringing ToonieBet’s premium entertainment to players on the go.
Additionally, this milestone complements the operator’s recent partnership with the NHL’s Ottawa Senators, which made ToonieBet the Official Online Casino Partner of the team. The partnership includes in-arena branding, digital promotions, and fan engagement initiatives like social contests, allowing ToonieBet to connect with Ontario sports fans in exciting ways and offering chances to win team merchandise and tickets.
Yoel Zuckerberg, Soft2Bet’s Chief Product Officer, said: “As Soft2Bet continues our rapid growth, we are excited to provide Ontario players with access to ToonieBet’s sportsbook which is now available on the Apple App and Google Play Store, offering seamless access to a customised experience tailored for the province’s passionate gaming community.”
The post ToonieBet Launches its Sportsbook on Apple App Store and Google Play Store appeared first on Gaming and Gambling Industry in the Americas.
After A Review Of Canada’s Gambling Landscape, RoboCat Casino Was Awarded The “Best Online Casino In Canada 2025” Based On 8,000+ Games, Responsible Gambling and Fast Payouts
Vancouver, May 02, 2025 (GLOBE NEWSWIRE) —
RoboCat Casino, an award-winning online casino with presence on Europe, Australia, New Zealand, UK, USA and LATAM, was recently awarded the title of “Best Online Casino in Canada 2025” after a comprehensive review of the online gambling industry in the country, performed by experienced iGaming specialists.
New players can take advantage of RoboCat Casino’s welcome bonus by joining their platform today:
CLAIM YOUR WELCOME BONUS AND PLAY 8,000+ GAMES AT ROBOCAT CASINO
RoboCat currently offers the biggest welcome bonus, because new players can get 100% extra on their first deposit + 200 Free Spins + a surprise bonus (more free spins, free money, cashback, amongst other possible rewards).
In addition, the Canadian online casino also offers over 8,000 real money games from the best providers in the world, putting the best online slots, blackjack, poker, baccarat, craps, crash, plinko, live dealer, lotto and bingo games at the disposal of online players and bettors in Canada.
“The mission of our team is to help players find the best sites for gambling online so they can enjoy an exciting, rewarding and safe online gaming experience” – “… and we found that RoboCat is on top of all the other online casinos in Canada, because it delivers more value in all the areas that matter for online players and bettors”.
A Comprehensive Review Focused on the Player
The team that performed the review and research revealed that they focused it on the player, hence they targeted the following areas:
- License
- Fairness
- Quality of Games
- Quality of Bonuses and Promotions
- Payment Methods and Banking Experience
- Online Security
- Mobile Experience
- Quality of Sportsbook
- KYC
- Limits for Deposits and Withdrawals
- Customer Support Service
The team used these key elements to develop the criteria for selecting, reviewing, and comparing the top online casinos in Canada, ultimately choosing RoboCat Casino as the best real money gambling platform for 2025.
The team explained that RoboCat was named ‘Best Online Casino in Canada 2025’ due to its outstanding performance across all evaluated criteria.
“RoboCat offers over 8,000 games from nearly 100 top-class providers, which is the largest library of real money games in Canada nowadays” – “offering such an outstanding number of high-quality games allows RoboCat to bring its customers a significantly better online gaming experience, especially for online slots players”.
“Regarding bonuses, RoboCat Casino is the most generous platform in Canada because it offers a big welcome bonus, plenty of weekly and weekend reload bonuses which reward players with free money and free spins, extra rewards of free spins, cashback, rakeback, amongst other benefits that other Canadian online casinos fail to deliver”.
The team shared their comments for all the evaluated criteria regarding RoboCat, offering a complete overview on why they elected this brand as the best platform for real money gambling in Canada:
- License: License issued by the Offshore Finance Authority of The State of Anjouan
- Fairness: Audited by independent third-party auditing firms
- Quality of Games: 8,000+ real money games from industry-leading providers such as NetEnt, Evolution, Microgaming, Habanero and Jumpman
- Quality of Bonuses and Promotions: 100% extra on first deposit + 200 Free Spins; reload bonuses, cashback, free bets, rakeback and free spins rewards. Featuring low wagering requirements
- Payment Methods and Banking Experience: Instant deposits, fast payouts, plenty of payment methods including credit cards, debit cards, cryptocurrencies, FundID and Interac
- Online Security: Uses military-grade encryption, has a dedicated online security team, secured servers, no history of data leaks or breaches
- Mobile Experience: Offers an HTML5-powered mobile website available on all browsers, runs on Android and iOS flawlessly
- Quality of Sportsbook: Offers over 35 sports and esports with high odds and exclusive bonuses such as free bets, deposit bonuses, reload bonuses and cashback
- KYC: Easy to fulfill KYC procedures, no requirement to complete KYC as a new user or to get first withdrawal approved
- Limits for Deposits and Withdrawals: Unlimited limit for deposits and withdrawals up to $10,000 per day. The casino can increase the limits for high rollers
- Customer Support Service: Available via live chat, email and phone. Fast answer time and professional customer support team
The team expressed their happiness in finding an online casino which can offer Canadian players and bettors the online betting and gambling experience they deserved: “RoboCat scores high in all the areas that matter, offering an outstanding, exciting, safe and fair experience”.
All players interested in joining RoboCat to play 8,000+ real money games can sign up today and claim an exclusive welcome bonus offer:
CLAIM YOUR WELCOME BONUS AND PLAY 8,000+ GAMES AT ROBOCAT CASINO
RoboCat Casino Actively Promotes and Enforces Responsible Gambling
The team explained that they considered the commitment to responsible gambling as an important factor in their comprehensive review of the industry: “A platform can deliver everything players want, but if they fail to protect players and promote responsible gambling, we take it out of our ranking… because gambling must be fun but also safe”.
RoboCat Casino is equipped with technology and a dedicated team which can detect problematic gambling patterns, providing affected players with prompt solutions and assistance.
The online casino also offers tools and features to limit the spending on their platform, granting players the possibility to control their online gambling activities.
The specialists also confirmed that RoboCat Casino provides a self-exclusion feature, with 24/7 customer support available to assist players in closing their accounts if needed.
“The era of unregulated online gambling is over. Today, safety comes first—one of the key reasons we chose RoboCat as Canada’s top online casino for 2025. They prioritise player protection and take responsible gambling seriously.”
“RoboCat Is The Best Brand in 2025, But Let’s See If They Retain Their Place in 2026”
“After making this in-depth review, analysis and research, we found out RoboCat is the best online casino brand for Canadian players in 2025” – “… but you know, the online gambling industry is extremely fast-paced. You have new brands every single month, and they’re competing fiercely against each other. Therefore, we are going to revisit our research and perform a new analysis in 2026, to see if RoboCat remains the best online casino in Canada or if another brand is going to take its place” – concluded Angel K.
To celebrate this award, RoboCat has released a new welcome bonus of 100% extra on the first deposit + 200 Free Spins + 1 surprise bonus, which new players can redeem below:
CLAIM YOUR WELCOME BONUS AND PLAY 8,000+ GAMES AT ROBOCAT CASINO
- Live Chat: https://casinos.cc/robocat-casino/support/
- Email: [email protected]
Disclaimer & Affiliate Disclosure
The information presented in this article is for general informational and promotional purposes only and is not intended to be, nor should it be construed as, legal, financial, or professional advice. While every effort has been made to ensure the accuracy and reliability of the content at the time of publication, no warranties or representations are made as to its completeness, timeliness, or accuracy. Readers are advised to independently verify any information before acting upon it. Neither the publisher nor any affiliates, syndication partners, or contributors shall be held liable for any errors, omissions, or inaccuracies in the content, nor for any losses, damages, or adverse consequences arising from reliance on this material.
This content may contain affiliate links. If readers choose to click on these links and make a purchase or deposit, a commission may be earned at no additional cost to them. Such affiliate relationships do not influence the editorial integrity of the content, and all opinions and evaluations are based on independent research and professional judgment.
This article discusses online gambling platforms, which are intended only for individuals of legal gambling age in their respective jurisdictions (typically 18 years or older). Gambling involves financial risk and may lead to addiction or other serious financial and personal consequences. It is strongly recommended that readers engage in gambling activities responsibly and seek help from certified organizations if gambling ceases to be a fun and recreational activity.
All brand names, trademarks, and registered trademarks are the property of their respective owners. This content is not endorsed, sponsored, or directly affiliated with any of the brands mentioned unless explicitly stated.
By reading or syndicating this article, all parties acknowledge and accept that they do so at their own risk and agree to hold the publisher, affiliates, and syndication partners harmless from any liability, claims, or legal actions arising directly or indirectly from the use or dissemination of the information contained herein.
CONTACT: Live Chat: https://casinos.cc/robocat-casino/support/ Email: [email protected]
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