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Canada Group Third Quarter Revenue Rises 94% to $19.6 Million


on Group Limited (Nasdaq: GAMB) (“ Group” or the “Company”), a multi-award-winning performance marketing company and a leading provider of digital marketing services for the global online gambling industry, today announced financial results for the third quarter ended September 30, 2022.

Charles Gillespie, Chief Executive Officer and Co-founder of Group, commented, “Our quarterly results, including record revenue, reflect continued strength in established markets, our successful execution in the rapidly growing North American market and the benefits of our efficient operating model which drives attractive operating margins and consistent positive Adjusted EBITDA and Free Cash Flow. Third quarter 2022 revenue rose 94%, inclusive of currency headwinds, to $19.6 million; Adjusted EBITDA increased 32% to $6.4 million; and we generated Free Cash Flow of $4.9 million. In addition, new depositing customers rose 152% year-over-year in the third quarter and nearly 20% on a quarterly sequential basis.

“Our investments to expand the breadth and quality of our portfolio of performance marketing websites ahead of new North American market launches has positioned Group for strong performance from its first day of operations in each of these new markets. The efficacy of this strategy is evident in our strong third quarter revenue growth in North America, which increased nearly 300% year-over-year to $9.1 million. This growth reflects, in part, contributions from three new markets that have come online since Q3 2021, including a strong first month of operations in Kansas which opened on September 1. We believe our similar investments in premium domains to address markets that we expect to come online over the next several quarters, including Ohio, Maryland and Massachusetts, position the Company for similarly strong starts as these new markets formally launch. In addition to leveraging our extraordinary North American growth opportunity, we continue to grow in more established markets, as reflected by our all-time record quarterly revenue in the U.K. and Ireland. Group’s strong performance in both new and mature markets provides clear evidence that our performance marketing platform helps online gambling operators address their critically important goal of investing in efficient and profitable customer acquisition that delivers easily attributable and quantifiable returns.

“Our consistently strong Adjusted EBITDA and Free Cash Flow, even as we continue to invest to drive further growth, is a key differentiator for Group. We will continue to benefit from our proprietary technology, which offers us competitive advantages, a significant pathway for near and long-term growth in North America, a track record of delivering consistent growth in our established markets and an operating model that drives profitability. As such, we are confident in our ability to grow over the balance of this year and extend our successes in 2023 and beyond.”


Third Quarter 2022 vs. Third Quarter 2021 Financial Highlights
(in thousands, USD, except per share data, unaudited)

  Three Months Ended September 30,   CHANGE
  2022   2021   $   %
Revenue 19,649     10,123     9,526     94 %
Net income for the period attributable to the shareholders 2,261     4,675     (2,414 )   (52 )%
Net income per share attributable to shareholders, diluted 0.06     0.13     (0.07 )   (52 )%
Adjusted net income for the period attributable to shareholders 6,035     4,675     1,360     29 %
Adjusted net income per share attributable to shareholders, diluted 0.16     0.13     0.03     27 %
Adjusted EBITDA 6,413     4,870     1,543     32 %
Adjusted EBITDA Margin 33 %   48 %       (15 )%
Cash flows generated by operating activities 5,622     1,381     4,241     307 %
Free Cash Flow 4,896     754     4,142     549 %

Share Repurchase Program

The Company’s Board of Directors approved a share repurchase program pursuant to which Group may purchase up to $10.0 million of its ordinary shares in open market transactions, including under plans complying with Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The actual number of shares to be purchased will depend upon market conditions and is subject to available liquidity, economic conditions, alternative uses for the capital and other factors. All shares purchased will be held in the Company’s treasury for possible future use. As of September 30, 2022, Group had approximately 36.5 million shares issued and outstanding. There is no minimum number of shares that the Company is required to repurchase, and the repurchase program may be suspended or discontinued at any time without prior notice.

Third Quarter 2022 and Recent Business Highlights

  • North American revenue grew 299% to $9.1 million
  • Delivered more than 68,000 new depositing customers
  • Successfully launched operations in Kansas
  • performed ahead of plan and’s performance marketing revenues accelerated
  • Won the SBC North America Sports Affiliate of the Year Award
  • Subsequent to quarter end, acquired ultra-premium domain name

Elias Mark, Chief Financial Officer of Group, added, “Our third quarter revenue and Adjusted EBITDA were ahead of analyst consensus estimates. We remain focused on investing in the business in a disciplined manner as we prioritize growth that delivers positive Free Cash Flow. The Company remains well capitalized and in a strong position to meet our 2022 full year outlook and to generate continued growth in 2023 and beyond.”

2022 Outlook

For fiscal year 2022, based on currently available information, the Company reiterates its fiscal 2022 guidance and estimates:

  • Total revenue will be in the range of $71 million to $76 million
    • The mid-point of this range represents year-over-year growth of 74%
  • Adjusted EBITDA will be in the range of $22 million to $27 million
    • The mid-point of this range represents year-over-year growth of 33%
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Bill Pascrell Boosts United States Expansion with Key Licensing Efforts and High-Profile Partnership


on, a leader in eSports betting, is excited to announce significant strides in its North American expansion. Building on’s existing licenses in Ontario, New Jersey and Colorado, the company is actively pursuing licenses in key states including Ohio, Maryland, Kansas and five more, underscoring their commitment to broadening the company’s footprint in the dynamic United States market.

The United States sports betting landscape is evolving rapidly, with regulations varying across states. This complexity makes navigating the legal requirements challenging but also presents a unique opportunity for innovation and growth in eSports betting. The market is projected to see exponential growth, with an estimated betting volume of around US$10 billion by 2025. The goal of is to be at the forefront of this surge, offering an unparalleled betting experience.

In this ambitious venture, is thrilled to partner with Bill Pascrell III, a distinguished figure in political and legal circles. His extensive experience as Counsel to the Governor of New Jersey, Passaic County Counsel and a trusted advisor to high-profile political campaigns and officials including John Kerry and United States Senators like Jon Corzine, Frank Lautenberg and Cory Booker, positions him uniquely to navigate the complex regulatory landscape.

“Our pursuit of additional state licenses in partnership with Bill marks a significant advancement in our mission,” the co-founder and Chief Executive Officer for, Vlastimil Venclik, said. “We’re not just growing our footprint; we’re innovating and enhancing the eSports betting experience, setting new industry standards. This expansion reflects our dedication to providing engaging, reliable and compliant betting services to eSports enthusiasts across the United States. We’re excited about what the future holds and are committed to being at the forefront of this rapidly-evolving market. We strive to be the leading force dispelling the misconceptions surrounding eSports betting and vigilant guardian of the integrity not just in North America but globally.”


“It is an honor for me to be retained by the number-one choice for eSports betting,,” Pascrell said. “I will be assisting it as outside counsel with licensing and regulatory compliance in North America. Vlastimil Venclik, co-founder and Chief Executive Officer, and Marek Suchar, co-founder and Managing Director, are trail blazers in the eSports betting market. Vlastimil and Marek have tremendous reach and the best odds feed and risk management as a major B2B provider. The recent decision to expand the reach into the North American market by pursuing faster licensing in more jurisdictions in the United States has generated incredible interest in the ever-growing eSports betting market.”

The company’s goal goes beyond market presence. The aim is to create a richer, more engaging betting environment, tapping into the potential of a market ripe for transformation. This journey is about setting new benchmarks in eSports betting and creating lasting impacts that resonate with their users nationwide. Other news on how continues to break new ground in the United States eSports betting scene will follow.

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Expanse Studios Forges Super Prospective Media Partnership with




In its latest stride toward expanding its digital footprint, Expanse Studios has entered into an exciting media partnership with SlotsOnlineCanada .com, a trusted and Canada’s most renowned online resource dedicated to guiding local slot enthusiasts.

A Canadian Authority on Slots, with over a decade of presence, has become a cornerstone for Canadian players seeking insightful slot reviews and a chance to play online slots for free. The site distinguishes itself with contributions from notable gambling experts. The website stands out as the authentic go-to site for Canadian players, offering unbiased reviews and gaming insights.

A Series of Exciting Collaborations


This partnership with Expanse Studios is a continuation of Expanse’s streak of significant alliances in the gaming world, underscoring a shared commitment to providing top-notch gaming experiences. has already showcased Expanse Studios’ innovative slots, including “Wild Icy Fruits” and “Clown Fever Deluxe”, with in-depth reviews that players have found invaluable.

“We are thrilled to partner with and bring our slot games into the spotlight for Canadian players,” said Damjan Stamenkovic, CEO of Expanse Studios. “’s expertise and authoritative voice in the Canadian market make them the perfect platform to showcase our exciting gaming portfolio and ongoing expansion onto Americas.”

“It is with great excitement that we welcome this new collaboration with Expanse Studios. They have produced some super exciting online slots games, and slot players in Canada will now have the opportunity to read our Expanse game reviews and find how to play these exciting slots when they visit our site” said Gayle Mitchell, one of the leading online casino experts at OnlineSlotsCanada. was established over 10 years ago to help Canadian slots players choose the best online slots and casinos. They offer detailed slot reviews and allow players the opportunity to play online slots games for free before committing to play for real money. Their team of expertise include Gayle Mitchell who is a seasoned gambling author and writer in Canada and also John Grochowski, who has been one of the world’s most prolific casino writers since launching a weekly Gaming column in the Chicago Sun-Times in 1994.

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BCLC Marks Multiculturalism Week with Introduction of New Inclusive Holiday Program for Employees





In recognition of our diverse workforce, the British Columbia Lottery Corporation (BCLC) has introduced a new program offering employees the flexibility to substitute up to six BCLC-observed statutory holidays in a calendar year for other days that have personal, cultural or religious significance to them.

This announcement coincides with British Columbia’s multiculturalism week and is BCLC’s latest enhancement to advance diversity, inclusion and belonging within the organization.

“As an employer, we recognize that there is no ‘one size fits all’ approach when it comes to holidays and, as our work with diversity, inclusion and belonging moves forward, so must our approach to our practices,” the Chief People Officer for the BCLC, Sandy Austin, said. “This is another important step to build inclusive, equitable and safe workplaces and communities and we’re encouraging other employers to reach out to us to learn more.”

To further advance diversity, inclusion and belonging, the BCLC, guided by dedicated employee resource groups, is building inclusive policies, processes and structures to promote a safe, equitable and barrier-free environment where employees can thrive.


“This program acknowledges the individual values and beliefs of our employees and celebrates that,” the Diversity, Inclusion and Belonging Manager for the BCLC, Madhavee Inamdar, said. “We are incredibly fortunate to have such a diverse workforce and are honouring that diversity and reaffirming our commitment to fostering an inclusive culture at BCLC where all employees feel that they are seen, valued and belong.”

One exception to the substitution options is the National Day for Truth and Reconciliation. In line with our commitment to lasting and meaningful reconciliation, this day must be observed by all employees on September 30 of each year.

To learn more about how the BCLC is working to advance diversity, inclusion and belonging, visit Corporate.BCLC .com.

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