Financial reports
Gambling.com Group Enters into Definitive Agreement to Acquire Odds Holdings, Parent Company of OddsJam, a Fast-Growing Technology Platform for Real-time Odds Data, in Accretive Transaction
Transaction Expands Gambling.com Group’s Addressable Market with Recurring Revenue From Consumer Subscription Products and Enterprise Clients
Gambling.com Group, (Nasdaq: GAMB) (“Gambling.com Group” or the “Company”), a fast-growing provider of digital marketing services for the global online gambling industry, announced today it entered into a definitive agreement to acquire Odds Holdings, Inc., the parent company of OddsJam. Under the terms of the agreement, Odds Holdings stockholders will receive initial consideration of $80 million and may receive up to an additional $80 million based on Odds Holdings’ business performance through the end of 2026. Gambling.com Group’s acquisition of Odds Holdings further expands the Company’s online gambling industry footprint, adding complementary recurring revenue from new and existing users and partners.
Odds Holdings is powered by a state-of-the art technology platform for real-time odds data and offers services under multiple consumer and enterprise brands. Gambling.com Group believes the odds platform is the industry’s most advanced and delivers data to end-users with the lowest latency. The platform is built for scale, processing on average over one million requests per second and multiple terabytes of data per day, across nearly 300 sportsbooks. OddsJam is the flagship brand offering premium, real-time odds information to empower sports bettors to make data-driven bets through a consumer facing website and app. Under a separately managed company, Odds Holdings also provides low latency, comprehensive odds data to enterprise clients for a variety of sports betting use cases.
Closing is expected to occur on January 1, 2025 and is subject to customary closing conditions. The transaction will be immediately accretive to Gambling.com Group’s operating results upon closing. For 2024, Odds Holdings expects to generate revenue and Adjusted EBITDA(1) of approximately $26 million and $12 million, respectively. Gambling.com Group expects that under its management Adjusted EBITDA(1) derived from the Odds Holdings assets will grow by at least 20% in 2025. The Odds Holdings team, including OddsJam founders Ankit Goyal and Alex Monahan as well as CEO, Matt Restivo, will join Gambling.com Group.
Strategic and Financial Rationale
- Expands the Company’s footprint in the online gambling ecosystem with new recurring revenue from both consumer and enterprise clients;
- Opportunity to leverage Gambling.com Group’s existing partner relationships to significantly grow the Odds Holdings enterprise business;
- Immediately accretive transaction adds new revenue, Adjusted EBITDA and free cash flow streams, with a margin profile even better than Gambling.com Group’s already high margins; and,
- Is a strategic and substantial step toward the Company’s stated goal to generate $100 million in annual Adjusted EBITDA(1).
(1) Represents a non-IFRS measure. See “Non-IFRS Financial Measures” at the end of this release.
“The accretive acquisition of Odds Holdings will immediately provide Gambling.com Group with additional, recurring revenue streams which are independent of our market-leading online gambling affiliate business, consistent with our strategy to expand our footprint in the online gambling industry,” said Gambling.com Group co-founder and CEO, Charles Gillespie. “We are delighted to welcome the Odds Holdings team to Gambling.com Group as we accelerate growth towards our goal of $100 million in Adjusted EBITDA. Their talented team has not only built a state-of-the art odds technology platform, but managed to build multiple distinct products on top of that platform which have very clear product-market fit. Odds Holdings gives Gambling.com Group a suite of new enterprise products while OddsJam in particular brings a passionate and energetic new consumer audience to the Group.
“We have achieved the vast majority of our growth through organic market share gains, while also successfully executing on several strategic, accretive acquisitions that have contributed to our consistently improving financial performance. Our acquisitions of RotoWire, BonusFinder and Freebets.com have proven that we can leverage our high free cash flow to identify, acquire and accelerate growth, creating value for our shareholders, while prudently managing our capital structure and balance sheet,” added Gillespie.
“Combining with a tech-focused leader in the global online gambling industry like Gambling.com Group is the natural next step for Odds Holdings,” said Odds Holdings CEO, Matt Restivo. “By leveraging Gambling.com Group’s expertise, innovation and resources we will be optimally positioned to scale our technology and data-driven insights to reach an even larger audience of online bettors, including beyond the North American market. We’re looking forward to working with the Gambling.com Group founders Charles and Kevin and their team to create a deeper connection with our customers to enhance their online gambling experiences,” said OddsJam founders Ankit Goyal and Alex Monahan.
Proposed Transaction Structure & Expansion of Credit Facility
The initial $80 million purchase consideration will be comprised of $70 million in cash and $10 million in Gambling.com Group ordinary shares. The Company expects to fund the $70 million cash payment from borrowings under the Company’s expanded credit facility, as described below. In order to fully achieve the additional $80 million in contingent consideration, Adjusted EBITDA derived from the Odds Holdings assets needs to at least double for the full year 2026 period compared to 2024. Entirely at the Company’s discretion, Gambling.com Group has the ability to settle up to 50% of any of the contingent consideration payments in the Company’s ordinary shares.
In conjunction with the transaction, the Company entered into a debt financing commitment letter with Wells Fargo Bank, National Association and Wells Fargo Securities, LLC, which have committed to arrange and provide a senior secured term loan and revolving credit facility of at least $100 million pursuant to an amendment to its existing credit agreement.
In connection with the proposed transaction, White & Case LLP is acting as legal counsel to Gambling.com Group. Oakvale Capital LLP is acting as the sell-side financial advisor and Cruz-Abrams Seigel LLC is acting as legal counsel to Odds Holdings.
The post Gambling.com Group Enters into Definitive Agreement to Acquire Odds Holdings, Parent Company of OddsJam, a Fast-Growing Technology Platform for Real-time Odds Data, in Accretive Transaction appeared first on European Gaming Industry News.
The Pennsylvania Gaming Control Board (PGCB) reported today that the combined total revenue generated from all forms of gaming along with fantasy contests during April 2025 was $558,717,922, an increase of 10.7% from last April.
The following chart compiles all revenue generated in April 2025 by casinos, along with fantasy contests and VGTs operated by other vendors and includes a comparison to total revenue generated in April 2024.
|
Source |
April 2025 Total Revenue |
April 2024 Total Revenue |
% Change |
|
Valley Forge Casino Resort |
$99,090,172 |
$85,340,755 |
16.11% |
|
Hollywood Casino at Penn National Race Course |
$97,719,246 |
$78,343,398 |
24.73% |
|
Rivers Casino Philadelphia |
$56,209,401 |
$49,076,360 |
14.53% |
|
Parx Casino |
$54,211,940 |
$53,793,286 |
0.78% |
|
Wind Creek Bethlehem |
$47,825,103 |
$46,326,454 |
3.23% |
|
Rivers Casino Pittsburgh |
$27,533,445 |
$28,478,326 |
-3.32% |
|
Hollywood Casino at the Meadows |
$27,138,316 |
$26,007,948 |
4.35% |
|
Live! Casino Philadelphia |
$26,562,159 |
$24,304,441 |
9.29% |
|
Harrah’s Philadelphia |
$23,511,110 |
$21,071,057 |
11.58% |
|
Mohegan Pennsylvania |
$19,130,831 |
$20,024,953 |
-4.47% |
|
Mount Airy Casino Resort |
$17,803,898 |
$19,187,606 |
-7.21% |
|
Presque Isle Downs and Casino |
$13,732,651 |
$8,862,424 |
54.95% |
|
Hollywood Casino York |
$10,235,524 |
$8,450,128 |
21.13% |
|
Live! Casino Pittsburgh |
$9,585,109 |
$10,589,049 |
-9.48% |
|
Golden Nugget |
$7,670,389 |
$3,544,056 |
116.43% |
|
Hollywood Casino Morgantown |
$7,532,447 |
$7,330,347 |
2.76% |
|
Video Gaming Terminals |
$3,518,821 |
$3,648,270 |
-3.55% |
|
Parx Shippensburg |
$3,160,614 |
$3,125,398 |
1.13% |
|
Bally’s Pennsylvania |
$2,958,241 |
$3,812,426 |
-22.41% |
|
The Casino at Nemacolin |
$2,331,513 |
$2,138,432 |
9.03% |
|
Fantasy Contests |
$1,256,994 |
$1,228,294 |
2.34% |
|
Statewide Total |
$558,717,922 |
$504,683,409 |
10.71% |
Total tax from games revenue during April 2025 was $234,493,926*.
April Revenue by Game Type
The PGCB is also providing a synopsis of revenue year-over-year by types of games:
|
Type of Gaming Revenue |
April 2025 |
April 2024 |
% Change |
|
Retail Slots Revenue |
$203,094,831 |
$205,485,828 |
-1.16% |
|
iGaming Slots Revenue |
$169,478,496 |
$126,013,832 |
34.49% |
|
Retail Tables Revenue |
$80,604,940 |
$78,482,947 |
2.70% |
|
iGaming Tables Revenue |
$55,892,309 |
$45,006,006 |
24.19% |
|
Sports Wagering Revenue |
$42,533,444 |
$42,412,510 |
0.29% |
|
Video Gaming Terminals Revenue |
$3,518,821 |
$3,648,270 |
-3.55% |
|
iGaming Poker Revenue |
$2,338,087 |
$2,405,721 |
-2.81% |
|
Fantasy Contests Revenue |
$1,256,994 |
$1,228,294 |
2.34% |
|
Total Gaming Revenue |
$558,717,922 |
$504,683,409 |
10.71% |
Slot Machine Revenue
April’s revenue from the play of retail slot machines was $203,094,831, a 1.16% decrease in revenue when compared to the $205,485,828 generated in April 2024.
The number of slot machines in operation in April 2025 was 24,363 compared to 24,890 at the casinos in April 2024.
Slot machine revenue for each of the casinos, with the percentage change reflected over the previous year, is as follows:
|
Casino |
April 2025 Slots Revenue |
April 2024 Slots Revenue |
% Change |
|
Parx Casino |
$31,398,827 |
$31,627,184 |
-0.72% |
|
Wind Creek Bethlehem |
$22,484,142 |
$22,648,114 |
-0.72% |
|
Rivers Casino Pittsburgh |
$20,903,809 |
$21,552,173 |
-3.01% |
|
Mohegan Pennsylvania |
$15,066,512 |
$15,605,963 |
-3.46% |
|
Hollywood Casino at the Meadows |
$13,359,817 |
$13,791,981 |
-3.13% |
|
Live! Casino Philadelphia |
$12,578,702 |
$12,575,159 |
0.03% |
|
Mount Airy Casino Resort |
$11,989,812 |
$12,266,755 |
-2.26% |
|
Rivers Casino Philadelphia |
$11,807,479 |
$12,032,212 |
-1.87% |
|
Hollywood Casino at Penn National Race Course |
$11,528,692 |
$11,684,897 |
-1.34% |
|
Valley Forge Casino Resort |
$9,401,048 |
$9,035,378 |
4.05% |
|
Harrah’s Philadelphia |
$8,833,678 |
$9,080,862 |
-2.72% |
|
Live! Casino Pittsburgh |
$8,142,058 |
$9,126,484 |
-10.79% |
|
Presque Isle Downs and Casino |
$7,631,607 |
$7,476,168 |
2.08% |
|
Hollywood Casino York |
$7,560,618 |
$6,728,004 |
12.38% |
|
Hollywood Casino Morgantown |
$5,261,874 |
$5,338,456 |
-1.43% |
|
Parx Shippensburg |
$3,106,843 |
$3,040,633 |
2.18% |
|
The Casino at Nemacolin |
$2,039,313 |
$1,875,402 |
8.74% |
|
Statewide Total |
$203,094,831 |
$205,485,828 |
-1.16% |
Tax revenue from the play of slot machines in April 2025 was $102,841,807*.
Retail Table Games Revenue
Retail Table Games revenue for April 2025 was $80,604,940, an increase of 2.70% from April 2024 when revenue was $78,482,947.
Table games revenue for each of the casinos, with the percentage change reflected over the previous year, is as follows.
|
Casino |
April 2025 Table Games Revenue |
April 2024 Table Games Revenue |
% Change |
|
Wind Creek Bethlehem |
$23,971,086 |
$21,882,043 |
9.55% |
|
Parx Casino |
$16,102,523 |
$15,718,477 |
2.44% |
|
Live! Casino Philadelphia |
$9,233,598 |
$7,704,612 |
19.85% |
|
Rivers Casino Philadelphia |
$7,937,680 |
$6,993,058 |
13.51% |
|
Rivers Casino Pittsburgh |
$5,950,178 |
$6,154,381 |
-3.32% |
|
Valley Forge Casino Resort |
$2,883,706 |
$2,797,020 |
3.10% |
|
Mount Airy Casino Resort |
$2,380,314 |
$2,949,545 |
-19.30% |
|
Harrah’s Philadelphia |
$2,271,048 |
$2,071,503 |
9.63% |
|
Mohegan Pennsylvania |
$2,026,335 |
$2,662,142 |
-23.88% |
|
Hollywood Casino at the Meadows |
$1,632,924 |
$2,387,398 |
-31.60% |
|
Hollywood Casino York |
$1,496,542 |
$1,086,823 |
37.70% |
|
Hollywood Casino at Penn National Race Course |
$1,321,634 |
$2,176,702 |
-39.28% |
|
Live! Casino Pittsburgh |
$1,195,412 |
$1,375,312 |
-13.08% |
|
Presque Isle Downs and Casino |
$1,075,228 |
$1,319,443 |
-18.51% |
|
Hollywood Casino Morgantown |
$786,348 |
$870,996 |
-9.72% |
|
The Casino at Nemacolin |
$292,200 |
$263,030 |
11.09% |
|
Parx Shippensburg |
$48,185 |
$70,462 |
-31.62% |
|
Statewide Total |
$80,604,940 |
$78,482,947 |
2.70% |
Total tax revenue from table games play during April 2025 was $13,496,060*.
Internet Casino-Type Gaming (iGaming) Revenue
Casino games offered online generated monthly gross revenue totaling $227,708,892 during April 2025. Compared to revenue of $173,425,559 in April 2024, this represents an increase of 31.30%.
A breakdown of revenue of casino games offered online is as follows:
|
Casino Operator |
iSlots Revenue |
iTables Revenue |
iPoker Revenue |
Total iGaming Revenue |
|
Hollywood Casino at Penn National Race Course |
$57,479,821 |
$25,212,629 |
$498,895 |
$83,191,345 |
|
Valley Forge Casino Resort |
$48,266,132 |
$18,464,415 |
|
$66,730,547 |
|
Rivers Casino Philadelphia |
$31,127,572 |
$4,490,644 |
$266,573 |
$35,884,789 |
|
Harrah’s Philadelphia |
$8,115,975 |
$2,670,850 |
$378,874 |
$11,165,698 |
|
Golden Nugget |
$7,136,062 |
$534,327 |
|
$7,670,389 |
|
Parx Casino |
$4,809,436 |
$960,916 |
|
$5,770,352 |
|
Live! Casino Philadelphia |
$3,737,078 |
$861,343 |
|
$4,598,421 |
|
Mount Airy Casino Resort |
$1,755,991 |
$510,777 |
$1,193,745 |
$3,460,513 |
|
Presque Isle Downs and Casino |
$1,859,955 |
$1,253,532 |
|
$3,113,487 |
|
Bally’s Pennsylvania |
$2,570,604 |
$387,637 |
|
$2,958,241 |
|
Mohegan Pennsylvania |
$1,528,712 |
$301,957 |
|
$1,830,668 |
|
Wind Creek Bethlehem |
$1,091,159 |
$243,283 |
|
$1,334,442 |
|
Statewide Total |
$169,478,496 |
$55,892,309 |
$2,338,087 |
$227,708,892 |
Tax revenue generated from iGaming during April 2025 was $100,825,684*.
Total iGaming revenue for each of the casinos during April 2025 and April 2024, if applicable, is as follows:
|
Operator |
April 2025 |
April 2024 |
% Change |
|
Hollywood Casino at Penn National Race Course |
$83,191,345 |
$62,315,703 |
33.50% |
|
Valley Forge Casino Resort |
$66,730,547 |
$48,092,985 |
38.75% |
|
Rivers Casino Philadelphia |
$35,884,789 |
$30,642,859 |
17.11% |
|
Harrah’s Philadelphia |
$11,165,698 |
$9,409,722 |
18.66% |
|
Golden Nugget |
$7,670,389 |
$3,544,056 |
116.43% |
|
Parx Casino |
$5,770,352 |
$4,990,916 |
15.62% |
|
Live! Casino Philadelphia |
$4,598,421 |
$3,436,705 |
33.80% |
|
Mount Airy Casino Resort |
$3,460,513 |
$3,956,965 |
-12.55% |
|
Presque Isle Downs and Casino |
$3,113,487 |
n/a |
n/a |
|
Bally’s Pennsylvania |
$2,958,241 |
$3,812,426 |
-22.41% |
|
Mohegan Pennsylvania |
$1,830,668 |
$1,412,160 |
29.64% |
|
Wind Creek Bethlehem |
$1,334,442 |
$1,811,063 |
-26.32% |
|
Statewide Total |
$227,708,892 |
$173,425,559 |
31.30% |
Sports Wagering Revenue
April 2025 total sports wagering handle was $711,569,216, 10.14% above the April 2024 total of $646,061,065.
The taxable revenue figure for April 2025 was $42,533,444, or 0.29% higher when compared to April 2024, when taxable revenue was $42,412,510.
April 2025 sports wagering total handle and revenue are as follows:
|
Casino Operator |
Total Handle2 |
Retail Revenue |
Online Revenue |
Total Revenue |
|
Valley Forge Casino Resort |
$269,836,185 |
-$35,399 |
$20,110,270 |
$20,074,871 |
|
Hollywood Casino at the Meadows |
$185,602,950 |
$53,276 |
$12,092,299 |
$12,145,575 |
|
Presque Isle Downs and Casino |
$34,243,132 |
$31,271 |
$1,881,058 |
$1,912,329 |
|
Hollywood Casino at Penn National |
$32,151,458 |
$72,749 |
$1,604,825 |
$1,677,575 |
|
Hollywood Casino Morgantown |
$60,055,196 |
-$26,384 |
$1,510,609 |
$1,484,225 |
|
Harrah’s Philadelphia |
$25,824,434 |
$134,774 |
$1,105,911 |
$1,240,686 |
|
Hollywood Casino York |
$42,038,254 |
$918 |
$1,177,446 |
$1,178,364 |
|
Parx Casino |
$14,986,726 |
$263,367 |
$676,869 |
$940,237 |
|
Rivers Casino Pittsburgh |
$25,411,936 |
$218,799 |
$460,660 |
$679,459 |
|
Rivers Casino Philadelphia |
$12,149,428 |
$66,794 |
$512,660 |
$579,454 |
|
Live! Casino Pittsburgh |
$1,087,213 |
$247,640 |
$0 |
$247,640 |
|
Live! Casino Philadelphia |
$5,490,455 |
$151,438 |
$0 |
$151,438 |
|
Mohegan Pennsylvania |
$717,634 |
$117,077 |
$0 |
$117,077 |
|
Mohegan Lehigh Valley1 |
$712,790 |
$90,238 |
$0 |
$90,238 |
|
Wind Creek Bethlehem |
$828,888 |
-$620 |
$36,053 |
$35,434 |
|
Parx Shippensburg |
$42,879 |
$5,585 |
$0 |
$5,585 |
|
Mount Airy Casino Resort |
$389,661 |
-$26,742 |
$0 |
-$26,742 |
|
Statewide Total |
$711,569,216 |
$1,364,783 |
$41,168,661 |
$42,533,444 |
1 Operated by Mohegan Pennsylvania
2 A breakout of the handle between retail and online sportsbooks can be found on the website report.
Sports wagering revenue for each of the casinos and plus the one Off Track Betting facility during April 2025 and April 2024, if applicable, is as follows:
|
Operator |
April 2025 Sports Wagering Revenue |
April 2024 Sports Wagering Revenue |
% Change |
|
Valley Forge Casino Resort |
$20,074,871 |
$25,415,372 |
-21.01% |
|
Hollywood Casino at the Meadows |
$12,145,575 |
$9,828,569 |
23.57% |
|
Presque Isle Downs and Casino |
$1,912,329 |
$66,814 |
2762.17% |
|
Hollywood Casino at Penn National Race Course |
$1,677,575 |
$2,166,095 |
-22.55% |
|
Hollywood Casino Morgantown |
$1,484,225 |
$1,120,894 |
32.41% |
|
Harrah’s Philadelphia |
$1,240,686 |
$508,970 |
143.76% |
|
Hollywood Casino York |
$1,178,364 |
$635,301 |
85.48% |
|
Parx Casino |
$940,237 |
$1,343,210 |
-30.00% |
|
Rivers Casino Pittsburgh |
$679,459 |
$771,772 |
-11.96% |
|
Rivers Casino Philadelphia |
$579,454 |
-$591,769 |
-197.92% |
|
Live! Casino Pittsburgh |
$247,640 |
$87,253 |
183.82% |
|
Live! Casino Philadelphia |
$151,438 |
$587,965 |
-74.24% |
|
Mohegan Pennsylvania |
$117,077 |
$168,079 |
-30.34% |
|
Mohegan Lehigh Valley2 |
$90,238 |
$176,609 |
-48.91% |
|
Wind Creek Bethlehem |
$35,434 |
-$14,766 |
-339.96% |
|
Parx Shippensburg |
$5,585 |
$14,302 |
-60.95% |
|
Mount Airy Casino Resort |
-$26,742 |
$14,342 |
n/a |
|
South Philly Race & Sportsbook1 3 |
n/a |
$113,499 |
n/a |
|
Statewide Total |
$42,533,444 |
$42,412,510 |
0.29% |
1Operated by Parx Casino
2 Operated by Mohegan Pennsylvania
3 No longer operating
Tax revenue generated from sports wagering during April 2025 was $15,312,040*.
Video Gaming Terminals
Total adjusted revenue for April 2025 for video gaming terminals (VGTs) was $3,518,821, 3.55% lower than April 2024 when revenue was $3,648,270. By the end of April 2025, all VGT Operators offered the maximum permitted five machines at each of the 74 qualified truck stop establishments, compared to five machines at each of the 74 establishments at this time last year.
Truck Stop VGT adjusted revenue for each of the terminal operators during April 2025 is as follows:
|
VGTs Terminal Operator |
April 2025 VGT Revenue |
April 2024 VGT Revenue |
% Change |
|
Marquee by Penn1 |
$2,407,652 |
$2,388,864 |
0.79% |
|
J&J Ventures Gaming2 |
$800,157 |
$960,004 |
-16.65% |
|
Jango3 |
$311,012 |
$249,650 |
24.58% |
|
Accel Entertainment Gaming5 |
$0 |
$4,696 |
n/a |
|
Venture Gaming LLC4 |
$0 |
$45,056 |
n/a |
|
Statewide Total |
$3,518,821 |
$3,648,270 |
-3.55% |
1 operated VGTs in 32 establishments during April
2 operated VGTs in 27 establishments during April
3 operated VGTs in 13 establishments during April
4 operated VGT’s in 2 establishments but were not operational during April
5 operated VGTs in no establishments during April
Tax revenue collected from the play of VGTs in April 2025 was $1,829,787*.
Fantasy Contests
Fantasy Contests revenue was $1,256,994 in April 2025, an increase of 2.34% over April 2024, when revenue was $1,228,294
|
Fantasy Contests Operator |
April 2025 Fantasy Revenue |
April 2024 Fantasy Revenue |
% Change |
|
DraftKings |
$945,998 |
$915,949 |
3.28% |
|
FanDuel |
$181,113 |
$211,873 |
-14.52% |
|
Underdog Sports, Inc. |
$114,632 |
$84,085 |
36.33% |
|
Yahoo Fantasy Sports |
$10,635 |
$11,038 |
-3.65% |
|
Fantasy Sports Games LLC |
$2,760 |
$3,460 |
-20.24% |
|
Sportshub Technologies |
$1,937 |
$1,844 |
5.03% |
|
OwnersBox |
-$81 |
$37 |
-316.83% |
|
Jock MKR |
n/a |
$8 |
n/a |
|
Statewide Total |
$1,256,994 |
$1,228,294 |
2.34% |
Tax revenue collected from the play of Fantasy Contests in April 2025 was $188,549*.
*All tax revenue figures reflect amount generated prior to any adjustments by the PA Department of Revenue
The post PA Gaming Control Board Reports a Nearly 11% increase of Gaming Revenue in April appeared first on Gaming and Gambling Industry in the Americas.
It was a strong year
The Nordic gaming company Paf performed well in 2024, despite a slight decline in earnings. Paf’s open customer segment demonstrates that it is possible to be a sustainable entertainment company with decisive loss limits to prevent excessive gambling.
The Paf Group’s turnover increased from €177.1 million to €183.0 million in 2024, a rise of 3%. However, earnings decreased from €55.1 million to €54.3 million.
“We had a strong 2024, and we can be really pleased with the year. The trend of increased gambling taxes is bringing down earnings, but this was something we were prepared for,” said Christer Fahlstedt, CEO.
Paf’s profit decreased by 1%, primarily due to increased gaming taxes. Paf paid €11.8 million more in taxes in 2024 than in 2023. In particular, the lottery tax increased in Finland from 5% to 12%, and in Sweden from 18% to 22%.
“Paf is well equipped to handle tax increases thanks to our customer base, which generates long-term income from a large number of players who play for smaller amounts. Taxes on gaming companies are necessary, so that other gaming companies also can contribute back to society,” says Christer Fahlstedt.
21.5 million euros in Paf funds
The annual distribution of Paf funds will be €21.5 million. These funds are used for the benefit of society, including social activities, culture, youth work, sports, environmental activities, and more.
“The level of Paf funds that can be maintained year after year, combined with the voluntary measures taken in relation to responsible gaming towards customers, is impressive. There is no other company in the industry that is currently achieving anything similar,” says Jan-Mikael von Schantz, Chairman of the Paf Board.
Entertainment on sustainable terms
In 2024, Paf lowered the loss limit for young customers aged 20–24. Then, in March 2025, the loss limit for young customers was reduced again, and at the same time, the general loss limit for all age groups was lowered to €16,000.
“We want to be a sustainable entertainment company, and our results show that it is possible to achieve strong results without compromising on responsible gaming. I am genuinely surprised and a little disappointed that our state-owned counterpart Veikkaus in Finland has chosen to raise its loss limit this spring. But we are going our own way and they are going in a different direction,” says Christer Fahlstedt.
Open customer segments 2017–2024
The table below shows the development of gaming in different customer segments from 2017 to 2024. The red segment has been at zero in recent years, as Paf’s loss limits have prevented larger losses. The white segment shows the percentage of winning players who ended the year in profit.
“We are increasing revenue from the green segment by 12.3%, which benefits our development towards more sustainable revenue. We would like to see more operators be as open and transparent with their numbers as we are,” says Christer Fahlstedt.
All the numbers in Paf’s customer segments have been reviewed by auditors as part of the financial statement audit.
Read Paf’s full Annual Report for 2024 on aboutpaf.com/corporate/annual-reports.
The post Paf’s results for 2024 appeared first on European Gaming Industry News.
Golden Matrix Group Inc. (NASDAQ: GMGI) (“Golden Matrix” or the “Company”), a developer, licensor, and global operator of online gaming platforms, today announced financial and operational results for the first quarter ended March 31, 2025. The quarter reflects the Company’s strong group execution, platform innovation, and continued expansion across regulated gaming markets.
Brian Goodman, CEO of Golden Matrix, commented, “We entered fiscal 2025 with elevated operating efficiency and diversified revenue streams that continue to scale across high-growth markets. Our raffle segment reached all-time highs, our debt profile strengthened meaningfully, and our B2B and B2C businesses are both operating from positions of renewed financial and strategic strength.”
Financial and Strategic Highlights
-
Record Raffle Segment Performance: The Company’s raffle businesses reported all-time highs in revenue, ticket sales, and prize values. User growth surged 146% year-over-year, with 26,000 new registrations in Q1.
-
Strategic Balance Sheet Optimization: GMGI eliminated approximately $9.6 million in Lind Global debt and converted over $9.5 million in Meridianbet acquisition-related debt into equity this year, enhancing financial flexibility.
-
Revenue Growth: Q1 2025 consolidated revenue was $42.7 million, up 72% year-over-year, partially impacted by a negative 4% FX headwind
-
Gross Profit: Gross profit reached $24.2 million, with a consolidated gross margin of approximately 57%. Meridianbet gross margin improved to 72%, while the combined GMAG and Rkings/CFAC segments improved to 29%.
-
The Company had a net loss of $300,000 or a 0-cent loss per share. This was a decline of $4.2 million, or 5-cents a share, from the same period last year. The decline was due to an increase in acquisition-related amortization of $1.7 million, interest expense of $1.5 million, and stock-based compensation of $1 million.
-
Adjusted EBITDA(1) declined by $0.3 million, or 5%, to $5.6 million, as increased gross profit was offset by an operating spend increase to expand our business geographically, improve our market share, and advance our gaming technology in support of full-year growth initiatives.
Meridianbet Performance
Zoran Milosevic, CEO of Meridianbet, commented, “Our Q1 results demonstrate focused execution across regulated markets, bolstered by operational efficiency and continuous innovation. We are deepening user engagement, expanding licensing coverage, and strengthening our position as a global operator of choice.”
-
Brazil: Secured a permanent online betting license, unlocking full national access in a projected $5.6 billion gross gaming revenue market for 2025.
-
Africa: Launched B2B operations in Nigeria through a fully licensed local entity, entering one of Africa’s most dynamic gaming economies.
-
Serbia: Renewed a 10-year online license, preserving regulatory continuity in a mature and profitable core market.
-
User Metrics: First-time deposits grew 56%, new registrations rose 22%, and total deposits increased 12% compared to Q1 2024.
-
Expanse Studios: Meridianbet’s proprietary game development arm expanded its North American footprint with five new integrations into U.S.-based sweepstakes casinos. The studio also advanced its in-house content roadmap, including an enhanced crash games portfolio and anticipates licensing in Romania for Q2.
Financial Outlook
Golden Matrix expects full-year 2025 revenue to range between $190 million and $195 million, reflecting a growth rate of 26% to 29% over 2024. The Company continues to invest in technology, content, and international licenses to drive long-term shareholder value.
Rich Christensen, CFO of Golden Matrix, added, “We’re executing on disciplined capital allocation and long-term strategic investments. Our improving net leverage, healthy free cash flow, and scalable platform position us to accelerate growth across 2025 and beyond.”
(1)Adjusted EBITDA is a non-GAAP financial measure. See also “Non-GAAP Financial Measures” and “Reconciliation of Net Income to Adjusted Earnings excluding Interest Expense, Interest Income, Tax, Depreciation Expense, Amortization Expense, Stock-based Compensation Expense and Restructuring Costs”, included in the tables at the end of this release.
In terms of GAAP accounting and Meridianbet being the accounting acquirer, the comparisons presented are correctly stated and are reflective of our new structure. Comparisons presented in terms of GAAP are the consolidated Company’s results against Meridianbet Group historical results and not against Golden Matrix Group’s, historical results.
The full visual presentation and the earnings call can be accessed at 8:00am ET on the Golden Matrix Group IR website at goldenmatrix.com/events-presentations/.
For more information, please visit goldenmatrix.com.
The post Golden Matrix Posts Strong Q1; Eliminates Debt and Accelerates Market Expansion appeared first on European Gaming Industry News.
-
Latest News4 weeks ago
The winners of the Casino Guru Awards 2025 announced: A night of celebration, integrity, and inspiration
-
Latest News4 weeks agoThat was unforgettable! – The Boomerang Bet “AC Milan vs. Bologna Trip” Instagram Giveaway winner shared his emotions
-
Latest News4 weeks ago
DATA.BET Rolls out Full-Service Sportsbook Solution
-
Latest News4 weeks ago
Atlaslive Analysis: European Gambling Market Enters €123.4 Billion Digital-First Era
-
Latest News3 weeks ago
Meet 22Bet Partners at iGB Live London: Tennis, Talks & Wimbledon Dreams
-
Latest News4 days ago
Current Games Activates the Nitro on Neon-Soaked Arcade Combat Racer: Cyber Clutch: Hot Import Nights
-
Latest News4 days ago
NODWIN Gaming partners with Esports World Cup Foundation to manage media rights sales across South Asia
-
Latest News3 weeks ago
IGT Lottery Becomes Brightstar Lottery
