- COMPANY RESULTS
Gambling.com and Casinos.com owner is looking to further expansion in North America after a 42% revenue uplift there pushed the group to a record quarterly return of $23.5m.
Revenue for the three months to 30 September was up 19% compared to the same period in 2022. Adjusted EBITDA fell 6% year-on-year to $6.1m with the margin also falling to 26% from 33%, but the group reaffirmed its expectation for this metric to grow by 50% in 2023. NDCs grew by 26% to exceed 86,000 in what is a traditionally a slower quarter.
Break on through
CEO Charles Gillespie attributed the better-than-expected performance to strong growth in its owned assets being supported by a ‘breakout’ performance from its media partnerships from the start of the autumn sports season.
“Our ability to quickly scale our strategic media partnerships complements the growth from our influential owned websites.”
The NA region accounted for 54% of revenue for the owner of the US-facing Bookies.com and RotoWire.com, up from 46% a year earlier.
This performance was partially offset by a “moderation in UK and Ireland”, following seven consecutive quarters of average revenue growth of 28%. Gillespie however expressed confidence that strong opportunities for growth remained there, not least from the UK partnership with the Independent.
The period was also boosted by the launch of its new site on the Casinos.com domain.
Right on track
Gross profit of $21.3m was up 12% year-on-year despite an increase in cost of sales.
Revenue trajectory and a “disciplined focus on capital efficiency” generated free cash flow for the first nine months of $16.3m, already ahead of the FY figure for 2022.
With revenue up 38% year-on-year to $76.1m for the first nine months and adjusted EBITDA of $26.1m up by 52%, the group has forecast these to grow by more than 30% and 50% respectively in 2023.