XLMedia’s 2023 revenue drops but keeps focus on North America

By Dan Kleiner


XLMedia posted across-the-board losses for 2023, but has set new targets for 2024 after selling off its European and Canadian assets.

The affiliate earned a continuing operations revenue of $50.3m (£39.5m/€46.5m) in the full year, which marked a 29% decrease from 2022’s $70.9m. Continuing adjusted EBITDA came in at $12.1m, again down 36% year-on-year, while its total real money players it pushed to operators fell by 11% down to 160,000.

In 2023 XLMedia conducted 55% of its operations in North America with 45% coming from Europe. Back in March of this year, the affiliate announced that it had sold its European and Canadian assets to Gambling.com Group for a fee of up to $42.5m.

In its annual report, the company continued to state its focus on the North American market. It said it will be expanding its footprint, deepening audience relationships and diversifying revenue streams.

Other 2024 targets include expanding media partnerships in preparation for future state launches, working closer with media partners to maximise opportunities in line with the new Google SEO requirements and building a rightsized cost base.

In its other cost reduction measures XLMedia cut its headcount by 47 from 2022 to 2023, but as of 3 April 2024, it currently sits at 100 employees. The business also optimised its spending on sales, content and marketing along with the closure of legacy technology.

CEO David King said XLMedia’s 2024 will be a year of “considerable change”.

“Following the announcement of the sale of the Europe sports and gaming business, we are focused on driving organic revenues in the North American market,” the CEO said. “This is while continuing to expand our footprint in preparation for new state launches when they happen, while also right-sizing the group’s cost base for 2025.

“Having previously focused the group’s strategy towards becoming sports-led with a strong gaming presence, we have now refined this to focus the group’s activities in the North American sports market, while seeking to build the gaming side of the business. 

“The market offers the opportunity for organic growth over the longer term as new operators enter the existing markets and new states legalise online sports betting and online gaming.”

XLMedia estimates that its adjusted EBITDA for 2024 will be around $5m following the sale of its European and Canadian assets.

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