XLMedia has published its financial performance for the first half of 2024, ending on June 30. This period accounts for the company’s strategic sale of assets in Europe and Canada.
Strategic moves
The divestiture aimed to streamline operations and focus on core growth areas. These moves have significantly impacted their revenue and profitability metrics.
Market position
The latest financial results show how these decisions are poised to shape XLMedia’s future market stance.
Strategic move in igaming industry
Earlier this year, XLMedia announced the sale of its sports betting and gaming assets to Gambling.com for a fixed consideration of $37.5 million, with a potential earnout consideration of up to an additional $5 million based on revenue performance.
Financial details
This strategic transaction is expected to enhance Gambling.com’s market position, broadening its reach and consolidating its influence in the highly competitive iGaming industry.
Market impact
The deal underscores the continued consolidation within the iGaming sector, emphasizing the importance of scale and market presence.
Casino affiliate reports revenue of $15.6m
In its latest financial update, the casino affiliate group announced a total revenue of $15.6 million for the reporting period. Split into two distinct segments, the business generated $5.2 million from discontinued operations and $10.4 million from ongoing activities, meeting the expectations set by management.
Revenue breakdown
| Category | Revenue ($M) |
|---|---|
| Discontinued Business | 5.2 |
| Continuing Business | 10.4 |
| Total | 15.6 |
North American revenue drops amid new online sports betting launches
North America saw a significant revenue decline of 39.5% year-over-year, largely attributed to the recent wave of online sports betting launches.
The competitive landscape of new online sports betting platforms has notably impacted the revenue streams. Industry experts are closely monitoring the effects of these new entrants on overall market performance.
