Revenue for the 12 months to 31 December 2021 reached $42.3m, showing a significant increase from the previous year’s $28.0m. This growth was driven by a rise in new depositing customers (NDCs), which saw a 12.5% increase to 117,000. The improved monetization of NDCs was attributed to technological advancements and changes in product and market mix.
Key revenue sources included Cost per Acquisition (CPA) commission, which generated $18.6m, Hybrid commission at $15.6m, revenue share commission at $3.6m, and other revenue at $4.5m. The casino sector accounted for $35.6m of total revenue, followed by sports betting at $6.2m and other sources at $503,000.
The UK and Ireland were highlighted as the core market, contributing over half of the total revenue at $21.4m. Other European revenue amounted to $10.8m, North America revenue stood at $7.5m, and the rest of world revenue was at $2.6m. Major achievements in 2021 included a successful IPO on the Nasdaq Global Market, acquisitions of RotoWire.com and BonusFinder.com, and entry into the New York online sports betting market.
Total operating expenses increased by 83.9% to $30.9m, driven by investments in growth initiatives and higher administrative costs associated with being a public company. Operating profit increased by 2.7% to $11.4m, resulting in a pre-tax profit of $12.2m. Adjusted EBITDA reached $18.4m, a 26.0% increase year-on-year.
Looking ahead to 2022, the group anticipates revenue between $71.0m and $76.0m, with adjusted EBITDA in the range of $22.0m to $27.0m. The affiliate model is expected to provide higher ROI investments for B2C operators, supporting continued growth in performance marketing revenue.
