Gambling.com Group reported revenue of $23.5m for the three-month period ending on September 30, surpassing expectations and showing a 19% increase compared to Q3 2021. The group expects a 50% growth in adjusted EBITDA for 2023.
The group highlighted the strong performance of its North American revenue, which saw a 42% year-on-year increase to $12.9m. This growth was attributed to successful media partnerships at the beginning of the fall sports season. Currently, the North American region accounts for 54% of the group’s revenue, compared to 46% in Q3 2021.
While there was a moderation in revenue from the UK and Ireland, following seven quarters of consistent growth, Gambling.com Group remains confident in the potential for future growth, including through its partnership with The Independent.
Revenue growth was supported by a 26% rise in new depositing customers, exceeding 86,000. This achievement is notable considering Q3 is traditionally a slower quarter. Additionally, the launch of the affiliate site Casinos.com in July contributed to the period’s success.
Looking ahead, Gambling.com Group projects that it will meet forecasts, with revenue expected to grow over 30% and adjusted EBITDA anticipated to increase by over 50%. The group emphasizes its commitment to capital efficiency and generating strong Free Cash Flow, which already exceeds the 2022 full-year level.
CEO and co-founder Charles Gillespie expressed confidence in the group’s consistent performance and ability to scale strategic media partnerships, leading to continued market share gains. The group foresees profitable organic growth opportunities in existing markets, as well as through expansions in new markets in North America and globally.
The group’s focus on generating attractive adjusted EBITDA margins and strong Free Cash Flow conversion is expected to contribute to increasing shareholder value.
