The sale of the MoneyUnder30 domain and website for $675,000 (£542,338/€629,440) concludes the restructuring process, which was initially announced in December. XLMedia, the group behind MoneyUnder30, has been in discussions with various parties about the potential sale of its personal finance division. With the completion of this sale, XLMedia will now shift its focus towards its sports and gaming business. It aims to expand its presence in the North American sports market, enhance and develop its European sports portfolio, and invest in gaming assets in specific markets.
In addition to the sale of MoneyUnder30, XLMedia has also disposed of DoughRoller and other assets, generating a total of $2.1m. These funds will be utilized to support the day-to-day operations of the business. In the financial year ending on December 31, 2022, the personal finance assets generated a revenue of $1.9m. However, there was an earnings before interest, tax, depreciation, and amortization (EBITDA) loss of $1.3m.
Looking ahead to 2023, XLMedia predicts a slow start to the year in terms of financial performance compared to 2022. This is primarily due to the impact of launches in various US states, which have skewed the results. While the launch of sports betting in Ohio had a strong start in Q1, the results in other markets are expected to be lower than last year due to the 2022 launch of online sports betting in New York and later in Massachusetts.
XLMedia also observes a decrease in acquisition spend by operators, resulting in fewer attractive promotions to attract new customers. The company understands that growth in the US market will not follow a linear pattern, with significant spikes occurring during periodic state launches. However, the group anticipates a resurgence in the second half of the year, with the introduction of new products in the sector ahead of the new NFL season.
