Gambling.com Group’s Q2 2024 revenue rises by 18% to record high

Garance Limouzy August 16, 2024

The provider of digital marketing services for the global online gambling industry, Gambling.com Group Limited, announced its financial results for the second quarter of 2024. The company delivered a strong performance, with revenue hitting a record $30.5 million, an 18 percent increase compared to last year. Net income soared to $6.9 million.

Strong financial performance

In Q2 2024, Gambling.com Group reported a record Adjusted EBITDA of $11.2 million, with a margin of 37 percent, up from $9.4 million and a margin of 36 percent in the prior-year period. Gross profit also saw a 16 percent rise to $29.1 million, despite a $0.5 million increase in cost of sales due to media partnerships.

Operating expenses were reduced by 15 percent to $20.8 million but was partially offset by increases in sales, marketing, and technology expenses.

Business highlights

Gambling.com Group’s Q2 success was marked by the delivery of over 108,000 new depositing customers (NDCs), a 19 percent year-over-year increase, across 15 national markets, covering all aspects of the online gambling industry, including iGaming, sports betting, and fantasy sports.
The company completed the acquisition of Freebets.com and related assets on April 1st, with an initial consideration payment of $20 million.
Additionally, the company repurchased 833,770 shares at an average price of $8.17 per share during the quarter, followed by an additional 798,061 shares at $8.87 per share after the quarter ended.

Updated 2024 outlook

Reflecting its robust Q2 performance, Gambling.com Group has updated its full-year 2024 guidance. The company now expects revenue of at least $123 million and Adjusted EBITDA between $44 million and $47 million. This represents a year-over-year growth of 15 percent and 24 percent, respectively, at the midpoints of the guidance ranges. The previous guidance projected revenue of $118 million to $122 million and Adjusted EBITDA of $40 million to $44 million.

Charles Gillespie (pictured above), CEO and Co-Founder of Gambling.com Group, expressed confidence in the company’s continued growth, stating, “Our second quarter results demonstrate the power of our high-intent audience and the value we deliver to our online gambling operator clients. As we expand our footprint and leverage industry opportunities, we see a clear path to achieving our goal of $100 million in annual Adjusted EBITDA.”

Elias Mark, CFO of Gambling.com Group, added, “Our faster-than-expected portfolio re-calibration has accelerated the performance of our owned and operated assets, driving our impressive Q2 results and reinforcing our resilience in both European and North American markets.”