Aspire Global released in a trading update today its 2021 first quarter report posting another quarter of record high revenue and earnings before interest, tax, depreciation and amortization (EBITDA).
The technology solutions provider for the iGaming industry picked up in 2021 right where it left in 2020, posting revenue of €48.1 million for the quarter, an increase of 42.6% compared to €33.7 million for the respective quarter in the year prior. Organic growth for the three-month period stood at 35.6%.
Aspire Global said growth was “driven by strong development in all segments”, as well as the acquisition of leading sportsbook provider BtoBet in September 2020 which strengthened Aspire Global’s portfolio, with the addition of a world-class sportsbook to the game aggregation platform of Pariplay acquired in 2019.
Q1 2021 EBITDA jumped to €8.6 million, up 64.2% compared to the 2020 first quarter reading of €5.2 million, while EBITDA margin increased from 15.5% in the respective quarter of 2020 to 17.8% now.
Accounting for depreciation, EBIT stood at €6.5 million, up from €3.9 million in Q1 2020, an increase of 66.3%. After paying tax, Aspire Global achieved earning of €6.1 million, 140% increase to its 2020 first quarter result of €2.5 million. Diluted per share of company capital, earnings accounted for €0.13, up 160% from the €0.05 posted in Q1 2020.
Commenting the financial results, Aspire Global CEO Tsachi Maimon noted “this consistent performance demonstrates Aspire Global’s ability to execute its growth strategy and create value”, explaining the group’s significant progress with recent developments in the US and the UK.
In the US, Aspire Global had its game studio and aggregator platform Pariplay granted an Interim iGaming Supplier License in West Virginia in January, followed by a launch in New Jersey with Rush Street Interactive.
Outside of the reported quarter, in April, Aspire Global signed a deal with platform provider GAN to see its Pariplay footprint expand through the available in New Jersey, Pennsylvania and Michigan platform. Aspire Global CEO noted the company already filed applications for accessibility in Pennsylvania and Michigan.
In the UK, the biggest European iGaming market, the company was granted certification to its sportsbook brand BtoBet, which then signed a strategic partnership for UK, Ireland and Ghana with Small Screen Casinos, to underline its ability to configure technology to meet specific operator needs.
CEO Maimon outlined that prior to the acquisition of BtoBet, Aspire Global sports revenue constituted only 7.6% of its total in Q1 2020, while for the reported quarter sports accounted for 15.2% of total revenue.
Aspire Global’s Pariplay aggregation platform also strengthened its position in the UK by teaming up with the largest independent betting brand in the country Betfred.