May 17, 2024 2 min read

likes: Group Posts Impressive Q1 Results, Updates Outlook also published its 2024 outlook, saying that it now expects FY revenue of $118-122 million and adjusted EBITDA in the range between $40 million and $44 million Group, a provider of digital marketing services to partners within the online gaming industry, has published its financial report for the period ended March 31, 2024. The quarter saw many of the company’s metrics increase, sparking confidence in its ability to generate revenue.

Speaking of revenue, the company reported $29.2 million in revenue for the period, up 9% year-on-year. For reference, the company posted revenue of $26.7 million in the prior year period.’s adjusted EBITDA for Q1 stood at $10.1 million, representing a decline of 5%. Adjusted EBITDA margin, meanwhile, was 35%, down from 40% in Q1 2023.

Cash flow generated by operating activities reached $8.8 million, up 24% year-on-year. The company also reported $8.2 million in free cash flow, reflecting an increase of 32% year-on-year.

In Q1, managed to deliver over 107.000 new depositing customers. also published its 2024 outlook, saying that it now expects FY revenue of $118-122 million and adjusted EBITDA in the range between $40 million and $44 million. These figures represent a slight decline from’s previous guidance but the management remains confident that its assets are better positioned than ever before Is in a Strong Position  

Additional highlights included strong performance in North Carolina where launched in March. The period also saw complete its “highly accretive” acquisition of

In addition, the company’s report highlighted the recently secured $50 million credit facility with Wells Fargo Bank and completed a share buyback program, repurchasing 329,490 shares for an average price of $9.10. The board of directors has since approved an additional share buyback program.

Charles Gillespie, Group’s co-founder and chief executive officer, commented on the matter, saying that the company is off to a great start to the year. He noted that his team’s investments in proprietary technology, a robust portfolio and accretive acquisitions continue to drive consistent growth.

As we continue to expand our industry leadership and influence across global online gambling markets and leverage the many growth drivers we have, we see a clear road ahead to generate substantially higher Adjusted EBITDA and Free Cash Flow.

Charles Gillespie, co-founder & CEO, Group

Elias Mark, the company’s chief financial officer, also commented on the results, praising the record-breaking Q1 results and top-line growth.


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