Gambling.com Reports Solid Q3 Growth, Raises Full-Year Expectations

The provider of digital marketing services powering the global online gambling industry, Gambling.com, released its latest financial update.

A New Quarterly Revenue Record

On Thursday, the company uncovered details regarding its performance for the third quarter ended September 30, 2024, pointing to strong adjusted EBITDA growth in combination with an increase in revenue. Besides details regarding its performance in Q3 2024, Gambling.com updated its 2024 revenue and adjusted EBITDA guidance.

Notably, the reported revenue for the three months ended September 30, 2024, soared to $32.1 million. A comparison year-over-year to the $23.5 million result from the corresponding period in 2023 reveals that this year an increase of 37% is observed. In addition, the Q3 2024 revenue marked a new quarterly record for Gambling.com.

Further highlights from the latest financial update reveal that adjusted EBITDA for the period also marked an increase. In total, Gambling.com’s Q3 2024 adjusted EBITDA hit $12.6 million. A year-over-year comparison points to a 108% increase when compared to the $6.1 million result from the same period in 2023. Equally as important, the company acknowledged an increase in its adjusted EBITDA margin from 26% in Q3 last year to 39% during the latest trading period.

Another key aspect of Gambling.com’s recent financial update focuses on the number of new depositing customers (NDCs). The company explained that it recorded 116,000 NDCs during the quarter, signaling a year-over-year increase of 35%.

Gambling.com Remains Dedicated to Growth

Charles Gillespie, Gambling.com’s CEO and co-founder, revealed that the outstanding results are a testament to the company’s exceptional efforts in the affiliate sector. He added that the revenue growth in combination with record adjusted EBITDA points to the company’s strong “position as an industry leader in creating value for both our shareholders and our online gambling operator clients.” Focusing on the future, Gillespie said that Gambling.com continues to explore growth opportunities and remains dedicated to reaching an annual adjusted EBITDA of $100 million.

“Our record third quarter and year-to-date results reflect our best-in-class execution in the affiliate sector to consistently grow market share around the world.“

Charles Gillespie, CEO and co-founder of Gambling.com Group

When it comes to the 2024 outlook, Gambling.com raised its expectations for revenue and adjusted EBITDA. Per the recent update, the company expects full-year adjusted EBITDA between $46.5 million and $48.5 million, as well as revenue between $125 million and $127 million. The aforementioned figures suggest year-over-year growth of 29% and 16% respectively.