Gambling.com’s Q1 Revenue Hits Record with 36% Increase

The leading provider of digital marketing services for the global iGaming vertical, Gambling.com, released its latest trading update. On Thursday, the company released its unaudited first quarter results, outlining its performance for the three months ended March 31, 2023.

Judging by the recent data, Gambling.com saw strong growth in revenue, hitting $26.7 million for Q1 2023. When compared to the $19.6 million result from the corresponding period in 2022, this year, a solid increase of 36% is observed.

Additional details released by the leading provider of digital marketing services revealed that its net income for the period attributable to shareholders hit $6.6 million, up by 47% when compared to the same period last year. Not unexpectedly, adjusted EBITDA for the period increased as well, hitting $10.7 million, representing 49% growth.

In addition to the financial results, Gambling.com highlighted multiple achievements and milestones it hit during the first quarter of this year. The company saw a strong performance from its North American operations. Overall, its North American revenue grew to $14.1 million, representing an increase of 33%.

What’s more, Gambling.com acknowledged it successfully launched its operations in Massachusetts, as well as Ohio in Q1, 2023. Further complementing its growth, the company entered into a strategic media deal with the publisher of USA Today, Gannett Co.

For the first quarter of 2023, Gambling.com saw more than 88,000 new depositing customers. In light of the outstanding results, the company confirmed it raised its 2023 guidance to revenue of $95 million to $99 million.

Results Exceed the Company’s Expectations

Charles Gillespie, Gambling.com Group’s CEO, acknowledged that the company’s latest results exceeded its initial expectations. Moreover, he spoke about the organic revenue growth the company witnessed in the first quarter of 2023. Gillespie added that the record performance in Q1 represents the successful execution of the company’s “North American growth initiatives and our success in generating ongoing attractive growth in more established markets.”

“Our record first quarter 2023 results exceeded internal forecasts and reflect industry-leading organic revenue growth as well as strong profitability and cash generation.“

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

The Group’s CEO and co-founder said that the new depositing customers for the first quarter this year increased by 31% when compared to the results from the same period last year. According to Gillespie, this increase helped boost the year-over-year revenue growth. In line with the strong start of the year, the CEO said that the company raised its 2023 full-year guidance and predicted further growth and outstanding financial results through the end of the year and beyond.