- Legal States
Fiona Simmons June 1, 2022 2 min read
Gambling Group Hits 70% Increase in Q1 2022 Revenue
Gambling Group is doing alright and North America has a huge part to play in the present-day success of the company which reported a 70% increase in revenue over the first three months of the year ended on March 31. This puts Gambling Group in a unique position where it has once again consolidated its presence in the gambling affiliate market, and not least, has been able to make good use of its reach and clout in the North American market.
Gambling Group Chalks Up Record Quarterly Results
Gambling Group has been pushing hard to consolidate its reach focusing on various complementary assets over the past months. It managed to acquire RotoWire and BonusFinder, two prominent names in the B2C sector which have already been making an impact it seems, although no financial details about these two assets were offered at the time of the update.
North American revenue alone grew 544% year-over-year and ended at $10.6 million. The group operates in 15 national markets and runs no fewer than 50 websites. The quarter was strong in terms of player acquisition with some 67,000 new depositors realized over the first three months. New York and Louisiana launches have definitely contributed to this.
The overall group gross profit stood at $18.4 million. Operating profit was posted at $4.3 million, which is worse than the $5.2 million posted in the same period a year earlier. More aggressive marketing strategies may be able to explain why operating profit dropped a little.
Strong Performance Across the Board
Commenting on this, Gambling.com Group CFO Elias Mark spoke about the results and said that the present results constituted the best performance registered over a quarter in the group’s history:
“We saw our accelerated investments in the business during the second half of 2021 start to pay off, and grew revenue 70% to deliver the best quarterly performance in the group’s history.”Gambling.com Group CFO Elias Mark
Mark offered a transparent overview of the company’s results and what was driving them in the first place. Acquisitions have impacted results positively he admitted, and better than initial expectations. Another record year lies ahead, Mark added, confirming the group’s guidance for 2022.