Gambling.com publishes preliminary Q1 2023 revenue of over $26m
Nasdaq-listed affiliate reports an EBITDA margin of 39% to 40% as it plots Casinos.com launch this year
Gambling.com Group has posted preliminary Q1 2023 revenue of between $26.4m (£21.27m) and $26.9m.
The affiliate also confirmed that it expects its net income to be between $6.3m and $6.8m for the period.
Also, it is anticipated that the cash flow generated by its activities would be between $6.8 million and $7.3 million, with free cash flow hovering between $5.9 million and $6.4 million.
Considering these figures, the heavyweight would not call them that. affiliate expects its adjusted EBITDA to be in the range of $10.3m and $10.8m, representing an EBITDA margin of 39%-40%.
Speaking on these preliminary results, Charles Gillespie, CEO and co-founder of Gambling.com Group, commented: “Our preliminary 2023 first quarter results exceeded internal forecasts. These results reflect strong organic growth driven by the robust ramp up of our North American operations and ongoing momentum in our established markets.
“These preliminary results also highlight the benefits of our operating model, which enables us to simultaneously deliver impressive top line, profitability and cash-flow growth. With the strong start to 2023, we remain confident that Gambling.com Group is on track for another year of record revenue, adjusted EBITDA and free cash flow,” Gillespie added.
At the start of the quarter, Gambling.com Group acquired the domain name Casinos.com as it looks to expand its scope beyond its traditional sports betting focus.
The site will launch at some point this year with an initial focus on the US, UK, Ireland, Canada and New Zealand markets.
At the time, Gillespie said: “We’re incredibly excited to have acquired the domain Casinos.com. We don’t think a better domain exists for us to share our incredibly deep knowledge of the online casino business with online casino players.
“We’ve always been a casino-focused company. While Gambling.com offers 360-degree coverage of the entire industry, Casinos.com will have a narrower casino-only focus allowing us to go deeper still on our favourite part of the industry.”
Gillespie spoke to EGR Intel in February about his near-two-decade tenure leading the affiliate, and how he’s banking on US and European gains and selective M&A complementing organic growth to take the business to new heights.