CHARLOTTE, NC / ACCESSWIRE / June 6, 2023 / Gambling.com Group Limited (NASDAQ:GAMB), a leading provider of digital marketing services for the global online gambling industry, has announced its record-breaking financial results for the first quarter of 2023. The company reported a 36% increase in revenue to $26.7 million, with net income rising by 47% to $6.6 million and adjusted EBITDA increasing by 49% to $10.7 million. As a result, Gambling.com Group has raised its guidance for the full year, now expecting revenue between $95 million and $99 million, and adjusted EBITDA between $33 million and $37 million.
Charles Gillespie, the CEO and Co-Founder of Gambling.com Group, expressed satisfaction with the company's performance, highlighting its industry-leading organic revenue growth, profitability, and cash generation. Gillespie attributed the success to the company's execution of North American growth initiatives and its ability to generate growth in more established markets. The company experienced a 31% increase in new depositing customers over the quarter compared to the same period in the previous year, contributing to the overall revenue growth.
The North American market played a significant role in the company's success, with revenue in the region increasing by 33% year-on-year (y-o-y) to $14.1 million. Despite the blockbuster launch of sports betting in New York during the same period last year, Gambling.com Group still achieved noteworthy growth. The company also performed well in the U.K. and Ireland, generating record-breaking quarterly revenue for the fifth consecutive quarter amounting to $8.5 million for Q1 2023, representing a 36% y-o-y increase.
Gambling.com Group reports it has established itself as a leader in organic revenue growth compared to its publicly-traded peers. The company's proprietary technology has been instrumental in driving growth in established markets and capitalizing on the high-growth potential of the North American market. The strong start to the year has prompted the company to raise its outlook for 2023, expecting another year of profitable organic growth and record financial results.
In addition to its financial success, Gambling.com Group achieved several other milestones in the first quarter of 2023. The company expanded its operations to Ohio and Massachusetts, increasing its market presence. It also formed a strategic media partnership with Gannett Co., Inc., the publisher of USA TODAY, which is expected to enhance its reach and brand awareness.
Elias Mark, the CFO of Gambling.com Group, emphasized the company's focus on efficiency and operating leverage, which enabled an expansion of the adjusted EBITDA margin and a 352% year-over-year growth in free cash flow. The strong financial position of the company provides flexibility for future investments and strategic transactions.
Click here to learn more.
Vice President of Investor Relations
SOURCE: Gambling.com Group
View source version on accesswire.com: