Gambling.com Group Limited (Nasdaq: GAMB), a Charlotte, N.C.-based provider of digital marketing services for the global online gambling industry, announced its operating and financial results for the year and the fourth quarter ended December 31, 2021.
Financially, the company recorded a full year North American revenue growth of 89% to $7.5m, with total revenue growth of 51% to $42.3m. Revenue increases were primarily driven by growth in revenue from the U.K. and Ireland, Other Europe, and North America, and by additional Cost Per Acquisition, or CPA, commission and bonuses related to achieving certain operator NDC performance targets and fixed fees. The net income amounted to $12.5m, or $0.37 per diluted share, compared to a net income of $15.2m, or $0.49 per diluted share, for the prior year.The Adjusted EBITDA of $18.4m increased 26% compared to $14.6m for the prior year, representing an Adjusted EBITDA margin of 43%. The Free cash flow of $8.4m decreased 22% compared to $10.8m for the prior year.
In the Fourth Quarter 2021, the company’s North American revenue grew 56% to $2.2m compared to $1.4m in the same period for the prior year. Revenue of $10.3m remained consistent to $10.3m in the same period for the prior year. The net income amounted to $0.9m, or $0.02 per diluted share, compared to a net income of $8.5m, or $0.35 per diluted share, in the same period for the prior year. The Adjusted EBITDA of $2.3m decreased 63% compared to $6.1m in the same period for the prior year, representing an Adjusted EBITDA margin of 22%. Finally, free cash flow of $(1.8m) compared to $3.5m for the prior year.
Founded in 2006 and led by Charles Gillespie, Chief Executive Officer, Gambling.com Group Limited is a performance marketing company and a provider of digital marketing services active exclusively in the online gambling industry. The Group operates from offices in Ireland, the United States and Malta. Through its proprietary technology platform, the company publishes a portfolio of premier branded websites including Gambling.com, a preeminent destination across 9 different countries and 4 different languages for consumer education on any form of online gambling, Bookies.com, the platform for online sports betting featuring live odds, expert picks, world class betting tools, advanced betting strategies and reviews and deals for the best sports betting sites, CasinoSource, a comprehensive resource for the top new online casinos, providing all the necessary guidance to find casino reviews, game information, free slots and free spins (you can also have a look at Non GamStop Bets Casinos for other offers), and RotoWire.com, a premium fantasy sports platform featuring market-leading content, data tools and statistical libraries – valuable resources to help sports fans wager with online sportsbooks.
As of March 24, 2022, the Group owns and operates more than 50 websites in seven languages across 15 national markets covering all aspects of the online gambling industry, including iGaming and sports betting.
During 2021, the company completed the public listing of ordinary shares on the Nasdaq Global Market (in July), delivered 117,000 new depositing customers in 2021 compared to 104,000 in 2020, launched several new U.S.- facing websites and acquired a strong portfolio of U.S. specific domain names. Gambling.com also announced the acquisition of RotoWire.com, a leader in U.S online fantasy sports, to leverage its high-quality traffic and drive substantial incremental sports betting affiliate revenue in the U.S., and media partnership with McClatchy in January 2022 to monetize the McClatchy portfolio of digital media assets through sports betting in 29 markets across 14 states.
In 2022, they entered the New York and Louisiana markets in January 2022 and acquired BonusFinder.com to better position the Group for the upcoming market launch in Ontario and further strengthen its North American presence.
Based on currently available information, the Group estimates that, for the full year 2022 total revenue in the range of $71m and $76m; and adjusted EBITDA n the range $22m and $27m.