Digital marketing services provider for the global igaming industry, Gambling.com Group, has published its operating and financial results for the second quarter of 2021, declaring over 60% revenue growth year-over-year.
For the quarter ending June 30, 2021, Gambling.com reported revenue of $10.4m, a 66% increase when compared to $6.3m in Q2 2020. In North America, it experienced a 28.4% revenue rise to $1.4m (Q2 2020: $1.1m).
By vertical, Casino was the main source of revenue, bringing in $9.1m during the financial period (Q2 2020: $5.6m), but Sports saw a significant jump in revenue by 125.9% to $1.2m (Q2 2020: $518,000).
The company recorded a net income of $2.4m, or $0.08 per diluted share, an improvement on the net loss of $0.4m, or a loss of $0.02 per diluted share, during the same period last year.
Gambling.com’s adjusted EBITDA came in at $5.5m, a 46% growth compared to $3.8m in the same period for the prior year, representing an adjusted EBITDA margin of 53%. Free cash flow was recorded at $3.1m, a 3% decrease compared to $3.2m in the same period for the prior year.
Charles Gillespie, CEO and Co-founder, commented: “Our second quarter results (which were our first interim financial results as a public company) were highlighted by continued strong top-line growth, and, based on our adjusted EBITDA margins, we are among the most profitable names in the online gambling industry.
“Since our founding in 2006, we have built an affiliate marketing powerhouse with recognizable brands around the globe. Players trust our services to help them find a safe, fun, and legal betting experience while our B2C operator clients utilize our best-in-class technology platform to support their increasingly important customer acquisition initiatives.
“We are incredibly excited about the next step in this journey as a public company and look forward to sharing the success with our new investors.”
During Q2, Gambling.com launched its EmpireStakes.com, BetArizona.com, and IllinoisBet.com websites which provide bettors with up-to-date state-specific gambling information to help them place safe and secure legal wagers. It also completed the acquisition of two domain portfolios suitable for targeting the US market.
After the quarter’s end, the company completed a successful public listing of common shares on the Nasdaq Global Market under the ticker symbol “GAMB”. It also announced the appointment of Daniel D’Arrigo to its Board of Directors.
Looking ahead, CFO Elias Mark added: “Our financial results for the second quarter came in at the high end of our previously provided ranges as we reported strong growth in revenue, adjusted EBITDA, and net income compared to the prior year. We also continue to produce strong free cash flow and were main in a solid financial position after the public offering last month.
“We are carrying encouraging momentum into the second half of the year. As a result, we are expecting to achieve or exceed our revenue growth target and adjusted EBITDA margin target for the full year 2021 before the effects of any acquisitions and without incurring further borrowings.”
