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Gambling.com Group has generated record-breaking revenue of $26m in Q2 2023, up 63% on Q2 2022.

Adjusted EBITDA surged by 161%, setting a new Q2 record at $9.4m, with a margin of 36%.

The company also highlighted a 36% growth in cash flow generated by operating activities, amounting to $4.6m, while free cash flow saw an outstanding increase of 202% to a total of $8.5m.

In H1 2023, Gambling.com generated revenue of $52.7m, up 48% on H1 2022.

Adjusted EBITDA increased 87% to $20.1m during the first six months of 2023.

Strong US growth

Group CEO and co-founder Charles Gillespie commented: “The business performed phenomenally in the second quarter with record operating results reflecting another quarter of significant organic revenue growth and strong free cash flow generation.

“The growth highlights our success in scaling our North American operations as well as continued growth in our more established markets,” he added.

North American revenue grew 115% year-on-year to $13.4m, while new depositing customers increased 60% year-on-year, totalling over 91,000.

Promising outlook

“Despite North America already being our largest reporting market, it still represents a significant growth opportunity for Gambling.com Group and we remain very confident in our ability to continue to increase market share in existing states as they continue to grow,” Gillespie explained.

Future growth will be driven by an overall expansion of the addressable market as new US states such as North Carolina and Kentucky come online with sports betting, and iGaming is authorised in additional states, according to Gillespie.

However, he added that the group will also benefit from other growth drivers, including the long-term opportunity provided by the recently launched Casinos.com.

Meanwhile, Gambling.com CFO Elias Mark stressed that the company has “significant flexibility to simultaneously continue to strategically invest in growth opportunities, including the buildout of Casinos.com and the development of our media partnerships, and to evaluate strategic transactions that we believe create new shareholder value.”

Given this promising outlook, Gambling.com raised its full-year revenue guidance to a range of $100 to $104m, while adjusted EBITDA is expected between $36m and $40m.

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