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Acquisition-hungry Gambling.com Group has purchased fellow US-facing affiliate BonusFinder in a deal worth up to €60m.

Nasdaq-listed Gambling.com Group paid an initial €12.5m for the private business, €10m of which was paid in cash. The remaining €2.5m came in the form of newly issued shares.

The maximum total consideration for the company could reach €60m, with a €19m earnout payable in 2023 and an additional earnout of €28.5m payable in 2024. The option is available to pay up to 50% of the earnout payments in ordinary shares.

Gambling.com Group estimates the deal will end up costing closer to €41m based on the forecast financial performance of BonusFinder.

BonusFinder is a pure-play performance marketing company focused on the online gambling industry in North America.

The brand publishes online portals which help consumers find and compare bonuses for online sportsbooks and casinos, the same fundamental business model as Gambling.com Group.

BonusFinder is a start-up success story. It was founded in 2019 and launched in eight US states the following year.

BonusFinder chairman Fintan Costello said: “These organisations complement each other well as partners within the North American market.

“Gambling.com Group has demonstrated its leadership position within the online sports betting and iGaming industry, and its proprietary technologies and experience will provide BonusFinder with the tools to maximise growth in this exciting new era of North American regulation,” he added.

Costello previously worked for Paddy Power and PokerStars and was senior industry head of finance and iGaming at Google between 2011 and 2014.

Gambling.com Group said the purchase would support the company’s strategy of expanding throughout North America. Canada is currently BonusFinder’s largest market, which puts the company in an enviable strategic position ahead of the regulated launch of iGaming in Ontario in April 2022.

Gambling.com Group CEO Charles Gillespie commented: “Fintan Costello and his team have developed a professional, industry-leading, performance marketing business with a customer-centric and brand-driven approach.

“The acquisition of BonusFinder gives Gambling.com Group additional scale in the North American online gambling market. BonusFinder’s strong presence in Canada is expected to drive increased market share for the group ahead of the anticipated Ontario online sports betting and iGaming market launch in April,” he added.

In December, Gambling.com Group tied up the $27.5m acquisition of US sports media outlet Roto Sports and its flagship DFS news brand RotoWire.

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