• Home
  • News
  • Results
  • Q4 2023: Gambling.com Group unveils bullish 2024 outlook
igamingnext photo
Gambling.com Group has introduced bullish full-year 2024 guidance in the face of fast paced revenue growth.

The affiliate business reported Q4 2023 revenue of $32.5m, up 52%. On a full-year 2023 basis, revenue rose 42% to $108.7m.

This resulted in 54% EBITDA growth for Q4 to $10.6m. This trend repeated with net income, which increased to $6.4m for the three-month period, as opposed to a $4.4m loss last year.

This growth was driven by continued expansion of the firm’s North American operations, which rocketed 103% year-on-year to $20.3m in Q4. This represented 69% full-year 2023 growth for the segment.

“Growth was driven by new state launches, strong increases in ‘same-state’ sales and our blossoming media partnership initiatives,” said CEO Charles Gillespie.  

“We are confident in our ability to continue growing our North American market share this year and we will also benefit from the recent launch of online sports betting in our home state of North Carolina, where we are off to a strong start since the market launched on 11 March.”

Bullish guidance issued

Gambling.com Group subsequently released bullish revenue guidance for 2024 of between $129m and $133m. Outlook for EBITDA is $44m to $48m, said the group.

The midpoint estimate for this forecast implies 21% and 25% annual growth for revenue and EBITDA respectively.

In terms of non-financial metrics, the business highlighted 159,000 new depositing customers (NDCs) gained in Q4 2023.

“The strong value we create for our online gambling operator partners is evident in the 56% increase in the number of NDCs we sent to them in 2023,” said CFO Elias Mark.

“Consistent with our capital efficient DNA, nearly all of our revenue growth in 2023 was organic which we again converted into Free Cash Flow at a very high percentage.

The business also announced the $43m purchase of XLMedia’s European and Canadian sports betting and iGaming assets, including Freebets.com.

Gambling.com secured a $50m in new credit facility from Wells Fargo, the group announced yesterday.

 “Our fourth quarter results extended our strong record of delivering high top-line growth and attractive margins,” added Gillespie.

“With consistent execution over the years, and especially over the past four years in North America, we have established one of the strongest and highest-growth performance marketing businesses in the online gambling industry.”

Similar posts