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XLMedia generated revenue of around $50m and EBITDA of around $12m in the full-year 2023, according to its latest trading update.

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The affiliate group revealed the approximate figures today (8 February) ahead of the publication of its 2023 financial results in full, expected in April.

The $50m revenue figure would put the business down around 32% compared to the full-year 2022, when it generated $73.7m in revenue.

EBITDA of $12m would also represent a year-on-year decline of around 28%.

Tough comparisons

A large spike in US betting revenue helped propel the business to higher earnings in 2022, making for a tough comparative period which included key events such as the launch of regulated sports betting in New York.

Still, XLMedia said it had seen “a strong start to the year in the US” in 2023, with the launch of Ohio’s regulated betting market.

US betting also saw “significant changes in operator customer acquisition activity,” however, as brands including Barstool Sportsbook left the market amid the entrance of newcomers such as ESPN Bet.

“Following the substantial spike in revenues in early 2022 driven by the launch of online sports betting in New York, revenues in FY23 reflect the reduced scale of state launches in the period,” XLMedia said.

The company added that it also saw the return to growth of its premium European assets including the Finland-focused Nettinkasinot, as well as UK and Ireland-focused WhichBingo and Freebets.com.

Expectations for 2024

XLMedia said it is well-positioned for the launch of regulated sports betting in North Carolina next month.

The state is expected to deliver “a material market for sports betting,” the company said, adding that it remains well placed for launch with both owned and media partner brands.

The company also said it expects “an acceleration in the legalisation of online sports betting” following the US presidential election later this year, with five states already in active ballot measures.

In Europe, XLMedia intends to continue growing its brands throughout 2024, while also looking to deliver cost savings to “right size the business in preparation for further market growth in 2025.”

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