Gambling.com Group, a provider of iGaming digital marketing services, has posted its unaudited financial results for the fourth quarter of 2022. The company’s revenue skyrocketed and so did its net income.
Gambling.com reported $21.3 million for the period, representing a stellar 107% year-on-year increase from Q4 2021’s $10.3 million. Net income increased to $4.4 million, or $0.12 per share.
Adjusted EBITDA sat at $6.85 million, a 202% increase from the $2.2 million recorded in Q4, 2021. The cash flow generated by operating activities was $6.18 billion with a free cash flow of $364,000.
The company also published data about its overall performance in 2022, reporting annual revenue of $76.5 billion. Annual adjusted EBITDA exceeded $24 million with Gambling.com reporting an adjusted EBITDA margin of 31%. Free cash flow for 2022 was $9.46 million, the company noted.
In 2022, Gambling.com saw its NA revenues skyrocket to $10 million, which represents a whopping 364% increase. The year saw the company launch in several new markets and deliver more than 82,000 new depositing customers. Gambling.com was also able to repurchase 38,708 of its ordinary shares for $8.98 per share.
The iGaming provider also published its 2023 guidance, saying that it expects annual revenue of $93-97 million and adjusted EBITDA of $32-36 million.
Executives Praised the Results
The results were addressed by Charles Gillespie, co-founder and chief executive officer of Gambling.com Group, who praised the strong and organic growth. He attributed some of the company’s successes to Gambling.com’s investments in expanding its team, technology and portfolio of performance marketing websites. In addition, 2022 saw the company make forays into five new North American markets
Gambling.com Group’s 364% year-over-year increase in fourth quarter North American revenue to $10.0 million reflects the continued benefit from strong performance in our newest markets, including solid results from our November launch in Maryland.
Charles Gillespie, CEO, Gambling.com
Gillespie added that the company’s great metrics have been further complemented by the strong performance of its Ohio launch this year, as well as from its launch in Massachusetts in early March. Outside of North America, Gambling.com continues to focus on the UK and Ireland, where it has operated for almost a decade.
Gillespie concluded that Gambling.com is poised to grow even further in 2023.
Elias Mark, Gambling.com’s chief financial officer, also commented on the matter. He praised the team for driving an increase of over 133% in new depositing customers and improving the company’s financial metrics.
With our strong operating cash flow and balance sheet, we have the financial flexibility to continue making return-focused investments in our business to deliver increased scale and attractive top-line and cash flow growth – all while maintaining strong profitability.
Elias Mark, CFO, Gambling.com
Gambling.com continues to grow as attested by the EGR Sports Affiliate of the Year award it received in 2022.