Gambling.com Group Ltd: Q2 2024 Earnings Call Highlights Record Revenue and Raised Guidance
Wednesday, Oct 9, 2024 6:30 pm ET
1min read Gambling.com Group Ltd (GAMB) reported strong financial results for the second quarter of 2024, with record revenue and raised guidance. The company's acquisition strategy, particularly the Freebets.com deal, played a significant role in driving this growth.
The acquisition of Freebets.com and related assets in April 2024 contributed to the 18% increase in revenue compared to Q2 2023. This strategic move brought synergies that translated into a record Adjusted EBITDA of $11.2 million in Q2 2024. The acquisition helped Gambling.com Group Ltd expand its footprint in the online gambling ecosystem, providing access to new markets and customer segments.
Increased new depositing customers (NDCs) also played a crucial role in driving Gambling.com Group's record revenue. The company delivered more than 108,000 NDCs to customers in Q2 2024, a 19% year-over-year increase. This growth was driven by the company's ability to quickly adapt to changes in the operating environment and effectively manage its owned and operated assets.
Gambling.com Group's expansion in Europe, particularly the UK, contributed significantly to its Q2 2024 revenue growth. The company's strong performance in delivering iGaming NDCs across Europe and the resiliency of its North American business led to a 19% year-over-year increase in Adjusted EBITDA.
The company's share repurchase program also had a positive impact on its Q2 2024 financial performance. Gambling.com Group repurchased a total of 1,631,771 shares at an average price of $8.52 per share during the quarter. This activity underscored the company's confidence in its future growth prospects.
Given the strong performance in Q2 2024, the acquisition of Freebets.com aligns with Gambling.com Group Ltd's goal of achieving $100 million in annual Adjusted EBITDA. The company's proven ability to execute at a high level, expand its footprint, and leverage industry growth opportunities positions it well to meet this objective.
The acquisition of Freebets.com and related assets in April 2024 contributed to the 18% increase in revenue compared to Q2 2023. This strategic move brought synergies that translated into a record Adjusted EBITDA of $11.2 million in Q2 2024. The acquisition helped Gambling.com Group Ltd expand its footprint in the online gambling ecosystem, providing access to new markets and customer segments.
Increased new depositing customers (NDCs) also played a crucial role in driving Gambling.com Group's record revenue. The company delivered more than 108,000 NDCs to customers in Q2 2024, a 19% year-over-year increase. This growth was driven by the company's ability to quickly adapt to changes in the operating environment and effectively manage its owned and operated assets.
Gambling.com Group's expansion in Europe, particularly the UK, contributed significantly to its Q2 2024 revenue growth. The company's strong performance in delivering iGaming NDCs across Europe and the resiliency of its North American business led to a 19% year-over-year increase in Adjusted EBITDA.
The company's share repurchase program also had a positive impact on its Q2 2024 financial performance. Gambling.com Group repurchased a total of 1,631,771 shares at an average price of $8.52 per share during the quarter. This activity underscored the company's confidence in its future growth prospects.
Given the strong performance in Q2 2024, the acquisition of Freebets.com aligns with Gambling.com Group Ltd's goal of achieving $100 million in annual Adjusted EBITDA. The company's proven ability to execute at a high level, expand its footprint, and leverage industry growth opportunities positions it well to meet this objective.
