Gambling.com Group Limited has released its financial results for the fourth quarter and the full year ended December 31, 2022, showing impressive growth in revenue and adjusted EBITDA. The company reported that fourth-quarter revenue more than doubled to $21.3 million, while adjusted EBITDA rose by 202% to $6.9 million.
The company’s full-year revenue increased by 81% to $76.5 million, with adjusted EBITDA up 31% to $24.1 million. The CEO and Co-Founder of Gambling.com Group, Charles Gillespie, said that the growth in revenue and adjusted EBITDA reflects the company’s expansion in North America and investments in technology and customer acquisition.
Fourth Quarter and Full-Year Results
Gambling.com Group, a digital marketing services provider for the online gambling industry, has reported impressive growth in revenue and adjusted EBITDA for the fourth quarter and full year ended December 31, 2022. The company’s fourth-quarter revenue more than doubled to $21.3 million, compared to $10.3 million in the fourth quarter of 2021, representing an increase of 107%.
Adjusted EBITDA increased by 202% to $6.9 million, compared to $2.3 million in the same period last year. The company’s full-year revenue increased by 81% to $76.5 million, compared to $42.3 million in 2021, with adjusted EBITDA up 31% to $24.1 million, compared to $18.4 million in 2021.
CEO and Co-Founder Comments
Charles Gillespie, the CEO and Co-Founder of Gambling.com Group, said the fourth-quarter and full-year results reflect the company’s expansion in North America and investments in technology and customer acquisition. The company’s investments in expanding its team, technology, and portfolio of performance marketing websites continue to drive highly efficient and effective customer acquisition for online gambling operators.
Gillespie added that the company’s 364% year-over-year increase in fourth-quarter North American revenue to $10.0 million reflects the continued benefit from strong performance in its newest markets, including Maryland. He also noted that the company had seen great performance out of the gate from its Ohio launch in January and its launch in Massachusetts earlier this month.
Guidance for 2023
The company has initiated its guidance for revenue and adjusted EBITDA for 2023, with revenue expected to be between $93 million and $97 million, and adjusted EBITDA expected to be between $32 million and $36 million. The company expects to generate strong organic growth in 2023 despite no current expectations for any additional North American launches.
Expansion Plans
Gambling.com Group is positioning itself for continued growth in 2023 and beyond by leveraging its technology and portfolio of websites. This year, the company will launch the brand new Casinos.com website. The company’s previously announced media partnerships with McClatchy and Gannett also position it to further deliver on its growth expectations and for its clients. The company also expects to benefit from the continued expansion of online gambling in North America.
Path ahead
Gambling.com Group’s fourth-quarter and full-year financial results show impressive growth in revenue and adjusted EBITDA, reflecting the company’s expansion in North America and investments in technology and customer acquisition. The company is well-positioned for continued growth in 2023 and beyond, leveraging its technology and portfolio of websites, including the launch of the brand new Casinos.com website. The company’s media partnerships with McClatchy and Gannett also position it for further growth.
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