Gambling.com rides high off strong maiden Nasdaq results
Gambling.com Group has underscored its credentials as a new US Nasdaq enterprise, recording double-digit growth across all top-line corporate metrics.
Publishing its first results following its July placement on the Global Nasdaq Market, Gambling.com registered a 66% increase in Q2 2021 group revenues to $10.4 million (Q2 2020: $6.3m).
Revenue growth was primarily attributed to the continued growth of Gambling.com Casino assets, which generated Q2 referral sales of $9 million (+63%).
Further Q2 highlights saw Gambling.com disclose that its sports publishing unit had broken the $1 million sales mark for the first time, helping the publisher diversify its revenue mix.
The group’s period expenses were reported at $7.2 million (Q22020: $3m) as Gambling.com doubled its sales and marketing costs to $3.1 million.
Additional operating costs saw the firm absorb non-recurring expenses totalling $3.4 million related to its Nasdaq IPO and the expansion of its senior management team.
Declaring a strong Nasdaq, Gambling.com reported group adjusted EBITDA of $5.5 million, up 46% on 2020 equivalent results of $3.8 million.
Gambling.com Q2 operating profits were maintained at $3.2 million (Q22020: $3.3m) in light of registering one-off IPO expenses.
Moving forward, the company will optimise the successful US launch of EmpireStakes.com, BetArizona.com and IllinoisBet.com for the start of the NFL season.
Gambling.com has also prioritised the enlargement of its corporate governance as a Nasdaq Markets enterprise.
“Our second-quarter results (which were our first interim financial results as a public company) were highlighted by continued strong top-line growth, and, based on our Adjusted EBITDA margins, we are among the most profitable names in the online gambling industry,” said Charles Gillespie, Chief Executive Officer and co-founder of Gambling.com Group.
“Since our founding in 2006, we have built an affiliate marketing powerhouse with recognizable brands around the globe. Players trust our services to help them find a safe, fun and legal betting experience while our B2C operator clients utilize our best-in-class technology platform to support their increasingly important customer acquisition initiatives.
“We are incredibly excited about the next step in this journey as a public company and look forward to sharing the success with our new investors.”