Gambling.com, the popular online gambling affiliate website, has reported its preliminary results for the first quarter of 2023, indicating better-than-expected revenue projections for the period. The company anticipates that its revenue will range between $26.4m and $26.9m for the three months ending March 31, surpassing its internal predictions.
Charles Gillespie, Gambling.com’s CEO and co-founder, attributed the preliminary results to the robust ramp-up of the company’s North American operations and ongoing momentum in its established markets.
He also said, “With the strong start to 2023, we remain confident that Gambling.com is on track for another year of record revenue, adjusted EBITDA, and free cash flow.”
Preliminary Q1 Results and Record Q4 2022
The company projects net income between $6.3m and $6.8m for the quarter, while the adjusted earnings before interest, tax, depreciation and amortisation is expected to be between $10.3m and $10.8m, which would represent an EBITDA margin of 39%-40%. Free cash flow is expected to be between $5.9m to $6.4m.
Revenue In the fourth quarter of 2022, Gambling.com’s operations generated revenue of $76.5m, marking an 80.7% surge. The company’s full first quarter results for 2023 are expected to be released on May 18.
These projections suggest that Gambling.com will likely sustain its impressive growth, setting the stage for another year of record revenue and cash flow.
Gambling.com’s strong preliminary results have implications for the whole online iGaming industry, as they signal the growth and success of online gambling. The robust ramp-up of North American operations and ongoing momentum in established markets demonstrate that the iGaming industry continues to thrive.
The results also suggest that online gambling could continue to gain momentum, particularly in regions where it has not yet taken off, as well as in markets that are already established. Additionally, the impressive increase in revenue could encourage new entrants to join the industry, leading to a further expansion of the market.