Gambling.com reports a 63% increase in profit during Q2 2023
Gambling.com’s Q2 report reflects increases all across the board.
Gambling.com has announced its Q2 results for 2023. The company saw both a gross profit and revenue growth of 63% compared to Q2 2022, with revenue rising to $26m and gross profit increasing to $25.1m.
Adjusted EBITDA also saw a huge increase of 161%, rising to $9.4m.
Meanwhile, operating profit increased to $735,000, up 133%.
Alongside increasing its overall revenue, the company also grew its North American revenue by 115% to $13.4m.
The reason for the constant rises across revenue and profit is because Gambling.com entered into its first international media partnership with The Independent; one of the UK’s largest digital media publishers.
Elias Mark, CFO of Gambling.com Group, added, “The operating leverage we generated on 63% year-over-year revenue growth and 161%. Adjusted EBITDA growth in the second quarter grew free cash flow growth of 202% to $8.5m.
“As a result, we have significant flexibility to simultaneously continue to strategically invest in growth opportunities, including the buildout of Casinos.com and the development of our media partnerships and to evaluate strategic transactions that we believe create new shareholder value.”
Charles Gillespie, CEO and Co-Founder of the Gambling.com Group, commented, “The business performed phenomenally in the second quarter with record operating results reflecting another quarter of significant organic revenue growth and strong Free Cash Flow generation.
“The growth highlights our success in scaling our North American operations as well as continued growth in our more established markets. New depositing customers rose 60% year-over-year to over 91,000, which helped drive a 63% revenue increase to $26m, 161% growth in adjusted EBITDA to $9.4m and $8.5m of free cash flow.”
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