Group reports ‘good start’ to 2024, Q1 revenue reaches $29.2m

May 16, 2024
Leer en Español

The affiliate reported growth in its free cash flow and gross profit results, as well. Group has released its financial report for the first quarter of 2024. The company said the year so far “is off to a great start.”

Overall Q1 revenue grew 9% year-over-year. Group’s revenue reached $29.2m, and the affiliate also saw increases in its gross profit and free cash flow totals.

The group’s gross profit rose 5% during the first quarter to reach $27m. Group ended the quarter with a total adjusted EBITDA of $10.2m. Its adjusted EBITDA margin was 35%, down by five percentage points when compared to its margin one year ago.

The company attributed the decline to “higher costs of sales related to media partnerships.”

However, CEO and Co-Founder Charles Gillespie said 2024 so far has been a good year financially.

He further commented, “We are off to a great start to the year furthering our confidence in our ability to generate strong adjusted EBITDA and free cash flow growth this year and for years to come.

“The investments we have made for years in our proprietary technology, website portfolio, and accretive acquisitions are driving consistent growth. As we continue to expand our industry leadership and influence across global online gambling markets and leverage the many growth drivers we have, we see a clear road ahead to generate substantially higher adjusted EBITDA and free cash flow.”

CFO Elias Mark also added, “By growing year on year in every one of our geographic reporting markets, we delivered record Q1 revenue with top-line growth of 9% despite the comparable period benefiting from significantly more new state launch activity.”


Product Spotlight

Bragg Gaming Group

Bragg Gaming Group is a global content-driven iGaming technology provider, serving online and land-based gaming operators with its proprietary and exclusive content and cutting-edge technology.

John Connelly - Interblock preparing to launch online by the end of year

John Connelly, the Global CEO of Interblock, joins the Huddle to talk about:
- The company's conversion to the online space
- The performance of ETGs
- Interblock's new philanthropic efforts
- The trend of companies going private
- And more!

Michael Hershman - Dispelling casino 'myths:' New York needs to lose fear of the unknown

Michael Hershman, CEO of the Soloviev Group, joins Tim Poole on the Huddle to put forward his case that the Freedom Plaza is the way to go for one of New York's casino licences. He fields a variety of questions - not shying away from any of them - on why 'myths' about casinos and a fear of the unknown should be dispelled, as well as acknowledging the strength of rival bids and discussing opposition to the project.

As the Tribal gaming sector congregates once more in the Golden State, is it too cliché of me to suggest we are heading for a golden era of Tribal gaming? With the industry set to meet at the Indian Gaming Association t...

From The Top: Will youth be served by Sports Betting?
Two recent interviews in our Huddle podcast revealed to Las Vegas correspondent Brian Joseph just how young sports betting entrepreneurs are becoming.
The Global Gaming Awards: Rewarding Excellence
The 10th edition of the Global Gaming Awards took place in Las Vegas last year. Gaming America looks back... and ahead to this year's.
Preview: Indian Gaming Tradeshow & Convention
Gaming America looks ahead to the 2024 Indian Gaming Tradeshow & Convention and what attendees can expect when they arrive at the Anaheim Convention Centre.
888 and the US Market: A cautionary tale
Gaming America explores the risk of resting on your laurels and the challenge of remaining relevant in a rapidly expanding market.