Gambling.com Group has released its financial report for Q4 and for FY2021. The company reported substantial growth for both periods, with a 56% boost in North American revenue during Q4 and an 89% boost during the full year.
Gaming America reported the group’s preliminary financial results last month. The company had projected that North American revenue would grow by approximately 90% during 2021 and total revenue would range between $42.1m and $42.5m.
The results fell in line with Gambling Group’s estimates.
North American revenue increased by 89%, reaching $7.5m during the fiscal year. The company also reached its projected numbers for overall revenue during 2021, which totaled $42.3m and reflected a 51% increase year-over-year.
Net income was $12.5m during the year, amounting to $0.37 per diluted share.
The group’s adjusted EBITDA increase by 26% to $18.4m, and the adjusted EBITDA margin was 43%.
Fourth quarter figures came close to the projections as well.
North American revenue grew by 56% and climbed to $2.2m during the fourth quarter. Total revenue remained steady at $10.3m.
Adjusted EBITDA was $2.3m, reflecting a 63% decrease from the previous period. The adjusted EBITDA margin was 22% during Q4.
Gambling Group CEO and Co-Founder Charles Gillespie: “We grew our revenue in 2021 by 51% compared to the prior year, delivered an EBITDA margin of 43% and generated over $8m of free cash flow as many other industry players struggled to find a path to sustainable profitability.
“As we look towards 2022, we are encouraged by the strongest start to a year we have seen in our 15-year history. Helped by launches in New York and Louisiana, January was our best-single month performance ever – even before consolidating financial results from our recent acquisitions. Just in January, we have seen the total addressable market in North America expand by leaps and bounds and there is a clear path to additional state launches this year, along with the impending launch of Ontario next month.”
Gillespie went on to note that the company is confident it will have another successful year based on last year’s trends.
“As B2C operators in the US seek a path to sustainable profitability and evaluate their marketing spend going forward, we believe that the affiliate model is ideally positioned to provide operators with more effective, higher ROI investments where they can clearly attribute the source, profitability and lifetime value of a referred player,” he said.
“We view this shift as greatly benefitting the value of our performance marketing revenue model, and we are confident that these tailwinds support what we expect to be another year of record performance for the group.”
