Gambling.com Group Limited has released its financial results for the first quarter of 2022, which ended on March 31. The company reported a total revenue of $19.6m during Q1 2022 and a revenue of $10.6m from its North American operations.
The company’s North American revenue grew by 544% when compared to the previous year’s period.
Adjusted EBITDA reached $7.2m during the first quarter, while the adjusted EBITDA margin was 37%.
Gambling.com Group Chief Financial Officer Elias Mark commented: “We saw our accelerated investments in the business during the second half of 2021 start to pay off and grew revenue 70% to deliver the best quarterly performance in the group’s history. The record performance was driven by exceptionally strong growth in North America, particularly in New York, and very solid results in the United Kingdom and Ireland measured against our previous best quarter.
“Strong underlying organic growth is complemented by our recent acquisitions, which were all performing in-line with, or better than, our initial expectations. We continue to expect another record year for the group and reiterate our full year guidance.”
Gambling.com Group CEO and Co-Founder Charles Gillespie said that the company has continued to grow throughout this year’s first quarter and will remain focused on North American expansion.
The company recently started providing marketing services in the Canadian province of Ontario for licensed online sports betting and iGaming operators, in preparation for the province’s commercial market launch.
The group released OntarioBets.com, a free-to-use website that will give players access to legal online sportsbooks, casinos and current information regarding gambling in the province.
During the first of the year, the company also had successful launches in New York and Louisiana.
Gillespie commented: “Our current primary strategic objective is to rapidly grow our business in the US market, which is exactly what we did in the quarter – while also delivering high margins despite the continuous investments in the business to position us for further US growth.
“We continue to believe that the affiliate model offers American and international online gambling operators the most effective and reliable way to spend their marketing budgets, and we look forward to another record year for the group.”
