Gambling.com Group has released its financial results for the fourth quarter and full year of 2022. The company has seen large rises in revenue for both Q4 and yearly figures, with a total 2022 revenue of $21.3m, up 81% from last year. The fourth quarter showed a 107% revenue increase.
Charles Gillespie, CEO and Co-Founder of Gambling.com Group, said, “We ended 2022 extending our strong record of organic growth with quarterly revenue and adjusted EBITDA reflecting solid growth in our established markets and the continued strong ramp up of our North American operations.
"Fourth quarter 2022 revenue more than doubled year over year, while our high-margin operating model helped drive a 202% increase in Adjusted EBITDA.
“The fourth quarter results reflect a nearly 200% year-over-year and 21% quarterly sequential increase in new depositing customers to 82,000. Our investments in expanding our team, technology, and our portfolio of performance marketing websites continue to drive highly efficient and effective customer acquisition for online gambling operators.”
The company’s adjusted EBITDA reached $6.9m for the fourth quarter, with a yearly result of $21.4m. Net income for Q4 experienced a 687% decrease, with year-end results also showing a decrease of 86%.
Gillespie added, “Gambling.com Group’s 364% year-over-year increase in fourth-quarter North American revenue to $10m reflects the continued benefit from strong performance in our newest markets, including solid results from our November launch in Maryland.
"Further, we have seen great performance out of the gate from our Ohio launch in January and our launch in Massachusetts earlier this month.”
Elias Mark, CFO of Gambling.com Group said, “Looking ahead, we remain committed to delivering profitable growth and consistent positive operating cash flow.”
Gambling.com Group does not anticipate going live in any further North American markets in 2023.