Gambling.com Group has announced its financial results for the first quarter ending 31 March 2024.
The affiliate reported a record Q1 revenue of $29.2m, showcasing year-on-year growth across all reported regions.
The company also delivered over 107,000 new depositing customers (NDCs) and saw a strong contribution from the North Carolina market following its launch on 11 March.
Additionally, Gambling.com Group secured a new $50m credit facility with Wells Fargo Bank and completed the acquisition of Freebets.com and related assets on 1 April.
However, the company adjusted its 2024 full-year revenue and adjusted EBITDA guidance due to changes in how Google treats commercial content, affecting the effectiveness of media partnerships.
The updated guidance forecasts full-year revenue of $118 to $122m and adjusted EBITDA of $40m to $44m.
CEO and Co-Founder of Gambling.com Group, Charles Gillespie, stated: “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.”
Elias Mark, Gambling.com Group CFO, 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.”
