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Gambling.com Group Reports Second Quarter 2022 Financial Results

Published

on

 

Gambling.com Group Limited (Nasdaq: GAMB) (“Gambling.com Group” or the “Company”), a multi-award-winning performance marketing company and a leading provider of digital marketing services active in the global online gambling industry, today announced its operating and financial results for the second quarter ended June 30, 2022.

“We continued to execute on our strategy of rapidly growing our business in North America in the second quarter as the team delivered company-wide revenue growth of over 50% and North American revenue growth over 300%,” said Charles Gillespie, Chief Executive Officer and Co-founder of Gambling.com Group. “The strength of our business model was also on display, as we continued to deliver strong Adjusted EBITDA and Free Cash Flow despite the second quarter being the seasonally weakest and while investing in the organization to drive future growth. Our view remains that Gambling.com Group offers the best value proposition for online gambling operators’ investments in customer acquisition and we look forward to the second half of the year as we enter the heart of the North American fall and winter sports calendars.”

Second Quarter 2022 vs. Second Quarter 2021 Financial Highlights
(in thousands, USD, except per share data, unaudited)

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Three Months Ended June 30,

CHANGE

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European Gaming Congress 2024 (Warsaw, Poland)

2022

2021

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European Gaming Congress 2024 (Warsaw, Poland)

$

%

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European Gaming Congress 2024 (Warsaw, Poland)

Revenue

15,924

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European Gaming Congress 2024 (Warsaw, Poland)

10,392

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European Gaming Congress 2024 (Warsaw, Poland)

5,532

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European Gaming Congress 2024 (Warsaw, Poland)

53

%

Net income for the period attributable to the shareholders

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European Gaming Congress 2024 (Warsaw, Poland)

56

2,445

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European Gaming Congress 2024 (Warsaw, Poland)

(2,389

)

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European Gaming Congress 2024 (Warsaw, Poland)

(98

)%

Net income per share attributable to shareholders, diluted

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European Gaming Congress 2024 (Warsaw, Poland)

0.00

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European Gaming Congress 2024 (Warsaw, Poland)

0.08

(0.08

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European Gaming Congress 2024 (Warsaw, Poland)

)

(100

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European Gaming Congress 2024 (Warsaw, Poland)

)%

Adjusted net income for the period attributable to shareholders

3,065

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European Gaming Congress 2024 (Warsaw, Poland)

2,445

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European Gaming Congress 2024 (Warsaw, Poland)

620

25

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European Gaming Congress 2024 (Warsaw, Poland)

%

Adjusted net income per share attributable to shareholders, diluted

0.09

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European Gaming Congress 2024 (Warsaw, Poland)

0.08

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European Gaming Congress 2024 (Warsaw, Poland)

0.01

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European Gaming Congress 2024 (Warsaw, Poland)

9

%

Adjusted EBITDA

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European Gaming Congress 2024 (Warsaw, Poland)

3,617

5,518

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European Gaming Congress 2024 (Warsaw, Poland)

(1,901

)

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European Gaming Congress 2024 (Warsaw, Poland)

(34

)%

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European Gaming Congress 2024 (Warsaw, Poland)

Adjusted EBITDA Margin

23

%

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European Gaming Congress 2024 (Warsaw, Poland)

53

%

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European Gaming Congress 2024 (Warsaw, Poland)

(30

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European Gaming Congress 2024 (Warsaw, Poland)

)%

Cash flow from operations

3,460

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European Gaming Congress 2024 (Warsaw, Poland)

4,738

(1,278

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European Gaming Congress 2024 (Warsaw, Poland)

)

(27

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European Gaming Congress 2024 (Warsaw, Poland)

)%

Free Cash Flow

2,914

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European Gaming Congress 2024 (Warsaw, Poland)

3,122

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European Gaming Congress 2024 (Warsaw, Poland)

(208

)

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European Gaming Congress 2024 (Warsaw, Poland)

(7

)%

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European Gaming Congress 2024 (Warsaw, Poland)

Second Quarter 2022 Business Highlights

  • North American revenue grew 342% to $6.2 million
  • Delivered more than 57,000 new depositing customers
  • Successful new market launch in Ontario
  • Added Michael Quartieri to the Board of Directors, effective as of June 30, 2022
  • Inclusion of GAMB shares in the Russell 3000 index and various sub-indexes
  • Contribution from BonusFinder.com is ahead of plan

Elias Mark, Chief Financial Officer of Gambling.com Group, added, “We delivered revenue and Adjusted EBITDA ahead of the street consensus and generated strong Free Cash Flow in the quarter. Revenue growth continued to be led by growth in North America in line with our strategic objectives, but we also saw strong trading in our more mature markets in the UK and Ireland despite the weakening of the GBP and EUR against the US dollar. Integration of our acquisitions from Q1 is tracking according to plan. The Company remains well capitalized and in a strong position to meet the financial outlook for the year and to continue to grow profitably beyond.”

2022 Outlook
For the fiscal year 2022, based on currently available information, the Company reiterates its fiscal 2022 guidance and estimates:

  • Total revenue will be in the range of $71 million and $76 million; and
  • Adjusted EBITDA will be in the range $22 million and $27 million.

Conference Call Details

Date/Time:

Monday, August 29, 2022, at 4:30 pm EDT

Webcast:

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https://www.webcast-eqs.com/gamb20220829/en

U.S. Toll-Free Dial In:

877-407-0890

International Dial In:

+1-201-389-0918

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To access, please dial in approximately 10 minutes before the start of the call. An accompanying slide presentation will be available in PDF format within the News & Events section of the Company’s website.

An archived webcast of the conference call will also be available in the News & Events section of the Company’s website at gambling.com/corporate/investors/news-events.

About Gambling.com Group Limited
Gambling.com Group Limited (Nasdaq: GAMB) is a multi-award-winning performance marketing company and a leading provider of digital marketing services active in the online gambling industry. Founded in 2006, the Group operates from offices in the United States, Ireland and Malta. Through its proprietary technology platform, the Group publishes a portfolio of premier branded websites including Gambling.com, Bookies.com and RotoWire.com. As of July 31, 2022, the Group owns and operates more than 50 websites in seven languages across 15 national markets covering all aspects of the online gambling industry, including iGaming and sports betting, and the fantasy sports industry.

Use of Non-IFRS Measures
This release contains certain non-IFRS financial measures, such as Adjusted Net Income, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, and related ratios. See ”Supplemental Information – Non-IFRS Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable IFRS numbers.

Cautionary Note Concerning Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that relate to our current expectations and views of future events. All statements other than statements of historical facts contained in this press release, including statements relating to our 2022 outlook, are all forward-looking statements. These statements represent our opinions, expectations, beliefs, intentions, estimates or strategies regarding the future, which may not be realized. In some cases, you can identify forward-looking statements by terms such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” “could,” “will,” “would,” “ongoing,” “future” or the negative of these terms or other similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements involve known and unknown risks, uncertainties, contingencies, changes in circumstances that are difficult to predict and other important factors that may cause our actual results, performance or achievements to be materially and/or significantly different from any future results, performance or achievements expressed or implied by the forward-looking statement. Important factors that could cause actual results to differ materially from our expectations are discussed under “Item 3. Key Information – Risk Factors” in Gambling.com Group’s annual report filed on Form 20-F for the year ended December 31, 2021 with the US Securities and Exchange Commission (the “SEC”) on March 25, 2022, and Gambling.com Group’s other filings with the SEC as such factors may be updated from time to time. Any forward-looking statements contained in this press release speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. Gambling.com Group disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.

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Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(USD in thousands, except per share amounts)

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European Gaming Congress 2024 (Warsaw, Poland)

Three Months Ended June 30,

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European Gaming Congress 2024 (Warsaw, Poland)

Six Months Ended June 30,

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European Gaming Congress 2024 (Warsaw, Poland)

2022

2021

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European Gaming Congress 2024 (Warsaw, Poland)

2022

2021

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European Gaming Congress 2024 (Warsaw, Poland)

Revenue

15,924

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European Gaming Congress 2024 (Warsaw, Poland)

10,392

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European Gaming Congress 2024 (Warsaw, Poland)

35,509

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European Gaming Congress 2024 (Warsaw, Poland)

21,909

Cost of sales

(495

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European Gaming Congress 2024 (Warsaw, Poland)

)

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European Gaming Congress 2024 (Warsaw, Poland)

(1,724

)

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European Gaming Congress 2024 (Warsaw, Poland)

Gross profit

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European Gaming Congress 2024 (Warsaw, Poland)

15,429

10,392

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European Gaming Congress 2024 (Warsaw, Poland)

33,785

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European Gaming Congress 2024 (Warsaw, Poland)

21,909

Sales and marketing expenses

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European Gaming Congress 2024 (Warsaw, Poland)

(8,454

)

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European Gaming Congress 2024 (Warsaw, Poland)

(3,144

)

(15,816

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European Gaming Congress 2024 (Warsaw, Poland)

)

(5,848

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European Gaming Congress 2024 (Warsaw, Poland)

)

Technology expenses

(1,499

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European Gaming Congress 2024 (Warsaw, Poland)

)

(944

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European Gaming Congress 2024 (Warsaw, Poland)

)

(2,862

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European Gaming Congress 2024 (Warsaw, Poland)

)

(1,634

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European Gaming Congress 2024 (Warsaw, Poland)

)

General and administrative expenses

(4,804

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European Gaming Congress 2024 (Warsaw, Poland)

)

(3,387

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European Gaming Congress 2024 (Warsaw, Poland)

)

(9,632

)

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European Gaming Congress 2024 (Warsaw, Poland)

(6,159

)

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European Gaming Congress 2024 (Warsaw, Poland)

Fair value movement on contingent consideration

(2,849

)

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European Gaming Congress 2024 (Warsaw, Poland)

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European Gaming Congress 2024 (Warsaw, Poland)

(2,849

)

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European Gaming Congress 2024 (Warsaw, Poland)

Movements in credit losses allowance and write-offs

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European Gaming Congress 2024 (Warsaw, Poland)

(72

)

240

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European Gaming Congress 2024 (Warsaw, Poland)

(597

)

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European Gaming Congress 2024 (Warsaw, Poland)

100

Operating profit (loss)

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European Gaming Congress 2024 (Warsaw, Poland)

(2,249

)

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European Gaming Congress 2024 (Warsaw, Poland)

3,157

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European Gaming Congress 2024 (Warsaw, Poland)

2,029

8,368

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European Gaming Congress 2024 (Warsaw, Poland)

Finance income

3,491

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European Gaming Congress 2024 (Warsaw, Poland)

394

4,319

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European Gaming Congress 2024 (Warsaw, Poland)

552

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European Gaming Congress 2024 (Warsaw, Poland)

Finance expense

(1,056

)

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European Gaming Congress 2024 (Warsaw, Poland)

(524

)

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European Gaming Congress 2024 (Warsaw, Poland)

(1,307

)

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European Gaming Congress 2024 (Warsaw, Poland)

(761

)

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European Gaming Congress 2024 (Warsaw, Poland)

Income before tax

186

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European Gaming Congress 2024 (Warsaw, Poland)

3,027

5,041

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European Gaming Congress 2024 (Warsaw, Poland)

8,159

Income tax charge

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European Gaming Congress 2024 (Warsaw, Poland)

(130

)

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European Gaming Congress 2024 (Warsaw, Poland)

(582

)

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European Gaming Congress 2024 (Warsaw, Poland)

(499

)

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European Gaming Congress 2024 (Warsaw, Poland)

(1,248

)

Net income for the period attributable to the shareholders

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European Gaming Congress 2024 (Warsaw, Poland)

56

2,445

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European Gaming Congress 2024 (Warsaw, Poland)

4,542

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European Gaming Congress 2024 (Warsaw, Poland)

6,911

Other comprehensive (loss) income

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European Gaming Congress 2024 (Warsaw, Poland)

Exchange differences on translating foreign currencies

(6,559

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European Gaming Congress 2024 (Warsaw, Poland)

)

490

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European Gaming Congress 2024 (Warsaw, Poland)

(7,928

)

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European Gaming Congress 2024 (Warsaw, Poland)

(1,202

)

Total comprehensive (loss) income for the period attributable to the shareholders

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European Gaming Congress 2024 (Warsaw, Poland)

(6,503

)

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European Gaming Congress 2024 (Warsaw, Poland)

2,935

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European Gaming Congress 2024 (Warsaw, Poland)

(3,386

)

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European Gaming Congress 2024 (Warsaw, Poland)

5,709

Net income per share attributable to shareholders, basic

0.00

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European Gaming Congress 2024 (Warsaw, Poland)

0.09

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European Gaming Congress 2024 (Warsaw, Poland)

0.13

0.24

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European Gaming Congress 2024 (Warsaw, Poland)

Net income per share attributable to shareholders, diluted

0.00

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European Gaming Congress 2024 (Warsaw, Poland)

0.08

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European Gaming Congress 2024 (Warsaw, Poland)

0.13

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European Gaming Congress 2024 (Warsaw, Poland)

0.22

Condensed Consolidated Statements of Financial Position (Unaudited)
(USD in thousands)

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European Gaming Congress 2024 (Warsaw, Poland)

JUNE 30,

2022

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European Gaming Congress 2024 (Warsaw, Poland)

DECEMBER 31,

2021

ASSETS

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Non-current assets

Property and equipment

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European Gaming Congress 2024 (Warsaw, Poland)

644

569

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European Gaming Congress 2024 (Warsaw, Poland)

Intangible assets

83,076

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European Gaming Congress 2024 (Warsaw, Poland)

25,419

Right-of-use assets

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European Gaming Congress 2024 (Warsaw, Poland)

1,896

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European Gaming Congress 2024 (Warsaw, Poland)

1,465

Other non-current assets

40

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European Gaming Congress 2024 (Warsaw, Poland)

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European Gaming Congress 2024 (Warsaw, Poland)

Deferred tax asset

6,104

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European Gaming Congress 2024 (Warsaw, Poland)

7,028

Total non-current assets

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European Gaming Congress 2024 (Warsaw, Poland)

91,760

34,481

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European Gaming Congress 2024 (Warsaw, Poland)

Current assets

Trade and other receivables

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European Gaming Congress 2024 (Warsaw, Poland)

8,956

5,497

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European Gaming Congress 2024 (Warsaw, Poland)

Cash and cash equivalents

31,102

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European Gaming Congress 2024 (Warsaw, Poland)

51,047

Total current assets

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European Gaming Congress 2024 (Warsaw, Poland)

40,058

56,544

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European Gaming Congress 2024 (Warsaw, Poland)

Total assets

131,818

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European Gaming Congress 2024 (Warsaw, Poland)

91,025

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European Gaming Congress 2024 (Warsaw, Poland)

EQUITY AND LIABILITIES

Equity

Share capital

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European Gaming Congress 2024 (Warsaw, Poland)

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European Gaming Congress 2024 (Warsaw, Poland)

Capital reserve

63,711

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European Gaming Congress 2024 (Warsaw, Poland)

55,953

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European Gaming Congress 2024 (Warsaw, Poland)

Share options and warrants reserve

2,901

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European Gaming Congress 2024 (Warsaw, Poland)

2,442

Foreign exchange translation reserve

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European Gaming Congress 2024 (Warsaw, Poland)

(10,210

)

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European Gaming Congress 2024 (Warsaw, Poland)

(2,282

)

Retained earnings

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European Gaming Congress 2024 (Warsaw, Poland)

28,550

23,796

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European Gaming Congress 2024 (Warsaw, Poland)

Total equity

84,952

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European Gaming Congress 2024 (Warsaw, Poland)

79,909

Non-current liabilities

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European Gaming Congress 2024 (Warsaw, Poland)

Deferred consideration

4,664

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European Gaming Congress 2024 (Warsaw, Poland)

Contingent consideration

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European Gaming Congress 2024 (Warsaw, Poland)

9,540

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European Gaming Congress 2024 (Warsaw, Poland)

Lease liability

1,702

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European Gaming Congress 2024 (Warsaw, Poland)

1,286

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European Gaming Congress 2024 (Warsaw, Poland)

Deferred tax liability

3,584

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European Gaming Congress 2024 (Warsaw, Poland)

Total non-current liabilities

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European Gaming Congress 2024 (Warsaw, Poland)

19,490

1,286

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European Gaming Congress 2024 (Warsaw, Poland)

Current liabilities

Trade and other payables

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European Gaming Congress 2024 (Warsaw, Poland)

5,343

3,291

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European Gaming Congress 2024 (Warsaw, Poland)

Deferred consideration

2,745

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European Gaming Congress 2024 (Warsaw, Poland)

Contingent consideration

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European Gaming Congress 2024 (Warsaw, Poland)

12,218

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European Gaming Congress 2024 (Warsaw, Poland)

Other liability

165

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European Gaming Congress 2024 (Warsaw, Poland)

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European Gaming Congress 2024 (Warsaw, Poland)

Borrowings

6,107

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European Gaming Congress 2024 (Warsaw, Poland)

5,944

Lease liability

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European Gaming Congress 2024 (Warsaw, Poland)

420

393

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European Gaming Congress 2024 (Warsaw, Poland)

Income tax payable

378

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European Gaming Congress 2024 (Warsaw, Poland)

202

Total current liabilities

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European Gaming Congress 2024 (Warsaw, Poland)

27,376

9,830

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European Gaming Congress 2024 (Warsaw, Poland)

Total liabilities

46,866

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European Gaming Congress 2024 (Warsaw, Poland)

11,116

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European Gaming Congress 2024 (Warsaw, Poland)

Total equity and liabilities

131,818

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European Gaming Congress 2024 (Warsaw, Poland)

91,025

Condensed Consolidated Statements of Cash Flows (Unaudited)
(USD in thousands)

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European Gaming Congress 2024 (Warsaw, Poland)

Three Months Ended June 30,

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European Gaming Congress 2024 (Warsaw, Poland)

Six Months Ended June 30,

2022

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European Gaming Congress 2024 (Warsaw, Poland)

2021

2022

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European Gaming Congress 2024 (Warsaw, Poland)

2021

Cash flow from operating activities

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European Gaming Congress 2024 (Warsaw, Poland)

Income before tax

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European Gaming Congress 2024 (Warsaw, Poland)

186

3,027

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European Gaming Congress 2024 (Warsaw, Poland)

5,041

8,159

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European Gaming Congress 2024 (Warsaw, Poland)

Finance expenses (income), net

(2,435

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European Gaming Congress 2024 (Warsaw, Poland)

)

130

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European Gaming Congress 2024 (Warsaw, Poland)

(3,012

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European Gaming Congress 2024 (Warsaw, Poland)

)

209

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European Gaming Congress 2024 (Warsaw, Poland)

Adjustments for non-cash items:

Depreciation and amortization

1,952

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European Gaming Congress 2024 (Warsaw, Poland)

634

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European Gaming Congress 2024 (Warsaw, Poland)

3,778

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European Gaming Congress 2024 (Warsaw, Poland)

1,216

Movements in credit loss allowance and write-offs

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European Gaming Congress 2024 (Warsaw, Poland)

71

(240

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European Gaming Congress 2024 (Warsaw, Poland)

)

597

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(100

)

Fair value movement on contingent consideration

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European Gaming Congress 2024 (Warsaw, Poland)

2,849

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2,849

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

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European Gaming Congress 2024 (Warsaw, Poland)

Share option charge

885

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European Gaming Congress 2024 (Warsaw, Poland)

245

1,609

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European Gaming Congress 2024 (Warsaw, Poland)

1,063

Cash flows from operating activities before changes in working capital

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European Gaming Congress 2024 (Warsaw, Poland)

3,508

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European Gaming Congress 2024 (Warsaw, Poland)

3,796

10,862

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European Gaming Congress 2024 (Warsaw, Poland)

10,547

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European Gaming Congress 2024 (Warsaw, Poland)

Changes in working capital

Trade and other receivables

2,549

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

14

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(2,639

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(1,243

)

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European Gaming Congress 2024 (Warsaw, Poland)

Trade and other payables

(1,014

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

1,464

304

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2,710

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European Gaming Congress 2024 (Warsaw, Poland)

Warrants repurchased

(800

)

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European Gaming Congress 2024 (Warsaw, Poland)

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European Gaming Congress 2024 (Warsaw, Poland)

(800

)

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European Gaming Congress 2024 (Warsaw, Poland)

Income tax paid

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European Gaming Congress 2024 (Warsaw, Poland)

(783

)

(536

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European Gaming Congress 2024 (Warsaw, Poland)

)

(783

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European Gaming Congress 2024 (Warsaw, Poland)

)

(536

)

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European Gaming Congress 2024 (Warsaw, Poland)

Cash flows generated by operating activities

3,460

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European Gaming Congress 2024 (Warsaw, Poland)

4,738

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European Gaming Congress 2024 (Warsaw, Poland)

6,944

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European Gaming Congress 2024 (Warsaw, Poland)

11,478

Cash flows from investing activities

Acquisition of property and equipment

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European Gaming Congress 2024 (Warsaw, Poland)

(99

)

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European Gaming Congress 2024 (Warsaw, Poland)

(188

)

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European Gaming Congress 2024 (Warsaw, Poland)

(242

)

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European Gaming Congress 2024 (Warsaw, Poland)

(218

)

Acquisition of intangible assets

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European Gaming Congress 2024 (Warsaw, Poland)

(447

)

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European Gaming Congress 2024 (Warsaw, Poland)

(1,428

)

(2,516

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European Gaming Congress 2024 (Warsaw, Poland)

)

(1,741

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European Gaming Congress 2024 (Warsaw, Poland)

)

Acquisition of subsidiaries, net of cash acquired

(4,114

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European Gaming Congress 2024 (Warsaw, Poland)

)

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European Gaming Congress 2024 (Warsaw, Poland)

(23,409

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European Gaming Congress 2024 (Warsaw, Poland)

)

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European Gaming Congress 2024 (Warsaw, Poland)

Cash flows used in investing activities

(4,660

)

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European Gaming Congress 2024 (Warsaw, Poland)

(1,616

)

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European Gaming Congress 2024 (Warsaw, Poland)

(26,167

)

(1,959

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European Gaming Congress 2024 (Warsaw, Poland)

)

Cash flows from financing activities

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European Gaming Congress 2024 (Warsaw, Poland)

Interest paid

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European Gaming Congress 2024 (Warsaw, Poland)

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European Gaming Congress 2024 (Warsaw, Poland)

(120

)

(121

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European Gaming Congress 2024 (Warsaw, Poland)

)

Principal paid on lease liability

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European Gaming Congress 2024 (Warsaw, Poland)

(79

)

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European Gaming Congress 2024 (Warsaw, Poland)

(49

)

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European Gaming Congress 2024 (Warsaw, Poland)

(165

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(95

)

Interest paid on lease liability

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European Gaming Congress 2024 (Warsaw, Poland)

(45

)

(47

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European Gaming Congress 2024 (Warsaw, Poland)

)

(95

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(96

)

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European Gaming Congress 2024 (Warsaw, Poland)

Cash flows used in financing activities

(124

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European Gaming Congress 2024 (Warsaw, Poland)

)

(96

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European Gaming Congress 2024 (Warsaw, Poland)

)

(380

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European Gaming Congress 2024 (Warsaw, Poland)

)

(312

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European Gaming Congress 2024 (Warsaw, Poland)

)

Net movement in cash and cash equivalents

(1,324

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European Gaming Congress 2024 (Warsaw, Poland)

)

3,026

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European Gaming Congress 2024 (Warsaw, Poland)

(19,603

)

9,207

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European Gaming Congress 2024 (Warsaw, Poland)

Cash and cash equivalents at the beginning of the period

33,069

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European Gaming Congress 2024 (Warsaw, Poland)

14,035

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

51,047

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

8,225

Net foreign exchange differences on cash and cash equivalents

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(643

)

107

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(342

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(264

)

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European Gaming Congress 2024 (Warsaw, Poland)

Cash and cash equivalents at the end of the period

31,102

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European Gaming Congress 2024 (Warsaw, Poland)

17,168

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European Gaming Congress 2024 (Warsaw, Poland)

31,102

17,168

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European Gaming Congress 2024 (Warsaw, Poland)

Earnings Per Share
Below is a reconciliation of basic and diluted earnings per share as presented in the Unaudited Interim Condensed Consolidated Statement of Income for the period specified (USD in thousands, except share amounts, unaudited):

Three Months Ended June 30,

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European Gaming Congress 2024 (Warsaw, Poland)

Six Months Ended June 30,

2022

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European Gaming Congress 2024 (Warsaw, Poland)

2021

2022

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European Gaming Congress 2024 (Warsaw, Poland)

2021

Net income for the period attributable to the shareholders

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European Gaming Congress 2024 (Warsaw, Poland)

56

2,445

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European Gaming Congress 2024 (Warsaw, Poland)

4,542

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European Gaming Congress 2024 (Warsaw, Poland)

6,911

Weighted-average number of ordinary shares, basic

35,443,258

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European Gaming Congress 2024 (Warsaw, Poland)

28,556,422

35,176,469

28,556,422

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European Gaming Congress 2024 (Warsaw, Poland)

Net income per share attributable to shareholders, basic

0.00

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European Gaming Congress 2024 (Warsaw, Poland)

0.09

0.13

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European Gaming Congress 2024 (Warsaw, Poland)

0.24

Net income for the period attributable to the shareholders

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European Gaming Congress 2024 (Warsaw, Poland)

56

2,445

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European Gaming Congress 2024 (Warsaw, Poland)

4,542

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European Gaming Congress 2024 (Warsaw, Poland)

6,911

Weighted-average number of ordinary shares, diluted

36,057,597

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European Gaming Congress 2024 (Warsaw, Poland)

31,401,166

36,131,524

31,401,166

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European Gaming Congress 2024 (Warsaw, Poland)

Net income per share attributable to shareholders, diluted

0.00

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European Gaming Congress 2024 (Warsaw, Poland)

0.08

0.13

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European Gaming Congress 2024 (Warsaw, Poland)

0.22

Supplemental Information

Rounding
We have made rounding adjustments to some of the figures included in the discussion and analysis of our financial condition and results of operations together with our condensed consolidated financial statements and the related notes thereto. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.

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Non-IFRS Financial Measures
Management uses several financial measures, both IFRS and non-IFRS financial measures in analyzing and assessing the overall performance of the business and for making operational decisions.

Adjusted Net Income and Adjusted Net Income Per Share
Adjusted net income is a non-IFRS financial measure defined as net income attributable to equity holders excluding the fair value gain or loss related to contingent consideration. Adjusted net income per diluted share is a non-IFRS financial measure defined as Adjusted net income attributable to equity holders divided by the diluted weighted average number of common shares outstanding.

We believe Adjusted net income and Adjusted net income per diluted share are useful to our management as a measure of comparative operating performance from period to period as they removes the effect of the fair value gain or loss related to the contingent consideration which is not directly associated with our core operations. We expect to incur gains or losses related to the contingent consideration until April 2024. See Note 4 of the Unaudited Interim Condensed Consolidated Financial Statements for the period ended June 30, 2022 for a complete discussion of the contingent consideration.

Below is a reconciliation to Adjusted net income attributable to equity holders and Adjusted net income per share, diluted from net income for the period attributable to the equity holders and net income per share attributed to ordinary shareholders, diluted as presented in the Condensed Consolidated Statements of Comprehensive Income and for the period specified:

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Three Months Ended June 30,

Six Months Ended June 30,

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European Gaming Congress 2024 (Warsaw, Poland)

2022

2021

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European Gaming Congress 2024 (Warsaw, Poland)

2022

2021

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European Gaming Congress 2024 (Warsaw, Poland)

(in thousands USD, except for

share and per share data, unaudited)

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European Gaming Congress 2024 (Warsaw, Poland)

(in thousands USD, except for

share and per share data, unaudited)

Net income for the period attributable to the shareholders

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European Gaming Congress 2024 (Warsaw, Poland)

56

2,445

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European Gaming Congress 2024 (Warsaw, Poland)

4,542

6,911

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European Gaming Congress 2024 (Warsaw, Poland)

Fair value movement on contingent consideration

2,849

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European Gaming Congress 2024 (Warsaw, Poland)

2,849

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European Gaming Congress 2024 (Warsaw, Poland)

Unwinding of deferred consideration

160

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European Gaming Congress 2024 (Warsaw, Poland)

160

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European Gaming Congress 2024 (Warsaw, Poland)

Adjusted net income for the period attributable to shareholders

3,065

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European Gaming Congress 2024 (Warsaw, Poland)

2,445

7,551

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European Gaming Congress 2024 (Warsaw, Poland)

6,911

Weighted-average number of ordinary shares, basic

35,443,258

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European Gaming Congress 2024 (Warsaw, Poland)

28,556,422

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European Gaming Congress 2024 (Warsaw, Poland)

35,176,469

28,556,422

Net income per share attributable to shareholders, basic

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European Gaming Congress 2024 (Warsaw, Poland)

0.00

0.09

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European Gaming Congress 2024 (Warsaw, Poland)

0.13

0.24

Adjusted net income per share attributable to shareholders, basic

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European Gaming Congress 2024 (Warsaw, Poland)

0.09

0.09

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European Gaming Congress 2024 (Warsaw, Poland)

0.21

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European Gaming Congress 2024 (Warsaw, Poland)

0.24

Adjusted net income for the period attributable to shareholders

3,065

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European Gaming Congress 2024 (Warsaw, Poland)

2,445

7,551

6,911

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European Gaming Congress 2024 (Warsaw, Poland)

Weighted-average number of ordinary shares, diluted

36,057,597

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European Gaming Congress 2024 (Warsaw, Poland)

31,401,166

36,131,524

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European Gaming Congress 2024 (Warsaw, Poland)

31,401,166

Net income per share attributable to shareholders, diluted

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European Gaming Congress 2024 (Warsaw, Poland)

0.00

0.08

0.13

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European Gaming Congress 2024 (Warsaw, Poland)

0.22

Adjusted net income per share attributable to shareholders, diluted

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European Gaming Congress 2024 (Warsaw, Poland)

0.09

0.08

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European Gaming Congress 2024 (Warsaw, Poland)

0.21

0.22

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Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA is a non-IFRS financial measure defined as earnings excluding net finance costs, income tax charge, depreciation, and amortization, effect of non-recurring items, significant non-cash items, share-based payment expense and other items that our board of directors believes do not reflect the underlying performance of the business. Adjusted EBITDA Margin is a non-IFRS measure defined as Adjusted EBITDA as a percentage of revenue.

We believe Adjusted EBITDA and Adjusted EBITDA Margin are useful to our management as a measure of comparative operating performance from period to period as they remove the effect of items not directly resulting from our core operations including effects that are generated by differences in capital structure, depreciation, tax effects and non-recurring events.

While we use Adjusted EBITDA and Adjusted EBITDA Margin as tools to enhance our understanding of certain aspects of our financial performance, we do not believe that Adjusted EBITDA and Adjusted EBITDA Margin are substitutes for, or superior to, the information provided by IFRS results. As such, the presentation of Adjusted EBITDA and Adjusted EBITDA Margin is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with IFRS. The primary limitations associated with the use of Adjusted EBITDA and Adjusted EBITDA Margin as compared to IFRS results are that Adjusted EBITDA and Adjusted EBITDA Margin as we define them may not be comparable to similarly titled measures used by other companies in our industry and that Adjusted EBITDA and Adjusted EBITDA Margin may exclude financial information that some investors may consider important in evaluating our performance.

Below is a reconciliation to Adjusted EBITDA from net income for the period attributable to the equity holders as presented in the Condensed Consolidated Statements of Comprehensive Income and for the period specified:

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Three Months Ended June 30,

CHANGE

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European Gaming Congress 2024 (Warsaw, Poland)

Six Months Ended June 30,

CHANGE

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European Gaming Congress 2024 (Warsaw, Poland)

2022

2021

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European Gaming Congress 2024 (Warsaw, Poland)

$

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European Gaming Congress 2024 (Warsaw, Poland)

%

2022

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European Gaming Congress 2024 (Warsaw, Poland)

2021

$

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European Gaming Congress 2024 (Warsaw, Poland)

%

(in thousands USD, unaudited)

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European Gaming Congress 2024 (Warsaw, Poland)

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European Gaming Congress 2024 (Warsaw, Poland)

(in thousands USD, unaudited)

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European Gaming Congress 2024 (Warsaw, Poland)

Net income for the period attributable to the shareholders

56

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European Gaming Congress 2024 (Warsaw, Poland)

2,445

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European Gaming Congress 2024 (Warsaw, Poland)

(2,389

)

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European Gaming Congress 2024 (Warsaw, Poland)

(98

)%

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European Gaming Congress 2024 (Warsaw, Poland)

4,542

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European Gaming Congress 2024 (Warsaw, Poland)

6,911

(2,369

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European Gaming Congress 2024 (Warsaw, Poland)

)

(34

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European Gaming Congress 2024 (Warsaw, Poland)

)%

Add Back:

Net finance costs (income) (1)

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European Gaming Congress 2024 (Warsaw, Poland)

(2,435

)

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European Gaming Congress 2024 (Warsaw, Poland)

130

(2,565

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European Gaming Congress 2024 (Warsaw, Poland)

)

n/m

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European Gaming Congress 2024 (Warsaw, Poland)

(3,012

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European Gaming Congress 2024 (Warsaw, Poland)

)

209

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European Gaming Congress 2024 (Warsaw, Poland)

(3,221

)

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European Gaming Congress 2024 (Warsaw, Poland)

n/m

Income tax charge

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European Gaming Congress 2024 (Warsaw, Poland)

130

582

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European Gaming Congress 2024 (Warsaw, Poland)

(452

)

(78

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European Gaming Congress 2024 (Warsaw, Poland)

)%

499

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European Gaming Congress 2024 (Warsaw, Poland)

1,248

(749

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European Gaming Congress 2024 (Warsaw, Poland)

)

(60

)%

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European Gaming Congress 2024 (Warsaw, Poland)

Depreciation expense

44

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European Gaming Congress 2024 (Warsaw, Poland)

47

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European Gaming Congress 2024 (Warsaw, Poland)

(3

)

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European Gaming Congress 2024 (Warsaw, Poland)

(6

)%

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European Gaming Congress 2024 (Warsaw, Poland)

87

82

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European Gaming Congress 2024 (Warsaw, Poland)

5

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European Gaming Congress 2024 (Warsaw, Poland)

6

%

Amortization expense

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European Gaming Congress 2024 (Warsaw, Poland)

1,908

587

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European Gaming Congress 2024 (Warsaw, Poland)

1,321

n/m

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European Gaming Congress 2024 (Warsaw, Poland)

3,691

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European Gaming Congress 2024 (Warsaw, Poland)

1,134

2,557

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European Gaming Congress 2024 (Warsaw, Poland)

n/m

Share-based payments

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European Gaming Congress 2024 (Warsaw, Poland)

885

245

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European Gaming Congress 2024 (Warsaw, Poland)

640

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European Gaming Congress 2024 (Warsaw, Poland)

n/m

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European Gaming Congress 2024 (Warsaw, Poland)

1,609

1,063

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European Gaming Congress 2024 (Warsaw, Poland)

546

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European Gaming Congress 2024 (Warsaw, Poland)

51

%

Fair value movement on contingent consideration

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European Gaming Congress 2024 (Warsaw, Poland)

2,849

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European Gaming Congress 2024 (Warsaw, Poland)

2,849

n/m

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European Gaming Congress 2024 (Warsaw, Poland)

2,849

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European Gaming Congress 2024 (Warsaw, Poland)

2,849

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European Gaming Congress 2024 (Warsaw, Poland)

n/m

Accounting and legal fees related to offering

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European Gaming Congress 2024 (Warsaw, Poland)

392

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European Gaming Congress 2024 (Warsaw, Poland)

(392

)

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European Gaming Congress 2024 (Warsaw, Poland)

n/m

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European Gaming Congress 2024 (Warsaw, Poland)

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European Gaming Congress 2024 (Warsaw, Poland)

898

(898

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European Gaming Congress 2024 (Warsaw, Poland)

)

n/m

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European Gaming Congress 2024 (Warsaw, Poland)

Bonuses related to the offering

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European Gaming Congress 2024 (Warsaw, Poland)

1,090

(1,090

)

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European Gaming Congress 2024 (Warsaw, Poland)

n/m

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European Gaming Congress 2024 (Warsaw, Poland)

1,090

(1,090

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European Gaming Congress 2024 (Warsaw, Poland)

)

n/m

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European Gaming Congress 2024 (Warsaw, Poland)

Acquisition related costs (2)

180

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European Gaming Congress 2024 (Warsaw, Poland)

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European Gaming Congress 2024 (Warsaw, Poland)

180

n/m

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European Gaming Congress 2024 (Warsaw, Poland)

454

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European Gaming Congress 2024 (Warsaw, Poland)

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European Gaming Congress 2024 (Warsaw, Poland)

454

n/m

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European Gaming Congress 2024 (Warsaw, Poland)

Adjusted EBITDA

3,617

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European Gaming Congress 2024 (Warsaw, Poland)

5,518

(1,901

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European Gaming Congress 2024 (Warsaw, Poland)

)

(34

)%

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European Gaming Congress 2024 (Warsaw, Poland)

10,719

12,635

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European Gaming Congress 2024 (Warsaw, Poland)

(1,916

)

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European Gaming Congress 2024 (Warsaw, Poland)

(15

)%

________________

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European Gaming Congress 2024 (Warsaw, Poland)

(1)

Net finance (income) costs is comprised of finance income, and finance expense including unwinding of deferred consideration and foreign exchange gains (losses).

(2)

The acquisition costs are related to the business combinations of the Group.

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European Gaming Congress 2024 (Warsaw, Poland)

n/m = not meaningful

Below is the Adjusted EBITDA Margin calculation for the period specified:

Three Months Ended June 30,

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European Gaming Congress 2024 (Warsaw, Poland)

CHANGE

Six Months Ended June 30,

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European Gaming Congress 2024 (Warsaw, Poland)

CHANGE

2022

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European Gaming Congress 2024 (Warsaw, Poland)

2021

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European Gaming Congress 2024 (Warsaw, Poland)

$

%

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European Gaming Congress 2024 (Warsaw, Poland)

2022

2021

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European Gaming Congress 2024 (Warsaw, Poland)

$

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European Gaming Congress 2024 (Warsaw, Poland)

%

(in thousands, USD, unaudited)

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European Gaming Congress 2024 (Warsaw, Poland)

(in thousands, USD, unaudited)

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European Gaming Congress 2024 (Warsaw, Poland)

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European Gaming Congress 2024 (Warsaw, Poland)

Revenue

15,924

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European Gaming Congress 2024 (Warsaw, Poland)

10,392

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European Gaming Congress 2024 (Warsaw, Poland)

5,532

53

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European Gaming Congress 2024 (Warsaw, Poland)

%

35,509

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European Gaming Congress 2024 (Warsaw, Poland)

21,909

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European Gaming Congress 2024 (Warsaw, Poland)

13,600

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European Gaming Congress 2024 (Warsaw, Poland)

62

%

Adjusted EBITDA

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European Gaming Congress 2024 (Warsaw, Poland)

3,617

5,518

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European Gaming Congress 2024 (Warsaw, Poland)

(1,901

)

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European Gaming Congress 2024 (Warsaw, Poland)

(34

)%

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European Gaming Congress 2024 (Warsaw, Poland)

10,719

12,635

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(1,916

)

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European Gaming Congress 2024 (Warsaw, Poland)

(15

)%

Adjusted EBITDA Margin

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European Gaming Congress 2024 (Warsaw, Poland)

23

%

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European Gaming Congress 2024 (Warsaw, Poland)

53

%

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European Gaming Congress 2024 (Warsaw, Poland)

(30

)%

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European Gaming Congress 2024 (Warsaw, Poland)

30

%

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European Gaming Congress 2024 (Warsaw, Poland)

58

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(27

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European Gaming Congress 2024 (Warsaw, Poland)

)%

In regard to forward looking non-IFRS guidance, we are not able to reconcile the forward-looking non-IFRS Adjusted EBITDA measure to the closest corresponding IFRS measure without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items including, but not limited to, fair value movements, share-based payments for future awards, acquisition-related expenses and certain financing and tax items.

Free Cash Flow
Free Cash Flow is a non-IFRS financial measure defined as cash flow from operating activities less capital expenditures, or CAPEX.

We believe Free Cash Flow is useful to our management as a measure of financial performance as it measures our ability to generate additional cash from our operations. While we use Free Cash Flow as a tool to enhance our understanding of certain aspects of our financial performance, we do not believe that Free Cash Flow is a substitute for, or superior to, the information provided by IFRS metrics. As such, the presentation of Free Cash Flow is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with IFRS.

The primary limitation associated with the use of Free Cash Flow as compared to IFRS metrics is that Free Cash Flow does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other obligations or payments made for business acquisitions. Free Cash Flow as we define it also may not be comparable to similarly titled measures used by other companies in the online gambling affiliate industry.

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Below is a reconciliation to Free Cash Flow from cash flows generated by operating activities as presented in the Unaudited Interim Condensed Consolidated Statement of Cash Flows for the period specified:

Three Months Ended June 30,

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CHANGE

Six Months Ended June 30,

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European Gaming Congress 2024 (Warsaw, Poland)

CHANGE

2022

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European Gaming Congress 2024 (Warsaw, Poland)

2021

$

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European Gaming Congress 2024 (Warsaw, Poland)

%

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European Gaming Congress 2024 (Warsaw, Poland)

2022

2021

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European Gaming Congress 2024 (Warsaw, Poland)

$

%

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European Gaming Congress 2024 (Warsaw, Poland)

(in thousands USD, unaudited)

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European Gaming Congress 2024 (Warsaw, Poland)

(in thousands USD, unaudited)

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European Gaming Congress 2024 (Warsaw, Poland)

Cash flows generated by operating activities

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European Gaming Congress 2024 (Warsaw, Poland)

3,460

4,738

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European Gaming Congress 2024 (Warsaw, Poland)

(1,278

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European Gaming Congress 2024 (Warsaw, Poland)

)

(27

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European Gaming Congress 2024 (Warsaw, Poland)

)%

6,944

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European Gaming Congress 2024 (Warsaw, Poland)

11,478

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(4,534

)

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European Gaming Congress 2024 (Warsaw, Poland)

(40

)%

Capital Expenditures (1)

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European Gaming Congress 2024 (Warsaw, Poland)

(546

)

(1,616

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European Gaming Congress 2024 (Warsaw, Poland)

)

1,070

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European Gaming Congress 2024 (Warsaw, Poland)

66

%

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European Gaming Congress 2024 (Warsaw, Poland)

(2,758

)

(1,959

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European Gaming Congress 2024 (Warsaw, Poland)

)

(799

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European Gaming Congress 2024 (Warsaw, Poland)

)

(41

)%

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European Gaming Congress 2024 (Warsaw, Poland)

Free Cash Flow

2,914

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European Gaming Congress 2024 (Warsaw, Poland)

3,122

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European Gaming Congress 2024 (Warsaw, Poland)

(208

)

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European Gaming Congress 2024 (Warsaw, Poland)

(7

)%

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European Gaming Congress 2024 (Warsaw, Poland)

4,186

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European Gaming Congress 2024 (Warsaw, Poland)

9,519

(5,333

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European Gaming Congress 2024 (Warsaw, Poland)

)

(56

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European Gaming Congress 2024 (Warsaw, Poland)

)%

(1)

Capital expenditures are defined as the acquisition of property and equipment and the acquisition of intangible assets.

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Bally Bet Sportsbook & Casino app

Bally’s Interactive Launches the New Bally Bet Sportsbook & Casino App in Ontario

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on

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Bally’s Interactive, the digital and sports betting division of Bally’s Corporation, has launched the all-new Bally Bet Sportsbook & Casino app in Ontario, Canada. This latest release marks another significant milestone for the company, following the recent app update in New Jersey and a series of successful app launches in the past year, including the introduction of Bally Bet Sportsbook across multiple states and Bally Casino in Rhode Island.

The updated Bally Bet Sportsbook & Casino app represents a major step forward, as it combines the functionalities of the existing Bally Casino app and Bally Bet Sportsbook app into one comprehensive platform. Powered by White Hat Gaming, this new app allows players residing in or traveling to Ontario to conveniently place wagers on both sports and casino games using a single app, account, and universal wallet.

“We are thrilled to introduce the new Bally Bet Sportsbook & Casino app, marking a significant milestone for Bally’s. This integrated platform merges the features of our previous apps, providing players in Ontario with a seamless experience for both sports and casino betting. Our commitment to enhancing the player experience remains at the forefront as we strive to personalize the enjoyment of playing Bally Bet,” said Robeson Reeves, CEO of Bally’s Corporation.

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BCLC

Be #GiftSmart: Scratch the Idea of Gifting Scratch & Win Tickets to Kids

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on

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BCLC reminds adults to gift responsibly this holiday season

With the holiday season in full swing, BCLC is reminding British Columbians to gift responsibly and scratch lottery products from their shopping lists for kids.

“Scratch & Win tickets can make great stocking stuffers for the adults in your life, but they’re not for kids,” said Ryan McCarthy, BCLC’s Director of Player Health. “The research shows that children who have early encounters with gambling are four times more likely to develop riskier gambling behaviour as they grow up. While people are out shopping for those last-minute gifts, BCLC wants adults to be aware of the potential risks associated with gifting lottery products to children and to consider safer alternatives.”

While Scratch & Win tickets are among the most common ways kids can be introduced to gambling, children are increasingly exposed to various online forms, such as gambling streams.

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“With the convergence of gaming and gambling, youth are becoming more exposed to gambling content in online spaces like streaming sites, where creators are able to live-stream their own gambling, usually while playing online slots and instant games,” said Dr. Luke Clark, Director for Gambling Research at UBC. “Our research at the UBC Centre for Gambling shows that a higher frequency of watching online gambling streams is associated with a more positive attitude towards gambling and a high intention to gamble in the future.”

In B.C., it is illegal to sell lottery products to anyone under the age of 19 and BCLC encourages adults to have conversations with the kids in their lives about the risks associated with gambling.

“Open and honest conversations are crucial when it comes to navigating childhood exposure to gambling,” said McCarthy, who shared the following tips to adults:

  • Monitor for gambling-related lifestyle changes. For example, developing a positive attitude towards gambling or a preoccupation with video games or streaming sites.
  • Be a positive role model. Exhibit safer gambling behaviour and talk about the risks.
  • Limit exposure. Monitor kids’ online activities and discourage engagement with gambling content. Explain how gambling is based on chance.
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AGCO

Jackpot Digital Receives Approval from AGCO as a Registered Gaming Supplier

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on

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Jackpot Digital Inc., a leading provider of innovative dealerless electronic poker gaming solutions, has announced that the Alcohol and Gaming Commission of Ontario (AGCO) has approved the Company to be licensed as a registered Gaming Related-Supplier (the “Supplier License”) under the Gaming Control Act in the Province of Ontario.

This significant achievement allows Jackpot Digital to enter one of the most dynamic and rapidly growing regulated gaming markets in North America. The Supplier License authorizes Jackpot Digital to supply its electronic table games to Ontario’s gaming venues, including casinos and other regulated gaming facilities.

Jackpot Digital’s flagship product, the Jackpot Blitz electronic table game system, offers a modern, dealerless, player-friendly solution that integrates traditional multiplayer poker games with cutting-edge digital technology. The Supplier License will enable the Company to offer its innovative gaming solutions to operators throughout Ontario, driving new revenue opportunities and enhancing player experiences.

“Receiving AGCO’s approval is a major milestone. This approval provides us with the opportunity to offer our top-tier electronic gaming systems to operators throughout all of Ontario, positioning us for further growth in one of the world’s most robust gaming markets. We are excited to bring our innovative products to Ontario’s gaming community and continue our commitment to providing exciting, technology-driven entertainment experiences,” said Jake Kalpakian, CEO of Jackpot Digital.

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