Connect with us
Prague Gaming & TECH Summit 2025 (25-26 March)

Canada

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)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Three Months Ended June 30,

CHANGE

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2022

2021

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

$

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Revenue

15,924

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

10,392

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

5,532

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

53

%

Net income for the period attributable to the shareholders

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

56

2,445

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(2,389

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(98

)%

Net income per share attributable to shareholders, diluted

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.00

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.08

(0.08

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(100

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)%

Adjusted net income for the period attributable to shareholders

3,065

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2,445

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

620

25

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

Adjusted net income per share attributable to shareholders, diluted

0.09

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.08

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.01

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

9

%

Adjusted EBITDA

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

3,617

5,518

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(1,901

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(34

)%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Adjusted EBITDA Margin

23

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

53

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(30

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)%

Cash flow from operations

3,460

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

4,738

(1,278

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(27

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)%

Free Cash Flow

2,914

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

3,122

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(208

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(7

)%

Advertisement
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:

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

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

U.S. Toll-Free Dial In:

877-407-0890

International Dial In:

+1-201-389-0918

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

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.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

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

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Three Months Ended June 30,

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Six Months Ended June 30,

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2022

2021

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2022

2021

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Revenue

15,924

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

10,392

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

35,509

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

21,909

Cost of sales

(495

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(1,724

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Gross profit

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

15,429

10,392

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

33,785

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

21,909

Sales and marketing expenses

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(8,454

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(3,144

)

(15,816

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(5,848

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

Technology expenses

(1,499

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(944

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(2,862

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(1,634

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

General and administrative expenses

(4,804

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(3,387

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(9,632

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(6,159

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Fair value movement on contingent consideration

(2,849

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(2,849

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Movements in credit losses allowance and write-offs

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(72

)

240

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(597

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

100

Operating profit (loss)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(2,249

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

3,157

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2,029

8,368

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Finance income

3,491

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

394

4,319

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

552

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Finance expense

(1,056

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(524

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(1,307

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(761

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Income before tax

186

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

3,027

5,041

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

8,159

Income tax charge

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(130

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(582

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(499

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(1,248

)

Net income for the period attributable to the shareholders

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

56

2,445

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

4,542

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

6,911

Other comprehensive (loss) income

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Exchange differences on translating foreign currencies

(6,559

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

490

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(7,928

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(1,202

)

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

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(6,503

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2,935

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(3,386

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

5,709

Net income per share attributable to shareholders, basic

0.00

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.09

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.13

0.24

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Net income per share attributable to shareholders, diluted

0.00

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.08

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.13

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.22

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

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

JUNE 30,

2022

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

DECEMBER 31,

2021

ASSETS

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Non-current assets

Property and equipment

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

644

569

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Intangible assets

83,076

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

25,419

Right-of-use assets

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

1,896

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

1,465

Other non-current assets

40

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Deferred tax asset

6,104

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

7,028

Total non-current assets

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

91,760

34,481

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Current assets

Trade and other receivables

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

8,956

5,497

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Cash and cash equivalents

31,102

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

51,047

Total current assets

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

40,058

56,544

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Total assets

131,818

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

91,025

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

EQUITY AND LIABILITIES

Equity

Share capital

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Capital reserve

63,711

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

55,953

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Share options and warrants reserve

2,901

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2,442

Foreign exchange translation reserve

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(10,210

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(2,282

)

Retained earnings

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

28,550

23,796

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Total equity

84,952

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

79,909

Non-current liabilities

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Deferred consideration

4,664

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Contingent consideration

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

9,540

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Lease liability

1,702

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

1,286

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Deferred tax liability

3,584

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Total non-current liabilities

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

19,490

1,286

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Current liabilities

Trade and other payables

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

5,343

3,291

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Deferred consideration

2,745

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Contingent consideration

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

12,218

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Other liability

165

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Borrowings

6,107

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

5,944

Lease liability

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

420

393

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Income tax payable

378

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

202

Total current liabilities

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

27,376

9,830

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Total liabilities

46,866

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

11,116

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Total equity and liabilities

131,818

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

91,025

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

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Three Months Ended June 30,

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Six Months Ended June 30,

2022

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2021

2022

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2021

Cash flow from operating activities

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Income before tax

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

186

3,027

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

5,041

8,159

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Finance expenses (income), net

(2,435

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

130

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(3,012

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

209

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Adjustments for non-cash items:

Depreciation and amortization

1,952

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

634

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

3,778

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

1,216

Movements in credit loss allowance and write-offs

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

71

(240

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

597

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(100

)

Fair value movement on contingent consideration

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2,849

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2,849

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Share option charge

885

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

245

1,609

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

1,063

Cash flows from operating activities before changes in working capital

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

3,508

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

3,796

10,862

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

10,547

Advertisement
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

)

Advertisement
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

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Warrants repurchased

(800

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(800

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Income tax paid

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(783

)

(536

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(783

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(536

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Cash flows generated by operating activities

3,460

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

4,738

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

6,944

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

11,478

Cash flows from investing activities

Acquisition of property and equipment

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(99

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(188

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(242

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(218

)

Acquisition of intangible assets

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(447

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(1,428

)

(2,516

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(1,741

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

Acquisition of subsidiaries, net of cash acquired

(4,114

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(23,409

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Cash flows used in investing activities

(4,660

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(1,616

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(26,167

)

(1,959

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

Cash flows from financing activities

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Interest paid

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(120

)

(121

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

Principal paid on lease liability

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(79

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(49

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(165

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(95

)

Interest paid on lease liability

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(45

)

(47

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(95

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(96

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Cash flows used in financing activities

(124

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(96

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(380

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(312

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

Net movement in cash and cash equivalents

(1,324

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

3,026

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(19,603

)

9,207

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Cash and cash equivalents at the beginning of the period

33,069

Advertisement
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

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Cash and cash equivalents at the end of the period

31,102

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

17,168

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

31,102

17,168

Advertisement
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,

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Six Months Ended June 30,

2022

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2021

2022

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2021

Net income for the period attributable to the shareholders

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

56

2,445

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

4,542

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

6,911

Weighted-average number of ordinary shares, basic

35,443,258

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

28,556,422

35,176,469

28,556,422

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Net income per share attributable to shareholders, basic

0.00

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.09

0.13

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.24

Net income for the period attributable to the shareholders

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

56

2,445

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

4,542

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

6,911

Weighted-average number of ordinary shares, diluted

36,057,597

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

31,401,166

36,131,524

31,401,166

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Net income per share attributable to shareholders, diluted

0.00

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.08

0.13

Advertisement
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.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

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:

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Three Months Ended June 30,

Six Months Ended June 30,

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2022

2021

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2022

2021

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(in thousands USD, except for

share and per share data, unaudited)

Advertisement
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

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

56

2,445

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

4,542

6,911

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Fair value movement on contingent consideration

2,849

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2,849

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Unwinding of deferred consideration

160

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

160

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Adjusted net income for the period attributable to shareholders

3,065

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2,445

7,551

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

6,911

Weighted-average number of ordinary shares, basic

35,443,258

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

28,556,422

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

35,176,469

28,556,422

Net income per share attributable to shareholders, basic

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.00

0.09

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.13

0.24

Adjusted net income per share attributable to shareholders, basic

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.09

0.09

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.21

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.24

Adjusted net income for the period attributable to shareholders

3,065

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2,445

7,551

6,911

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Weighted-average number of ordinary shares, diluted

36,057,597

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

31,401,166

36,131,524

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

31,401,166

Net income per share attributable to shareholders, diluted

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.00

0.08

0.13

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.22

Adjusted net income per share attributable to shareholders, diluted

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.09

0.08

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

0.21

0.22

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

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:

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Three Months Ended June 30,

CHANGE

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Six Months Ended June 30,

CHANGE

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2022

2021

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

$

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

2022

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2021

$

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

(in thousands USD, unaudited)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(in thousands USD, unaudited)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Net income for the period attributable to the shareholders

56

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2,445

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(2,389

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(98

)%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

4,542

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

6,911

(2,369

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(34

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)%

Add Back:

Net finance costs (income) (1)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(2,435

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

130

(2,565

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

n/m

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(3,012

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

209

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(3,221

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

n/m

Income tax charge

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

130

582

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(452

)

(78

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)%

499

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

1,248

(749

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(60

)%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Depreciation expense

44

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

47

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(3

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(6

)%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

87

82

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

5

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

6

%

Amortization expense

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

1,908

587

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

1,321

n/m

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

3,691

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

1,134

2,557

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

n/m

Share-based payments

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

885

245

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

640

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

n/m

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

1,609

1,063

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

546

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

51

%

Fair value movement on contingent consideration

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2,849

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2,849

n/m

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2,849

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2,849

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

n/m

Accounting and legal fees related to offering

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

392

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(392

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

n/m

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

898

(898

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

n/m

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Bonuses related to the offering

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

1,090

(1,090

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

n/m

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

1,090

(1,090

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

n/m

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Acquisition related costs (2)

180

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

180

n/m

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

454

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

454

n/m

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Adjusted EBITDA

3,617

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

5,518

(1,901

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(34

)%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

10,719

12,635

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(1,916

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(15

)%

________________

Advertisement
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.

Advertisement
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,

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

CHANGE

Six Months Ended June 30,

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

CHANGE

2022

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2021

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

$

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2022

2021

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

$

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

(in thousands, USD, unaudited)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(in thousands, USD, unaudited)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Revenue

15,924

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

10,392

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

5,532

53

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

35,509

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

21,909

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

13,600

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

62

%

Adjusted EBITDA

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

3,617

5,518

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(1,901

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(34

)%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

10,719

12,635

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(1,916

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(15

)%

Adjusted EBITDA Margin

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

23

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

53

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(30

)%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

30

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

58

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(27

Advertisement
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.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

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,

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

CHANGE

Six Months Ended June 30,

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

CHANGE

2022

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2021

$

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

2022

2021

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

$

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(in thousands USD, unaudited)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(in thousands USD, unaudited)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Cash flows generated by operating activities

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

3,460

4,738

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(1,278

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(27

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)%

6,944

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

11,478

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(4,534

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(40

)%

Capital Expenditures (1)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(546

)

(1,616

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

1,070

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

66

%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(2,758

)

(1,959

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(799

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(41

)%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Free Cash Flow

2,914

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

3,122

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(208

)

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

(7

)%

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

4,186

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

9,519

(5,333

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)

(56

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

)%

(1)

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

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)
Continue Reading
Advertisement

Canada

ComeOn Group adds sportsbook to its offering in Ontario

Published

on

comeon-group-adds-sportsbook-to-its-offering-in-ontario

 

ComeOn Group announced a significant milestone in its sportsbook expansion journey with the addition of sportsbook to their offering in Ontario following the successful acquisition of the required permits. This addition represents a strategic advancement in the Groups sportsbook growth trajectory where they are set to double its sportsbook business in the coming years.

ComeOn Group is one of 51 active operators in Ontario. The Ontario market has experienced robust growth since its launch, reaching C$6.7 billion in revenue in 2023.* By 2029, the market is forecasted to grow by a total of 29%, with 2024 expected to close with a 20% increase.

ComeOn keeps investing in its sportsbook business acceleration that is powered by its proprietary sportsbook platform and in-house risk management and trading team. As a multi product vertical operator, ComeOn is striving to give its customer base a safe and exciting entertainment destination and this approach is now expanded to their Ontario audience.

Juergen Reutter, Chief Executive Officer at ComeOn Group, said: “We are very excited about the opportunities this new milestone opens up for us. As a casino-led operator it represents a key part of our sportsbook strategy to double our business in the coming years. Like in any of our other markets, we are striving for a differentiated sportsbook entertainment experience that is powered by our in-house technology. Our goal is to deliver top-tier entertainment to our players while fostering safe and innovative gaming experiences.”

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

*Source – H2GC H2 Ontario Data 25.10.2024 (excl. Lottery)

Continue Reading

BCLC

INTRALOT Announces New Project with the British Columbia Lottery Corporation for Online Lottery Platform

Published

on

intralot-announces-new-project-with-the-british-columbia-lottery-corporation-for-online-lottery-platform

 

INTRALOT S.A. has announced the undertaking of a new project between the British Columbia Lottery Corporation (BCLC), the sole lottery operator for the Government of British Columbia in Canada, and INTRALOT Inc., its US subsidiary, for the provision of an online lottery platform. The project also includes the digitalization of the existing land-based network.

The solution will be based on the Player X platform, part of the Lotos X ecosystem, and adds to the company’s overall partnership with BCLC, which has been extended until 2028.

INTRALOT is a leading player in a changing world of gaming. With significant experience in looking forward and anticipating emerging trends, the company provides future-proof solutions to regulated lottery and gaming operators around the world.

Continue Reading

Canada

Relax Gaming joins forces with PointsBet to strengthen footprint in Ontario

Published

on

relax-gaming-joins-forces-with-pointsbet-to-strengthen-footprint-in-ontario

 

Relax Gaming, the iGaming aggregator and supplier of unique content, has significantly enhanced its presence in the Ontario market through an agreement with leading Canadian operator, PointsBet.

This partnership reinforces Relax Gaming’s aim to become a standout provider across North America, having already gained early success in Ontario. Relax became one of the first suppliers to deliver content to the region’s players in March 2022, debuting with over 120 games across multiple operators.

PointsBet pride themselves as one of Canada’s leading operators offering unmatched speed, ease of use, and a comprehensive array of pre-game and in-play sports betting options. This is complemented by a top-tier online casino which will now be boosted with the integration of Relax’s portfolio of slots and live dealer options.

With its authentic Canadian approach, PointsBet prioritises technology that minimises external dependencies to maintain control over its platform and has a commitment to responsible gambling best practices, ensuring a safe and secure environment for all players.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

Martin Stålros, CEO at Relax Gaming, said: “Since we launched in Ontario we have enjoyed tremendous success, with our content hitting the sweet spot for the broad range of players in the Canadian province. This partnership with PointsBet will strengthen our presence in the market as the region’s leading operator integrates our rich content portfolio which will engage its player base.”

Scott Vanderwel, Chief Executive Officer at PointsBet, added: “Relax Gaming has established a strong reputation across North America and in Ontario in particular. The impressive range of content that will be integrated into our platform will increase engagement within our online platform and we are delighted to be able to provide more immersive experiences to our audiences.”

Established as one of the industry’s leading B2B suppliers, Relax Gaming was awarded GGA’s Product Launch of the Year in February 2023 for Dream Drop Jackpots. Money Train 3 names the 2023 CasinoBeats Game Developer Awards amongst its 6 Slot of the Year titles, while the brand also won the award for Skill Games Supplier at the 2023 EGR B2B Awards along with the Innovation in Mobile award at the 2023 SBC Awards.

Relax Gaming provides more than 4,000 online casino games, from its high-performing proprietary slots to a significant, varied library of content from hand-picked third-party studios via its partnership programmes.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)
Continue Reading

Trending