New York sports betting launch sees Gambling.com Group smash single-month revenue record
The launch of online sports betting in New York has made January the highest performing single month for revenue in the 15-year history of Nasdaq-listed Gambling.com Group.
The affiliate has been able to capitalise on the regulated launch of mobile betting in New York by sending customers to the state’s seven licensed sportsbook operators since launch day on 8 January.
The business provides content including reviews and information on bonus offers relating to the state’s leading operators on consumer-facing brands including Gambling.com, Bookies.com and crucially, localised betting domain Empire Stakes.
New York took less than a month to smash through the $1bn handle barrier and break the previous record for US monthly handle as set by New Jersey in October 2021.
“This year is off to an incredibly strong start,” said Gambling.com Group CEO Charles Gillespie.
“It is great to see our investments at the end of 2021 start to pay off and help drive strong growth, despite a particularly challenging comparable period in the first quarter of 2021 coinciding with Covid-19 related measures,” he added.
Gambling.com Group did not publish figures for January performance but did provide preliminary financial guidance for full-year 2021 and a forecast outlook for 2022.
The affiliate has guided towards total 2021 revenue of between $42.1m and $42.5m, with North American revenue expected to grow by approximately 90% year-on-year.
Net income is expected to break the $12m barrier, while Adjusted EBITDA should come in at between $18.2m and $18.7m, representing an EBITDA margin of around 44%.
The affiliate will publish its final full-year and Q4 financial report in late March.
All affiliates included in $BETZ have a better performance than the ETF itself since launch. Maybe just a coincidence. Maybe companies that actually make a profit should be more attractive. Who knows.$BETCO $CTM $GIGSEK $RAKE $GAMB $XLM pic.twitter.com/FNGwbyWIkb
— Daniel Damian (@DanielDDamian) February 7, 2022
Looking ahead to 2022, Gambling.com Group expects full-year revenue to rise by around 79% to an upper estimate of $76m, with Adjusted EBITDA topping out at $27m.
The growth is destined to come from further US states opening up regulation to online sports betting and iGaming, while recently acquired assets, including RotoWire and BonusFinder, will also be consolidated over the next 12 months.
“I am delighted with the strength in our underlying business, even before consolidating revenue from RotoWire in January and BonusFinder from February,” added Gillespie.
“We continue to invest in the business and expect to deliver another year of strong organic revenue growth complemented with additional revenue from the recent acquisitions.
“Great acquisitions, the launch of sports betting in states like New York and Louisiana, the expected launch of a regulated market in Ontario, and the debut of our media partnership with McClatchy together give me confidence that 2022 will be another brilliant year for Gambling.com Group,” he added.
Gambling.com Group’s pre-open share price has climbed by more than 4% to $11.20 per share at the time of writing.