• Home
  • News
  • Results
  • XLMedia boosted by full-year revenue projection of $74m driven by US sports betting
igamingnext photo
Shares in XLMedia soared today after the affiliate revealed it expects a near 11% increase in full-year revenue for 2022.

Revenue is projected to reach $73.7m, up from $66.5m in 2021 and in line with expectations.

Adjusted EBITDA is estimated to come in at between $16.1m and $16.6m.

Revenue from sports and gaming is expected to hit $69.6m, a 27% increase on last year, while adjusted EBITDA from the same verticals is likely to be between $17.5m and $18.0m.

Cash balances are forecast to be approximately $10.8m, compared to $24.6m in 2021, as XLMedia paid $21.4m in deferred acquisition and earnout payments during 2022.

The group’s sports betting division delivered a strong performance during the year, with revenue up 72% year-on-year to approximately $54m.

Growth was primarily driven by the launch of legal online sports betting in New York early in 2022 as well as in Maryland in November 2022, with XLMedia’s portfolio of US affiliate assets driving customers to regulated sportsbooks.

The company now has coverage across 18 states in North America, including Ohio, which went live on 1 January 2023.

Casino revenue decline

XLMedia’s casino and bingo assets generated revenue of approximately $15.6m, a 33% decline from 2021.

The company reported progress in rebuilding its casino sites in 2022, by increasing audience, growing new depositing customers, and building new tail revenue from its revenue share deals.

The casino sites were negatively affected previously after being deranked by Google.

Old tail revenues declined further in the year, although overall total revenues stabilised in the second half of the year, the company said.

Revenue from non-core assets is expected to decrease by 65.3% to $4.1m, including a 78.2% drop in revenue from its Personal Finance assets to $1.9m compared to the previous year.

The company revealed in December that it is exploring the potential sale of its Personal Finance assets and is in talks with “a number of potentially interested parties”.

The process to sell the loss-making division remains ongoing, although no further details were provided.

Similar posts