Gambling.com Group Plc has recorded a slower period of growth for Q3 2019, with revenues up 2% to 4.16m euros, but the firm is still 22% ahead of 2018 for the first three quarters.
The digital marketing firm reported New Depositing Customers (NDCs) for the period increased by 4% to 18,411 however adjusted EBITDA (excluding non-recurring costs) dropped to 610,000 euros from 1.52m euros, corresponding to an adjusted EBITDA margin of 15% compared to 37% in the corresponding period.
Gambling.com Group CEO Charles Gillespie commented: “While continuing market challenges in the UK and Sweden resulted in a slower overall growth rate, the Group continues to see strong growth outside of these core markets, with revenue growth from all other markets, including the US, amounting to 161% year on year in the quarter.”
The firm highlighted this quarter’s growth investment from Edison Partners of USD $15.5m million, of which USD 6.98m corresponds to new equity, to further expand the Group operations. This has coincided with Gregg Michaelson, a partner at Edison Partners, joined Gambling.com Group’s board of directors as the sixth member of the board from September 2019.
Gambling.com Group also started providing services to licensed gaming operators in Pennsylvania and West Virginia after receiving approvals from Pennsylvania Gaming Control Board and the West Virginia Lottery.
The Group also settled the final outstanding EUR 1.33 million due for assets acquired in January 2018.