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Here are today's headlines in the world of gambling and sports betting as they happen - Friday February 28, 2020.
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Gambling.com Group Hit With Regulatory Headwinds
TheGambling.com Group suffered a 30% 4th quarter revenue drop driven by regulatory changes and updates to Google’s search algorithm in Sweden and the United Kingdom.
Fourth quarter revenue fell to €3.44m, down from €4.94m in the same period last year. The affiliate company’s UK and Swedish activity declined by 12% for full-year 2019. Q4 adjusted EBITDA dropped by 32%.
One bright spot, the US market.
From iGamingBusiness:
While not giving specific figures, Gambling.com Group said the US market grew at the fastest rate of any of its markets during the fourth quarter. It is currently authorised to do business in New Jersey, Pennsylvania, West Virginia and Indiana.
Gambling.com Group reported an operating profit of €2.4m, which was down 46.5% year-on-year. Adjusted EBITDA (excluding non-recurring costs) for the full year totalled €3.6m, a decrease of 39.1% compared to the previous year resulting in an adjusted EBITDA margin of 21%.
Total operating expenses for 2019 amounted to €14.9m, up 25.3%. The group significantly scaled its operational resources at the beginning of 2019 as it invested in product and software development and content creation with a heavy focus on products for the regulated US markets, but also further market expansion outside the UK and US markets, and particularly within the sports vertical.
Charles Gillespie, Gambling.com Group’s chief executive, said that search results have begun to recover.
He added: “2019 was a year of investments in our foundations, in particular the technology stack to deliver our websites. While these investments are critical to our long-term growth prospects, the short-term impact has been a diversion of resources away from everyday improvements of the group’s websites. The largest of these projects, a new Groupwide Content Management System, will go live at the end of February.
“With our new tools in place and more resources working on our consumer facing products, we are confident we will be able to return our search performance to best in class across the markets where we operate.”
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- Aaron Goldstein, Gambling911.com
