shares soar on record Q3 revenue performance

Finance News

New York-listed online gaming affiliate Group has reported third quarter revenue of USD 23.46 million compared to USD 19.65 million a year ago. Net income was USD 5.01 million compared to USD 2.26 million a year ago. 

For 2023, revenue is expected to be between $100 million and $104 million, which implies organic revenue growth of 31%-36%, and Adjusted EBITDA is expected to be between $36 million and $40 million.

Charles Gillespie, Chief Executive Officer and Co-Founder of Group, commented, “Our third quarter results highlight our consistent performance driven by robust organic growth in North America. Even in what is traditionally a seasonally slow quarter, we grew new depositing customers 26% to surpass 86,000 which contributed to 19% revenue growth to $23.5 million, Adjusted EBITDA of $6.1 million and Free Cash Flow of $1.6 million.

“Third quarter North American revenue of $12.9 million includes significant growth in our owned assets and a break-out performance from our media partnerships at the start of the Fall sports season. Our ability to quickly scale our strategic media partnerships complements the growth from our influential owned websites. This results in consistent year-over-year market share gains in existing states even as we face tougher comparisons given the significant organic growth we have already achieved. Our strong North American growth was partially offset by a moderation in our U.K and Ireland performance following seven consecutive quarters of average revenue growth of 28% across these well-established markets. We are confident that our growth opportunities in the U.K. and Ireland markets will remain strong, including the expected benefit from the ramping up of our recently launched media partnership with The Independent for the U.K market.