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Affiliate Monitor Company-by-company Q3 results analysis
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FansUnite
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Now solely focused on its affiliate operations following the sale of its B2C operations and its B2B Chameleon platform , FansUnite said the affiliate business – largely
Betting Hero – generated revenues of $ 4.8m in Q3 and $ 17.2m in the nine months to September .
Revenue would rise 8-9 % at midpoint to $ 4.5m- $ 4.8m for Q3 . The company said adjusted EBITDA would be breakeven at midpoint .
On the call , chief financial officer Graeme Moore said revenue
XLMedia
Under the wire would have been better but for a cyberattack affecting one of its clients over the quarter .
Having reconfigured the company towards being an affiliate provider , chief executive Scott Burton said the company was convinced this was the right path . “ We think that ’ s the way forward to generate better shareholder value and we will continue to grow the affiliate business , increase margins and look to reduce costs as we move through 2024 ,” he said .
One bump in the road was encountered via a little-noticed change in the regulations pertaining to affiliate marketing in New York where the authorities moved to ban the activity in bars .
“ We have a really significant bar network ,” CFO Graeme Moore told analysts . “ That ’ s one of the things we really rely on for our live affiliate revenue . So not being allowed to have sports betting affiliate activity in bars led to a significant decrease in 2023 revenue in New York .”
In a brief trading update in mid- December , XLMedia told the market that since the launch of ESPN Bet in mid-November , the company had seen an uplift in North American revenues which is likely to drive a “ strong close to the year .” But it added that wouldn ’ t be enough to fully compensate for the mid-period shortfalls and therefore North American revenues would come in below forecast for the year . Revenue for the full year is now expected to be in the range of
$ 50m to $ 52m while adjusted EBITDA is expected to be in the range of $ 12m to $ 14m .
Discussions continue around potential asset sales , it added , but a sale for the whole company was no longer anticipated with no further talks expected .