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17 spotlight temporarily moved away from the company in Q3 of 2020 , it had generated revenues of € 6.3m ; by the time it remerged as a listed US entity , it was generating $ 10.1m . Along with the change in reporting currency , then , the company had also seen a small step-change in its revenues .
These were soon to be augmented by an even more obvious step-change as the company used its newly minted paper to pursue acquisitions , namely the buyouts of the Rotowire and subsequently BonusFinder businesses . This helped revenues jump in Q1 of this year to $ 19.6m , before the summer sporting calendar slowdown noted elsewhere in this report saw revenues pared back to $ 15.9m in the most recent quarter ( Chart 6 ).
In terms of EBITDA , the picture is more mixed as the company says it has embarked upon investments over the year ( Chart 7 ).
Chart 7 : Gambling . com EBITDA Q321-Q222 ($ m )
$ m
8
7
6
5
4
3
2
1
0
3.6
7.2
Q321 Q421 Q122 Q222
Chart 8 : Gambling . com Group revenue by region 2021 (%)
North America 17.7 %
Other Europe 25.5 %
Rest of world 6.1 %
2.3
Geographic split UK / Ireland 50.6 %
3.5
ALL GUNS BLAZING
Having recently listed , the company is understandably bullish about its own prospects and , by extension , those of the gaming affiliate sector . Its outlook for 2022 is for revenues to come in at $ 71m- $ 76m versus $ 42.3m in 2021 . Adjusted EBITDA for the year is expected at $ 22m- $ 27m . This places GDC behind the pacesetters Catena and Better Collective but definitely on the move and
Source : Company reports
“ One measure of GDC ’ s success will be its ability to grow revenues outside of Europe ” likely to grow both by acquisition and organically .
One measure of GDC ’ s success will come down to its ability to grow revenues outside of Europe . As shown in Chart 8 , in the yearend results for 2021 ( prior to the Rotowire acquisition truly taking effect and ahead of the BonusFinder deal ) revenues from Europe made up 50 % of the total and North America was only worth 17 %. That is destined to change for 2022 .
November 2022