XLMEDIA TRADING UPDATE Q2 REVIEW
AT A GLANCE
FANSUNITE Q2 UPDATE
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XLMEDIA TRADING UPDATE Q2 REVIEW
AT A GLANCE
• A trading statement in late July said revenues would be down YoY to $ 29.4m from $ 44.5m over the same period last year
• Adjusted EBITDA is also set to fall to $ 6.5m from $ 10.6m in the first half 2022
NEW INITIATIVES
The company ’ s first half results won ’ t be released until the end of September but in its late- July trading update went some way to suggest it was busy with initiatives to try and turn the business around .
Alongside the media partnerships , it said it had signed revenue share partnerships with Betway and Bet365 , diversified into DFS and new display media advertising and sponsorship packages , exited non-core business areas and sold three European domain names ( Casino . se , Casino . gr and Casino . pt ).
“ In summary , the Group has launched into new markets , developed new brands , diversified revenue streams , expanded sports and gaming , signed new partnership agreements , and refocused on its core activities . XLMedia is ready for new state launches when they come ,” the company said .
SPORTING GAINS
As with other providers , the company saw a boost in the first half from the launch of sports betting in Ohio . However , sports revenue still fell back from $ 34m in the first half last year to $ 21.4m for the first six months of this year .
The bright spot in sports was the rise in EU revenues , up to $ 5.2m from $ 3.8m . But US revenues were down to $ 16.2m from $ 30.2m as the launches in Ohio and
Massachusetts earlier this year failed to match the scale of New York in 2022 .
Gaming revenues , meanwhile , were down to $ 7.4m from $ 8.4m . The bulk of this came from Europe at $ 7m while North America was only worth $ 0.4m .
DISPOSALS
Alongside offloading the personal finance assets and other non-core businesses such as Blueclaw , the company sold the three domains noted earlier . It said that the sales brought in $ 6m and will provide additional working capital and fund further investment to drive the expansion of the North American sports and gaming footprint and advance its EU portfolio .
FANSUNITE Q2 UPDATE
Much of the FansUnite statement dealt with issues around the disposal of its various B2C and B2B sports betting arrangements and the pivot to affiliate marketing . Little was said on its current affiliate businesses , including Betting Hero , other than to say is has “ shifted its strategic focus to growing the more profitable affiliate segment by scaling its Betting Hero and Props . com operations ”.
It added that it also “ intends to allocate more resources on its high-margin business segments and achieve additional cost savings by realising operational and financial efficiencies without disrupting its growth ”.
October 2023