Part 1: Analysis of results from second quarter
Net Gaming Europe
• Revenues down 24% to €3.5m
• EBITDA down 32% to €2.0m
• NDCs down 29%, with casino NDCs down
33%
• 32% decline in US revenues “due to
competition” for PokerListings
Gambling.com Group
• Revenues up 17% to €4.42m, all organic
• Adjusted EBITDA down to €0.99m from
€1.39m; EBITDA margin also down to 21%
from 37%
• NDCs up 22% to 19.5k
Gambling.com is making a big push in the US –
Net Gaming Europe blamed its disappointing it has established an office there and launched
performance on the regulatory backdrop the American Gaming Awards – hence the fall in
without talking specific countries (though EBITDA (presumably) due to the investment.
UK and Sweden are obvious problems). The
company is hoping to transition to more Investor shift
revenue-share arrangements from CPAs and The big news for the company came
said its results were impacted by this move. subsequent to the results, however, when it
However, it is still reliant on casino (69%) and announced it had secured a $15.5m investment
poker (13%) so no sports revenues as yet. It said from private equity firm Edison Partners. In the
the fall in US revenues is down to competition. press release announcing the deal, Gambling.
Falling NDCs com said it believed the US opportunity
CEO Marcus Teilman admitted that the move
would be sizeable and would “grow to rival”
to revenue share will hit the top line and the the European market in the coming years.
NDCs figure. “We will get more stable revenues The press release said Edison is replacing an
over time. You can also see the NDCs decline existing shareholder at Gambling.com, but iGB
by 29% and revenues by 24% and that is related understands that this is not Mark Blandford, the
to the difference between revenue share and largest shareholder at the time of the issuing of
CPAs. Over time that will benefit us.” the listed bond issue.
iGaming Business • Affiliate Monitor • October 2019
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