The provider of digital marketing services for the global online gambling industry, Gambling.com Group Limited, announced its financial results for the second quarter?of 2024. The company delivered a strong performance, with revenue hitting a record $30.5 million, an 18 percent increase compared to last year. Net income soared to $6.9 million.

In Q2 2024, Gambling.com Group reported a record Adjusted EBITDA of $11.2 million, with a margin of 37 percent, up from $9.4 million and a margin of 36 percent in the prior-year period. Gross profit also saw a 16 percent rise to $29.1 million, despite a $0.5 million increase in cost of sales due to media partnerships.

Operating expenses were reduced by 15 percent to $20.8 million but was partially offset by increases in sales, marketing, and technology expenses.

Gambling.com Group’s Q2 success was marked by the delivery of over 108,000 new depositing customers (NDCs), a 19 percent year-over-year increase, across 15 national markets, covering all aspects of the online gambling industry, including iGaming, sports betting, and fantasy sports.
The company completed the acquisition of Freebets.com and related assets on April 1st, with an initial consideration payment of $20 million.
Additionally, the company repurchased 833,770 shares at an average price of $8.17 per share during the quarter, followed by an additional 798,061 shares at $8.87 per share after the quarter ended.

Reflecting its robust Q2 performance, Gambling.com Group has updated its full-year 2024 guidance. The company now expects revenue of at least $123 million and Adjusted EBITDA between $44 million and $47 million. This represents a year-over-year growth of 15 percent and 24 percent, respectively, at the midpoints of the guidance ranges. The previous guidance projected revenue of $118 million to $122 million and Adjusted EBITDA of $40 million to $44 million.

Charles Gillespie (pictured above), CEO and Co-Founder of Gambling.com Group, expressed confidence in the company’s continued growth, stating, "Our second quarter results demonstrate the power of our high-intent audience and the value we deliver to our online gambling operator clients. As we expand our footprint and leverage industry opportunities, we see a clear path to achieving our goal of $100 million in annual Adjusted EBITDA."

Elias Mark, CFO of Gambling.com Group, added, "Our faster-than-expected portfolio re-calibration has accelerated the performance of our owned and operated assets, driving our impressive Q2 results and reinforcing our resilience in both European and North American markets."

Missouri Secretary of State Jay Ashcroft has confirmed that the constitutional amendment to legalise sports betting is scheduled for 5 November. .

This development came with the backing of the initiative that include Missouri's professional sports teams and major online sports betting platforms such as FanDuel and DraftKings. Together, these two companies have contributed $6.3 million to the signature campaign. Their vested interest in expanding their market presence in Missouri will reap substantial revenue generation from sports betting. The investment in the campaign will result in significant returns for these giant betting corporates once the amendment passes.

Sports betting in Missouri has been a topic of significant debate and legislative action over the past few years. The journey towards legalization has seen numerous bills introduced, debated, and ultimately stalled in the Missouri General Assembly. However, stakeholders persisted and with substantial financial backing from leading online sports wagering platforms, the issue is at the forefront once again.

Missouri's stakeholders have different motivations to push legal sports betting. The state’s major professional sports teams, including the St. Louis Cardinals and the Kansas City Chiefs, have been vocal supporters of the initiative. These teams stand to benefit from branded wagering platforms and exclusive advertising rights in and around their stadiums. Bill DeWitt III, president of the St. Louis Cardinals, said that the potential financial benefits for Missouri classrooms will have a broader social impact as a result of this initiative.

Previous attempts to pass sports betting legislation in the Missouri General Assembly have been met with resistance and ultimately failed. The frustration of major sports teams and casino companies with the legislative process led to the launch of the current initiative campaign late last year. The public-facing aspect of the campaign has been spearheaded by the major pro sports teams, while the financial backing has come from the online sports wagering platforms.

Public sentiment towards sports betting in Missouri has been mixed. While there is significant support from urban areas like St. Louis and Kansas City, rural areas have shown more conservative attitudes towards gambling. The upcoming ballot measure will test the overall public support for sports betting in the state. Preliminary polling indicates a close race, with both supporters and opponents gearing up for a vigorous campaign in the lead-up to the November vote.

The legalisation of sports betting in Missouri carries significant economic and social implications. Proponents argue that legal sports betting will generate millions of dollars in tax revenue, which can be directed towards education and other public services. The proposed tax rate of 10 percent on net revenue after promotions is expected to provide a substantial boost to the state’s coffers. Additionally, the creation of new jobs in the sports betting industry could have a positive impact on the state’s economy.

However, opponents of sports betting raise concerns about the potential for increased gambling addiction and other social issues. The availability of online sports betting platforms could make it easier for individuals to engage in gambling, potentially leading to negative consequences for some. Addressing these concerns will be crucial for the success of the initiative, with proponents likely to promote responsible gambling and provide support for those affected by gambling addiction.

The upcoming vote on Amendment 2 has significant support from major sports teams and online sports wagering platforms, reflecting the potential economic benefits of legalization. However, the outcome of the vote will ultimately depend on the public’s perception of the benefits and risks associated with sports betting. As the campaign intensifies in the coming months, both supporters and opponents will be working hard to sway public opinion in their favour.

SiGMA East Europe Summit powered by Soft2Bet, happening in Budapest from 2 – 4 September

The Malta Gaming Authority (MGA) has officially declared that it has no connection with 136bet.com. Any claims made by 136bet.com regarding holding a gaming license issued by the MGA are false and misleading. The MGA points out the importance of consumers verifying the legitimacy of any gaming service provider before engaging with them. Authorized entities are required to comply with strict legal requirements to protect consumers. Unlicensed entities, such as 136bet.com, operate without regulation and do not offer the necessary safeguards, making transactions with them risky for consumers.

The MGA provides a list of licensed entities on its website, which consumers are encouraged to consult to ensure they are dealing with authorized service providers.

136bet.com is an online gambling platform that offers a variety of betting options, including casino games and sports betting. However, it is important to note that 136bet.com operates without a valid license from the MGA. The platform claims to be regulated, but these claims are unfounded and misleading. The website is reportedly licensed by the authorities in Cura?ao, but this does not provide the same level of consumer protection as an MGA license.

Consumers should be cautious when dealing with 136bet.com due to its lack of proper licensing and the potential risks involved. Engaging with unlicensed gambling sites can lead to issues such as unfair practices, lack of recourse in case of disputes, and potential financial losses.

The MGA is responsible for regulating and overseeing all gaming activities in Malta. It ensures that licensed operators adhere to strict legal and regulatory standards to protect consumers. The MGA’s regulatory framework includes measures to prevent fraud, money laundering, and other illegal activities. By choosing to engage with MGA-licensed operators, consumers can be assured of a safer and more secure gaming experience.

For more information, consumers can visit the MGA’s official website, where they can find a comprehensive list of licensed entities and additional resources on safe gambling practices.

SiGMA East Europe Summit powered by Soft2Bet takes place in Budapest from 2 – 4 September

Bloomberry Resorts Corporation, led by Filipino billionaire Enrique Razon Jr., experienced a 38 percent drop in first-half earnings, reporting a net income of PHP3.99 billion (€63.8 million). ??

According to its press release, the decline was largely driven by ongoing challenges in the VIP segment and the start-up costs of its new property, Solaire Resort North. In the second quarter of 2024, net income plunged 61 percent to PHP1.3 billion (€20.7 million), a significant drop from PHP3.4 billion (€54.3 million) the previous year. Despite these hurdles, Razon remains optimistic about Solaire North’s potential to drive future profitability as operations ramp up.??

While the VIP segment continued to struggle, Bloomberry’s mass gaming operations showed growth. Gross gaming revenue (GGR) for the first half of 2024 fell by 6 percent to PHP29.2 billion (€465. 9 million), down from PHP31.2 billion (€497.9 million) a year ago.   

However, non-gaming revenue rose by 11 percent to PHP4.6 billion (€73.4 million), showcasing strong performance in hotel and food services. The company's flagship property, Solaire Resort in Entertainment City, reported a 12 percent decline in GGR to PHP13.3 billion (€212.2 million) due to lower VIP volumes, partially offset by growth in electronic gaming machine (EGM) revenues.??

Despite financial strains, Solaire Resort North, which opened on May 25, demonstrated promising results. In its first 37 days of operation, the resort generated positive earnings before interest, taxes, depreciation, and amortization (EBITDA) of PHP250 million (€3.9 million), signalling its potential to become a significant revenue driver. However, pre-operating expenses for the new property amounted to PHP764.1 million (€12.2 million) in the second quarter, considerably higher than the PHP73.8 million (€11.8 million) in the same period the previous year.??

Despite the challenges faced by Bloomberry, Razon remains optimistic about the company's future. He believes that Solaire North's performance will improve as it continues to scale operations. The company is also banking on future growth in its mass gaming and non-gaming segments to offset the continued weakness in the VIP market.??