Gambling.com shares surged 25% to $12.95 in pre-market trading today (14 November) after the business raised its full-year 2024 guidance in its Q3 financial report.
The US affiliate marketing business reported $32.1m in revenue for Q3 2024, a 37% increase from the same period last year.
The growth came despite stormy waters for gambling affiliates, which has seen Gambling.com’s competitors, such as Catena Media and Better Collective, initiate layoffs in the face of lacklustre results.
Gambling.com’s growth, however, resulted in a record $12.8m adjusted EBITDA for the quarter, more than doubling from 2023.
Overall, Gambling.com recorded $8.5m in net income, up 70% from Q3 last year.
Charles Gillespie, chief executive co-founder, said: “Our record third quarter and year-to-date results reflect our best-in-class execution in the affiliate sector to consistently grow market share around the world.
“The third quarter’s strong revenue growth and record adjusted EBITDA highlights Gambling.com Group’s position as an industry leader in creating value for both our shareholders and our online gambling operator clients.
“To complement our continued organic market share growth, we continue to evaluate opportunities adjacent to the core business to expand our footprint in the online gaming ecosystem as we progress towards our goal of $100m in annual adjusted EBITDA.”
The business opted to boost its 2024 full-year revenue and adjusted EBITDA guidance to a mid-point of $126m and $47.5m respectively.
If achieved, these targets would represent year-on-year growth of 16% and 29% respectively.
Elias Mark, chief financial officer, said the strong results reflected the continued success of its strategies to optimise the returns from its portfolio of owned and operated assets.
He added: “As expected, we generated strong iGaming NDC growth across all our geographical regions, while our North American business continued to be resilient against challenging comparables.”
The results follow the affiliate’s acquisition of FreeBets.com from XLMedia in April 2024 for up to $42.5m.
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