The company’s first results of 2025 show significant top-line growth, improved profitability, and a continued investment drive in its core North American market. 

Gambling.com EPS Rises 60% In First Quarter

Key statistics from the company’s first quarter are as follows for the three months ended 31 March 2025:

• Revenue of $40.6 million, up 39% from $29.2 million in Q1 2024
• Net income of $11.2 million, up 54% year-over-year
• Operating profit of $10.0 million, up from $7.9 million in the prior year period
• Basic earnings per share (EPS) of $0.32, up 60% from $0.20 in Q1 2024
• Cash generated from operations totaled $11.4 million

The affiliate emphasized that the acquisition of Odds Holdings Inc. was pivotal to Q1’s performance. “The principal reason for this acquisition was to accelerate U.S. expansion,” Gambling.com stated. The deal generated $8.6 million, or approximately 22% of group revenue in the quarter. 

Catena Media, which also heavily focuses on the North American market, posted poor financials last week and outlined plans for 50 more job cuts as it aims to optimize costs. 

Another affiliate, Gentoo Media, also posted results below expectations and is undergoing strategic restructuring and making redundancies.

Gambling.com Product Diversification Paying Dividends in Q1

This is not reflected at Gambling.com, where Q1 sales and marketing spending is up 58%, technology expenses are up 62%, and general and administrative expenses are up 22%. 

While this shows higher operating costs, it aligns with the group’s strategy to aggressively pursue market share globally through both organic and merger and acquisition-led growth. 

The Gambling.com group diversified its product portfolio, with subscription revenue growing 405.2% year-over-year to $9.9 million and making up 24.4% of total first-quarter revenue. 

Revenue from CPA, Rev Share, and Hybrid models was still the predominant revenue driver, comprising 63.3% of Q1’s topline. Advertising on site and other revenue generated 12.3% of total revenue, generating $5.0 million for the three months to March 2025. 

From a debt perspective, the group’s borrowing rose significantly to $88.5 million in Q125, up from $22.9 million in the previous quarter. The increase is owing to the drawdown of a $165 million syndicated credit facility, led by Wells Fargo. The facility includes a $90 million revolving credit line, of which $70.5 million (78%) remained undrawn. 

The filing outlines that “the proceeds from the Wells Fargo Credit Facility are being used for working capital, to settle deferred consideration, for permitted acquisitions, and for general corporate purposes.” 

Competitors Weakened by Google Policy and Search Slump

Investor confidence in GAMB is significantly stronger than that of three public competitors. Catena, Raketech, and Gentoo have all had topline revenue hit by Google policy change and underperforming search-related revenues. 

Gambling.com has shown, particularly through recent revenue diversification and continued investment, that growth is still possible in a tricky affiliate market. 

The group still saw a decrease in share price following its earnings announcement, but the trend over six months is 3.23% growth, compared to -60.97% for Catena, -43.45% for Raketech and -40% for Gentoo Media.

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The affiliate also announced a reduction in EBITDA margin from 48% to 33%. The company reported a 127.8% reduction in profit, moving from €9.7 million in Q124 profit to €2.7 million in Q125 loss. 

Gentoo Share Price Hit Despite Management Reassurance

Gentoo’s leadership has asserted that the company is “well-placed to resume growth in the second half of the year” and expects to see full-year revenues “broadly in line with 2024” and an annual EBITDA margin between 40% and 45%. 

However, Gentoo shareholders do not share management’s optimism. The share price fell to its lowest value year-to-date, falling by over 16.8% in reaction to the company’s results.

Last week, CasinoBeats reported that the Malta-headquartered business was in the process of laying off approximately 100 employees. This followed leadership’s implementation of a “broader strategic reorganisation,” which also saw the departure of the Chief Sales Officer and Chief Technology Officer. 

Sources close to the company suggested the underperformance of two flagship Gentoo properties was a significant factor in the company’s proposed restructuring.

The quarterly report outlines that “recovery efforts continued for Casinotopsonline.com and Time2play.com.” CasinoTopsOnline saw a €1.9 million revenue decline year over year. 

As previously outlined, Time2Play has seen a 94.25% decrease in traffic from its peak, with CasinoTopsOnline attracting under 5,000 monthly visitors. Traffic markedly declined after Google’s Fall 2023 Core Review updates, which penalized sites using SEO strategies such as content-scraping, cloaking, and auto-generated content. 

Despite previous Google updates heavily impacting the company’s portfolio, the first quarter report suggests that the March core update has had a “net positive impact across Gentoo Media’s publishing portfolio.” 

The report also reveals Gentoo has initiated a targeted consolidation of its portfolio, which now focuses on 70 high-potential websites in “key long-term growth markets.” 

During the earnings call, the CEO revealed that regulatory shifts in Brazil saw some websites lose 90% of players, and the disruption was heavier than anticipated. 

EBITDA Down 40% at Catena Media

Cost-optimization measures are a trend across multiple affiliates, with Catena Media also reporting poor first-quarter results. The company is initiating 50 additional redundancies in response to the 40% reduction in EBITDA for the first quarter. 

The Catena Media share price has hit a historic low, settling at just over 13% down at the time of writing. 

Speaking on the company’s earnings call, CEO Manuel Stan stopped short of promising no further cuts. “While we cannot commit that this will be the last cuts we make, I think we genuinely believe that this puts us in a very good place to deliver significantly improved profitability in the following quarters,” stated Stan.

This was after Stan assured investors on the November 2024 earnings call that the company did “not foresee any further staff cuts in the near future.” 

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Across the third quarter, Gentoo’s revenue grew to €30.4m to represent a 35% growth year-over-year (12% organic) on previous year’s comparatives of €22.5m in Q3 2023. 

Jonas Warrer, Gentoo Media CEO, commented: “I am pleased to present our third quarterly report for 2024, marking yet another record-setting quarter for Gentoo Media, with 15 consecutive quarters of all-time high revenue. 

“Our focused strategy on sustainable, long-term growth – emphasising diversification and increased revenue share earnings – continues to strengthen our business. Despite market volatility, our disciplined approach has proven resilient, driving steady success and positioning us with a competitive edge in an increasingly dynamic marketplace. 

“We remain confident that our strategic path will support our continued growth and stability in the coming quarters.”

Adjusted EBITDA came in at €14.6m (Q3 2023: €10.4m) reflecting a 48% margin, while group accounts booked ‘special items’ related to the company’s September split from GiG, capped at €600,000. 

With special items excluded, EBITDA witnessed an uptick of 36% YoY by growing to €14m (46% margin). Media cash flow operations were valued at €19.9m, while IFRS5 standard platform & sportsbook cash flow was €12.2m. 

In total, 58% of revenues were generated from recurring revenue share agreements, an increase of 24% YoY.

Despite headwinds in Norway, Europe-centric revenue increased 51% YoY, while revenue share from the Americas grew by 52%. This growth in the Americas was headlined by more than double digit growth in North America. 

Europe and the Americas stood as principal markets, contributing 59% and 21% of quarterly revenue respectively. 

Gentoo’s portfolio saw non-top five websites contributing 65% of the total revenue gained across Q3, an increase of 46% YoY. Meanwhile, top five websites revenue (35% of total) also increased 14% YoY as Gentoo’s explained that “a significant increase was seen in partners generating more than €10k per quarter, up 94% YoY”.

This influx of revenue comes as a result of an update from Google launched earlier this year, which offset the search rankings of Casinotopsonline.com and other Gentoo websites.

Leadership at the company expects that momentum will continue into Q4, sticking with its 2024 guidance expecting projected revenues of €125-135m and an EBITDA margin of 45-50%.

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Gentoo Media’s automated compliance and brand protection tool, formerly GiG Comply, will offer clients access to “deep expertise in igaming regulations” provided by QMRA to encourage compliance in regulated jurisdictions. 

Rasmus Bank Nielsen, Head of Sitebee, commented: “By integrating QMRA’s extensive legal knowledge, Sitebee empowers our clients with the latest regulatory insights, allowing them to operate with confidence in a highly dynamic market. 

“This partnership gives operators the clarity and foresight they need to manage risk and maintain compliance across all regions where they operate.” 

Sitebee’s partnered operators will be able to leverage QMRA’s legal expertise simply by having access to the compliance tool, helping said operators to “anticipate and adapt to changing requirements in various regions”. 

The companies have outlined three key aims for the partnership, hoping to help Sitebee clients gain legal clarity on regulatory shifts across jurisdictions, provide real-time data that allows for quick, informed decision-making and operational efficiency – streamlining the compliance process through automation. 

Steven Vrolijk, Director of QMRA, added: “Our collaboration with Sitebee strengthens the ability to deliver reliable, up-to-date compliance insights. By combining Sitebee’s robust compliance infrastructure with our legal expertise, operators can confidently navigate complex regulations and focus on their core business.” 

Rebranding GiG Comply to Sitebee forms part of Gentoo’s full rebrand, transitioning from Gaming Innovation Group to Gentoo Media in recent months, as well as the completion of the company’s split of its media and platform division into two independently listed companies – Gentoo Media and GiG Software PLC.

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The service will continue to assist operators in the igaming industry with regulatory compliance across their brands and as they work with affiliate partners. 

Gentoo Media noted that Sitebee will build upon GiG Comply’s legacy, automating compliance monitoring, saving time, reducing risks and helping companies gain marketing and affiliate partnership insights. 

Rasmus Bank Nielsen, Head of Sitebee, commented: “Sitebee is more than just a rebrand. It’s a renewed commitment to our partners and the industry. Compliance doesn’t stand still, and neither do we.”

Sitebee’s list of client partners includes the likes of bet365, Betway, Kaizen Group and Betsson Group.

The GiG Comply rebranding follows the recent rebranding of Gaming Innovation Group Inc to Gentoo Media Inc, as well as the completion of the company’s split of its media and platform division into two independently listed companies – Gentoo Media and GiG Software PLC.

“Compliance is a moving target, and Sitebee is how businesses can stay ahead, not just keep up,” noted Nielsen. 

“Our solution helps brands navigate complex regulatory landscapes by monitoring thousands of web pages in real-time to ensure adherence to laws across multiple jurisdictions.”

In addition, Sitebee ensures its client’s affiliate partners are regulatory compliant, providing detailed and actionable information to spot compliance breaches and growth opportunities, helping operators improve their decision-making with data.

Nielsen added: “With Sitebee, our clients gain insights that not only identify risks but also uncover new growth opportunities. Data is key, and we provide our clients with a clear picture of their affiliate landscape so they can act quickly and strategically.”

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Following final approval from its board of directors, Gentoo Media stated that “all necessary legal steps have been completed, and the assets and subsidiaries of the platform business have been extracted from Gentoo Media Inc. and distributed to the shareholders”. 

Completing the split initiated in February last year, GiG Software will continue as an independent B2B company, providing the igaming industry with its proprietary platform and sportsbook technology. The business will be listed on the Nasdaq First North Premier Growth Market.

Meanwhile, supplying marketing affiliate services to the igaming industry, Gentoo Media will be listed on the Oslo Stock Exchange in Norway with the ticker symbol G2MNO, in addition to being listed on Nasdaq Stockholm in Sweden with the ticker symbol G2M.

Jonas Warrer, CEO of Gentoo Media, noted: “We are thrilled by the opportunities this split presents, allowing us to strengthen our market leadership while enhancing shareholder value.”

Gentoo Media has also entered into a €25m Revolving Facility Agreement with Citibank Europe plc, “securing financial flexibility and operational excellence in its daily operations”.

“This marks a new chapter in the ongoing evolution of our media affiliate business,” stated Mikael Harstad, Chair of the Board at Gentoo Media.

“Gentoo Media is now well-positioned to continue its remarkable growth journey as an independent and vertical-focused company within igaming.”

The distribution of the GiG Software business to the shareholders has taken place “in the form of depository receipts in GiG Software PLC, i.e. Norwegian Depository Receipts (NDRs) to investors holding shares in Euronext Securities Oslo (VPS), and Swedish Depository Receipts (SDRs) to investors holding shares in Euroclear Sweden”.

GiG Software’s SDRs will be listed on the Nasdaq First North Premier Growth Market, but neither the SDRs nor the NDRs will be listed on any stock exchange in Norway. 

However, holders of NDRs can convert the NDRs to SDRs by contacting their banks or brokers. GiG Software aims to list the NDRs on the Euronext NOTC market.

Richard Carter, CEO of GiG, commented: “Today marks a pivotal moment for GiG as we embark on a new chapter of growth and opportunity. The strategic spinout allows us to unlock the full potential of our proprietary technology and provides GiG with the focus, agility, and innovation needed to excel in the B2B space. 

“By standing alone, we can fully commit to delivering value to our partners and investors, all while leveraging the foundations that we have already laid for sustainable long-term growth. This is the start of an exciting new era, with GiG positioned to deliver as a leader in the global B2B igaming industry.”

The platform business has received a starting cash balance sufficient to secure its operations. Meanwhile, the media business has used part of the proceeds from the share issue in June 2024 to repay €5.9m of bank loans held by Sportnco before the split.

“GiG represents a very exciting growth story: having full control over our technology stack, combined with management’s vision and the execution of our strategic initiatives, the company is well positioned for success,” said Phil Richards, CFO at GiG.

“In addition, the quality of our platform will give us a significant competitive advantage. We’re confident that as we continue to deliver on our strategy, the full value of the potential of this business will be realised.”

Petter Nylander, Chair of the Board at GiG, added: “Today is the realisation of our long-held confidence in the company’s ability to thrive independently. By focusing exclusively on our technology and full end-to-end services, we are unlocking new avenues for growth and innovation. 

“The board fully believes in the vision and the leadership team driving this business forward. We are confident that GiG is uniquely positioned to capitalise on the immense opportunities ahead, and today’s listing marks the beginning of an exciting journey that will create significant value for our investors.”

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In a statement on the Gentoo Media (formerly GiG Media) website, the company also said it has continued its dual-listing on Norway’s Oslo Stock Exchange with the ticker symbol G2MNO, as well as on Sweden’s Nasdaq Stockholm with the ticker symbol G2M.

The name change from GiG to Gentoo is part of the company’s restructuring process of dividing its media and platform division, a planned split which is expected to take place on 30 September.

GiG’s restructuring process has been in the works since a strategic review of the company was initiated back in February 2023, with the company now following up on the planned timeline of the split announced earlier in September.

From the end of the month, GiG’s platform and sportsbook division will be spun off to operate as an independently listed company under the name GiG Software PLC.

GiG Software will be listed on the Nasdaq First North Premier Growth Market, with its first day of trading expected to be 1 October.

Recently, GiG appointed Andreas Söneby to the board of directors of GiG Platform.

Söneby brings experience from the gaming and technology sectors to the role, having previously served in leadership positions for Unibet, Kindred Group and Kambi. He has also held executive positions at White Hat Gaming and Instabox and is currently a Venture Partner at Industrifonden, a venture capital firm in Sweden.

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The partnership will help Betsson manage its regulatory compliance across its brand portfolio. Gentoo Media has stated GiG Comply will provide the operator with the necessary means to stay compliant and meet regulatory requirements when carrying out marketing across different jurisdictions.

“We are pleased to extend our partnership with GiG Comply for a fifth consecutive year,” commented Shakyra Jonsson, Senior Affiliate Operations & Events Manager at Betsson Group Affiliates. 

“As a company committed to maintaining the highest standards of regulatory compliance, it is crucial that we continue using tools like GiG Comply to ensure that our affiliate marketing efforts align with the diverse regulations across the markets we operate in. 

“This partnership reaffirms our dedication to safeguarding our brand while remaining compliant in a rapidly evolving industry.”

Gentoo Media also has similar agreements in place for its GiG Comply tool with other operators such as bet365 and SkyCity Entertainment Group.

Rasmus Bank Nielsen, Head of GiG Comply, added: “We are thrilled to continue our partnership with Betsson Group, one of the industry’s leading operators. 

“The renewal of our agreement, for a fifth consecutive year, underscores the importance of regulatory compliance and the effectiveness of GiG Comply. We look forward to continuing to support Betsson in maintaining the highest standards of compliance in their marketing efforts.”

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39%

Gaming Innovation Group’s rebranded stand-alone media group Gentoo Media generated €30m of revenue in Q2 2024, up 39% from 2023 comparatives of €22m.

Success of the firm and the growth of the group was significantly enriched by their M&A strategy as completed AskGamblers and KaFe Rocks deals provided an uplift for the group. 

GiG Chairman Mikael Riese Harstad commented on the group’s performance: “It is with this confidence that I am happy to announce the finalisation of our strategic split into two separate listed entities: Gentoo Media (formerly GiG Media) and GiG Platform. This split is now set to be completed by the end of September 2024.”

“I am fully confident that both companies will flourish as independent entities, each continuing to lead and innovate within their respective areas of focus.”

Overall GiG’s divested Platform & Sportsbook business registered a 21% decline in revenues to €7.3m (Q2 2023: €9m).

Revenue declines were anticipated as the divested Platform & Sportsbook business has changed its auditing structure under IFRS rules.

$330m

Georgian courts have ruled in favour of Aviator in the firm’s copyright and trademark infringement claim against Spribe and Flutter-owned Adjarabet.

The group was awarded $330m in damages after the ruling found copyright and trademark infringement and invalidated trademark registrations based on bad faith. 

One of the key elements of the case was Aviator seeking to halt Adjarabet from utilising copyrighted material by offering Spribe’s Aviator crash game.  

The Aviator brand registered by Spribe has gone on to become one of Adjarabet’s most successful crash games, the firm originally registered its own “Aviator” trademarks for computer games and gambling services, which the claimant argued were infringing on its original trademark.

Flutter has since confirmed it will appeal the decision, issuing the following the statement: “The level of damages sought is egregious in nature and bears no resemblance to the actual economics of the property under debate.”

€3.5m

Holland Casino revealed it suffered a loss of €3.5m in the first half of 2024. 

It’s a dramatic change from last year, when the company made a profit of €17.2 million in the same period. The company also blamed the 1% increase in gambling tax since the start of the year, which according to the group cost them a total of €3.7m.

CFO Ruud Bergervoet, commented: “Holland Casino’s finances are under severe pressure due to increased costs. This mainly concerns high inflation, the increase in the collective labour agreement and investments in our gaming offer and staffing. 

“As a company, we are also still working on paying off the corona debts. This makes our financial position vulnerable. It is crucial for our financial health that no further significant cost increases occur now. Only then can we prevent ourselves from ending up in a loss-making situation.”

High inflation was also cited by the group as a reason for the increasingly challenging times, as it revealed it has already taken into account a sharply reduced profitability. 

6

An update on affordability checks has been provided by the UK Gambling Commission as the regulator prepares to launch a six-month pilot for financial risk assessments. 

The Commission announced on 1 May 2024 that it would look at launching a pilot of its frictionless ‘light touch’ financial risk assessments from 30 August, this upcoming Friday. 

A four-stage plan was initiated by the UKGC back in May, hoping to adopt regulatory changes that will impact “remote game designs, terms and conditions on direct marketing, light-touch financial vulnerability checks, and tightening processes to support age verification checks in premises.”

Once launched on Friday, the pilot will run for six months to apply light-touch affordability checks with an initial threshold of customer deposits of £500 a month.

Subsequently, the pilot aims to reduce the deposit threshold to £150 a month by 28 February 2025.

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Addressing investors, Group CEO Richard Carter emphasised that the firm has had major success within its strategic enablers. 

In a 14th consecutive year of record revenue, Q2 revealed that Gentoo Media generated €30m of revenue, up 39% from 2023 comparatives of €22m.

Carter also detailed that he believes operation execution will continue to gain traction and recurring revenue growth will continue to elevate amidst a sea of successful enablers for the company. 

One of these is the SweepX social casino platform, which according to Carter has had a major impact on the firm’s total addressable market and will begin to gain revenue in the second half of the year. 

Success of the firm and the growth of the group was significantly enriched by their M&A strategy as completed AskGamblers and KaFe Rocks deals provided an uplift for the group. 

This trend is set to continue for the group as it benefits from Titan SEO and the heritage online gambling player community CasinoMeister in the second half of the year. 

The group updated investors that it is taking a meticulous approach when it comes to domains and new acquisitions, as it ensures it enters new markets in the most effective possible way. 

The group’s dependency on ‘exotic markets’ continues to decline as well, as it bolsters growth in North America and Europe. In terms of the CasinoMeister brand, the group emphasised that the opportunity was simply too good to pass up. 

There is a real belief that within the next few years, the casinomeister brand will become one of the group’s flagship brands. 

GiG Chairman Mikael Riese Harstad, also provided an outlook on the state of the sweepstake market as he revealed that having signed up one of the largest land based casino operators to its SweepX platform, the group also revealed that there is a significant appetite from remote operators to be involved in the digital sweepstake space. 

Harstad emphasised that the company hopes to take advantage of the ‘big opportunity’ within the sweepstake market, as it isn’t an opportunity exclusive to the US, believing that sweepstake opportunities will open up in other regions. 

Harstad continued on the group’s performance: “It is with this confidence that I am happy to announce the finalisation of our strategic split into two separate listed entities: Gentoo Media (formerly GiG Media) and GiG Platform. This split is now set to be completed by the end of September 2024.”

“I am fully confident that both companies will flourish as independent entities, each continuing to lead and innovate within their respective areas of focus.”

Overall GiG’s divested Platform & Sportsbook business registered a 21% decline in revenues to €7.3m (Q2 2023: €9m).

Revenue declines were anticipated as the divested Platform & Sportsbook business has changed its auditing structure under IFRS rules.

Harstad concluded: “The second quarter of 2024 has truly been one of significant achievement and strategic progress. As we move forward with the final steps of our strategic split, Petter Nylander, Chairman of Platform & Sportsbook, and I are confident that both Gentoo Media and Platform & Sportsbook will continue to grow, innovate, and deliver value to our shareholders like never before.”

“Despite the many changes in external market conditions and internal organisation, GiG has always remained steadfast in its commitment to its core values.

“At the heart of our company lies a deep passion for igaming—we live and breathe the excitement, strategy, and dynamics of this ever-evolving industry. While others may chase trends, we have always trusted that our deep expertise, state-of-the-art technical infrastructure and data-driven approach will yield long-term success.”

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