Gambling.com Group Provides Update on the Effects of COVID-19
Gambling.com Group Plc (“Gambling.com Group” or the “Group”) is closely following the COVID-19 pandemic and its potential impact on the financial and operational performance of the business as well as the general economy.
The Group has been operating under a work from home policy, across all offices, since March 16th, 2020. Day-to-day operations otherwise remain unaffected thanks to the digital nature of the Group’s business.
Trading update for January – February 2020:
- Revenue totaled EUR 2.41 (3.32) million.
- Adjusted EBITDA amounted to EUR 0.39 (1.17) million.
- Net Interest Bearing Debt (NIBD) amounted to EUR 9.43 (15.19) million at the end of February 2020.
- The effects of certain open-market bond purchases disclosed on March 25th, 2020 will reduce NIBD by EUR 1.43 million.
- Sports betting revenue during the period accounted for less than 20% of total revenue.
COVID-19 and the impact on the Group:
- The Group expects the cancellation and/or postponement of all mainstream sporting events to have a meaningful negative impact on revenues from the sports betting segment until the situation normalizes.
- With many major sporting events having taken place as planned in the first half of March, the Group does not expect a significant impact on revenue in March.
- The vast majority of the Group’s business is outside of sports betting. The Group’s largest segment by far is online casino which at present is displaying a positive trend.
- We do not expect the COVID-19 pandemic to have a long-term affect on the business and view the situation as temporary in nature.
- At the end of March, the Group implemented further cost reduction measures which will result in ongoing quarterly savings of EUR 0.15 million in addition to a temporary measure for the second quarter which is expected to save approximately EUR 0.3 million.
This information is information that Gambling.com Group Plc is obliged to make public pursuant to the EU Market Abuse Regulation 596/2014. The information was submitted for publication, through the agency of the contact person set out above, at 08:00 CET on 30 March 2020.
About Gambling.com Group Plc
Gambling.com Group Plc is an award-winning provider of digital marketing services for the global iGaming industry. Founded in 2006, the group has a workforce of more than 100 and operates from offices in Dublin, Charlotte, Tampa and Malta. The group publishes websites that offer comparisons and reviews of online gambling websites across 15 national markets in nine languages. Players use these resources to select which online gambling operators they should trust to offer a safe and honest online gambling experience. The Group’s publishing assets include the leading iGaming industry portal, Gambling.com® as well as Bookies.com and the CasinoSource℠ series of portals, among many others.