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Gambling.com ready to provide sportsbooks marketing services in Kansas; reports revenue growth to $15.9M in Q2

Gambling.com's CEO Charles Gillespie.
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iGaming player acquisition services provider Gambling.com Group Limited announced Tuesday it is ready to provide marketing services to licensed online sports betting operators in the state of Kansas as soon as the legal betting market soft launches on Thursday, September 1, one week ahead of the 2022 NFL season. The announcement came the same week the group posted Y-o-Y revenue growth of 53% to $15.9 million for the second quarter of the year.

In anticipation of the Kansas launch, the group went live with BetKansas.com in April 2022 to "help sports bettors find trusted, comprehensive, and up-to-date information on sports betting in the state."

"Since that time, the group’s coverage of the emerging Kansas sports betting marketplace through enterprise stories on partnerships and odds pieces on the state’s sports teams has made BetKansas.com a top resource for prospective sports bettors in the state," a press release claims. BetKansas.com in July reported through a survey that more than one-in-three Kansas adults (34.4%) are "likely" or "very likely" to place legal sports bets once the market launches in the state.

Kansas – with a population of over 2 million adults – becomes the fourth state or province to launch legal online sports betting or casino in North America in 2022, after the New York and Louisiana sports betting markets went live in January and the Canadian province of Ontario regulated online sports betting and online casino games in April.

In a press release, the company said they are "ready to help" licensed online gambling operators in Kansas acquire players with its national and international websites, including Gambling.comBookies.comRotoWire.com, and BonusFinder.com, and through the Kansas City Star (at KansasCity.com) and the Wichita Eagle (at Kansas.com) via its media partnership with The McClatchy Company.

Nasdaq-listed Gambling.com's team

Charles Gillespie, Chief Executive Officer of Gambling.com Group, said: "The expected launch of the legal online sports betting market in Kansas adds to the tremendous amount of positive momentum for the North American online gaming industry in 2022. Kansas is taking the right approach by keeping the barriers to entry low and allowing a variety of operators to enter the market."

"We believe that this will foster competition and ultimately benefit consumers as the operators with the best products rise to the top. Gambling.com Group is well positioned to help operators and customers succeed in this next wave of regulated legal online sports betting in the United States," he added.

Furthermore, Caroline Smart, Vice President at Gambling.com Group, commented: "Kansas allowing sportsbooks to take legal sports bets at the start of the 2022 NFL season is a huge coup for sports bettors in the state. This is an exciting moment for sports bettors to finally place safe and responsible wagers with legal sportsbooks, after years of discussion and negotiation, and the robust offerings in the Kansas market will ensure there are plenty of choices and opportunities for customers. Gambling.com group is prepared to help bettors navigate their new world of options."

Earlier this week the company announced its financial results for the second quarter of 2022. For the period ended June 30, the company reported year-over-year revenue growth of 53% to $15.9 million, up from $10.3 million in the same period last year.

The increase was supported by the company’s launch in Ontario in April, as well as continued solid performance elsewhere in North America. Given the low season in the world of sports, growth was primarily driven by online casino. 

The UK and Ireland remained the largest source of the group’s revenue, bringing in $6.7 million, up by 24.1%. However, North America was close behind, as revenue from this region hit $6.2 million, more than four times the total from Q2 of 2021.

The group reported an operating loss of $2.2 million, compared to a $3.2 million profit a year earlier, and adjusted EBITDA decreased 34% to $3.6 million, compared to $5.5 million in 2021. Additionally, the business generated free cash flow of $2.9 million.

"We continued to execute on our strategy of rapidly growing our business in North America in the second quarter as the team delivered company-wide revenue growth of over 50% and North American revenue growth of over 300%. The strength of our business model was also on display, as we continued to deliver strong Adjusted EBITDA and Free Cash Flow," the company's CEO said.

"Our view remains that Gambling.com Group offers the best value proposition for online gambling operators’ investments in customer acquisition and we look forward to the second half of the year as we enter the heart of the North American fall and winter sports calendars," he concluded.

See Gambling.com Group's full Q2 results here.