Affiliate giant Gambling.com Group has issued an update on the effects of the novel coronavirus (Covid-19) on its business, reporting that it generated revenue of 2.4m (2.1m\/$2.7m)for January and February 2020, down 27.4% year-on-year.<\/p>\n
Adjusted earnings before income, tax, depreciation and amortisation (EBITDA) came to 390,000, down 66.7%.<\/p>\n
The group said that sports betting - which will see a sharp drop in revenue after the near-total shut-down of major global sporting events - made up less than 20% of revenue for the two month period.<\/p>\n
This contribution was still enough for Gambling.com Group to warn that it expects the sporting suspensions to lead to a meaningful negative impact on revenues.<\/p>\n
However, the group said that it does not expect a significant impact on revenue in March, as most events continued as normal for the first half of the month.<\/p>\n
Gambling.com Group said casino, which is its largest source of revenue, has experienced a slight increase in revenue in the past month.<\/p>\n
It has implemented cost-saving measures, through which it expects to save around 150,000 on outgoings, while an unspecified, temporary measure put in place for the second quarterh is expected to save 300,000.<\/p>\n
The business ended February 2020 with net interest-bearing debt of 9.4m.<\/p>\n
Last month (28 February), the group announced that it saw total revenue grow by 6% year-on-year to 17.3m in 2019. However, the group saw a tightening of adjusted earnings during 2019 as it contended with declining contributions from the UK and Sweden, and changes to Google's search algorithms.<\/p>\n
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Gambling.com warns of Covid-19 impact on results - iGaming Business<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Affiliate giant Gambling.com Group has issued an update on the effects of the novel coronavirus (Covid-19) on its business, reporting that it generated revenue of 2.4m (2.1m\/$2.7m)for January and February 2020, down 27.4% year-on-year. Adjusted earnings before income, tax, depreciation and amortisation (EBITDA) came to 390,000, down 66.7%. Continue reading