XLMedia has posted its H1 report update showing that its revenue totalled $29.4m, a marked 34% drop on the $44.5m it reported for H1 2022.
Its adjusted EBITDA also saw a sharp drop, with the $6.5m posted in H1 2023 a $4.1m fall on H1 2022’s $10.6m.
Breaking the figure down, XLMedia reported that it made $21.4m from sports betting – noting the strength of Ohio’s launch during H1. Although the $34m posted in H1 2022 remains higher, meaning H1 2023 fell by 37% annually.
From gaming, XLMedia posted $7.4m in revenue – again, down on the $8.4m it made in H1 2022. However, the company also noted that its European gaming vertical is trading ahead of management expectations.
Overall, XLMedia states that the results are ‘in-line with management's expectations after adjustment for the sale of the three European Casino Assets announced on 12 July 2023.’
It also states that the 2022 results were heavily inflated by the launch of sports betting in New York in 2022, which ‘was not repeated at the same level with the launch in January 2023 of online sports betting in Ohio.’
The company also highlighted the recent deals it made, including rev share deals with bet365 and Betway.
Furthermore, it also states that in March 2023, the Board agreed to a 15% reduction paid to Non-Executive Directors – which includes its Chair – that took effect from April 1.
