XLMedia has released its financial results for the six months ended 30 June 2024, which takes into account the sale of its assets in Europe and Canada.
Earlier this year, XLMedia announced that it was selling its sports betting and gaming assets to Gambling.com for a fixed consideration of $37.5m and potential earnout consideration of up to a further $5m based on revenue performance.
The affiliate reported group total revenue of $15.6m, with $5.2m coming from discontinued business and $10.4m coming from continuing business revenue, both of which were in line with the expectations of management.
However, compared to the same period last year, North America revenue was down 39.5%, though XLMedia has stated this was due to the launch of online sports betting in January 2023 in Ohio during the NFL season and a similar launch in Massachusetts in March 2023 after the NFL season had ended.
Adjusted EBITDA for the continuing business is estimated to be $5m for the full year, while cash at the end of June was $19.4m.
Looking ahead, the company said: “The North America business is seasonal, and the Company is seeing the normal seasonal dip in sports revenues during the NFL off-season. With no further state launches confirmed, the Group is focused on preparing for the new NFL season and optimising performance in existing legalised sport and gaming states. The Group continues to diversify revenue with daily fantasy sports, paid media, advertising and sponsorship, as well as building its Gaming presence for longer term growth.
“Following Google actions in May 2024 which reduced visibility of some publishers' sports betting and gaming content, the Group is working closely with all its Media Partners, the majority of which, to date, have not been negatively affected by the actions, while successfully relaunching content with a small number of those that were temporarily impacted, while the Group's Owned and Operated sport affiliate websites are currently benefiting from improvements in their rankings.”
In other results-based news, Lottomatica Group has announced its H1 results for 2024, showing continued growth and an increase in market share.
