Q1 revenue down 28%

By Owain Flanders revenue was €3.7m ($4.1m) for the first quarter of 2020, a fall of 28% year-on-year.

Adjusted EBITDA was €740,000, down 58% from 2019, while net cash generated from operating activities was €40,000, a drop of 96%.

The number of new depositing customers recorded by the affiliate was also down at 16,096, a decrease of 39% from the previous year.

During the quarter, the company received new equity investment of $500,000.

Charles Gillespie, CEO of, said: "I was pleased to see our latest round of investments in technology begin to pay off with revenues in Q1 2020 improving incrementally against Q4 2019 by 9.6%.

"Since November 2019 we have now seen month-on-month increases for five months straight through to April 2020.

"Entering the second quarter with improved search performance and reduced operating expenses, we remain confident about the future prospects of the group despite an uncertain macro environment."

During the coronavirus pandemic, the affiliate has been under a work-from-home policy across all offices, but daily operations have been otherwise unaffected according to a recent update.

Last month, the US subsidiary of was approved by the Colorado Gaming Control Commission to provide marketing services to operators in the state.


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