Gambling.com Group Expands Its Horizons: A Strategic $80 Million Acquisition of Odds Holdings Inc.
Gambling.com Group has announced a definitive agreement to acquire Odds Holdings Inc., the parent company of OddsJam, marking a strategic move in the online gambling industry.
The announcement confirmed that Gambling.com has made an initial offer of $80 million for the acquisition. Additionally, there is a potential for an extra $80 million payment, which is contingent on the business performance of Odds Holdings through the end of 2026.
Strong Performance by Gambling.com Group
This acquisition comes on the heels of a remarkable performance by Gambling.com Group. In its latest financial report, the company revealed a 21% increase in revenue, reaching $91 million. Furthermore, the group’s net income saw a dramatic enhancement, soaring by 91% to $22.7 million, while Adjusted EBITDA grew by 30%, totaling $34 million.
CEO Charles Gillespie expressed optimism about the acquisition, stating, ‘The accretive acquisition of Odds Holdings will immediately provide Gambling.com Group with additional, recurring revenue streams which are independent of our market-leading online gambling affiliate business, consistent with our strategy to expand our footprint in the online gambling industry.’
Expectations for Future Growth
The integration of Odds Holdings is anticipated to bolster Gambling.com Group’s financial results and support its strategic objective of reaching $100 million in annual Adjusted EBITDA. According to projections, Odds Holdings is expected to generate approximately $26 million in revenue and $12 million in Adjusted EBITDA for 2024. Under Gambling.com Group’s management, it is expected that the Adjusted EBITDA from Odds Holdings’ assets will experience growth of at least 20% by 2025.
Leadership Transition and Future Strategies
Following the acquisition, the founders of OddsJam, Ankit Goyal and Alex Monahan, along with CEO Matt Restivo, will join the Gambling.com team. Their integration aims to leverage Gambling.com’s extensive resources and industry expertise to scale Odds Holdings’ advanced technology and broaden its reach on a global scale.
Matt Restivo commented on the merger, stating, “Combining with a tech-focused leader in the global online gambling industry like Gambling.com Group is the natural next step for Odds Holdings. By leveraging Gambling.com Group’s expertise, innovation, and resources, we will be optimally positioned to scale our technology and data-driven insights to reach an even larger audience of online bettors, including beyond the North American market.”
Conclusion
This acquisition reflects Gambling.com Group’s commitment to strengthening its position in the increasingly competitive online gambling sector. As they continue to expand their portfolio and enhance their offerings, the market will be closely watching to see how the integration of Odds Holdings unfolds and contributes to the group’s overall growth strategy.