Gentoo Media published a 15th consecutive quarter of revenue growth for Q3 2024 following its recent split from Gaming Innovation Group (GiG).
Across the third quarter, Gentoo’s revenue grew to €30.4m to represent a 35% growth year-over-year (12% organic) on previous year’s comparatives of €22.5m in Q3 2023.
Jonas Warrer, Gentoo Media CEO, commented: “I am pleased to present our third quarterly report for 2024, marking yet another record-setting quarter for Gentoo Media, with 15 consecutive quarters of all-time high revenue.
“Our focused strategy on sustainable, long-term growth – emphasising diversification and increased revenue share earnings – continues to strengthen our business. Despite market volatility, our disciplined approach has proven resilient, driving steady success and positioning us with a competitive edge in an increasingly dynamic marketplace.
“We remain confident that our strategic path will support our continued growth and stability in the coming quarters.”
Adjusted EBITDA came in at €14.6m (Q3 2023: €10.4m) reflecting a 48% margin, while group accounts booked ‘special items’ related to the company’s September split from GiG, capped at €600,000.
With special items excluded, EBITDA witnessed an uptick of 36% YoY by growing to €14m (46% margin). Media cash flow operations were valued at €19.9m, while IFRS5 standard platform & sportsbook cash flow was €12.2m.
In total, 58% of revenues were generated from recurring revenue share agreements, an increase of 24% YoY.
Despite headwinds in Norway, Europe-centric revenue increased 51% YoY, while revenue share from the Americas grew by 52%. This growth in the Americas was headlined by more than double digit growth in North America.
Europe and the Americas stood as principal markets, contributing 59% and 21% of quarterly revenue respectively.
Gentoo’s portfolio saw non-top five websites contributing 65% of the total revenue gained across Q3, an increase of 46% YoY. Meanwhile, top five websites revenue (35% of total) also increased 14% YoY as Gentoo’s explained that “a significant increase was seen in partners generating more than €10k per quarter, up 94% YoY”.
This influx of revenue comes as a result of an update from Google launched earlier this year, which offset the search rankings of Casinotopsonline.com and other Gentoo websites.
Leadership at the company expects that momentum will continue into Q4, sticking with its 2024 guidance expecting projected revenues of €125-135m and an EBITDA margin of 45-50%.
Kansspelautoriteit (KSA) is funding a pilot that will supply Gamban services to people in the Netherlands free of charge for a year.
Through the partnership, the public in the Netherlands can gain access to a free one-year subscription with Gamban by contacting Loket Kansspel, the country’s national support service, via the website, WhatsApp, email or over the phone. The app is also available in Dutch.
Gamban is also supporting the KSA in its work in detecting unregulated websites as part of its efforts to combat illegal gambling.
“At Loket Kansspel, we believe that taking control of your online environment is crucial for breaking free from gambling addiction,” commented Nathalie Smit, Director at Loket Kansspel.
“By partnering with Gamban, we’re empowering individuals to stay in control and manage their gambling behaviour. We are excited to provide people with free access to gambling blocking software.”
Matt Zarb-Cousin, Co-Founder of Gamban, stated: “Having a self-exclusion scheme in place can lead to the unintended consequence of leaving the most vulnerable individuals exposed to black market operators.
“Layering up blocking software with self-exclusion ensures that devices are unable to access gambling sites and apps, whether regulated or unregulated.”
The partnership in the Netherlands follows similar agreements in place in Norway and Finland with the operators Norsk Tipping and Veikkaus respectively. Gamban is also available for free on TimeOutOhio, the self-exclusion platform in the US state of Ohio.
Thomas Borghols, Addiction Prevention Fund Adviser at KSA, said: “At present, KSA offers players struggling with their gambling behaviour the option to self-exclude through Cruks. However, Cruks pertains only to operators holding a licence in the Netherlands. Gamban gives players the opportunity to also block access to illegal gambling websites.
“When used together, Cruks and Gamban provide players a perspective on recovery. Teaming up with Loket Kansspel for the distribution of Gamban subscriptions was a logical choice for us, given that they are the first point of contact for players looking for an independent, judgement-free talk about the gambling issues facing them.”
Zarb-Cousin added: “We always recommend using other barriers in addition to gambling-blocking software, such as self-exclusion. The friction these offer give the individual a chance to think between urge and action. During this time, they can ride out their urge or think again before acting on temptation.
“In a world where the lure of immediate gratification through digital activity is increasingly tempting, we want to help people regain control and balance – and by using Gamban, they can do that.”
