Gambling.com Group Limited (Nasdaq: GAMB) has successfully completed the acquisition of Freebets.com and associated assets.
This acquisition is expected to significantly enhance the company’s revenue, with projections indicating an increase of approximately $10.0 million and an incremental Adjusted EBITDA of around $5.0 million for the remainder of 2024.
Charles Gillespie, the CEO and Co-Founder of Gambling.com Group, expressed his optimism about the acquisition, stating, “The U.S. may be the current focal point for gambling expansion, but Europe’s established markets continue to offer substantial opportunities.
This acquisition is poised to disrupt the European online gambling affiliate landscape, paving the way for accelerated growth across both existing and new markets.”
Gillespie also highlighted the addition of new team members as part of the transaction, emphasizing the company’s commitment to integrating its advanced technology platform and performance-driven culture with the incoming workforce.
The deal, which ranges between $37.5 million and $42.5 million in total consideration, involved an upfront payment of $20.0 million at closing.
An additional payment of $10.0 million is scheduled for the six-month anniversary of the closing, with a final sum of between $7.5 million and $12.5 million contingent on the revenue performance of the newly acquired assets through the end of 2024.
This acquisition marks a significant milestone for Gambling.com Group as it seeks to consolidate its leadership position within the lucrative European online gambling market.