XL Media: US revenue tanks at betting firm amid ‘increased competition from large publishers’
The owner of SportsBettingDime and Which Bingo, said revenue in the US was down 42 per cent down on last year’s figure to $26.9m (£21.2m).
XL Media, a gaming and betting media company, reported a slide in US revenue for the full year as the company was hindered by “evolving” dynamics in its North America arm.
This morning, the owner of SportsBettingDime and Which Bingo, said revenue in the US was down 42 per cent down on last year’s figure to $26.9m (£21.2m).
XL Media said the US market dynamics continued to evolve at a rapid pace, which placed pressure on North America revenues.
They said: “In particular, the market saw increased competition from large publishers, average customer acquisition payment (CPA) rates gradually falling and rates varying in different states.”
The company also said it disposed of a number of non-core assets over the course of the year as part of a strategic process to grow its business in Europe.
During the year, XL Media re-platformed its Europe Sports websites alongside investing in its Europe Gaming websites.
This delivered nine per cent year-on-year growth in Europe Sports, led by Freebets.com. Premium gaming marketing sites, Nettikasinot.com and WhichBingo, also returned to growth.
In Europe, the business ended the year with $22.8m (£18m) worth of revenue down from $23.2m ($18.3m) recorded in the 12 months prior.
David King, chief executive officer of XL Media, said: “Following the announcement of the sale of the Europe Sports and Gaming business on 1 April 2024, we are focused on driving organic revenues in the North America market, while continuing both to expand our footprint in preparation for new state launches when they happen, while also right sizing the Group’s cost base for 2025.”
