With a new focus on US sports betting and leveraging acquisitions, XLMedia’s revenue grew 39.2% to $ 44.5 million, surpassing $ 10 million.
XLMedia has changed the structure of its departments within its business as part of a broader restructuring since its last year’s performance.
Rather than a single area of sports betting, the business split revenues associated with betting on US sports and European sports. The US sports sector generated most of XLMedia’s revenue at $ 30.2 million, more than five times the total recorded in the first half of the previous year.
Much of this is due to recent acquisitions such as SportsBettingDime and SaturdayFootball Inc.
“With the opening of a new regulated market and the signing of a new media partnership agreement, the US sports business was able to leverage the full US sports calendar, especially the Super Bowl, to achieve strong growth in the first half of 2022,” XL said. The board says.
Meanwhile, the European sports sector brought in $ 3.8 million, which the board described as “solid.”
In casinos and games, an area where companies worked to rebuild following regulatory challenges, revenue was $ 8.4 million. This was down 32.8%, but the business said the decline was “in line with expectations.”
“The business is now showing signs of stability as tail revenues declined year-over-year,” said XLMedia’s board of directors. “This business continues to be the Group’s source of funding, reducing its cost base, reflecting the shrinking scale of its activities.”
Meanwhile, revenue from XLMedia’s personal finance division fell from $ 6.6 million in the first half of 2021 to just $ 800,000 this year. The board said this was because the business was working on a complete overhaul of the segment.
“This decline is due to the need to replace aging technology, reassess marketing tactics and align with best practices,” said the business. “Currently, the management and production teams are based in the group’s US division, and the personal finance division is primarily aimed at improving site performance, improving the consumer experience, and stabilizing revenue. The focus is on completing the website redesign and platform restructuring. “
Meanwhile, interest, taxes, depreciation and profit before amortization (EBITDA) reached $ 10.5 million, an increase of 59.1% from the first half of 2022.
Looking to the future, XLMedia said transactions throughout the year were “in line with expectations.”
At the end of the quarter, David King became XLMedia’s new CEO, replacing Stuart Simms.
Previously, King was Chief Executive Officer of the regional newsgroup JPI Media from November 2018 to January 2021 and was also Chief Executive Officer of the Timeout Group for four years.
