- XLMedia provides digital marketing services to sports betting companies operating in the US, primarily in Pennsylvania and New Jersey.
- Despite a decrease of trading in their European Market, the company still plans to invest $7 million in their US sports betting venture over the next three years.
TALLAHASSEE, Fla. – European-based digital marketing performance company XLMedia PLC still has a positive outlook on the company’s performance for the second half of 2019, despite their financial figures in the European market. The reason comes from the rise of US sports betting.
XLMedia provides advertising services to some of the largest sports betting operators in Pennsylvania and New Jersey. Some of their clients include William Hill, 888 Holdings, and Paddy Power Betfair, which owns FanDuel.
According to XLMedia’s financial interim results ending on June 30, the company generated revenues of $42.5 million (H1 2018: $47.2 million), Gross profit of $28.8 million (H1 2018: $31.7 million), and adjusted EBITDA of $18.6 million (H1 2018: $21.6 million).
The company’s decreasing performance from last year can be pointed to changing regulations in Europe, but their growing presence in the US still shows great opportunity as highlighted by Ory Weihs, chief executive officer of XLMedia.
“This year has proven to be challenging for both XLMedia and the industry as a whole, as the gaming industry changed and regulates. However, this does result in the Group having greater visibility, more sustainable revenues and earnings. Whilst we expect this disruption to continue in the midterm, we remain committed to our stated strategy, focusing on publishing. We continue to diversify our asset base, specifically developing our US gambling strategy and the personal finance sector, in which we continue to make good progress with this sector now accounting for 14% of the Group’s revenues.”
The XLMedia interim report went on to share the company’s current plan when it comes to tackling the US marketer where legal sports betting is currently taking place.
“The US market continues to present a mid to long-term opportunity as the number of states in various stages of regulating sports betting continues to grow, with very fey, including New Jersey and Pennsylvania, which are already live. The company’s subsidiary, XLMedia US Limited, was last week accepted as an Authorized Registered Gaming Service provider by the Pennsylvania Gaming Control Board for online advertising of online sports betting and casino brands in the state of Pennsylvania. The company remains committed to investing US $7 million over the next three years.”
Pennsylvania launched its first online sportsbook in June. There are now four state-wide online sportsbooks operating in PA and more are expected to join the market in the coming months. This will likely mean that digital advertising will be necessary in order to gain market share.
Several other states now have live sports betting and have legalized online sportsbooks. Iowa, in particular, launched both brick-and-mortar sportsbooks along with online sports betting apps in August. XLMedia did not mention if they plan on tackling that state next.
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News tags: New Jersey | Ory Weihs | Pennsylvania | XLMedia PLC
– In his career, Hasan has worked both local and state government positions—including the Attorney General’s Office in Florida. On top of being familiar with the legislative process, he has also been researching and writing on the legality of sports betting across the US. Outside of work you’ll most likely find him producing or playing music, playing sports, or working on creative writing projects. You’ll also catch him at Doak Campbell Stadium cheering on the Noles.
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