XLMedia has revealed its expectations for the 2023 financial year, setting out its plans for the next year and announcing the resignation of its chief financial officer. The affiliate giant said that its revenue and adjusted EBITDA for 2023 will likely be at the lower end of the ranges previously forecasted as lower year-on-year due to shortfalls in North America.
The company expects its revenue for 2023 to be approximately $50.0m, down 32.2% from the previous year, and its adjusted EBITDA to reach $12.0m, a drop of 28.1% from 2022. These figures are in line with the lower end of the forecasted ranges set out in December.
A major factor impacting XLMedia’s performance in 2023 was the withdrawal of the Barstool Sportsbook brand and the subsequent launch of ESPN Bet in the US. Additionally, the reduced scale of state launches in New York affected the company’s revenue. However, there were positive developments in Europe, where premium assets such as Nettikasinot, WhichBingo, and Freebets.com experienced growth.
Looking ahead to 2024, XLMedia highlighted the launch of online sports betting in North Carolina, which is expected to be a significant market for sports betting. The company also expects an acceleration in the legalization of online sports betting in other states after the upcoming election.
With that in mind, XLMedia plans for 2024 to be a year of consolidation, focusing on both its US and European operations. The company aims to grow its premium European brands and maximize existing opportunities in the US, as well as deliver additional cost savings to prepare for further market growth in 2025.
The announcement of these plans comes alongside the news of the resignation of XLMedia’s chief financial officer, Caroline Ackroyd. She will be leaving the company on March 31 to take up a new position with an operator in the gambling sector. Ackroyd has served as CFO of XLMedia since March 2022, having been appointed to the position in November 2021.