Revenues reached EUR 9.5m in Q2, implying y/y growth of 36.5%. EBIT came in at EUR 0.7m, leading to a margin of 7.2%. The key reason for the lower margin q/q was that the gross margin was 24.9% – down q/q but up from the 23.1% reported for 2022. The variation in the gross margin between quarters stems from differences in affiliate expenses, payment solutions, and royalties to suppliers. Customer deposits in Q2 came in at EUR 17.7m, suggesting growth of 16.4% y/y. Gross gaming revenues reached EUR 10.9m, implying 31% growth y/y. The key figure of hold, which measures the relationship between deposits and gaming surpluses, rose to 58.7% from 51.8% in Q2. We thus believe many of the key operational figures developed well, as confirmed by Q3 having started with a daily average gaming surplus 30% higher than for the entire Q3 2022 and up 15% on the whole of Q2 2023.

Previously, Angler offered high, profitable growth through exposure to emerging i-gaming markets. Recent quarters have been plagued by operational problems that have put significant pressure on both margins and growth, however. Q2 demonstrates that the initiatives taken during 2022 to improve profitability are starting to bear fruit. Moreover, we believe the company’s endeavours to sell its platform solution are starting to bear fruit, with three new projects going live in Q3.

…mainly in estimates