Gambling.com Group Limited (GAMB) announced that it has received a temporary supplier license from the Arizona Department of Gaming to provide marketing services for licensed operators in the state. In response, GAMB launched its free-to-use website BetArizona.com allowing Arizonan customers to compare legal online sports betting services. Starting on August 28, sports betting fans can begin pre-registering for online sportsbooks through the newly launched website.
Gambling.com is a multi-award-winning performance marketing company and a provider of digital marketing services in the online gambling industry. Following the news of the company’s robust first public quarterly results, shares surged 66.9%, closing at $14.19 on August 27. (See Gambling.com stock charts on TipRanks)
BetArizona.com is a trusted provider of comprehensive and updated gambling information hosting several gambling resources, including how-to betting guides, analyst-driven articles covering online sportsbooks expected to operate in Arizona, a tax calculator tool for future filings planning, and state-focused surveys uncovering online betting habits and statistics.
Max Bichsel, vice president of U.S. Business for Gambling.com Group said, “With more than 7 million people, two dozen land-based casinos, five major professional sports teams, two Power 5 conference universities, and Super Bowl LVII in 2023, it’s only a matter of time until Arizona becomes one of the largest regulated online gambling markets in America.”
Bichsel added, “Whether you’re a seasoned sports bettor looking for the best sign-up deals and bonuses or just a curious sports fan looking to get some skin in the game, BetArizona.com is a go-to resource for this exciting new regulated market.”
On August 26, GAMB reported its second-quarter results with earnings of $0.08 per share, beating the consensus estimate of $0.07 per share and revenue falling in line with the consensus estimate of $10.39 million.
Following the listing of Gambling.com stock on July 23, Jefferies analyst David Katz initiated coverage of the stock with a Buy rating and price target of $13, implying 8.4% downside potential to current levels.
Katz said, “GAMB is positioned within the high-growth, capital-light, profitable and historically validated affiliates market both globally and in the nascent North American digital gaming market. The uniquely compelling intellectual property and technology assets brought to market by GAMB position it to outgrow its competitors.”
The analyst noted that their proprietary research backed their view that as the market grows, there are people that prefer buying “value-driven” rather than “brand-driven” companies.
With 3 unanimous Buys, the stock commands a Strong Buy consensus rating. The average Gambling.com price target of $11.33 implies 20.2% downside potential to current levels. Shares have gained 77.4% since its IPO.
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