completes acquisition from XLMedia

Image: Shutterstock Group has completed its previously announced acquisition of and related assets from XLMedia.

It was announced last month that the digital marketing and player acquisition services provider would be purchasing XLMedia‘s European and Canadian sports betting and gaming assets including affiliate gaming sites such as,, and

On April 2, the company announced the deal has been completed. Group has paid a total consideration of between $37.5 million and $42.5 million. $20 million of that was paid upon closing, an additional $10 million will be paid on the six-month anniversary of closing and between $7.5 million and $12.5 million will be paid on the one-year anniversary of closing, subject to the revenue performance of the assets during the remainder of 2024. Group said it anticipates these assets will generate revenue of approximately $10 million and incremental adjusted EBITDA of approximately $5 million over the remainder of 2024.

“While expansion of gambling in the U.S. grabs all the headlines these days, many of the industry’s most attractive markets remain in Europe, the historical home of the industry,” said Charles Gillespie, CEO and Co-Founder of Group. “I expect this acquisition to fundamentally change the balance of power within the European online gambling affiliate market and provide Group with a clear path to drive further growth in both our existing European markets as well as new ones.

“As part of the transaction, we are gaining a number of new colleagues in the region. I look forward to sharing our leading technology platform and high-performance culture with our new team members.”

Looking back, 2023 saw a year-on-year increase in revenue (up 42.1% to $108.7 million) as well as adjusted EBITDA and net profit growth in 2023, helped by a record Q4 in which revenue hit a new high of $32.5 million, an increase of 52.6%. noted in its financial report released on March 21 that several new acquisitions and expansions in 2023 helped to drive growth last year. In particular, the group launched in both Ohio and Massachusetts and added to its portfolio of branded websites that also includes and as well as the flagship site.

In total, the group now owns and operates more than 50 websites across 15 national markets.

XLMedia focusing on North America

Meanwhile, XLMedia said at the time of last month’s sale announcement that the deal is aimed at ensuring it can “focus on delivering value for shareholders from its North America business,” which is not part of the sale.

XLMedia launched in North America in 2020 but saw its revenue fall below full-year expectations in 2023. Now, proceeds this transaction will be used to cover asset transition costs, pay the final deferred U.S. acquisition payment, settle outstanding tax provisions and provide working capital to support its North American operations, all while returning cash to shareholders.

“The board believes the sale of these assets, which is approximately two times the current market capitalization of the whole company, is an excellent outcome for XLMedia and its shareholders,” said Marcus Rich, Chair of XLMedia. “Importantly, this transaction will allow the company to clear legacy liabilities, provide working capital and return cash to shareholders.”

XLMedia says it believes it is “well positioned” to drive revenues across its Owned and Operated and Media Partnership Business segments in existing regulated states and states that are yet to legalize online sports betting.