Gambling.com Group Plc announced Tuesday it has received a $15.5 million investment from Edison Partners, a Princeton-based growth equity firm, to create a performance marketing business for online gambling and sports betting.
“We have been thoroughly impressed by Edison Partners’ depth of expertise, breadth of knowledge and professional network. We greatly look forward to bringing on Edison as our teammate in our new American journey. Edison is the right partner at the right time, and I expect our collaboration to deliver powerful results. Their investment in the Group validates our thesis that we are the performance marketing and content platform best positioned to benefit from the expansion of regulated online gambling in the United States,” Charles Gillespie, chief executive, Gambling.com Group, said.
The Group said the addition of Edison to its roster of investors will provide it the ability to advance its business objectives, particularly in New Jersey and throughout the Northeast.
“We are thrilled to enter the online gaming market with our investment in Gambling.com Group,” Chris Sugden, managing partner at Edison Partners, said. “The company will continue to monetize the large market opportunity in Europe while increasing investment in the U.S. Online gaming is expanding significantly as regulations are modified on a state-by-state basis.”
The Group’s flagship website, Gambling.com, is currently active in New Jersey and Pennsylvania, and it is investing resources in Bookies.com to make it a source for sports betting information in the United States. It has also secured licenses to expand business deals with gambling operators in New Jersey, Pennsylvania and West Virginia and has broadened its footprint with key management hires and a new office in Charlotte, North Carolina.
“Attention to sports gambling in the U.S. is booming, and we are building out a robust content team, offering products to match that interest,” Gerry Ahern, group director of North American content, Gambling.com Group, said. “On Bookies.com, we are providing a real-time lens for sports fans that educates, entertains and informs them as they explore legal wagering options. On Gambling.com, we are keeping the audience up to date with industry news and the latest in legislation as more states come online and more fans are served.”
Proceeds will be used for general business and to accelerate certain investments, the Group said.
“With an exceptionally strong brand, robust content creation strategy, player-focused editorial point of view and proven marketing capabilities, Gambling.com Group is well positioned to become the leading provider of new customers to U.S.-based online sportsbook and iGaming operators,” Gregg Michaelson, partner at Edison Partners, who will sit on the company’s board of directors after the deal has closed, said. “Gambling.com Group founder and CEO Charles Gillespie is an industry leading business operator who brings the same ethical and compliant approach to the U.S. gaming market as he has in Europe.”