Affiliate group XLMedia has completed the sale of its entire personal finance assets portfolio in line with its strategy to exit non-core activities.
The sales of the MoneyUnder30 domain and website for $675,000 (£542,338/€629,440) marked the end of the process, which was first announced in December last year.
At the time, the group said it had held talks with various parties regarding the potential sale of the personal finance division as part of a restructuring process.
XLMedia said it would switch focus to its sports and gaming business, as well as to expand its North American sports footprint, and refine and develop its European sports portfolio and gaming assets in certain markets.
Together with the sale of DoughRoller and previously announced disposals, offloading the personal finance assets raised $2.1m. XLMedia will use these funds to support the day-to-day operations of the business.
In the year ended 31 December 2022, assets relating to personal finance generated revenue of $1.9m and an earnings before interest, tax, depreciation and amortisation (EBITDA) loss of $1.3m.
Slow start to 2023
The sale comes after XLMedia last month said it expects a slow financial start to the year in comparison to 2022, due to US state launches skewing results.
Despite a strong start to Q1 with the launch of sports betting in Ohio, in other markets it said results will be lower than last year due to the launch of online sports betting in New York in 2022 and later in Massachusetts.
XLMedia also noted that the level of acquisition spend by operators had fallen, with “less generous promotions available to attract new customers”. This, it said, reflected its understanding that growth in the US will not be “linear”, with significant spikes generated by periodic state launches.
However, the group expects the US market to pick back up again in the second half with new products launching in the sector ahead of the new NFL season.