Good morning. Welcome to the XL Media Half Year 2024 Results update. I'm David King, the CEO. Following the sale of the European business at the start of April, revenues are now split between the continuing business and the discontinued business. Continuing revenues are at $10.4 million, compared to $16.9 million in 2023. H1 2023 enjoyed the launch of online sports betting in Ohio in January, and being in the NFL season, the launch saw strong revenues and first time depositors. 2024, H1, saw North Carolina launch in March after the NFL season, and as a result, in-period revenues and FTDs were not in the same scale. However, April to June has tracked ahead of Q2 2023, as have July and August.
During the quarter, we started the process of reducing costs following the sale of the European business, while obviously retaining staff to support the transfer of the business and assets to, Gambling.com Group. The business mix has shifted significantly following the sale. We're now clearly a North America sport and CPA-led. The European business had a higher proportion of revenue share, which was more predictable. The U.S. business, being CPA-led, will be highly seasonal around the NFL season, with periodic state launches creating spikes. We will, however, continue to look to migrate to revenue share over time and, in the longer term, create a more predictable revenue stream.
As I said, the state launch in North Carolina, while driving a good level of real money players, or FTDs, as I refer to them as, did not match the Ohio and indeed the Massachusetts launch in H1 2023 and impacted both revenues and EBITDA. Critically, we are successfully driving up FTDs year-on-year and have delivered some 48,000 in the half year, against around 46,000 in the prior period, some 4% up period- on- period, and that's despite the relative scale of the state launches in 2023 against 2024. I think this demonstrates that we continue to build the underlying business. Finally, having received $20 million of proceeds, $18 million net of the costs of the transaction, and paid the final installment of the CBWG acquisition, we had $19.4 million of cash at 30th of June.
Adjusted EBITDA is split between North America and our small sub-affiliate business, as shown on the chart on the left-hand side. On the right side of the chart, we've reconciled the operating loss of some $6.2 million to adjusted EBITDA. The most significant items are, of course, the depreciation adjustment and $2.5 million of exceptional minimum guarantee payments. Those exceptional minimum guarantee payments relate to one media partner contract, and that contract expired in August. There are no further costs to be incurred on that contract beyond August, albeit the cash payments relating to it will actually be spread out over around 12 months. We paid CBW in March, as I said, and have now paid the final deferred acquisition installment for Saturday Down South in September.
So as I speak to you now, there are no further acquisition payments due for historic acquisitions. As we discussed earlier, we've been growing the year-on-year FTD count every month since January. September FTD volumes to date have been good, but we have not seen the acceleration in revenue that we had expected in what has started as a relatively soft market. We do need to see continued growth in FTDs and expect to see an improvement in trends across October. The board continues to explore ways of creating value, and the priorities for the business are summarized on the chart in front of us. We will seek to maximize revenues and profits within the market opportunity that we face in Q4.
We continue to enhance our assets, investing in, for example, SBD very recently, to enhance both its visibility and its performance in the market, and we're seeing some positive initial signs having done that, and critically, as I think I mentioned earlier, we are right-sizing the cost base of the business following the sale of the European assets, removing costs and reducing the number of heads commensurate with a US-only business, and as by the end of the year, we expect to have reduced the costs to underlying cost base that is commensurate with the size of the US business going forward.
Revenue diversification, as we've spoken about before, remains an important part of developing the business, and we have done good work, and continue to see the benefits in paid media, DFS, and are starting to see the benefits of the work we've done around revenue share with one of the operators. Our media partnership activities remain a critical part of our business. We continue to expand our media partnership business, and are preparing for future state launches when they arrive.
Finally, we still have to clear outstanding liabilities, the minimum guarantee payments I referred to earlier, close down our tax liabilities, and as soon as we have that clear, we will be in a position to return cash to shareholders, and we will provide more details around the return of cash, both in terms of how and when that will happen, as soon as we're able. Thank you very much for taking time to listen to this short update.