Gambling.com Financial Results Show Revenue Growth During Shift Toward Sports Data and Subscription Model

Key Points

• Gambling.com has reported paying income of one hundred and sixty-five million dollars in the entire year 2025, generating a growth of nearly thirty per cent in relation to the situation that was reported last year, 2024, amounting to one hundred and twenty-seven point two million dollars.
• Revenue from Sports data services grew 440 per cent annually, and hit 11.8 million in Q4, or one-quarter quarterly revenue.
• In 2026 the firm will have a revenue of $170 to 180 million and adjusted EBITDA of between 50 and 58 million.

In their quest to shift their focus to sports data services and marketing channels, Gambling.com Group also announced the financial performance in the fourth quarter and the 31 December 2025 fiscal year, relinquishing focus on these areas. The total revenue in the year was $165.4 million, higher than the 2024 of $127.1 million, and there was an upsurge of 29.9 per cent with respect to year to year growth. In Q4 2025 the firm generated a revenue of 46.2 million which was marginally higher than the analyst-forecast that was at 46.1 million. This third quarter performance was an increment of 31 per cent relative to the performance of the same quarter, which was 35.3 million last year. Non-GAAP adjusted earnings per share were 0.30 on a quarterly basis that exceeded the analyst’s expectation of 0.24 with a difference of 25. Adjusted EBITDA of the quarter was at 15.5 million which is not very high compared to the forecast value of 15.6 million.

Despite this difference the EBITDA result still reflected 5% growth when compared with the same quarter one year earlier. The EBITDA margin for Q4 reached 33% while the same period during the previous year reported a margin level of 42%. For the full year adjusted earnings per share reached $1.41 and exceeded consensus expectations formed during the final months of the year. Management delivered this result through strict cost discipline together with contributions from the expanding data business segment.

Sports Data Segment Drives Company Momentum

The sports data services segment created much of the company’s momentum during the financial year 2025. Revenue from sports data services grew 440% year on year and 29% quarter on quarter to reach $11.8 million during Q4 2025. The segment formed 26% of total quarterly revenue which represented the largest share recorded so far. This share increase showed the expansion of subscription products within the company’s business model. Platforms OpticOdds together with OddsJam supported growth across the sports data services segment. Marketing services revenue reached $34.4 million during the fourth quarter with 4% growth compared with the same quarter of the prior year. Sequential comparison with the previous quarter showed revenue increase of 15%. For the first time more than half of marketing revenue came from channels not dependent on organic search referrals.

This result reflected the company’s efforts directed toward diversification of traffic acquisition sources. The integration of Odds Holdings including platforms OddsJam and OpticOdds strengthened the Sports Data Services segment. That integration also supported the 29% quarter on quarter revenue growth recorded during Q4. Subscription revenue now accounts for 26% of total group revenue after rising from near zero during 2024. Affiliate marketing generates commission from sending players to gambling operators, while sports data services generate subscription payments. Chief executive and co-founder Charles Gillespie explained that the major achievement during 2025 was the transformation of the company’s revenue composition. He stated that the sports data services operation now functions as a segment delivering margin strength through subscription income. Even with strong performance the company continued facing disruption connected with search engine ranking movement.

During late 2025 several Google core updates influenced organic search ranking for large affiliate websites. These changes reduced traffic reaching legacy SEO based platforms operated by the company. Search-related disruption affected quarterly revenue and EBITDA results which arrived slightly below forecast. These developments also reduced growth pace, producing revenue expansion close to 30% rather than the projection above 35%. Management linked part of the marketing strategy shift to pressure connected with Google search rankings. They also referred to the growth of AI spam and negative SEO activity conducted by competing operators. Such behaviour influenced search authority and created challenges that remained difficult to address. Because of these developments the company increased its use of marketing channels not dependent on SEO. During the quarter revenue from non SEO channels exceeded revenue produced through organic search.

The company also reduced spending on media partnerships after observing lower conversion results. Gross profit during Q4 increased 19% year on year and reached $39.3 million. Cost of sales rose to $6.9 million compared with $2.2 million reported during the same period of 2024. This cost increase reflected spending connected with marketing activity and a strategy focused on traffic source diversification. Gross profit margin declined from 94% to 85% year on year due to increased spending related to paid traffic and marketing partnerships.

Expenses and Quarterly Loss

Operating expenses excluding certain non-cash fair value movements reached $26.9 million after an increase of 32% year on year. Higher staff numbers are connected with the acquisitions of Odds Holdings and Spotlight. Vegas together with marketing spending drove this increase. Including non-cash items and acquisition costs total operating expenses reached $64.9 million. During the same quarter one year earlier operating expenses stood at $23.3 million. The company reported a net loss of $26.9 million equal to $0.77 per diluted share during the quarter. During the same quarter of 2024 the company recorded net income of $7.9 million equal to $0.23 per share. The quarterly loss resulted mainly from financial adjustments without cash movement together with regulatory effects. The company recorded $18.5 million non-cash fair value movement related to the early termination of the Odds Holdings earn-out period. Gambling.com also recognised a $14 million non-cash impairment charge linked with intangible assets in the Finnish market.

This charge followed a regulatory change which affected expectations regarding future cash flows. Adjusted net income remained stable at $12.2 million equal to $0.30 per share. Adjusted EBITDA reached $15.5 million even though marketing spending and interest expenses increased. Operating cash flow for the quarter showed a negative $9.9 million compared with a positive $13.7 million during the previous year. Adjusted free cash flow reached $7.5 million and declined from $13.2 million recorded during the same quarter one year earlier. The decline mainly reflected deferred consideration payments connected with the termination of the Odds Holdings earn-out period. As of 31 December 2025 the company held $15.8 million in cash together with borrowings of $123.6 million through the Wells Fargo credit facility. During Q4 the company withdrew $38 million from this facility.

From that amount Gambling.com used $33.6 million to settle deferred consideration connected with the Odds Holdings acquisition. The company also repurchased 109,776 shares during the quarter with spending about $0.9 million. Across the full year share repurchases reached 671,998 shares with a value of $5.6 million. Around $14.4 million remains available under the existing share repurchase authorisation. The company reported adjusted free cash flow of $36.3 million for the full year. This cash flow helped reduce balance sheet leverage after completion of the OddsJam acquisition. Gambling.com operates its GDC technology platform which supports a network of more than 50 websites. These websites include Gambling.com, Casinos.com and Bookies.com. The platform allows the company to launch in markets, integrate sports data products and manage media partnerships.

This structure also allows expansion with strong capital efficiency. The company can therefore enter jurisdictions including North Carolina and Missouri without proportional growth in workforce. Management also highlighted the use of Agentic workflows and artificial intelligence tools to improve operational speed. These systems allow the company to keep headcount stable outside businesses obtained through acquisition. Internal teams also underwent restructuring after early resolution of acquisition earn-out agreements. This restructuring aligned resources toward enterprise data solutions and the integration of RotoWire.

North America Drives Growth

North America continues serving as the main growth engine for the company. When excluding newly launched states the core business delivered growth in double digit range during the year. Shift toward iGaming revenue supported performance since this segment produces higher lifetime player value compared with sports betting. Launch of sports betting in Missouri during late 2025 also increased new depositing customer numbers for sportsbook partners. Management identified prediction markets as an opportunity for expansion of the addressable market. The company expects to benefit from this segment through both data provision and marketing services. For 2026 the company forecasts revenue between $170 million and $180 million. Adjusted EBITDA for the year is expected to be between $50 million and $58 million. This outlook reflects moderate revenue growth together with an EBITDA margin below previous levels of above 35%.

Management expects the adjusted EBITDA margin to be near 30% during 2026. Margin pressure reflects investment directed toward marketing traffic diversification and sports data product development. Management expects the margin to remain lower during the first half of the year as these investments occur early. Margin improvement may appear during the second half of 2026 as customer relationship management activity increases. Additional margin contribution may also come from non SEO marketing channels. Management also expects growth in sports data services within the high teens range. This expansion will result from international growth together with upselling AI pricing tools to clients in the United States. Regulatory developments within the United Kingdom and Finland may create near term pressure affecting player value and marketing volume. The company also plans to launch a marketing product during the spring.

This product aims to develop direct user relationships and change the marketing structure before 2027. Gambling.com stock reached a six month high of $8.49 on 29 September. As of 11 March the share price traded at $4.14 following a steady decline. However the stock began upward movement after reaching $4.05 on 9 March. Despite the decline in analyst sentiment toward the company’s outlook remains positive. The consensus analyst price target stands at $10 which equals more than double the present share price. Analysts link this outlook mainly to the expansion of the sports data services segment. They view this segment as a software style subscription business capable of supporting valuation re-rating.