Although still in “recovery” on organic search, the proof is in the pudding for Gambling.com, with full-year 2025 revenue of $165.4 million beating 2024’s $127.1 million.
Gambling.com (GAMB) missed on EBITDA, but its successful shift away from an overreliance on organic search toward higher-margin sports data services may be the bigger story.
Revenue was in line with estimates at $46.2 million (forecast $46.1 million), while Q4 2025 Non-GAAP adjusted EPS was $0.30 versus the $0.24 analyst forecast, for a 25% beat.
The affiliate and media company reported adjusted EBITDA a shade below expectations, at $15.5 million versus the $15.6 forecast.
The slight misses in revenue and EBITDA for Q4 2025 (and the resulting full-year miss against initial high-end expectations) were primarily driven by search engine volatility.
A series of Google core updates in late 2025 negatively impacted organic search rankings for high-authority affiliate sites. This reduced traffic to Gambling.com‘s legacy SEO-driven assets, leading to a year-over-year revenue growth of 30% – strong, but below the 35%-plus originally forecasted in early 2025.
Despite the revenue headwind, full-year adjusted EPS ($1.41) beat the conservative late-year consensus. This was due to aggressive cost management and the high-margin nature of the new data segment.
Shareholders will be pleased that the full-year 2025 revenue of $165.4 million beats FY 2024’s $127.1 million, for a 29.9% improvement.
$GAMB reported record fourth quarter and full-year 2025 results.
Key Highlights:
Q4 revenue of $46.2 million, up 31% YoY
Q4… pic.twitter.com/ssGQd7KqTD— Gambling.com Group (@gambling_group) March 12, 2026
EBITDA Margin of ~35% Shows Resilience
Resilience on EBITDA margin (~35%) was attributed to management success in reducing low-margin media partnership spend in response to lower conversion rates.
Additionally, its proprietary GDC technology platform enables the company to scale into new markets (such as North Carolina and Missouri) without a linear increase in headcount.
Rather than treating each of their 50+ websites (like Gambling.com, Casinos.com, or Bookies.com) as standalone entities, the GDC platform serves as a unified technical backbone. This allows the company to launch into new markets, integrate complex sports data, and manage media partnerships with extreme capital efficiency.
Commenting on the results, CEO & Co-Founder Charles Gillespie said, “The defining achievement of 2025 was the successful transformation of our revenue mix.
“Our sports data services business is now high-margin, high-visibility, and powered by recurring subscription revenue. By reaching 26% of total revenue from this segment in Q4, we have fundamentally reduced our reliance on organic search and created a more predictable growth engine.”
Shift From SEO to Subscriptions Improves Revenue Mix
As noted by the CEO, at the center of its operational achievements is its segment transition from SEO to subscriptions
The standout success of 2025 was the integration of Odds Holdings (OddsJam and OpticOdds). As a direct result of the fusion of Odds Holdings into the Sports Data Services segment, revenue grew 29% quarter-on-quarter in Q4 2025.
A change in revenue mix was the critical factor. Subscription-based revenue now accounts for 26% of total group revenue (up from nearly zero in 2024). This provides “high-visibility” recurring income that is entirely decoupled from Google’s search algorithms.
Unlike the marketing (affiliate) side of the business, which relies on commissions for sending players to casinos, this segment is powered by recurring subscription fees.
Gambling.com CFO Elias Mark talked up the cash flow position of the company: “Our strong cash flow generation – producing $36.3 million in adjusted free cash flow for the year – has allowed us to delever the balance sheet following the OddsJam acquisition.
“While we faced search-related headwinds in the second half, our ability to maintain a 35% Adjusted EBITDA margin demonstrates the inherent scalability of our platform and our discipline in managing variable marketing costs.”
North America is Still the Growth Engine
North America remains the primary engine of growth. Excluding the impact of new state launches, the core business grew by double digits.
A strategic shift toward iGaming revenue, with its much higher lifetime value (LTV) than sports betting, has delivered well.
But the sportsbook side of the business also had some positives. The launch of sports betting in Missouri in late 2025 provided a late-quarter boost to NDC (New Depositing Customer) counts.
Management introduced relatively conservative 2026 guidance signaling a focus on quality over volume, prioritizing higher-margin subscription data over high-cost media partnerships.
2026 revenue guidance is $170 million to $180 million and adjusted EBITDA $50 million to $58 million, with FY 2025 adjusted EBITDA margin guided lower in 2026.
Mark explained the thinking behind the expected margin compression in his answers to analysts on the earnings call: “The Adjusted EBITDA margin of approximately 30% for 2026 reflects continued investments to diversify the marketing business and product enhancements in sports data.
“We expect the margin to be lower in the first half of the year as we front-load these investments.”
Analysts’ Price Targets See 100%-plus Uplift for Gambling.com
And despite the progress on organic search, management admitted that while they have diversified, the legacy SEO business is still “in recovery” following the late 2025 Google core updates.
Some analysts expressed concern about EBITDA margin compression (forecasted at 30% for 2026, down from previous highs of 35%+). This is being viewed as the cost of diversifying away from free SEO traffic into paid channels.
Gambling.com finished Wednesday’s session priced at $4.14, but the stock was down 4% in pre-market trading. The analyst consensus price target is $10, more than double the current price.
Analyst bullishness rests on growth assumptions for the company’s Sports Data Services segment, which analysts model as a SaaS-like business and could eventually lead to a valuation re-rating.
New CEO Interview
We sat down with @gambling_com CEO Charles Gillespie after a RECORD Q1:+39% Rev
+56% Adj. EBITDA
AI + Sports Data = Next Growth Wave
Is $GAMB still an affiliate biz—or a SaaS-style data beast in disguise? pic.twitter.com/DQC2ZORfot— Stocktwits (@Stocktwits) May 28, 2025
Gambling.com Group (GAMB) Performance (2024–2025)
| Period | Metric | Reported (Actual) | Consensus Forecast | Beat/Miss (%) | FY Forecast (Midpoint) |
| Q1 2024 | Revenue | $29.2M | $28.5M |  +2.5% |
$120.0M |
| Adj. EBITDA | $10.2M | $9.8M | +4.1% |
$42.0M | |
| Adj. EPS | $0.20 | $0.19 | +5.3% |
$0.65 | |
| Q2 2024 | Revenue | $30.5M | $26.9M | +13.4% |
$125.0M |
| Adj. EBITDA | $11.2M | $9.5M | +17.9% |
$45.5M | |
| Adj. EPS | $0.20 | $0.12 | +66.7% |
$0.70 | |
| Q3 2024 | Revenue | $32.1M | $30.4M | +5.6% |
$126.0M |
| Adj. EBITDA | $12.6M | $11.8M | +6.8% |
$47.5M | |
| Adj. EPS | $0.31 | $0.18 | +72.2% |
$0.82 | |
| Q4 2024 | Revenue | $35.3M | $35.1M | +0.6% |
$127.2M (Actual) |
| Adj. EBITDA | $14.7M | $14.3M | +2.8% |
$48.7M (Actual) | |
| Adj. EPS | $0.35 | $0.24 | +45.8% |
$1.17 (Actual) | |
| FY 2024 | Total | $127.2M | $125.4M | +1.4% |
— |
| Q1 2025 | Revenue | $40.6M | $40.1M | +1.2% |
$172.0M |
| Adj. EBITDA | $15.8M | $15.2M | +3.9% |
$68.0M | |
| Adj. EPS | $0.46 | $0.23 | +100.0% |
$0.97 | |
| Q2 2025 | Revenue | $39.6M | $38.9M | +1.8% |
$173.0M |
| Adj. EBITDA | $13.7M | $13.1M | +4.6% |
$68.0M | |
| Adj. EPS | $0.37 | $0.14 | +164.3% |
$0.97 | |
| Q3 2025 | Revenue | $39.0M | $41.3M |  -5.6% |
$165.0M |
| Adj. EBITDA | $13.0M | $14.1M | -7.8% |
$58.0M | |
| Adj. EPS | $0.26 | $0.17 | +52.9% |
$1.11 | |
| Q4 2025 | Revenue | $46.2M | $46.1M | +0.2% |
$165.4M (Actual) |
| Adj. EBITDA | $15.5M | $15.6M | -0.6% |
$58.0M (Actual) | |
| Adj. EPS | $0.30 | $0.24 | +25.0% |
$1.41 (Actual) | |
| FY 2025 | Total | $165.4M | $166.4M | -0.6% |
— |
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