Gambling.com Group posts stronger Q4 and FY2025 performance

Gambling.com Group reported stronger financial performance during the fourth quarter and full year of 2025, highlighting continued expansion in its sports data operations alongside steady progress in its marketing services division. The company disclosed higher revenue and adjusted earnings for the period while also noting that reported net losses were influenced by accounting adjustments related to valuations and impairment charges.

According to the company’s results, the period marked another stage in its broader strategy to diversify revenue streams and expand enterprise services. While the affiliate marketing segment remains a core component of its operations, the group has increasingly focused on sports data products and technology services designed for operators and enterprise clients across the global online gaming industry.

Fourth quarter results reflect revenue growth

During the fourth quarter of 2025, Gambling.com Group generated revenue of $46.2 million. This represented an increase of approximately 31 percent compared with the same quarter in the previous year. The company described the result as a record quarterly performance based on its internal financial reporting.

Adjusted EBITDA for the quarter reached $15.5 million, reflecting a year on year increase of about five percent. Gross profit also improved, rising to $39.3 million which represented a 19 percent increase compared with the fourth quarter of 2024.

Adjusted net income for the quarter remained broadly stable at $12.2 million. The company noted that while operating performance remained positive, the reported bottom line was influenced by certain non cash accounting items.

The company reported a net loss of $26.9 million for the quarter. According to management statements, this figure was largely driven by fair value adjustments related to contingent consideration and an impairment loss connected to intangible assets. These accounting items are not directly linked to operational cash performance but are recorded under standard financial reporting rules.

Adjusted free cash flow for the quarter totaled $7.5 million, compared with $13.2 million in the same period of the previous year. Cash flow from operations was reported at negative $9.9 million. The company explained that this outcome reflected deferred consideration payments related to the termination of an earnout agreement involving Odds Holdings.

Despite the accounting adjustments, the underlying revenue growth highlighted continued demand for the group’s marketing and data services across regulated online gaming markets.

Sports data services become a major growth driver

One of the most notable developments in the quarter was the rapid expansion of the company’s sports data segment. Revenue from sports data services increased by approximately 440 percent year on year to reach $11.8 million.

This division accounted for around 26 percent of total company revenue during the quarter, representing its highest share to date. The company attributed this growth to strong demand for enterprise sports data solutions used by betting operators and technology providers.

A key component of the sports data portfolio is the OpticOdds platform, which aggregates and distributes real time sports betting data for industry clients. The product forms part of Gambling.com Group’s strategy to move beyond traditional affiliate marketing and build technology services that support operators directly.

The rapid expansion of the data segment reflects broader industry trends in which sports betting operators increasingly rely on advanced analytics and real time data feeds to manage odds, risk and product offerings.

Marketing services remain a core business segment

While sports data services experienced rapid growth, marketing services remained the largest contributor to the group’s overall revenue. During the fourth quarter, marketing services generated $34.4 million in revenue.

This figure represented a modest four percent increase compared with the same quarter in the previous year and a 15 percent increase compared with the previous quarter.

The company reported that more than half of marketing services revenue during the quarter came from sources that do not rely on organic search referrals. This development marked an important milestone in the company’s ongoing efforts to diversify traffic channels and reduce dependence on search engine algorithms.

Marketing services include affiliate partnerships with online sportsbooks and casino operators, where Gambling.com Group provides traffic acquisition and player referral services through its portfolio of digital media platforms.

Customer growth and strategic developments

During the quarter, Gambling.com Group reported the delivery of approximately 98,000 new depositing customers to its operator partners. These customers represent players who registered and made their first deposit with a gambling operator through one of the company’s marketing platforms.

The company also disclosed that it amended the merger agreement associated with Odds Holdings during the reporting period. The revised agreement was accompanied by the termination of the earnout structure previously linked to the transaction.

In addition, the company repurchased 109,776 shares during the quarter at an average price of $8.17 per share as part of its capital management program.

Gambling.com Group also reported that it received industry recognition during the period, including EGR Affiliate of the Year and Sports Affiliate of the Year awards at the annual EGR industry awards ceremony.

Operational expansion continued as the company launched services in the US state of Missouri on December 1, 2025. The expansion reflects ongoing growth opportunities within regulated sports betting markets in the United States.

Full year 2025 financial performance

For the full year ending December 2025, Gambling.com Group reported total revenue of $165.4 million. This represented a 30 percent increase compared with the previous year.

Adjusted EBITDA for the year reached $58.0 million, reflecting growth of approximately 19 percent. The company stated that these results were supported by continued expansion in both marketing and enterprise services.

At the end of December 2025, the company reported cash holdings of $15.8 million. Borrowings under its credit facility with Wells Fargo totaled $123.6 million.

Full year adjusted free cash flow reached $36.3 million according to the company’s financial statements.

Management indicated that the company continues to prioritize investments in technology development, product innovation and market expansion while maintaining a focus on long term profitability.

Outlook and guidance for 2026

Looking ahead, Gambling.com Group provided financial guidance for 2026 that reflects continued investment and a cautious outlook regarding certain industry conditions.

The company expects revenue for the year to fall within a range of $170 million to $180 million. Adjusted EBITDA is projected to range between $50 million and $58 million.

Management stated that growth in 2026 is expected to be led primarily by enterprise sports data services. In particular, the company highlighted the potential expansion of its OpticOdds platform as a key driver of future revenue.

At the same time, the company noted that several external factors may influence performance. These include ongoing changes in search engine traffic dynamics, increased gaming duty in the United Kingdom and evolving regulatory requirements in several European markets.

For example, regulatory developments in Finland related to performance marketing rules are expected to affect parts of the affiliate sector.

The company also projected an adjusted EBITDA margin of around 30 percent for 2026. Management indicated that margins may be lower during the first half of the year due to continued investment in diversification initiatives, new product launches and enhancements to data services. Margins are expected to improve during the second half as these investments mature.

Conclusion

Gambling.com Group’s 2025 financial results illustrate a company in transition as it expands beyond its traditional affiliate marketing roots. While marketing services continue to generate the majority of revenue, the rapid growth of sports data services highlights an evolving strategy focused on enterprise technology and diversified income streams.

The strong increase in sports data revenue suggests that products such as OpticOdds may play an increasingly important role in the company’s long term business model. At the same time, continued growth in customer acquisition and expansion into additional regulated markets demonstrates the ongoing relevance of its marketing operations.

Although reported net losses were influenced by accounting adjustments during the fourth quarter, the underlying revenue growth and operational expansion indicate a business that continues to invest in future opportunities across the global online gaming sector.

As regulatory frameworks evolve and competition intensifies, Gambling.com Group’s ability to balance affiliate marketing expertise with technology driven services may shape its trajectory in the coming years.

FAQs

What did Gambling.com Group report for fourth quarter 2025 revenue?
Gambling.com Group reported revenue of $46.2 million for the fourth quarter of 2025 which represented a 31 percent increase compared with the same quarter of the previous year.

Why did the company report a net loss in the quarter?
The reported net loss was primarily linked to non cash accounting adjustments including fair value changes in contingent consideration and impairment charges related to intangible assets.

How much revenue came from sports data services?
Sports data services generated $11.8 million in revenue during the fourth quarter which accounted for approximately 26 percent of the company’s total revenue.

What is OpticOdds?
OpticOdds is a sports betting data platform developed by Gambling.com Group that aggregates and distributes real time sports betting data to operators and enterprise clients.

How many new depositing customers were delivered during the quarter?
The company reported delivering approximately 98,000 new depositing customers to its operator partners during the fourth quarter of 2025.

What was Gambling.com Group’s total revenue for 2025?
The company reported full year revenue of $165.4 million for 2025 which represented a 30 percent increase compared with 2024.

What is the company’s revenue guidance for 2026?
Gambling.com Group expects revenue between $170 million and $180 million for the 2026 financial year.

How much adjusted EBITDA did the company report in 2025?
Adjusted EBITDA for the full year reached $58.0 million according to the company’s financial results.

What factors could affect the company’s 2026 performance?
Management cited search traffic changes higher gaming duties in the UK and evolving regulatory frameworks in Europe as potential factors.

Why is sports data becoming important for the company?
Sports data services provide enterprise technology solutions that diversify revenue streams and reduce reliance on traditional affiliate marketing channels.