TLDR
- Gambling.com posted full-year 2025 revenue of $165.4 million, up 30% from $127.1 million in 2024
- Q4 adjusted EPS of $0.30 beat the $0.24 analyst forecast by 25%
- Subscription-based revenue now makes up 26% of total revenue, up from near zero in 2024
- Google core updates in late 2025 hurt organic search traffic, putting pressure on the legacy SEO business
- The company guided 2026 revenue at $170–$180 million with adjusted EBITDA margins dipping to around 30%
Gambling.com reported full-year 2025 revenue of $165.4 million, a 30% jump from $127.1 million in 2024. The company credited its shift toward subscription-based sports data services for the growth.
Q4 2025 revenue came in at $46.2 million, essentially in line with the $46.1 million analyst forecast. Adjusted EPS for the quarter was $0.30, beating the $0.24 consensus by 25%.
Adjusted EBITDA for Q4 came in just below expectations at $15.5 million versus the $15.6 million forecast. Full-year adjusted EBITDA held at roughly a 35% margin.
The company’s legacy SEO business took a hit in the second half of 2025. A series of Google core updates in late 2025 negatively impacted organic search rankings for affiliate sites like Gambling.com.
That search engine volatility was the main reason the company’s year-over-year revenue growth landed at 30% instead of the 35%-plus originally forecast at the start of 2025.
Subscription Revenue Changes the Business Model
The biggest story of the year was the integration of Odds Holdings, which includes OddsJam and OpticOdds. That deal powered the Sports Data Services segment, which grew 29% quarter-on-quarter in Q4.
Subscription-based revenue now accounts for 26% of total group revenue. A year earlier, that number was close to zero.
CEO Charles Gillespie called this the “defining achievement of 2025.” He said the sports data business is now high-margin, powered by recurring subscription revenue, and no longer tied to Google’s search algorithms.
The company’s GDC technology platform allows it to manage more than 50 websites from a single technical backbone. That lets Gambling.com expand into new states without proportionally increasing staff.
CFO Elias Mark pointed to $36.3 million in adjusted free cash flow for the year. He said the company used that cash to pay down debt from the OddsJam acquisition.
North America Drives Growth as 2026 Guidance Stays Conservative
North America remained the company’s primary growth driver. The core business grew by double digits even when excluding new state launches.
A strategic push toward iGaming revenue, which carries a higher lifetime customer value than sports betting, has been a focus. The launch of sports betting in Missouri in late 2025 also added a boost to new customer sign-ups.
Management set 2026 revenue guidance at $170 million to $180 million. Adjusted EBITDA is expected to be between $50 million and $58 million.
The projected EBITDA margin for 2026 is around 30%, down from 35% in 2025. Mark said this reflects front-loaded investments in marketing diversification and product development for the data segment.
Some analysts raised concerns about that margin compression. It is being seen as the cost of moving away from free organic search traffic toward paid channels.
Management acknowledged the legacy SEO business is still “in recovery” following the Google updates.
Gambling.com closed Wednesday’s session at $4.14 but was down 4% in pre-market trading. The analyst consensus price target sits at $10, more than double the current share price. Analyst optimism is largely based on growth projections for the Sports Data Services segment, which is being modeled as a SaaS-like business.
