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Gambling.com Group ended 2025 with record revenue, but the numbers also reveal a company in the middle of a transformation.
The Nasdaq-listed gambling affiliate and data provider reported strong growth in both the fourth quarter and the full year. Revenue climbed sharply, driven largely by its fast-growing sports data services division. At the same time, however, the results show rising costs, pressure on margins and a growing reliance on new business lines.
In simple terms, Gambling.com Group is still expanding — but the way it generates that growth is changing.
For years, the company’s core business revolved around affiliate marketing, sending players to betting operators and earning commissions. Now, subscription-based sports data products are becoming a major part of the picture.
Fourth Quarter: Revenue Climbs but Net Income Turns Negative
During the final quarter of 2025, Gambling.com Group generated $46.2 million in revenue, a 31% increase compared with the same period in 2024.
Despite the strong top-line growth, the company reported a net loss of $26.9 million for the quarter. That reversal from a profit the previous year was largely due to accounting adjustments related to acquisitions and asset valuations.
On an adjusted basis, the underlying performance was far more stable.
Q4 Financial Snapshot
| Metric | Q4 2025 | Q4 2024 |
| Revenue | $46.2M | $35.3M |
| Net Income (Loss) | -$26.9M | $7.9M |
| Adjusted Net Income | $12.2M | $12.2M |
| Adjusted EBITDA | $15.5M | $14.7M |
| Adjusted EBITDA Margin | 33% | 42% |
Adjusted earnings remained steady year-over-year, but profitability margins narrowed as the company increased spending on marketing, acquisitions and product development.
Sports Data Services Deliver Explosive Growth
One of the clearest trends in the results is the rapid rise of Gambling.com Group’s sports data division.
Revenue from the segment surged during the year thanks to acquisitions such as OpticOdds and OddsJam, which provide betting data and analytics tools to operators, traders and media companies.
In the fourth quarter alone, sports data services generated $11.8 million, representing 26% of total company revenue.
Revenue Breakdown – Q4 2025
| Business Segment | Revenue |
| Marketing Services | $34.4M |
| Sports Data Services | $11.8M |
| Total Revenue | $46.2M |
While the marketing division still accounts for the majority of income, the data business is expanding far faster.
The shift matters strategically. Subscription-based data services offer recurring revenue, which is typically more stable than affiliate traffic dependent on search engines.
First Time SEO Is No Longer the Main Driver
Another milestone highlighted in the results is that revenue not tied to SEO traffic surpassed SEO-based revenue for the first time.
Affiliate businesses have traditionally relied heavily on search engines to attract players. That model has become increasingly volatile as search algorithms evolve and competition intensifies.
By expanding into data services and alternative marketing channels, Gambling.com Group is attempting to reduce that dependence.
Full-Year 2025 Results
For the full year, the company reported $165.4 million in revenue, up 30% compared with 2024.
However, accounting adjustments linked to acquisitions pushed net income into negative territory.
Full-Year Financial Performance
| Metric | 2025 | 2024 |
| Revenue | $165.4M | $127.2M |
| Net Income (Loss) | -$32.9M | $30.7M |
| Adjusted Net Income | $51.8M | $42.1M |
| Adjusted EBITDA | $58.0M | $48.7M |
| Adjusted EBITDA Margin | 35% | 38% |
Adjusted profitability improved overall, but margins narrowed as the company increased spending to support growth.
North America Becomes the Core Market
Geographically, North America is now the company’s most important market.
Revenue from the region surged during the year as new regulated betting markets opened across the United States.
Q4 Revenue by Region
| Region | Revenue |
| North America | $27.3M |
| UK & Ireland | $9.9M |
| Other Europe | $6.7M |
| Rest of World | $2.3M |
North America accounted for 60% of total quarterly revenue, reflecting how central the US betting market has become to the company’s strategy.
Costs Rise Alongside Growth
The push into new products and traffic channels has also pushed operating expenses higher.
Sales and marketing spending rose significantly as the company invested in traffic diversification, while technology costs increased due to product development and integration of acquisitions.
Cash Flow Overview
| Metric | 2025 | 2024 |
| Operating Cash Flow | $19.1M | $37.6M |
| Adjusted Free Cash Flow | $36.3M | $41.6M |
Operating cash flow fell compared with the previous year, partly due to payments related to past acquisitions.
Balance Sheet Expands After Acquisitions
The company’s balance sheet also expanded significantly as a result of its acquisition strategy.
Balance Sheet Snapshot (End of 2025)
| Item | Amount |
| Total Assets | $299.7M |
| Intangible Assets | $245.7M |
| Total Liabilities | $191.7M |
| Cash | $15.8M |
| Borrowings | $123.6M |
Much of the asset growth reflects the value assigned to acquired brands and technologies.
During the fourth quarter, the company also borrowed $38 million from its credit facility while settling $33.6 million in deferred payments related to acquisitions.
Outlook for 2026
Looking ahead, Gambling.com Group expects growth to continue in 2026, although the company also anticipates regulatory and market challenges.
2026 Guidance
| Metric | Forecast |
| Revenue | $170M – $180M |
| Adjusted EBITDA | $50M – $58M |
| Expected EBITDA Margin | ~30% |
Growth is expected to come primarily from the sports data services business, while the affiliate segment may face headwinds from regulatory changes and shifting search dynamics.
The company also plans to launch a new product later this year, although it expects only limited revenue from that initiative in 2026.
A Company Evolving Beyond Affiliate Marketing
Taken together, the results highlight a company that is evolving.
Affiliate marketing still generates the majority of revenue, but the momentum clearly lies in data services and subscription products. That shift could ultimately make the business more resilient, particularly in a sector where traffic sources and regulation can change quickly.
For now, Gambling.com Group is balancing two realities: strong revenue growth on one side and rising costs tied to expansion on the other.
How successfully it converts its rapidly growing data business into sustained profitability will likely define the company’s next chapter.
Source: businesswire.com
