TLDR
- Full-year 2025 revenue reached $165.4 million for Gambling.com, marking a 30% increase compared to 2024’s $127.1 million
- Fourth-quarter adjusted earnings per share of $0.30 exceeded Wall Street expectations of $0.24 by 25%
- Recurring subscription revenue has climbed to represent 26% of overall revenue, compared to virtually nothing in 2024
- Late-2025 Google algorithm changes negatively affected organic traffic, creating challenges for traditional search-based operations
- Forward guidance for 2026 projects revenue between $170 million and $180 million with adjusted EBITDA margins declining to approximately 30%
Gambling.com has announced full-year 2025 revenue of $165.4 million, representing a significant 30% increase from the previous year’s $127.1 million. Company leadership attributes this robust performance to the strategic pivot toward subscription-based sports data offerings.
The fourth quarter of 2025 delivered $46.2 million in revenue, nearly matching Wall Street’s projection of $46.1 million. Adjusted earnings per share for the period reached $0.30, surpassing analyst consensus estimates of $0.24 by a notable 25%.
Adjusted EBITDA for the final quarter registered at $15.5 million, marginally below the anticipated $15.6 million. For the complete fiscal year, adjusted EBITDA maintained approximately a 35% margin.
The organization’s traditional search engine optimization operations faced headwinds during the latter half of 2025. Multiple Google core algorithm adjustments throughout late 2025 adversely affected organic visibility for affiliate platforms including Gambling.com.
This search engine turbulence represents the primary factor behind the company’s 30% year-over-year growth figure, falling short of the 35%-plus expansion initially projected when 2025 began.
Subscription Revenue Changes the Business Model
The year’s most significant development centered on incorporating Odds Holdings assets, encompassing OddsJam and OpticOdds properties. This acquisition fueled the Sports Data Services division, which expanded 29% sequentially during Q4.
Recurring subscription income now represents 26% of consolidated group revenue. Twelve months prior, this figure stood at essentially zero.
Chief Executive Officer Charles Gillespie characterized this transformation as the “defining achievement of 2025.” He emphasized that the sports data operation now delivers high-margin performance, driven by predictable subscription income streams, while eliminating dependence on Google’s ranking mechanisms.
The organization’s GDC technology infrastructure enables centralized management of over 50 digital properties through a unified technical framework. This architecture allows Gambling.com to enter new jurisdictions without corresponding staff expansion.
Chief Financial Officer Elias Mark highlighted $36.3 million in adjusted free cash flow generated during the year. He noted these funds were allocated toward reducing acquisition-related debt from the OddsJam transaction.
North America Drives Growth as 2026 Guidance Stays Conservative
The North American market continued serving as the company’s principal growth engine. Core operations expanded at double-digit rates even when excluding contributions from newly launched state markets.
A deliberate emphasis on iGaming income, which generates superior lifetime customer value compared to sports wagering, has become a strategic priority. The initiation of sports betting operations in Missouri during late 2025 provided additional momentum for new customer acquisitions.
Executive leadership established 2026 revenue projections within a range of $170 million to $180 million. Adjusted EBITDA is anticipated to fall between $50 million and $58 million.
The forecasted EBITDA margin for 2026 approximates 30%, representing a decline from 2025’s 35% level. Mark explained this reflects upfront capital allocation toward marketing channel diversification and product enhancement initiatives within the data division.
Certain Wall Street analysts expressed apprehension regarding this margin contraction. It’s being interpreted as the financial impact of transitioning away from no-cost organic search traffic toward paid acquisition channels.
Company management confirmed the traditional SEO operations remain “in recovery” mode following the Google algorithmic modifications.
Gambling.com shares concluded Wednesday’s trading session at $4.14 but experienced a 4% decline during pre-market activity. The consensus analyst price objective stands at $10, representing more than double the current valuation. Analyst confidence primarily stems from expansion forecasts for the Sports Data Services segment, which is being evaluated using SaaS-comparable business models.
