Gambling.com Group posts record Q4 as it shifts away from organic search
12 MAR 2026
The listed affiliate reported revenue of $46.2 million (£34.6 million/€40.1 million) for Q4 2025, marking a 31% year-on-year increase, while adjusted EBITDA totalled $15.5 million, up 5% from the same period in 2024.
Gross profit grew 19% to $39.3 million during the quarter, while the cost of sales was $6.9 million compared with $2.2 million in the year-ago period, reflecting strategic investment associated with diversifying traffic sources in the marketing business.
For the full year, the company reported revenue of $165.4 million, representing 30% year-on-year growth and aligning with the guidance it updated in Q3 2025. Adjusted EBITDA rose to $58.0 million, up 19%, producing an adjusted EBITDA margin of 35%. It also generated $36.3 million in adjusted free cash flow, underlining strong profitability and cash conversion.
Q4 highlights: data-led revenue surge
The strongest growth came from the company’s sports data division. Revenue from sports data services reached $11.8 million, rising 440% year-on-year and 29% quarter-on-quarter, largely driven by the integration and expansion of the OpticOdds and OddsJam platforms.
The segment accounted for 26% of total revenue in the quarter, its highest contribution to date. Charles Gillespie, CEO and co-founder of Gambling.com Group, highlighted that for the first time in the company’s history, “revenue not dependent on SEO exceeded revenue from SEO” due to “successful channel diversification initiatives”.
Meanwhile, the group’s core marketing services business generated $34.4 million in revenue, representing 4% year-on-year growth and a 15% increase from the previous quarter.
Despite the strong top-line growth, the group recorded a net loss of $26.9 million for the quarter. The loss was largely attributed to non-cash accounting impacts, including contingent consideration linked to the outperformance of the Odds Holdings acquisition and impairment charges on intangible assets.
Operationally, the company delivered 98,000 new NDCs during the quarter and expanded into Missouri following the launch of regulated sports betting there in December 2025. North America remains the company’s largest focus, with revenue reaching $27.3 million, representing 75% year-on-year growth. Meanwhile, UK and Ireland revenue declined by 6% to $9.9 million.
2026 targets
For 2026, the group issued guidance for revenue of $170 million to $180 million and adjusted EBITDA of $50 million to $58 million. The CEO anticipated its data business to remain the primary growth engine.
“We expect full-year top-line growth to be led by OpticOdds, our enterprise sports data services business,” Gillespie said. “The focus for 2026 will be on increasing our coverage of different sports and leagues to better address the needs of operators outside the US while also developing innovative new features for our anchor customers here in the US.”
However, the company also acknowledged several factors that could negatively impact revenue. These include continued weaker search dynamics and regulatory headwinds in Europe, including the “higher-than-expected” gaming duty increase in the UK and new performance marketing restrictions in Finland.