Gambling.com Q4 2025: Revenue In Line, EBITDA Slight Miss, Subscriptions Surge
Gambling.com reported Q4 2025 revenue of $46.2 million and a 25% EPS beat, as it shifted from SEO to subscription-based sports data services
As revenue reports from across the iGaming industry continue to pour in for 2025, the results have been a mix of disappointment and surprising surges.
Gambling.com Group posted Q4 2025 results that largely met expectations, with one meaningful miss and one notable beat.
Revenue came in at $46.2 million, essentially in line with the $46.1 million forecast. Non-GAAP adjusted EPS of $0.30 beat the $0.24 analyst consensus by 25%. Adjusted EBITDA landed at $15.5 million, fractionally below the $15.6 million forecast.
The slight shortfalls trace back to a single cause. A series of Google core updates in late 2025 disrupted organic search rankings for high-authority affiliate sites, reducing traffic to Gambling.com’s legacy SEO-driven properties. That headwind pushed full-year 2025 revenue growth to 30% rather than the 35%-plus originally projected. However, full-year revenue of $165.4 million still represents a 29.9% improvement over 2024’s $127.1 million.
Full-year adjusted EPS of $1.41 beat the conservative late-year consensus, driven by cost discipline and the high margins generated by the company’s newer data segment.
The Bigger Story: Subscriptions Now at 26% of Revenue
The headline numbers matter less than the structural shift underneath them.
CEO and Co-Founder Charles Gillespie framed 2025 as a transformational year for the company’s revenue mix.
The integration of Odds Holdings, which brought OddsJam and OpticOdds into the group, drove 29% quarter-on-quarter revenue growth in the Sports Data Services segment during Q4. Subscription-based revenue now accounts for 26% of total group revenue, up from nearly zero in 2024.
That income is entirely decoupled from Google’s search algorithms, providing the kind of recurring, predictable revenue stream that affiliate businesses have historically lacked.
“Our sports data services business is now high-margin, high-visibility, and powered by recurring subscription revenue,” Gillespie said. “By reaching 26% of total revenue from this segment in Q4, we have fundamentally reduced our reliance on organic search and created a more predictable growth engine.”
Unlike the marketing affiliate side of the business, which generates commissions for directing players to casinos and sportsbooks, the Sports Data Services segment charges recurring subscription fees. Analysts are increasingly modeling it as a SaaS-style business, which carries a higher valuation multiple than traditional affiliate revenue.
Platform Efficiency and Margin Resilience
Despite the Google-driven revenue headwind, Gambling.com maintained an adjusted EBITDA margin of approximately 35% for the full year. CFO Elias Mark attributed that resilience to two factors: aggressive cost management and the scalability of the company’s proprietary GDC technology platform.
Rather than operating its 50-plus websites, including Gambling.com, Casinos.com, and Bookies.com, as standalone entities, the GDC platform functions as a unified technical backbone.
It allows the company to enter new markets, such as North Carolina and Missouri, integrate sports data products, and manage media partnerships without a proportional increase in headcount or costs. Management reduced low-margin media partnership spending in response to lower conversion rates, helping protect margins even as revenue growth slowed.
Gambling.com generated $36.3 million in adjusted free cash flow for the full year. Mark noted the company used that cash generation to reduce debt taken on during the Odds Holdings acquisition.
North America and the 2026 Outlook
North America remains the primary growth engine. The launch of Missouri sports betting in late 2025 provided a late-quarter boost in new depositing customer counts.
A strategic shift toward iGaming revenue, which carries a significantly higher lifetime value per customer than sports betting, has also paid off. Excluding new state launches, the core business grew at a double-digit rate.
Management issued conservative 2026 guidance, signaling a deliberate prioritization of higher-margin subscription revenue over high-cost media partnerships. Full-year 2026 revenue guidance is $170 million to $180 million, with adjusted EBITDA of $50 million to $58 million. That implies an EBITDA margin of approximately 30%, a step down from the 35%-plus levels seen in recent quarters.
Mark explained that the margin compression reflects front-loaded investment in both marketing diversification and sports data product development. The legacy SEO business also remains in recovery following the late 2025 Google updates, which management acknowledged openly.
Despite the short-term margin pressure, analyst sentiment remains constructive. The consensus price target sits at $10, more than double Gambling.com’s Wednesday closing price of $4.14. That bullishness rests on growth assumptions for the Sports Data Services segment and the potential for a valuation re-rating as subscription revenue becomes a larger share of the total mix.
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