GAMB Reports Earnings
Adjusted EBITDA climbs 22% as Gambling.com Group diversifies revenue
Sports data services revenue quadrupled to $10 million, while high-margin subscription revenue accounted for 25% of total revenue, compared to a historical marketing focus on SEO-led affiliate traffic. Recurring revenue, including revenue share arrangements in the marketing business, reached 51% of total revenue, supported by recent acquisitions and broadening go-to-market channels.
"We generated record second quarter revenue and adjusted EBITDA, with revenue rising 30% and adjusted EBITDA increasing 22% year over year. Our marketing business generated all-time highs for second quarter revenue, and the growth in our sports data business accelerated to where its highly visible and high-margin recurring subscription revenue accounted for 25% of total revenue despite the second quarter being the seasonally slowest quarter. These results provide clear evidence that even while we continue to deliver high growth, quarter after quarter, we are also rapidly diversifying our business to include a broader suite of products which serve a much larger addressable market."
-- Charles Gillespie, Co-Founder and Chief Executive Officer
Sports data segment accelerates, with Opticogs leading Gambling.com Group growth
Opticogs grew 120% year over year, underpinning the sports data services business, which now delivers $10 million in revenue amid broader client demand than previously anticipated. Management noted strategy revisions in light of a larger-than-expected total addressable market (TAM), expanding beyond traditional operators to include platforms, professional bettors, and media companies.
"Turning to another key component of our diversification, growth in our Sports Data Services business accelerated in Q2 with Opticogs leading the way with 120% year-on-year growth. Given the momentum this business is already achieving to date and our realization that the TAM for this business may be bigger than originally expected due to the wide variety of clients interested in the data, we continue to revise up our long-term growth expectations."
-- Charles Gillespie, Co-Founder and Chief Executive Officer
Opticogs' strong growth and the expansion of sports data services have resulted in substantial high-margin recurring subscription revenue and enable Gambling.com Group to leverage its intellectual property and content into repeatable, scalable enterprise revenues.
Gambling.com Group pivots rapidly to omnichannel and non-SEO marketing
Non-search channels such as apps, email, social media, and paid media are now growing by orders of magnitude, shifting the revenue mix and prompting acceleration of investment away from reliance on legacy search. Management emphasizes faster, shorter-cycle ROI from omnichannel marketing, and a proactive approach to adapting resource allocation.
"While the development of these other marketing channels like apps, email, social media, and paid media is still relatively early, the contributions are growing rapidly, to the point that they are now more evident in our results. We are measuring the growth in these non-search channels in terms of orders of magnitude, not incremental percentages. Generally speaking, these channels have shorter investment cycles, while still offering attractive ROI. Having said all of this, the search marketing channel continues to drive significant revenue and cash flow for both Google and publishers. While we expect the channel's relative proportion to other digital channels to fall, we also expect it to intertwine with next-generation AI tools."
-- Charles Gillespie, Co-Founder and Chief Executive Officer
The company's rapid diversification of marketing channels and investment in non-search channels aims to support growth and reduce reliance on traditional search, while reducing dependence on external search ecosystem risks.
Looking ahead
Management guides to $171 million-$175 million in fiscal 2025 revenue (midpoint 36% year-over-year growth) and $62 million-$64 million adjusted EBITDA (midpoint 29% year-over-year growth), both on a non-IFRS basis, factoring in four months' contribution from Spotlight.Vegas and new sports betting legalization in Missouri for fiscal 2025, but with no expected adjusted EBITDA benefit from Spotlight.Vegas until 2026. For 2026, Spotlight.Vegas is expected to add at least $8 million net revenue and $1.4 million incremental adjusted EBITDA. The company reaffirms double-digit free cash flow yield expectations for the second half of 2025, and has expanded its share buyback authorization to $20 million as of August 14, 2025, with none utilized to date.
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