TLDR
- Annual 2025 revenue reached $165.4 million for Gambling.com, representing a 30% increase over 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 now represents 26% of overall revenue, compared to virtually nothing in the prior year
- Algorithm changes from Google in Q4 2025 negatively affected organic traffic, creating challenges for traditional affiliate operations
- Forward guidance for 2026 projects revenue between $170–$180 million with adjusted EBITDA margins declining to approximately 30%
The online gambling affiliate platform Gambling.com announced its 2025 full-year revenue reached $165.4 million, marking a significant 30% increase compared to the prior year’s $127.1 million. Company leadership attributed the strong performance to its strategic pivot into subscription-based sports data offerings.
Fourth-quarter revenue totaled $46.2 million, nearly matching Wall Street’s $46.1 million projection. The company’s adjusted earnings per share for Q4 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, slightly under the anticipated $15.6 million. For the complete fiscal year, adjusted EBITDA maintained approximately 35% margins.
The traditional search engine optimization-focused affiliate business faced significant headwinds during the latter half of 2025. Multiple Google algorithm updates rolled out in late 2025 substantially affected organic visibility for gambling affiliate platforms including Gambling.com.
This search volatility served as the primary factor preventing the company from achieving its initial growth projections of 35%-plus, ultimately settling at 30% year-over-year expansion.
Subscription Revenue Changes the Business Model
The most transformative development throughout the year centered on incorporating Odds Holdings into the business, which encompasses both OddsJam and OpticOdds platforms. This strategic acquisition fueled the Sports Data Services division, which posted 29% sequential growth during Q4.
Recurring subscription revenue has climbed to represent 26% of consolidated group revenue. Twelve months prior, this revenue stream was essentially non-existent.
Chief Executive Officer Charles Gillespie characterized this transformation as the “defining achievement of 2025.” He emphasized that the sports data operation now generates high-margin income through predictable subscription billing while remaining insulated from Google’s algorithmic changes.
The proprietary GDC technology infrastructure enables the organization to operate more than 50 distinct websites through a unified technical foundation. This architecture allows geographical expansion into additional regulated markets without corresponding headcount increases.
Chief Financial Officer Elias Mark highlighted the company’s generation of $36.3 million in adjusted free cash flow throughout the year. He noted these funds were strategically deployed to reduce 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 controlling for newly launched state markets.
Management has prioritized expanding iGaming-related revenue streams, which deliver superior customer lifetime values compared to sports wagering referrals. The activation of sports betting regulations in Missouri during late 2025 provided additional momentum for customer acquisition efforts.
For fiscal 2026, leadership established revenue guidance ranging from $170 million to $180 million. Adjusted EBITDA projections span $50 million to $58 million.
The anticipated EBITDA margin for 2026 stands at roughly 30%, representing compression from 2025’s 35% level. Mark explained this reflects upfront capital allocation toward diversifying marketing channels and advancing product capabilities within the data division.
Several Wall Street analysts expressed reservations regarding the margin contraction. The adjustment is being interpreted as the financial impact of transitioning from organic search traffic toward paid acquisition channels.
Company executives acknowledged the legacy SEO operations remain “in recovery” mode following Google’s algorithm modifications.
Shares of Gambling.com concluded Wednesday’s regular trading session at $4.14 but declined 4% during pre-market activity. The consensus analyst price target remains at $10, representing more than 100% upside from current levels. Analyst bullishness primarily stems from expansion forecasts for the Sports Data Services segment, which investment analysts are modeling with SaaS-like characteristics.
