Gambling.com Group Acquires Odds Holdings for Up to $160 Million

Gambling.com Acquires Odds Holdings

The transaction includes an initial payment of $80 million, with potential additional payments of up to $80 million based on financial performance through the end of 2026. The deal is expected to close on January 1, 2025.

“Combining with a tech-focused leader in the global online gambling industry like Gambling.com Group is the natural next step for Odds Holdings,” said Odds Holdings CEO, Matt Restivo.

The initial payment comprises $70 million in cash and $10 million in ordinary shares of Gambling.com Group. To reach the maximum earnout of $80 million, Odds Holdings’ adjusted EBITDA must at least double in 2026 compared to 2024.

Additionally, Gambling.com Group has the option to settle up to 50% of any earnout payments in its ordinary shares. To finance the transaction, the company secured debt funding of at least $100 million from Wells Fargo Bank.

Post-acquisition, the Odds Holdings team, including OddsJam founders Ankit Goyal and Alex Monahan, as well as CEO Matt Restivo, will join Gambling.com Group.

“By leveraging Gambling.com Group’s expertise, innovation, and resources, we will be optimally positioned to scale our technology and data-driven insights to reach an even larger audience of online bettors, including beyond the North American market. We’re looking forward to working with the Gambling.com Group founders Charles and Kevin and their team to create a deeper connection with our customers to enhance their online gambling experiences,” said OddsJam founders Ankit Goyal and Alex Monahan.

Goals Behind the Acquisition

The acquisition enables Gambling.com Group to expand its business by adding recurring revenue streams from both individual and corporate clients. The company plans to leverage its existing partnerships to drive significant growth for Odds Holdings.

The transaction is expected to be accretive, bringing in new revenue streams, free cash flow, and additional adjusted EBITDA.

“The accretive acquisition of Odds Holdings will immediately provide Gambling.com Group with additional, recurring revenue streams which are independent of our market-leading online gambling affiliate business, consistent with our strategy to expand our footprint in the online gambling industry,” said Gambling.com Group co-founder and CEO, Charles Gillespie.

This acquisition supports Gambling.com Group’s goal of generating $100 million in annual adjusted EBITDA.

“We have achieved the vast majority of our growth through organic market share gains, while also successfully executing on several strategic, accretive acquisitions that have contributed to our consistently improving financial performance. Our acquisitions of RotoWire, BonusFinder, and Freebets.com have proven that we can leverage our high free cash flow to identify, acquire, and accelerate growth, creating value for our shareholders, while prudently managing our capital structure and balance sheet,” added Gillespie.