Gambling.com Group Reports Record Q3 Revenue Amid Data Services Boom
Gambling.com Group achieved record revenue and Adjusted EBITDA in the third quarter of 2025, driven by the explosive growth of its sports data services division. Total revenue increased 21% year-over-year (YoY) to a record $39.0 million. Adjusted EBITDA reached $13.0 million, marking a 3% YoY increase, with a margin of 33%.
Record Revenue Driven by Data Services
The most dynamic financial result came from the company’s pivot toward sports data. Sports data services revenue, primarily from OpticOdds and OddsJam, soared 304% YoY to $9.2 million. Subscription revenue now accounts for 24% of the total revenue, reflecting a shift toward a recurring, high-visibility business model.
In contrast, the core marketing services revenue remained flat at $29.8 million. This stagnation was attributed to unfavorable dynamics within organic search results, though the company’s US marketing business still grew YoY due to diversified, non-SEO traffic sources.
North American revenue, which constitutes 51% of total revenue, grew 55% YoY to $19.8 million. This regional growth was directly supported by the rapid expansion of the sports data services segment.
Financial Results and Cash Flow
While revenue and Adjusted EBITDA hit records, the company reported a net loss attributable to shareholders of $3.9 million, or $0.11 per diluted share. This compares to a net profit of $8.5 million in Q3 2024 and was primarily due to a change in the fair value of a contingent consideration related to the performance of Odds Holdings.
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Adjusted Net Income fell 16% to $9.3 million, or $0.26 per diluted share, mainly due to higher interest expenses on debt.
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Adjusted Free Cash Flow was strong at $9.6 million, demonstrating a 74% conversion rate from Adjusted EBITDA.
CEO and co-founder Charles Gillespie commented that the record results “show the power of our business… even in the face of persisting, albeit temporary, challenges within the search channel of our marketing business.”
OpticOdds Becomes Strategic Focus
The company’s strategic shift to prioritize sports data services is deliberate. CEO Gillespie noted that OpticOdds has found “product market fit in a multi-billion-dollar sports data services market.” He expects the high-margin subscription revenue associated with this segment to be the fastest-growing part of the business for the foreseeable future.
To cement its position, OpticOdds expanded its offerings in Q3 by adding bet settlement services. The company also secured agreements with Pragmatic Play to enhance its coverage of the US player prop bet market.
The group delivered over 101,000 New Depositing Customers (NDCs) to clients during the quarter. Furthermore, the company was honored with the EGR Affiliate of the Year Award for an unprecedented third time in October.
The company’s management remains confident that its core marketing business will resume growth in 2026. This confidence rests on two factors: the expectation that search quality issues will be resolved, and the success of internal initiatives to diversify traffic sources beyond organic search.
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