Gambling.com Nets Record $127M in 2024 with Big Plans Ahead

Adjusted EBITDA came in at $48.7 million, a 33% rise from $36.7 million, with margins at 38%, up from 34%. Free cash flow totaled $41.6 million, an 81% jump from $23 million in 2023. CEO Charles Gillespie noted the focus on iGaming, online casinos and betting, across their markets as a key driver.

Revenue growth stemmed from multiple sources. The company expanded organically and acquired Freebets.com and Odds Holdings in 2024. North America saw a 9% revenue drop to $55.5 million from $60.8 million, while other regions offset that with online casino gains. Adjusted EBITDA margins rose due to operational shifts.

The company repurchased 486,000 shares at $9.80 each, costing $4.8 million, and expanded its credit line to $165 million. For 2025, Gambling.com projects revenue of $170-$174 million, a 35% increase, and adjusted EBITDA of $67-$69 million, up 40%, based on mid-range estimates.

Other 2024 activities included an industry award, “Casino Affiliate of the Year” at the EGR Operator Awards. The company delivered 145,000 new depositing customers (NDCs) across the year. Gillespie highlighted the acquisitions and team size, now at its largest, as part of their operations.

Revenue in North America accounted for 44% of the total, down from 56% in 2023. The firm aims for $100 million in annual adjusted EBITDA, with 2024 figures showing progress toward that target.

In Q4 2024, Gambling.com recorded $35.3 million in revenue, up 9% from $32.5 million in Q4 2023. Net profit hit $7.9 million, a 24% increase from $6.4 million, equating to $0.23 per diluted share, up 44% from $0.16. Adjusted net profit reached $12.2 million, a 41% rise to $0.35 per share from $0.22.

Adjusted EBITDA grew 39% to $14.7 million, with margins at 42%, compared to 32% in Q4 2023. Operating cash flow was $13.7 million, up 92% from $7.1 million, and free cash flow rose 102% to $13.2 million from $6.5 million.

The quarter showed varied performance. Revenue in North America fell 24% to $15.6 million from $20.5 million in Q4 2023, driven by a tough comparison to ESPNBet’s 17-market launch the prior year. NDCs totaled 145,000 for Q4, down 9% year-over-year due to that same benchmark.

Over 80% of adjusted EBITDA converted to free cash flow. Gillespie pointed to the team’s iGaming efforts, while Mark noted casino revenue growth across regions outside North America. The Odds Holdings acquisition, finalized January 1, 2025, did not impact Q4 results.

Costs and operations shifted too. The company maintained its affiliate network, delivering NDCs to betting partners. North America’s Q4 dip mirrored the full-year trend, but other markets picked up slack.

The $14.7 million adjusted EBITDA reflected higher margins from operational adjustments. Cash flow gains came despite a slight NDC decline, with 2023’s ESPNBet launch setting a high bar for comparison.

North America’s 2024 revenue totaled $55.5 million, down 9% from $60.8 million in 2023. In Q4, it dropped to $15.6 million, a 24% decrease from $20.5 million. Mark described this as resilience against challenging prior-year figures, tied to ESPNBet’s rollout.

The region’s share of total revenue fell to 44% from 56%. Gillespie expects market share gains in performance marketing across all regions, including North America, in 2025. Casino revenue growth outside North America supported overall results.

For 2025, the company forecasts revenue of $170-$174 million, based on mid-range estimates, a 35% increase from 2024’s $127.2 million. Adjusted EBITDA is projected at $67-$69 million, up 40%, with margins around 39.5%.

The Odds Holdings deal adds $14.5 million to that EBITDA estimate, focusing on sports data solutions. New U.S. markets, like Missouri’s potential late-2025 launch, aren’t included until confirmed. The exchange rate assumption is €1.07 to $1. Gillespie noted the acquisitions of Freebets.com and Odds Holdings as steps to broaden their offerings.

The company’s financial position includes $41.6 million in 2024 free cash flow and a $165 million credit line. Share repurchases and the EGR award marked non-financial moves.

The team, now at its largest, supports an expanded product set, affiliate tools and marketing services. North America’s 2024 performance, despite declines, sets a baseline for 2025 growth. The $100 million EBITDA goal remains in sight, with 2025 projections reaching roughly two-thirds of that target.