The company’s first results of 2025 show significant top-line growth, improved profitability, and a continued investment drive in its core North American market. 

Gambling.com EPS Rises 60% In First Quarter

Key statistics from the company’s first quarter are as follows for the three months ended 31 March 2025:

• Revenue of $40.6 million, up 39% from $29.2 million in Q1 2024
• Net income of $11.2 million, up 54% year-over-year
• Operating profit of $10.0 million, up from $7.9 million in the prior year period
• Basic earnings per share (EPS) of $0.32, up 60% from $0.20 in Q1 2024
• Cash generated from operations totaled $11.4 million

The affiliate emphasized that the acquisition of Odds Holdings Inc. was pivotal to Q1’s performance. “The principal reason for this acquisition was to accelerate U.S. expansion,” Gambling.com stated. The deal generated $8.6 million, or approximately 22% of group revenue in the quarter. 

Catena Media, which also heavily focuses on the North American market, posted poor financials last week and outlined plans for 50 more job cuts as it aims to optimize costs. 

Another affiliate, Gentoo Media, also posted results below expectations and is undergoing strategic restructuring and making redundancies.

Gambling.com Product Diversification Paying Dividends in Q1

This is not reflected at Gambling.com, where Q1 sales and marketing spending is up 58%, technology expenses are up 62%, and general and administrative expenses are up 22%. 

While this shows higher operating costs, it aligns with the group’s strategy to aggressively pursue market share globally through both organic and merger and acquisition-led growth. 

The Gambling.com group diversified its product portfolio, with subscription revenue growing 405.2% year-over-year to $9.9 million and making up 24.4% of total first-quarter revenue. 

Revenue from CPA, Rev Share, and Hybrid models was still the predominant revenue driver, comprising 63.3% of Q1’s topline. Advertising on site and other revenue generated 12.3% of total revenue, generating $5.0 million for the three months to March 2025. 

From a debt perspective, the group’s borrowing rose significantly to $88.5 million in Q125, up from $22.9 million in the previous quarter. The increase is owing to the drawdown of a $165 million syndicated credit facility, led by Wells Fargo. The facility includes a $90 million revolving credit line, of which $70.5 million (78%) remained undrawn. 

The filing outlines that “the proceeds from the Wells Fargo Credit Facility are being used for working capital, to settle deferred consideration, for permitted acquisitions, and for general corporate purposes.” 

Competitors Weakened by Google Policy and Search Slump

Investor confidence in GAMB is significantly stronger than that of three public competitors. Catena, Raketech, and Gentoo have all had topline revenue hit by Google policy change and underperforming search-related revenues. 

Gambling.com has shown, particularly through recent revenue diversification and continued investment, that growth is still possible in a tricky affiliate market. 

The group still saw a decrease in share price following its earnings announcement, but the trend over six months is 3.23% growth, compared to -60.97% for Catena, -43.45% for Raketech and -40% for Gentoo Media.

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The group confirmed that Gambling.com has “offered an initial consideration of $80m for the acquisition, with the potential for an additional $80m based on Odds Holdings’ business performance through the end of 2026.”

It’s a deal that builds on a period of success for Gambling.com delivered its strongest performance to date, reporting a 21% increase in revenue to $91m, a 91% surge in net income to $22.7m, and a 30% growth in Adjusted EBITDA to $34m. 

Gambling.com CEO Charles Gillespie stated: “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.”

The acquisition is expected to immediately enhance Gambling.com Group’s financial results while advancing its strategic goal of achieving $100m in annual Adjusted EBITDA. Investors were informed, “For 2024, Odds Holdings expects to generate revenue and Adjusted EBITDA of approximately $26m and $12m, respectively. Gambling.com Group expects that under its management, Adjusted EBITDA derived from the Odds Holdings assets will grow by at least 20% in 2025.”

Post-acquisition, OddsJam founders Ankit Goyal and Alex Monahan, along with CEO Matt Restivo, will join Gambling.com. By leveraging Gambling.com’s resources and expertise, the integration aims to scale Odds Holdings’ advanced technology and expand its reach to a broader global audience.

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

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This headline figure represents an upwards shift of 48 per cent from 2022 comparative results that stood at $35m. The global igaming media publisher also revealed its Q2 2023 performance, reporting a 63 per cent increase in revenue from 2022’s $16m to $26m. 

Meanwhile, throughout the year’s second quarter, the group more than doubled its adjusted EBITDA, rising 161 per cent from $3.6m (Q2 2022) to $9.4m, accompanied by a tripled free cash flow of $8.5m (Q2 2022: $2.8m). 

Looking at H1 as a whole, strong trading saw the Nasdaq-listed affiliate marketing firm boost sales by 115 per cent, reaching $13.4m. This performance supported the group’s growth as it registered 91,000 new depositing customers during the period. 

Commenting on the ‘significant’ growth, group CEO and Co-Founder, Charles Gillespie, stated: “The business performed phenomenally in the second quarter, with record operating results reflecting another period of significant organic revenue growth and robust free cash flow generation. 

“The growth underscores our triumph in expanding our North American operations and the continued progress in our more established markets.”

When compared to the same period last year, half-year adjusted EBITDA also doubled to $20m, with strong performance causing cash flow to increase to $11.6m from activities, a 68 per cent rise compared to H1 2022. 

In response to the group’s performance, revenue guidance for the full year has been revised to $100-$104m, while projected adjusted EBITDA now stands at $36-$40m.

“We possess significant flexibility to consistently and strategically invest in growth opportunities, such as the expansion of Casinos.com and the advancement of our media collaborations,” added Elias Mark, Gambling.com CFO. 

“Reflecting our commendable operational results during the initial six months of this year, which surpassed our anticipations, and our optimism for sustained robust performance throughout 2023, we’re uplifting our full-year revenue and adjusted EBITDA forecast. The median of the new estimates denotes a year-over-year growth of 33 per cent and 58 per cent, respectively.”

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The firm registered strong year-on-year growth as its Q4 revenue more than doubled to $21.3m from Q4 2021’s $10.2m, and its Adjusted EBITDA increased by 202 per cent to $6.9m from Q4 2021’s $2.3m. 

Notably, its North American media network generated revenues of $10m in Q4 (+364 per cent). This result displays a continued benefit from strong performance in the established US markets and solid results from its Maryland launch in November.

The group also reported strong performances in the newly regulated states of Massachusetts and Ohio as it helped to deliver clients 82,000 new depositing customers. 

Moreover, full-year trading saw the firm expand its US presence across five new states that saw revenue increase by 81 per cent to $77m (FY 2021: $42m), while adjusted EBITDA rose to $24m, an uptick of 31 per cent on FY 2021’s $18.3m.  

Charles Gillespie, CEO at Gambling.com, commented: “Our investments in expanding our team, technology, and our portfolio of performance marketing websites continue to drive highly efficient and effective customer acquisition for online gambling operators.

“These factors, combined with our expansion into five new North American markets last year, helped drive an 81 per cent increase in 2022 full-year revenue to $76.5m, a 31 per cent improvement in adjusted EBITDA to $24.1m, and free cash flow of $9.5m.”

The company’s results also reflected a doubling in YoY operating expenses to $60m, with sales and marketing costs increasing to $33m, tech expenses to $6.7m and general and administrative expenses climbing to $19.5m.

Additionally, Gambling.com had absorbed a “fair value contingent consideration of $10m” due to M&A payouts and rewards. These outgoings saw the company’s bottom-line results record a x6 decrease in group operating profits, falling from 2021’s $11.3m to $1.8m. 

In 2022, the affiliate media firm acquired the ‘ultra-premium domain name’ Casinos.com and repurchased 38,708 ordinary shares for an average price of $8.98 per share.

Elias Mark, Chief Financial Officer of Gambling.com Group, stated, “Our leading technology, domain names, and websites, successful entry into new markets, and strong value proposition to our customers drove a more than 133 per cent increase in new depositing customers in 2022, and yet another year of industry-leading revenue growth with continued strong profitability and cash generation.”

Gambling.com’s corporate governance has initiated a full-year guidance for revenue of $93m to $97m, with an adjusted EBITDA of $32m to $36m.

This guidance assumes no expectation of going live in any additional North American markets for the rest of 2023, no benefit from new acquisitions, new investments throughout 2023 for the development of Casinos.com, and to service new US media partner Gannett.

“Looking ahead, we remain committed to delivering profitable growth and consistent positive operating cash flow. With our strong operating cash flow and balance sheet,” Mark added.

“We have the financial flexibility to continue making return-focused investments in our business to deliver increased scale and attractive top-line and cash flow growth – all while maintaining strong profitability.”

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Publishing its operating and financial results for the year and fourth quarter ended December 31, 2021, revenue for the group totalled $42.3m compared to $28m for the year prior. Moreover, adjusted EBITDA witnessed a 26 per cent increase to $18.4m compared to $14.6m in 2020, representing an adjusted EBITDA margin of 43 per cent. 

“We grew our revenue in 2021 by 51 per cent compared to the prior year, delivered an EBITDA margin of 43 per cent and generated over $8m of free cash flow as many other industry players struggled to find a path to sustainable profitability,” explained Charles Gillespie, Chief Executive Officer and Co-Founder of Gambling.com. 

“As we look towards 2022, we are encouraged by the strongest start to a year we have seen in our 15-year history. Helped by launches in New York and Louisiana, January was our best-single month performance ever – even before consolidating financial results from our recent acquisitions. 

“Just in January, we have seen the total addressable market in North America expand by leaps and bounds and there is a clear path to additional state launches this year, along with the impending launch of Ontario next month. 

“As B2C operators in the US seek a path to sustainable profitability and evaluate their marketing spend going forward, we believe that the affiliate model is ideally positioned to provide operators with more effective, higher ROI investments where they can clearly attribute the source, profitability and lifetime value of a referred player. 

“We view this shift as greatly benefiting the value of our performance marketing revenue model, and we are confident that these tailwinds support what we expect to be another year of record performance for the group.”

Alongside its year-on-year growth, the group revealed that its Q4 revenue “remained consistent” at $10.3m, identical to 2020 figures. Moreover, adjusted EBITDA for Q4 $2.3m, decreasing 63 per cent compared to $6.1m in the same period for the prior year, representing an adjusted EBITDA margin of 22 per cent. 

Casting its eyes into the near future, the company forecasts that total revenue for 2022 will be in the range of $71m and $76m, with an adjusted EBITDA expected to come in at $22m and $27m.

Elias Mark, Chief Financial Officer of Gambling.com Group, added: “Our expectation for another year of record revenue and Adjusted EBITDA is supported primarily by our premier domain portfolio and our growing presence in the US achieved through continuous investments in US-facing assets. 

“Organic growth in North America is complemented by our recent acquisitions of RotoWire.com and BonusFinder.com as well as our initiatives to further our leadership in the more established markets that we currently serve. 

“As we have stated, our adjusted EBITDA margin may deviate from target in the short-term as we strategically invest to strengthen our US footprint, which is reflected in our 2022 outlook. 

“Nonetheless, our profitability metrics remain among the very best in the industry, and our free cash flow generation more than covers our organic growth initiatives and the acquisition of domain names and other assets. 

“We entered 2022 on strong financial footing and are off to the best start to a year in the company’s history led by strong growth in North America. We grew total revenue profitably by 51 per cent in 2021 and we look forward to accelerating that rate of profitable growth in 2022.”

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Following on from Gambling.com’s acquisition of the group, the new site is said to cater to a population of 45 million Spanish speaking users in the US, or 13.5 per cent of the country and the second largest demographic in the US. 

Fintan Costello, Managing Director of BonusFinder.com, said: “We launched with English speaking only sites across every state we are licensed in, however there is huge appetite to expand and Spanish speaking US sports and gaming fans have been crying out for a site that allows them to ‘play with more’ on their favourite casinos and sportsbooks.

“We are very excited to be able to provide this demographic with an easy, safe and responsible way to find the right bonuses and offers to improve their experience and maximise the value of their deposit.”

Only locally licensed operators feature across each site, while BonusFinder has verified and tested all its partners to ensure they meet criteria including clear bonus rules, fast payments, excellent customer service and a responsible and fair gaming experience.

The company has expanded with 11 licences in the US market and across Europe with a total of 15 localised sites, all available in market specific languages.

BonusFinder has stated that it will soon launch an offering in Ontario, Canada, which the company’s Bonus Index has predicted will become the most attractive igaming market in North America for players and brands, surpassing all its US online counterparts.

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The company, which last week detailed the acquisition of NDC Media, the publisher of BonusFinder, expects total revenue for the past year to fall into the range of $42.1m and $42.5m and net income to reach $12.4m-$13.1m.

Alongside anticipating North American revenue to record a 90 per cent uptick, Gambling.com expects FY 2020 adjusted EBITDA to close in the range of $18.2m and $18.7m.

Furthermore, the firm also states that revenue during the start of the current year has been “healthy in Europe and particularly strong in North America,” with the launch of online sports betting in New York cited as a primary reason for the latter.

The company expects revenue for January to be the best single-month performance in its 15-year history, before consolidating RotoWire, which was acquired on January 1, 2022.

“The year is off to an incredibly strong start,” said Charles Gillespie, chief executive officer of Gambling.com Group. 

“It is great to see our investments at the end of 2021 start to pay off and help drive strong growth, despite a particularly challenging comparable period in the first quarter of 2021 coinciding with COVID-19 related measures.”

Moreover, Gambling.com has also offered a brief outlook for the full year, with revenue expected to surge to $71m-$76m, and adjusted EBITDA to increase to close at $22m-$27m.

“I am delighted with the strength in our underlying business, even before consolidating revenue from RotoWire in January and BonusFinder from February,” Gillespie added.

“We continue to invest in the business and expect to deliver another year of strong organic revenue growth complemented with additional revenue from the recent acquisitions. 

“Great acquisitions, the launch of sports betting in states like New York and Louisiana, the expected launch of a regulated market in Ontario, and the debut of our media partnership with McClatchy together give me confidence that 2022 will be another brilliant year for Gambling.com Group.”

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As a result, the former anticipates achieving an accelerated rate of expansion across the US, as well as becoming “strategically positioned” to capitalise on developments across Canada, beginning with the province of Ontario.

Fintan Costello, chair of BonusFinder, commented: “These organisations complement each other well as partners within the North American market. 

“Gambling.com Group has demonstrated its leadership position within the online sports betting and igaming industry, and its proprietary technologies and experience will provide BonusFinder with the tools to maximise growth in this exciting new era of North American regulation.”

Under the terms of the purchase agreement, Gambling.com paid an aggregate purchase price of €12.5m ($13.92m), of which €10m ($11.14m) was paid in cash and €2.5m ($2.86m) in newly issued, unregistered ordinary shares.

The selling shareholders may also benefit from additional earnout payments based on financial performance in each of 2022 and 2023. According to forecasts, the total consideration, including purchase price paid at close and both earnout payments, is expected to be approximately €41m $47m). The acquisition closed on January 31, 2022.

“Over the past five years, Fintan Costello and his team have developed a professional, industry-leading, performance marketing business with a customer-centric and brand-driven approach,” explained Charles Gillespie, chief executive officer of Gambling.com Group. 

“The acquisition of BonusFinder gives Gambling.com Group additional scale in the North American online gambling market. 

“BonusFinder’s strong presence in Canada is expected to drive increased market share for the group ahead of the anticipated Ontario online sports betting and igaming market launch in April.”

Adding: “We believe that the combination of these two complementary businesses is immediately accretive to our fiscal 2022 earnings, and establishes a foundation for a leadership position in North America which will drive value creation for our shareholders.

“We believe the deal structure provides an attractive risk/reward balance for the group. The total consideration for the transaction will vary commensurately with the financial performance of the acquired business, guaranteeing an attractive acquisition multiple for the group and tightly aligning the financial incentives of the newly combined businesses.”

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With the firm commenting that “our third quarter results came in a bit above our expectations,” revenue during the period increased 37 per cent to $10.1m (2020: $7.4m).

This, says the group, was driven by improved monetisation of new depositing customers attributed to tech improvements and changes in product and market mix. NDCs decreased four per cent to 27,000 from 28,000 in the prior year.

On a geographical basis, the UK and Ireland took the lion’s share via a four per cent uptick to $4.48m (2020: $4.31m), ahead of the group’s ‘other Europe segment’ which grew 134 per cent to $2.71m (2020: $1.16m), and North America’s $2.27m, up 110 per cento to $1m. The rest of the world dropped 23 per cent to $652m (2020: $852m).

By product type, casino revenue increased 25 per cent to $7.96m (2020: $6.35m), with sports rising 142 per cent to $2m (2020: $858,000), and ‘other’ dropping 58 per cent to $82,000 (2020: $194,000).

Adjusted EBITDA decreased 14 per cent to $3.5m (2020: $4m) due to increased operating expenses partly offset by increased revenue, with operating profit down 31 per cent to $2.4m (2020: $3.5m) driven primarily by the aforementioned decrease in adjusted EBITDA. Net income in the third quarter totaled $4.7m (2020: $2.3m).

“Our financial performance in the third quarter remained strong as we grew revenue by 37 per cent compared to the prior year and, despite the third quarter being the seasonally slowest quarter of the year, delivered an adjusted EBITDA margin of 34 per cent,” said Charles Gillespie, CEO and co-founder of Gambling.com Group. 

“Importantly, after the quiet summer months of July and August, we delivered all-time-high revenue in September. With the launch of Arizona and the kickoff of the NFL season, we saw a significant uplift in US revenue in September and our US performance exceeded our internal expectations. 

“Entering the quarter with good momentum we are encouraged by the start to our seasonally stronger fourth quarter. We remain highly focused on prudently growing the company through both sustained organic growth and future accretive acquisitions which we continue to actively pursue” 

For the year-to-date, revenue grew 80.8 per cent to $32m (2020: $17.71m), with operating profit increasing 59.2 per cent to $10.76m (2020: $6.76m).

Elias Mark, CFO of Gambling.com Group, added on the group’s future outlook: “Our third quarter results came in a bit above our expectations and after slow summer trading our financial performance accelerated in September to close out the quarter with the best month in the company’s history. 

“Our adjusted EBITDA margin of 34 per cent in the quarter was healthy despite a seasonally slow quarter and investments in scaling the organisation for organic growth initiatives and operating as a public company. 

“This is consistent with our prior guidance that our near-term margins may deviate from our average 40 per cent target as we invest in our organic growth plan and pursue our M&A strategy. 

“For the full year, we are reiterating our expectation to achieve both above 40 per cent year-on-year organic revenue growth and approximately 40 per cent adjusted EBITDA margin. 

“We remain in a very strong financial position after the IPO last quarter which offers us significant optionality going forward to execute our growth plan and each of our capital allocation priorities.”

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Reporting its operating and financial results for the second quarter ending June 30, 2021, the company revealed revenue growth of $10.4m – a 66 per cent increase – compared to $6.2m in the same period in 2020. 

Furthermore, the firm reported a Net income of $2.3m, $0.08 per diluted share, compared to a net loss of $0.4m, a loss of $0.02 per diluted share, in the prior year. 

Adjusted EBITDA of $5.5m; grew 46 per cent compared to $3.8m in 2020, representing an Adjusted EBITDA margin of 53 per cent. Additionally, free cash flow of $3.1m decreased 3 per cent compared to $3.2m last year.

“Our second quarter results (which were our first interim financial results as a public company) were highlighted by continued strong top-line growth, and, based on our Adjusted EBITDA margins, we are among the most profitable names in the online gambling industry,” said Charles Gillespie, chief executive officer and co-founder of Gambling.com Group.

“Since our founding in 2006, we have built an affiliate marketing powerhouse with recognisable brands around the globe. Players trust our services to help them find a safe, fun and legal betting experience while our B2C operator clients utilise our best-in-class technology platform to support their increasingly important customer acquisition initiatives. 

“We are incredibly excited about the next step in this journey as a public company and look forward to sharing the success with our new investors.”

Gambling.com’s second quarter also saw the company complete its redomiciliation from Malta to the Channel Island of Jersey in May whilst noting launches of EmpireStakes.com, BetArizona.com and IllinoisBet.com. 

Additionally the company completed the acquisition of two domain portfolios which it noted were “suitable for targeting the US market”. The second quarter also saw Gambling.com complete its successful public listing of common shares on the Nasdaq Global Market under the ticker symbol “GAMB”.

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