Gambling.com Group once again surpassed expectations in the second quarter of 2025, demonstrating strong growth momentum. Earnings per share reached $0.37, while the market expectation was only $0.17, a performance that is eye-catching. The group's nearly two decades of development show that it is no longer the inconspicuous college dorm startup of the past, but a significant force in the online gambling sector.
Financial reports indicate that the company's revenue grew by 30% year-over-year, reaching $39.6 million, exceeding the expected $38.92 million; gross profit reached $36.9 million, with a profit margin of 94.55%. Adjusted EBITDA increased by 22%, reaching $13.7 million. Notably, recurring revenue now accounts for more than half of total sales, providing the company with stable and predictable cash flow.
Regionally, the North American market performed most prominently, with revenue up 56% year-over-year to $19.1 million, mainly due to the group's efficient performance marketing and growth in subscriptions. The UK and Ireland market achieved a 12% increase, with revenue reaching $11.1 million, and other European markets grew by 15%, with revenue of $6.6 million. The sports data services division was particularly impressive, with revenue quadrupling year-over-year to $12.4 million, with subscription revenue accounting for 25% of total revenue, demonstrating a successful transition from affiliate marketing to comprehensive data services.
The success of Gambling.com stems from founder Charles Gillespie's bold decision in 2006. At that time, he abandoned the traditional career path and founded the company in a North Carolina university dorm, initially focusing on providing information to East Asian football fans. In 2009, the company was renamed KAX Media, shifting its focus to the online casino market in the UK and Ireland, and in 2011 acquired the Gambling.com domain name for $2.5 million. After the US Supreme Court relaxed the sports betting ban in 2018, the company quickly entered the US market and went public on NASDAQ in 2021. Today, the group operates over 50 websites in 17 countries, covering 11 languages, and has offices in Dublin, Malta, and several US states.
The acquisition strategy is what sets Gambling.com apart. In 2022, the group acquired RotoWire for $27.5 million, gaining 100,000 paid users and 17 million web visitors; in early 2025, it acquired Odds Holdings, increasing sports data service revenue by 405%; the most recent acquisition of the Las Vegas booking platform Spotlight.vegas further expands the business into the entertainment ecosystem, planning to contribute at least $8 million in net revenue by 2026.
Facing competition from giants like FanDuel, DraftKings, and BetMGM, Gambling.com adopts a differentiated strategy—not directly competing for users, but acting as an intermediary between platforms, thus benefiting from the entire gambling ecosystem. Technologically, the company actively addresses the threat of traffic from artificial intelligence by enhancing content authority and multi-channel marketing strategies, establishing deep interactions with users. Meanwhile, the sports data subscription model provides stable recurring income, reducing dependence on a single channel.
Financially, the group has a debt-to-equity ratio of 0.63, ample cash flow, supporting ongoing investment and acquisition plans. The company updated its full-year 2025 performance guidance, expecting revenue to reach $171 million to $175 million, a year-over-year increase of 36%, with adjusted EBITDA expected to be $62 million to $64 million, up 29% year-over-year.
The global online gambling market continues to expand, with a market size of $78.66 billion in 2024, expected to reach $153.57 billion by 2030. The US market is growing particularly fast, with online gaming revenue expected to reach $2.19 billion in 2025, and user penetration expected to reach 58.8%. Gambling.com is authorized to operate in 22 states, poised to benefit from the legalization wave.
Looking ahead, the group plans to further monetize its audience by combining gambling with entertainment through Spotlight.vegas. The sports data services business continues to grow, with revenue accounting for over 25% of total revenue, and acquisitions of OddsJam and OpticOdds have solidified its industry-leading position. Management has set a target of $100 million in adjusted EBITDA, achievable with diversified revenue and an effective acquisition strategy.
Risks still exist, including the impact of artificial intelligence, intensified competition, and regulatory changes, but Gambling.com, with its flexible strategy and robust operations, can turn challenges into opportunities. Charles Gillespie pointed out that the key to success is providing users with the best information and tools, ensuring their autonomy in decision-making. The latest quarterly results show that Gambling.com is more capable than ever of maintaining growth momentum.
The casino always wins, and in this game, the winner seems to be Gambling.com Group—they share the dividends brought by precise decisions with investors.
