In the iGaming industry, there are not many companies that can still deliver record-breaking revenue amidst massive Google algorithm shocks. Gambling.com Group (NASDAQ: GAMB) is one such counterintuitive entity.
This company was established in 2006, and its business model is extremely unique—it is neither a traditional operator nor a simple "gambling affiliate site," but a composite technology platform consisting of data services, SEO content matrix, and multi-channel user acquisition:
🟥 On one hand, through its network of sites such as Gambling.com and Bookies.com, it channels the most valuable new depositing customers to global online gambling and sports betting operators;
🟥 On the other hand, it provides operators and users with odds data, transaction model inputs, forecasting tools, and subscription services through data products like OpticOdds, OddsJam, and RotoWire;
More importantly, these business lines have a gross margin of over 90%, making Gambling.com a rare "light-asset, high-profit, strong cash flow" company in the iGaming industry.
In the third quarter of 2025, the company adjusted its full-year guidance downwards due to the global Google purge of junk content impacting its natural search (SEO) rankings, while simultaneously delivering an "intriguing" quarterly performance report with explosive growth in its sports data services business, "GAMB's Third Quarter Report".
Amidst the major changes in Google SEO, the company is undergoing a structural pivot.
💻 SEO collapse, GAMB chooses to "desensitize" Google
Starting in 2025, global gambling search results were increasingly drowned by "junk sites," "AI content," and "black hat site networks," severely impacting the rankings of stable gambling navigation and odds content websites.
Gambling.com's NDC (New Depositing Customers) also dropped from 116,000 to 101,000.
This was originally a typical "affiliate company life-and-death crisis": SEO decline leading to a cliff-like drop in revenue, increased traffic costs, squeezed profits, opaque Google algorithms, and unpredictable recovery periods.
However, Gambling.com chose to confront the issue head-on and solved the problem in a way that has never been successful in the industry before: completely shifting the business from single SEO to a "multi-channel + data-driven" cross-platform traffic system.
The company's core strategy for addressing the SEO crisis (based on the Q3 report)
🥇 Rapidly expanding the proportion of "non-SEO traffic" (Paid Media / Social / Email)
The company increased investments in the following channels:
Paid Search to fill the gap left by natural search
Social content matrix (TikTok, Shorts, Reels) to preemptively capture sports traffic
Email & CRM to rebuild the secondary contact system, enhancing existing user LTV
Cross-site distribution (leveraging the company's network structure to promote internal traffic redirection)
This means that even if Google continues to be turbulent, GAMB's user acquisition still has controllable channels.
🥈 Rebuilding the "high-quality content moat" with a professional editorial team
The explosion of junk information is essentially "low-quality AI content flooding search results."
Gambling.com's approach is to do the opposite:
Producing higher-value in-depth content with a professional editorial team, using AI to assist in writing rather than mass-generating pages
Replacing pure text pages with structured content (odds, prop bets, prediction models)
Enhancing news timeliness content to improve search relevance
The management emphasized in the financial report: "We see high-quality content regaining rankings, indicating that Google is cleaning up the junk environment."
🥉Building a "tool-based product traffic pool" outside of SEO (OddsJam + OpticOdds)
This is the company's smartest and most forward-looking move, and this business is also the most profitable for the company—sports data tools. Tool traffic is almost independent of SEO.
For example: The OddsJam platform attracts high-value users to register directly through odds alerts, arbitrage calculators, and model predictions.
OpticOdds collaborates with operators via API to form a mutual traffic redirection with operators
And in #sports data services, the company is building a set of underlying data infrastructure that can be called the "Bloomberg terminal of the sports betting world"—why this segment can grow rapidly with a very high gross margin and become the most strategically valuable engine in the future, we will further dissect in the future.
💻 The company judges: The most difficult phase of SEO is passing, but the company structure has changed
The report clearly states that from October, SEO traffic began to stabilize and rise, and Google will conduct a large-scale anti-junk update in December, allowing high-quality content to regain an advantage.
In other words, the worst period of SEO will soon pass. But the company's Q4 2025 is also likely to be the first time in history that non-SEO revenue will exceed SEO revenue.
This means that Gambling.com is starting to break away from its fundamental dependence on search engines. For a company that once derived 80% of its traffic from SEO, this is a structural rewrite.
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