Gambling.com Group Q2 2025 revenue rises 30%

Key points:

– Q2 2025 revenue rose 30% year-on-year to $39.6m, while adjusted EBITDA increased 22% to $13.7m

– Spotlight.Vegas acquired for $8m upfront, with up to $22m in performance-based payments through 2027

– North America revenue grew 56%, driven by performance marketing and subscription growth

Gambling.com Group reported Q2 2025 revenue of $39.6m, a 30% year-on-year increase, with growth recorded across every geographic segment. North America led performance with a 56% rise to $19.1m, followed by a 12% increase in the UK and Ireland to $11.1m and a 15% gain in other European markets to $6.6m.

By product category, casino generated $23.7m in revenue, up 8%, while sports products rose 82% to $15.1m. Performance marketing remained the largest monetisation stream at $25m (+3%), with subscription revenue climbing 415% to $10m and advertising and other sources contributing $4.6m.

Adjusted EBITDA increased 22% to just under $13.7m, while gross profit rose 27% to $36.9m.

Net loss linked to acquisitions and fair value adjustments

The company posted a net loss of $13.4m for the quarter, compared with a profit in the prior-year period. This decline was primarily attributed to costs associated with the acquisition of Spotlight.Vegas, as well as a fair value movement in contingent consideration related to the January 2025 acquisitions of OddsJam and OpticOdds.

Total operating expenses increased by approximately $30m year-on-year to $51.3m.

Good to know: Bragg Gaming Group also reported Q2 2025 results on 14 August, posting a 4.9% year-on-year revenue increase to €26.1m ($30.5m)

Spotlight.Vegas acquisition set to diversify revenue

Gambling.com Group entered into a definitive agreement to acquire Spotlight.Vegas, a move expected to contribute “at least” $8m in revenue and $1.4m in adjusted EBITDA in FY2026. The transaction includes an $8m upfront payment and up to $22m in additional consideration if performance targets are met by the end of 2027.

CEO Charles Gillespie said: “The strategic acquisition of Spotlight.Vegas provides us with yet another scalable, technology platform which complements our existing portfolio and moves us another step closer to our goal of $100m in adjusted EBITDA.”

He added that the group’s Q2 performance was supported by an accelerating diversification away from the traditional search channel in favour of a more omnichannel approach and into revenue models beyond marketing, including sports data services.

Building on record 2024 performance

The results follow Gambling.com Group’s record FY2024 performance, when annual revenue grew 17% to $127.2m and adjusted EBITDA increased 33% to $48.7m. 

At the time, the company forecast 35% revenue growth and 40% adjusted EBITDA growth for FY2025, supported by acquisitions and a stronger presence in North America.

The integration of Odds Holdings, completed in January 2025, is expected to add around $14.5m in incremental adjusted EBITDA.

Outlook and guidance

For FY2025, Gambling.com Group now projects revenue between $171m and $175m and adjusted EBITDA between $62m and $64m. 

CFO Elias Mark said: “The acquisition of Spotlight.Vegas adds a complementary new business which helps consumers access experiences and further diversifies our sources of revenue and cash flow with a new set of clients, including entertainment venues and a multitude of land-based casinos.”

The company stated it remains focused on expanding its omnichannel reach, diversifying its revenue mix and achieving its medium-term profitability target of $100m in adjusted EBITDA.