Gambling.com Group posts record Q1 revenue of $40.6M and Adjusted EBITDA of $15.9M

Affiliate business Gambling.com Group posted record revenue and adjusted earnings for the first quarter of 2025, driven by strong performance in its marketing and sports data services businesses and the recent acquisition of Odds Holdings Inc.

The online gambling marketing and data firm reported revenue of $40.6 million for the quarter ended March 31, up 39% from the same period a year ago. Adjusted EBITDA rose 56% to $15.9 million, while adjusted net income jumped 78% to $16.5 million.

Gross profit increased 42% to $38.4 million, while operating cash flow rose 30% to $11.4 million. Free cash flow was $10.3 million, up 25% year-over-year.

The company’s marketing services revenue grew 13% to $30.7 million, with more than 138,000 new depositing customers (NDCs) delivered, a 29% increase from Q1 2024. Revenue from sports data services surged 405% to $9.9 million, fueled by the January 1 acquisition of OddsJam and OpticOdds. Recurring subscription revenue accounted for 24% of total revenue in the quarter.

"We entered 2025 with our marketing business at all-time highs and with an expanded suite of sports data services having closed the acquisition of OddsJam and OpticOdds on January 1. Since the closing, we have made substantial progress on integrating these offerings into our overall business, and the products are performing strongly as expected,” said CEO Charles Gillespie. 

“With an enhanced sports data services platform, we now have meaningful recurring subscription revenue, which we expect to account for well over 20% of our 2025 revenue, bringing increased revenue visibility and a complementary, high-margin and high-growth source of profit and cash flow,” he added.

The company is reiterating its full year 2025 guidance "despite the unpredictable macro environment, as our services address critical problems for all our customers and our industry is typically insulated from the gyrations of the global economy." 

“We continue to expect 2025 to be another year of record revenue, Adjusted EBITDA, and Free Cash Flow as we leverage the skills and expertise of our talented team with a larger product offering to drive growth across all our reporting regions. Each day we are moving closer to our goal of generating $100 million in annual Adjusted EBITDA,” Gillespie said.

Gambling.com's reaffirmed full-year guidance expects revenue between $170 million and $174 million and adjusted EBITDA of $67 million to $69 million. At the midpoint, this represents 35% revenue growth and 40% EBITDA growth over 2024. CFO Elias Mark said: “With the solid start to the year, we remain confident in our full year outlook.”
 
The company completed the $80 million acquisition of Odds Holdings on January 1 and expanded its credit facility to $165 million during the quarter. Guidance assumes a $14.5 million adjusted EBITDA contribution from the acquisition and excludes potential upside from new U.S. market launches, such as Missouri, which may legalize online sports betting later this year.