Exploring Gambling.com Group Limited (GAMB) Investor Profile: Who’s Buying and Why?

You're looking at Gambling.com Group Limited (GAMB) and seeing a disconnect: why are institutional giants like BlackRock, Inc. and Millennium Management LLC holding nearly 72.26% of a stock that just saw a steep drop? Honestly, the Q3 2025 earnings report was a mixed bag, which is where the real investor profile story begins. The company delivered a strong earnings per share (EPS) of $0.26, beating analyst forecasts by a solid margin, but still reported a net loss of $3.86 million for the quarter, largely due to higher growth investments, plus the stock plunged from the news. We're in a trend-aware market, so you have to ask: are these institutions buying for the long-term potential of the revised full-year revenue guidance of approximately $165 million, or are they betting on the company's $10 million share buyback to stabilize the price from its recent fall? The core issue is the near-term risk from changes in high-quality search traffic, which is putting pressure on margins, but the opportunity remains in the continued US state-by-state online gambling expansion. Who is buying this dip, and why are they willing to look past the revenue miss of $38.98 million? Let's defintely dig into the data and see what the smart money is thinking.

Who Invests in Gambling.com Group Limited (GAMB) and Why?

You're looking at Gambling.com Group Limited (GAMB) and trying to figure out who else is at the table, and honestly, it's a fascinating mix of big institutional money and passionate retail investors. The direct takeaway is that while institutional players like BlackRock, Inc. hold significant stakes for long-term growth, the company's high insider and retail ownership means the stock can be more volatile than you might expect.

The ownership structure is split into three key camps: institutions, insiders (founders and management), and retail investors. Institutional investors, including mutual funds and hedge funds, hold a substantial portion of the company's shares, with institutional ownership recently reported as high as 72.26%. Still, you also have to account for the core shareholders, like co-founder Charles Gillespie, and the retail crowd, which collectively hold a very meaningful stake, making it a defintely unique profile for a Nasdaq-listed firm.

• Institutional Investors: Large asset managers and hedge funds.
• Insider Ownership: Founders and management with a deep, vested interest.
• Retail Investors: Individual investors betting on the US iGaming expansion.

The Institutional Heavyweights and Their Motivations

When you see names like BlackRock, Inc., Millennium Management Llc, and Dimensional Fund Advisors Lp on the shareholder list, you know the company has passed a serious due diligence test. These institutions are primarily attracted to the company's core financial performance and its position as a pure-play affiliate in the rapidly expanding US online gambling market. They are playing the long game on the state-by-state legalization trend.

Their investment motivation is clearly tied to growth and profitability. The company's revised full-year 2025 revenue guidance is approximately $165 million, with an expected Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of around $58 million. That's a strong margin profile that big money likes. Plus, the North American market revenue grew by 55% year-over-year in Q3 2025, which tells institutional investors the growth engine is running hot, even if the overall revenue growth was mixed due to other factors.

Growth, Value, and the Acquisition Strategy

The strategies among these investors are diverse, but they all hinge on a few key factors. Growth investors are focused on the sports data services segment, which saw its revenue quadruple year-over-year in Q3 2025, now representing about 24% to 25% of total revenue. That's a high-growth, high-margin revenue stream that diversifies the business away from just performance marketing.

Value investors, on the other hand, are looking at the stock's recent price action and the underlying profitability. The company trades at a low valuation multiple relative to its growth, and the management's decision to increase the share buyback program by $10 million suggests they also see the stock as undervalued. This signals confidence and a commitment to returning capital, even without a formal dividend policy yet. You can see more about the financial health here: Breaking Down Gambling.com Group Limited (GAMB) Financial Health: Key Insights for Investors.

The acquisition strategy is also a major draw. The January 2025 acquisitions of OddsJam and OpticOdds, and the subsequent integration, are what fueled the massive jump in sports data services revenue. Investors are essentially buying into a management team that has a clear, executable plan to grow by acquiring complementary assets, which is a classic private equity (PE) playbook. The challenge, of course, is that acquisitions bring higher operating expenses, which contributed to a net loss of $3.9 million in Q3 2025, compared to a net income of $8.5 million a year prior. Here's the quick math: strong growth, but increased costs for that growth.

The Retail and Insider Dynamic

Don't overlook the retail and insider ownership, which is significant. Insiders, led by major shareholders like Mark Blandford and CEO Charles Gillespie, own a large chunk-some reports suggest insider ownership is around 25.50%. This is a good thing because it means management's interests are tightly aligned with yours; they lose money when you do. But it also means a large block of shares is tightly held, reducing the free float and sometimes amplifying price movements.

Retail investors, often drawn to the high-growth, high-risk nature of the iGaming sector, are also heavily involved. This group is often more reactive to news, which explains the stock dropping 20.2% in premarket trading after the Q3 2025 revenue miss, despite a strong EPS beat of $0.26. This kind of sharp, immediate reaction is a hallmark of a stock with a high retail and short-term trading presence. It's a fast-moving stock, so be ready for that volatility. If you're a long-term investor, you need to look past the daily swings and focus on the company's ability to maintain its Adjusted EBITDA margin in the mid-30% range, as management expects.

Institutional Ownership and Major Shareholders of Gambling.com Group Limited (GAMB)

You want to know who is buying Gambling.com Group Limited (GAMB) and why, especially with the stock price volatility we've seen. The direct takeaway is that institutional investors-the big money-own a significant chunk, but their conviction is mixed. As of the September 30, 2025, filings, institutional holders controlled about 41.31% of the company's total shares outstanding, representing 14,708,611 shares with a total value of roughly $71 million.

This level of ownership is typical for a growth-focused small-cap company, but the recent trading action suggests a real battle for direction. The stock price was sitting at $4.81 per share on November 17, 2025, which is a sharp decline of nearly 60% from the previous year. You need to look beyond the total percentage and see who is actually making moves.

Top Institutional Investors: Who Holds the Most GAMB?

The largest institutional holders are a mix of dedicated small-cap funds, hedge funds, and massive asset managers like BlackRock, Inc. These firms are not just passive investors; they represent a significant vote of confidence in the long-term growth story of affiliate marketing in the regulated US online gambling market. Their sheer size means their buying or selling can move the stock, so you defintely need to watch their activity.

Here's a quick look at the top five institutional holders and their positions as reported in their Q3 2025 filings:

Notice that BlackRock, Inc. is a major holder, but even they trimmed their position slightly. This tells you that even the biggest players are re-evaluating their exposure, which is an important signal.

Changes in Ownership: Mixed Signals on Conviction

The third quarter of 2025 showed a clear divergence in institutional sentiment. While 69 institutions increased their positions, adding a total of 2,681,643 shares, a slightly higher number-73 institutions-decreased their stakes, selling off 3,881,082 shares. The net activity was a decrease in institutional shares held, a bearish signal despite the recent record earnings.

• Millennium Management Llc was a huge buyer, increasing their stake by over 231%.
• G2 Investment Partners Management Llc was a major seller, cutting their position by nearly 54%.
• The overall trend is cautious selling, with a few large funds making aggressive bets.

This mixed activity means there's no clear consensus on the stock's near-term direction. Some investors are clearly taking profits or cutting losses, while others see the lower price as a massive buying opportunity. You have to decide which side of that trade you want to be on.

Impact of Institutional Investors on Strategy and Price

Institutional investors play two critical roles: they provide liquidity and they influence corporate strategy. When a firm like G2 Investment Partners Management Llc cuts its stake by almost a million shares, it puts downward pressure on the stock price, which is part of the reason for the 59.78% year-over-year decline. Conversely, the aggressive buying by Millennium Management Llc provides a floor for the price.

On the strategic front, these large holders often engage with management. They care deeply about the company's Mission Statement, Vision, & Core Values of Gambling.com Group Limited (GAMB), especially around capital allocation and market expansion. For example, the company's Q3 2025 results, announced on November 13, 2025, showed record revenue and Adjusted EBITDA up 53%, which is the kind of operational efficiency that keeps institutional money invested. If the company continues to deliver on its growth strategy, especially in new US states, the institutional selling pressure will likely ease, and the stock will stabilize. But if that growth falters, the selling will accelerate. It's that simple.

Action Item: Track the next 13F filings (Q4 2025) to see if the record Q3 earnings-which showed revenue growth of 17%-have shifted the institutional net selling trend to net buying.

Key Investors and Their Impact on Gambling.com Group Limited (GAMB)

You need to understand who actually controls Gambling.com Group Limited (GAMB) because their decisions directly influence the stock's trajectory. The short answer is that insiders-the people who built the company-still hold the most sway, but institutional money is now a major factor, which changes the risk profile.

As of late 2025, individual insiders own the largest portion of the company, controlling about 48% of the shares outstanding. This is a massive concentration of power, meaning the top executives and founders have a deeply vested interest in long-term growth, but it also means they can push through decisions without needing broad shareholder consensus. The top four shareholders alone control roughly 52% of the business.

The Founders and Private Equity Anchor

The investor profile for Gambling.com Group Limited (GAMB) is unique because of the heavy insider concentration. Mark Blandford, the largest shareholder, holds a substantial 26% of the shares, and Co-founder and CEO Charles Gillespie holds a significant stake, recently reported at 9.90% of the common stock as of August 2025. This high insider ownership is a double-edged sword: alignment with management is strong, but liquidity can be lower, and a small group holds immense power.

On the private equity side, Edison Partners L.P. is a notable presence, holding an approximate 8.1% stake. Private equity investors are not passive; they often push for strategic moves like mergers and acquisitions (M&A) or operational efficiency improvements to set up a profitable exit. This is a clear signal that the company is still in a value-creation phase, not just a maintenance one. You need to watch their filing activity closely.

Institutional Money: The New Power Bloc

While insiders dominate, institutional investors-the large funds and asset managers-have a substantial and growing presence. Institutional ownership stands at approximately 44.64% as of November 2025. This capital provides market credibility, but it also brings a different kind of pressure: the need to consistently hit quarterly earnings targets.

You can see the influence of major players like BlackRock, Inc., Millennium Management Llc, and Citadel Advisors Llc in the filings. These institutions, which collectively hold over 17 million shares, are not just buying; they are actively trading around the stock's volatility. For a company like Gambling.com Group Limited (GAMB), which is still relatively small, a major move by a fund like BlackRock, Inc. can definitely influence the daily stock price. If you want to dive deeper into the company's structure, you can read more here: Gambling.com Group Limited (GAMB): History, Ownership, Mission, How It Works & Makes Money.

• High insider ownership means strong management alignment.
• Institutional investors demand predictable financial performance.
• Private equity pushes for strategic, value-maximizing changes.

Recent Investor Activity and Market Signals

The most recent filings through the third quarter of 2025 show a mixed but telling picture of investor sentiment, especially after the company revised its full-year 2025 guidance to a total revenue of approximately $165 million and an Adjusted EBITDA of $58 million.

Some institutions are clearly buying the dip or increasing exposure to the affiliate sector's growth. For instance, Tocqueville Asset Management L.P. increased its stake by 6.9% in Q3 2025, purchasing an additional 15,000 shares. Legal & General Group Plc also lifted its position by 10.3%. However, the selling activity is equally important. Co-founder Charles Gillespie reduced his ownership by over 21% in a filing from August 2025, selling off over 997,000 shares. Insider selling, even by a founder, isn't always a red flag-it's often for personal liquidity-but it's defintely something to note when assessing conviction.

Here's a quick look at some of the key institutional moves reported in late 2025 filings, showing the churn of professional money:

The big takeaway is that while the core founders are still in the driver's seat, the active trading by hedge funds like Millennium Management Llc and the significant selling by G2 Investment Partners Management LLC show a real divergence in opinion on the stock's near-term value proposition. This is a classic sign of a stock in transition, where the market is debating whether the recent revenue growth of 30% year-over-year in Q2 2025 justifies the current valuation.

Market Impact and Investor Sentiment

The investor profile for Gambling.com Group Limited (GAMB) is a study in contradiction right now: institutions are accumulating shares, but the market's immediate reaction to company news is sharply negative. You have a situation where over 72% of the stock is held by hedge funds and other institutional investors, indicating a strong professional conviction in the long-term story, yet the stock price has plummeted by nearly 60% from November 2024 to November 2025. This tells me that while smart money is buying, the broader market is focused on near-term execution risks.

The core sentiment is a cautious 'Moderate Buy' among analysts, but the recent stock performance suggests retail and short-term traders are defintely more bearish. Institutional investors, including names like BlackRock, Inc., are betting on the long game, specifically the growth in the U.S. online gambling market and the company's pivot to data services. You can see the divergence clearly in the recent ownership moves.

Who's Buying and Who's Trimming

The institutional ownership picture is complex, showing accumulation alongside some significant trimming. For example, as of the third quarter of 2025, Millennium Management Llc dramatically increased its position by over 231%. Tocqueville Asset Management L.P. also lifted its stake by 6.9%, adding 15,000 shares to own 232,000 shares valued at $1,898,000. That's a clear vote of confidence.

Still, you have major players adjusting their exposure downward. BlackRock, Inc., a top holder with 1,070,685 shares as of September 30, 2025, slightly reduced its holdings, while G2 Investment Partners Management LLC cut its stake by a substantial amount. This isn't a red flag, but it shows some large investors are taking profits or rebalancing. Here's a snapshot of the major institutional activity for Q3 2025:

• Millennium Management Llc: Increased holding by 231.9%.
• Tocqueville Asset Management L.P.: Increased holding by 6.9%.
• Engineers Gate Manager LP: Increased holding by 55.6%.
• BlackRock, Inc.: Decreased holding by 33,287 shares.

The insiders, like the CEO and co-founder Charles Gillespie, also hold a significant portion of the company, which is a positive sign for alignment with shareholder interests.

Stock Response to Mixed Q3 2025 Results

Recent market reactions have been brutal, honestly. The stock plunged on November 13, 2025, dropping $1.58 to $5.25 per share, despite a strong earnings per share (EPS) beat. Gambling.com Group Limited reported Q3 2025 EPS of $0.26, beating the consensus estimate of $0.19. But here's the rub: revenue was $38.98 million, missing the $41.06 million consensus. When the top line misses, the market panics, especially for a growth stock.

This reaction shows that investors are prioritizing revenue growth and the impact of external factors-like Google's algorithm changes-over internal cost control that led to the EPS beat. The decline was swift and significant, with the stock trading near its one-year low of $4.81 (as of November 17, 2025). The market is punishing the revenue miss and the revised full-year 2025 guidance, which now forecasts revenue of approximately $165 million and Adjusted EBITDA of around $58 million. You can dive deeper into the financial health here: Breaking Down Gambling.com Group Limited (GAMB) Financial Health: Key Insights for Investors.

Analyst Perspectives and Key Investor Impact

The consensus from Wall Street analysts is currently a 'Moderate Buy,' but their price targets are clearly in flux. Over the past few months in 2025, several firms have lowered their targets, reflecting the execution risk around the core performance marketing business. Truist Securities, for instance, lowered its price target from $11.00 to $7.00 in November 2025, while Jefferies cut its target to $8.00.

The average 12-month price target is still around $12.56, which implies a huge upside from the current price, but this average is skewed by older, higher estimates. Analysts are now keenly focused on the growth of the sports data services segment, which saw revenue jump by 415% year-over-year in Q3 2025. This segment, which includes OpticOdds, is the new growth engine. Key institutional investors are likely buying because they believe this business model diversification will eventually overcome the volatility in the traditional affiliate business, which is vulnerable to search engine changes. It's a classic value-versus-growth debate, and the smart money is leaning into the value created by the new recurring revenue stream.

What this estimate hides is the speed of the shift. If the sports data services continue to scale rapidly, the institutional accumulation will be justified. If not, the stock could linger near its lows. Your action item here is to track the revenue mix: watch for the data segment to account for an increasingly larger share of total revenue in the next two quarters.