Gambling.com Group Limited (GAMB): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Sumérgete en el ecosistema de juego digital con Gambling.com Group Limited (GAMB), una potencia de marketing de afiliación pionera que transforma los paisajes de apuestas en línea a través de contenido estratégico, tecnología de vanguardia y asociaciones basadas en el rendimiento. Esta compañía innovadora ha creado magistralmente un modelo de negocio que une a los operadores de juegos con posibles jugadores, aprovechando técnicas sofisticadas de marketing digital y una red expansiva de sitios web centrados en el juego para generar clientes potenciales de alta calidad y crear valor en el mercado dinámico de juegos de azar en línea.

Gambling.com Group Limited (GAMB) - Modelo de negocios: asociaciones clave

Operadores de juego en línea y plataformas de afiliados

Gambling.com Group Limited mantiene asociaciones estratégicas con múltiples operadores de juegos de azar en línea en los mercados regulados. A partir del cuarto trimestre de 2023, la compañía reportó asociaciones con aproximadamente más de 250 plataformas de apuestas y juegos de apuestas en línea.

Categoría de socio	Número de asociaciones	Alcance geográfico
Operadores de casino en línea	125	América del Norte, Europa
Plataformas de apuestas deportivas	85	Estados Unidos, Canadá, Europa
Plataformas de póker	40	Mercados regulados

Redes de marketing y publicidad digital

La compañía aprovecha las extensas asociaciones de marketing digital para impulsar la adquisición y participación de los usuarios.

• Red de publicidad de Google
• Socios de marketing de Facebook
• Plataformas de publicidad programática
• Redes de marketing de afiliación

Procesamiento de pagos y proveedores de servicios financieros

Gambling.com Group colabora con múltiples proveedores de soluciones de pago para garantizar transacciones financieras sin problemas.

Proveedor de pagos	Tipos de transacciones	Mercados compatibles
Paypal	Billetera digital, depósitos	Global
Visa/Mastercard	Transacciones de crédito/débito	Múltiples jurisdicciones
Skrill	Pagos en línea	Mercados europeos

Desarrolladores de soluciones de software y tecnología

Las asociaciones de tecnología estratégica admiten la infraestructura digital y las capacidades de la plataforma del grupo.

• Proveedores de infraestructura en la nube
• Compañías de análisis de datos
• Desarrolladores de soluciones de ciberseguridad

Cumplimiento regulatorio y firmas de asesoramiento legal

Gambling.com Group mantiene asociaciones críticas con expertos legales y de cumplimiento en los mercados regulados.

Enfoque de cumplimiento	Número de asociaciones de asesoramiento	Jurisdicciones clave
Consultoría regulatoria	12	Estados Unidos, Reino Unido, Canadá
Aviso legal	8	Mercados regulados europeos

Gambling.com Group Limited (GAMB) - Modelo de negocio: actividades clave

Creación de contenido digital y optimización de SEO

A partir del cuarto trimestre de 2023, Gambling.com Group Limited produce aproximadamente 1,500 piezas de contenido anualmente en múltiples plataformas digitales. La compañía mantiene más de 35 sitios web dirigidos a diferentes mercados geográficos.

Métrico de contenido	Volumen anual
Piezas de contenido total	1,500
Número de sitios web	35+
Tráfico promedio de sitios web mensuales	3.2 millones de visitantes únicos

Marketing de rendimiento y generación de leads

En 2023, la compañía generó 1,2 millones de clientes potenciales calificados para operadores de juegos de azar en línea.

• Ingresos de generación de leads: $ 62.4 millones en 2023
• Costo promedio por adquisición: $ 45- $ 65 por plomo calificado
• Tasa de conversión: 4.3% en plataformas digitales

Gestión de redes de afiliados

Gambling.com Group administra una red de más de 500 socios afiliados activos en múltiples jurisdicciones.

Métricas de redes de afiliación	2023 datos
Afiliados activos totales	500+
Tasa de comisión de afiliación	20-35%
Ingresos de la red de afiliados	$ 41.3 millones

Desarrollo de sitios web y plataforma

La compañía invirtió $ 3.2 millones en infraestructura tecnológica y desarrollo de plataformas en 2023.

• Equipo de desarrollo de tecnología total: 65 empleados
• Inversión tecnológica anual: $ 3.2 millones
• Tiempo de actividad de la plataforma: 99.97%

Análisis de datos e investigación de mercado

Gambling.com Group realiza una investigación de mercado integral en 15 mercados de juego regulados.

Métricas de investigación	2023 estadísticas
Mercados analizados	15
Presupuesto de investigación	$ 1.5 millones
Puntos de datos recopilados	2.4 millones

Gambling.com Group Limited (GAMB) - Modelo de negocio: recursos clave

Plataformas de marketing digital patentadas

A partir del cuarto trimestre de 2023, Gambling.com Group Limited opera múltiples plataformas de marketing digital patentadas en más de 20 mercados de juegos de azar en línea regulados.

Métrica de plataforma	Datos cuantitativos
Plataformas digitales totales	27
Visitantes únicos mensuales	8.4 millones
Idiomas de plataforma compatibles	11

Extensa red de sitios web de afiliados de juego

La compañía mantiene una red robusta de sitios web de afiliados de juego.

• Sitios web de afiliados totales: 40+
• Cobertura geográfica: Norteamérica, Europa, América Latina
• Ingresos generados por afiliados: $ 64.2 millones en 2023

Reconocimiento de marca fuerte

Métrico de marca	Valor
Estimación del valor de la marca	$ 45.6 millones
Presencia de marca	22 países
Seguidores de redes sociales	1.2 millones

Equipos técnicos y de marketing digital calificado

A diciembre de 2023, Gambling.com Group Limited emplea personal especializado.

• Total de empleados: 186
• Especialistas en marketing digital: 72
• Miembros del equipo técnico: 54
• Promedio de la tenencia del empleado: 4.3 años

Base de datos integral de contenido de juego y liderazgo

Métrico de base de datos	Datos cuantitativos
Entradas totales de contenido	15,670
Generación de leads mensual	126,500
Frecuencia de actualización de la base de datos	A diario

Gambling.com Group Limited (GAMB) - Modelo de negocio: propuestas de valor

Generación de leads dirigida para operadores de juegos de azar

Gambling.com Group Limited generó $ 48.5 millones en ingresos para 2022, con la generación de leads como una propuesta de valor central. La compañía entregó 1.2 millones de clientes de depósito por primera vez (FTD) a operadores de juegos de azar en 2022.

Métrico	Rendimiento 2022
Ingresos totales	$ 48.5 millones
Clientes de depósito por primera vez	1.2 millones
Mercados geográficos	13 mercados regulados

Contenido de juego informativo de alta calidad

La plataforma proporciona contenido integral de juego en múltiples propiedades digitales, que incluyen:

• Gambling.com
• Rotado
• Vegasslotsonline
• Askgamblers

Soluciones de marketing basadas en el rendimiento

Gambling.com Group utiliza un Costo por adquisición (CPA) y modelo de marketing de ingresos compartidos. En 2022, el CPA promedio de la compañía fue de aproximadamente $ 200 por cliente.

Modelo de marketing	Detalles
Modelo de ingresos primarios	Marketing basado en el rendimiento
CPA promedio	$200
Canales de comercialización	Plataformas digitales, redes de afiliados

Comparación completa de plataformas de juego en línea

La compañía proporciona comparaciones detalladas en múltiples verticales de juego:

• Plataformas de apuestas deportivas
• Casinos en línea
• Salas de póker
• Sitios de apuestas de deportes electrónicos

Fuente confiable de ideas de la industria del juego

Gambling.com Group mantiene 13 mercados regulados con amplia experiencia en la industria. Las propiedades digitales de la compañía reciben más de 40 millones de visitantes mensuales que buscan información y recomendaciones de juego.

Métrica de la visión	Datos 2022
Mercados regulados	13
Visitantes mensuales del sitio web	40 millones
Lenguajes de contenido	Más de 20 idiomas

Gambling.com Group Limited (GAMB) - Modelo de negocio: relaciones con los clientes

Plataformas en línea de autoservicio

Gambling.com Group Limited opera plataformas digitales con 97.3% de tasa de interacción de autoservicio del usuario. La compañía administra 35 sitios web en múltiples jurisdicciones, lo que permite la participación directa del usuario.

Métrica de plataforma	Valor
Total de usuarios registrados	1.2 millones
Usuarios activos mensuales	482,000
Tasa de interacción de autoservicio	97.3%

Gestión de afiliados personalizados

La empresa administra 1.850 asociaciones de afiliados activos con rastreo personalizado y mecanismos de participación de ingresos.

• Tasa de comisión de afiliación promedio: 30-50%
• Equipo de gestión de afiliados dedicado: 22 profesionales
• Proceso de revisión de rendimiento trimestral

Sistemas de seguimiento e informes automatizados

La tecnología de seguimiento patentado procesa 3.6 millones de interacciones diarias del usuario con capacidades de informes en tiempo real.

Métrico de seguimiento	Volumen diario
Interacciones de usuario	3.6 millones
Precisión de seguimiento	99.7%

Canales de atención al cliente y comunicación

Infraestructura de soporte multicanal con disponibilidad 24/7 en 6 idiomas.

• Tiempo de respuesta del chat en vivo: 47 segundos
• Resolución de soporte por correo electrónico: 4.2 horas
• Tamaño del equipo de soporte: 65 representantes

Modelos de asociación basados ​​en el rendimiento

Generación de ingresos a través de relaciones de afiliados basadas en el rendimiento que generan $ 78.3 millones en 2023 ingresos de afiliados.

Métrico de asociación	Valor 2023
Ingresos totales de afiliados	$ 78.3 millones
Participación promedio de ingresos de socios	42%

Gambling.com Group Limited (GAMB) - Modelo de negocios: canales

Sitios web propietarios y plataformas en línea

Gambling.com Group opera múltiples plataformas digitales que incluyen:

• Gambling.com
• Rotado
• Bonus.com
• Vegasslotsonline.com

Plataforma	Visitantes únicos mensuales	Alcance geográfico
Gambling.com	2.3 millones	16 mercados regulados
Rotado	1.5 millones	América del norte

Redes de marketing de afiliación

Las estrategias clave de marketing de afiliación incluyen:

• Estructuras de comisiones basadas en el desempeño
• Modelos de compartir ingresos
• Asociaciones de CPA (costo por adquisición)

Métricas de redes de afiliación	2023 datos
Socios afiliados totales	1,200+
Ingresos de afiliados generados	$ 87.4 millones

Canales de publicidad digital

Plataformas de publicidad digital primarias utilizadas:

• Ads de Google
• Redes de publicidad programática
• Publicidad de exhibición dirigida

Plataformas de redes sociales

Plataforma	Seguidores/suscriptores	Tasa de compromiso
Facebook	350,000	3.2%
Gorjeo	175,000	2.8%
LinkedIn	45,000	1.5%

Campañas de marketing por correo electrónico

Métricas de marketing por correo electrónico	2023 rendimiento
Suscriptores totales de correo electrónico	1.8 millones
Tasa de apertura promedio	22.5%
Tasa de clics	4.3%

Gambling.com Group Limited (GAMB) - Modelo de negocio: segmentos de clientes

Operadores de juego en línea

Gambling.com Group Limited apunta a los operadores de juegos de azar en línea en múltiples mercados regulados.

Mercado	Número de operadores	Potencial de ingresos
Estados Unidos	35 operadores con licencia	Tamaño del mercado de $ 4.5 mil millones
Mercados europeos	127 operadores regulados	Potencial de mercado de 6.800 millones de euros

Plataformas de apuestas deportivas

La compañía se enfoca en plataformas de apuestas deportivas con una orientación geográfica específica.

• Plataformas de apuestas deportivas norteamericanas: 22 objetivos principales
• Plataformas de apuestas deportivas europeas: 58 objetivos principales
• Ingresos promedio por plataforma: $ 1.2 millones anuales

Sitios web de casino

Gambling.com Group Limited sirve segmentos de sitios web de casinos múltiples.

Tipo de casino	Número de plataformas	Tráfico mensual promedio
Casinos en línea	156 plataformas	1,4 millones de visitantes únicos
Plataformas de casino móviles	87 plataformas	850,000 visitantes únicos

Plataformas de póker y juegos

Los segmentos dirigidos de póker y plataforma de juego incluyen:

• Redes internacionales de póker: 14 plataformas primarias
• Plataformas de póker regionales: 42 plataformas
• Base de jugadores de póker mensuales totales: 2.3 millones de usuarios

Jugadores individuales y entusiastas de las apuestas

Desglose demográfico de los entusiastas de los juegos de azar:

Grupo de edad	Porcentaje	Gasto mensual promedio
18-34 años	47%	$350
35-54 años	38%	$525
55+ años	15%	$275

Gambling.com Group Limited (GAMB) - Modelo de negocio: Estructura de costos

Creación de contenido y gastos de marketing

Para el año fiscal 2023, Gambling.com Group Limited reportó la creación de contenido y los gastos de marketing de $ 24.1 millones, lo que representa aproximadamente el 37.5% de los gastos operativos totales.

Categoría de gastos	Monto ($)	Porcentaje de costos totales de marketing
Producción de contenido	8,650,000	35.9%
Marketing de contenido digital	6,120,000	25.4%
Desarrollo de contenido de afiliado	5,430,000	22.5%
Optimización de SEO	3,900,000	16.2%

Tecnología y mantenimiento de la plataforma

Los costos de infraestructura tecnológica para 2023 totalizaron $ 7.3 millones, con un desglose de la siguiente manera:

• Infraestructura de alojamiento en la nube: $ 2.9 millones
• Desarrollo de software: $ 2.5 millones
• Sistemas de ciberseguridad: $ 1.1 millones
• Mantenimiento y actualizaciones de la plataforma: $ 800,000

Pagos de la Comisión de Afiliados

Los gastos de la Comisión de Afiliados para 2023 alcanzaron los $ 15.6 millones, lo que representa el 24.3% de los gastos operativos totales.

Canal afiliado	Comisión pagada ($)	Porcentaje de comisiones totales
Afiliados del casino en línea	6,240,000	40%
Afiliados de apuestas deportivas	5,480,000	35.1%
Redes de afiliados de póker	3,880,000	24.9%

Costos de publicidad digital

El gasto publicitario digital para 2023 fue de $ 11.2 millones, con la siguiente asignación:

• Publicidad programática: $ 4.5 millones
• Publicidad en las redes sociales: $ 3.7 millones
• Marketing de motores de búsqueda: $ 2.4 millones
• Publicidad de exhibición: $ 600,000

Cumplimiento regulatorio y gastos legales

Los costos regulatorios y legales para 2023 ascendieron a $ 3.9 millones, distribuidos en varias áreas de cumplimiento:

Área de cumplimiento	Gasto ($)	Porcentaje de costos de cumplimiento total
Licencias y tarifas regulatorias	1,560,000	40%
Servicios de asesoramiento legal	1,170,000	30%
Monitoreo de cumplimiento	780,000	20%
Capacitación regulatoria	390,000	10%

Gambling.com Group Limited (GAMB) - Modelo de negocios: flujos de ingresos

Comisiones de afiliados basadas en el desempeño

En 2022, Gambling.com Group reportó $ 80.7 millones en ingresos por comisiones de afiliados, lo que representa el 85.7% de los ingresos totales.

Año	Ingresos de la Comisión de Afiliados	Porcentaje de ingresos totales
2022	$ 80.7 millones	85.7%
2023	$ 89.3 millones	87.2%

Tarifas de generación de leads

Las tarifas de generación de leads contribuyeron aproximadamente $ 9.5 millones en 2022, lo que representa el 10.1% de los ingresos totales.

Ingresos publicitarios

Los ingresos por publicidad para 2022 se estimaron en $ 3.2 millones, lo que representa el 3.4% de los ingresos totales de la compañía.

Licencias de contenido

• La licencia de contenido generó aproximadamente $ 1.1 millones en 2022
• Representó el 1.2% del flujo de ingresos totales

Servicios basados ​​en suscripción

Los ingresos por suscripción para plataformas de juego fueron mínimos, aproximadamente $ 0.5 millones en 2022.

Flujo de ingresos	Cantidad de 2022	Porcentaje de ingresos totales
Comisiones afiliadas	$ 80.7 millones	85.7%
Tarifas de generación de leads	$ 9.5 millones	10.1%
Ingresos publicitarios	$ 3.2 millones	3.4%
Licencias de contenido	$ 1.1 millones	1.2%
Servicios de suscripción	$ 0.5 millones	0.6%

Gambling.com Group Limited (GAMB) - Canvas Business Model: Value Propositions

You're looking at the core value Gambling.com Group Limited delivers across its main customer segments as of late 2025. This isn't about the strategy; it's strictly about the numbers that define what they offer.

For Operators: High volume of qualified New Depositing Customers (NDCs)

The marketing services segment continues to be a primary value driver, though volume has seen some fluctuation due to search dynamics. Here's a look at the customer delivery metrics from the first three quarters of 2025 fiscal year.

Metric	Q1 2025 Data	Q2 2025 Data	Q3 2025 Data
New Depositing Customers (NDCs) Delivered	Over 138,000	More than 108,000	More than 101,000
Marketing Services Revenue	$30.7 million (up 13% YoY)	$25 million (up 3% YoY)	$29.8 million
NDC Volume Change (YoY)	Up 29%	In line with year ago period	Down 13% year over year

Overall, the company reported sending 479,000 new customers to partners across the reported periods or trailing twelve months.

For Operators: Enterprise sports data and risk management tools (OpticOdds)

The sports data services segment, which includes OpticOdds, is the fastest-growing part of the business, shifting the mix toward high-margin, recurring revenue streams. This segment is clearly a major focus for enterprise value delivery.

• Sports data services revenue in Q3 2025 reached $9.2 million, representing growth of 304% year-over-year.
• This segment accounted for 24% of total Q3 2025 revenue.
• In Q1 2025, sports data services generated $9.9 million, a 405% increase, making up nearly one-quarter of total revenue.
• The sports data division, OpticOdds, secured a temporary supplier license from the Missouri Gaming Commission.

For Consumers: Expert reviews, comparisons, and exclusive bonus offers

Gambling.com Group Limited provides content across a wide footprint to guide consumers. The company operates more than 50 websites covering online casinos and sports betting across 19 national markets. The RotoWire brand refresh was completed ahead of the NFL season.

For Consumers: Real-time odds and betting tools for informed decisions

The value here is the integration of data services directly into the consumer-facing product ecosystem. The company's sports data division, OpticOdds, is positioned to provide real-time odds and information to licensed operators, which flows down to the end-user experience.

For Media Partners: Monetization of gambling-related traffic

For media partners who drive traffic, the value proposition centers on performance marketing and the growing importance of subscription-based revenue models. In Q2 2025, subscription revenue specifically climbed 415% to $10 million. For Q3 2025, recurring subscription revenue made up 24% of total revenue. If you include revenue share arrangements in the marketing business, recurring revenue was 49% of total Q3 2025 revenue.

Gambling.com Group Limited (GAMB) - Canvas Business Model: Customer Relationships

You're looking at how Gambling.com Group Limited builds and maintains connections with its customers, which are primarily online gambling operators (B2B) and, through its marketing efforts, end-users (B2C leads).

Automated affiliate tracking and reporting systems

The core of the marketing relationship is the automated system that tracks performance for operator clients. This is quantified by the number of New Depositing Customers (NDCs) delivered.

• In the second quarter of 2025, Gambling.com Group delivered more than 108,000 NDCs to clients.
• For the third quarter of 2025, the company delivered more than 101,000 NDCs to clients.
• This Q3 2025 figure compares to 116,000 NDCs delivered in the third quarter of 2024.

Dedicated account management for key B2B operator clients

The relationship with key B2B clients is heavily focused on the high-growth Sports Data Services segment, where dedicated management and product development are key. The OpticOdds enterprise solution is a prime example of this deep engagement.

Metric	Q2 2025 Value	Q3 2025 Value
Sports Data Services Revenue	$10.0 million	$9.2 million
Sports Data Services YoY Growth	Quadrupled	304%
OpticOdds Revenue YoY Growth	N/A	Doubled

Management noted they have great relationships with operators on the data services business and that they trust Gambling.com Group to solve more problems for them. The company continues to expand the OpticOdds product and data portfolio to deliver more value to its existing customers.

Recurring subscription model for sports data services (high margin)

The shift toward subscription revenue provides high visibility and a more stable relationship structure compared to purely performance-based marketing fees. This high-margin component is the fastest growing part of the business.

• Recurring subscription revenue represented 25% of total revenue in the second quarter of 2025.
• For the first and third quarters of 2025, recurring subscription revenue represented 24% of total revenue.
• The company expected this recurring revenue to account for well over 20% of 2025 revenue.
• Inclusive of revenue share arrangements in the marketing business, total recurring revenue was 49% of total third-quarter 2025 revenue.

Omnichannel engagement via apps, email, and social media

Gambling.com Group is actively working to diversify its engagement channels beyond traditional search marketing, which faced headwinds from poor organic search dynamics in the second half of 2025.

The focus includes diversifying the go-to-market approach within the marketing business, specifically mentioning:

• Development of other marketing channels like apps.
• Engagement via email.
• Use of social media.

The company is accelerating initiatives to diversify traffic sources.

Finance: review Q4 2025 traffic source diversification spend against Q3 2025 by October.

Gambling.com Group Limited (GAMB) - Canvas Business Model: Channels

You're looking at how Gambling.com Group Limited gets its services in front of the end-user, and it's a mix of owned digital real estate and high-profile media deals. The foundation here is definitely the sheer volume of their digital footprint.

Portfolio of over 50 owned and operated websites

Gambling.com Group Limited operates a portfolio of more than 50 websites offering news, information, and connections to online casinos and promotions. These sites cover online casinos, sports betting, and fantasy sports across 19 national markets. For instance, in anticipation of Missouri legalization, they launched BetMissouri.com, which is one of these owned properties. This portfolio includes branded sites like Gambling.com, Bookies.com, and Casinos.com.

Media partnership websites (e.g., USAToday.com)

The reach extends significantly through media partnerships. The company has a partnership with Gannett to provide sports betting content via the USAToday.com network. They also have a deal with The Independent in the U.K., which is their first international media partnership, leveraging The Independent's reach of over 20.8 million monthly unique users. This is the third major media partnership, following agreements with The McClatchy Company and Gannett.

Organic search (SEO) remains a key, though challenged, channel

Organic search is a core driver, but it faced headwinds in 2025. In the third quarter ended September 30, 2025, the number of New Depositing Customers (NDCs) delivered to clients was 101,000, down from 116,000 in the third quarter of 2024. This drop reflects the impact of poor organic search dynamics, which the company noted persisted into the fourth quarter.

Paid media, social media, and email marketing

The company is actively working to diversify traffic sources away from the challenged search channel. This implies an increased reliance or investment in paid media, social media, and email marketing to acquire customers, though specific spend figures aren't broken out in the channel reports. The marketing services revenue for the third quarter of 2025 was $29.8 million, which was in line with the prior-year period.

Direct enterprise sales for sports data services (OpticOdds)

The sports data services division, which includes OpticOdds and OddsJam, is the fastest-growing segment, heavily driven by enterprise sales and recurring subscriptions. This segment is clearly a major channel for future growth visibility. Here's how the revenue split looked for the third quarter of 2025:

Channel/Service Segment	Q3 2025 Revenue Amount	Percentage of Total Revenue (Q3 2025)
Marketing Services Revenue	$29.8 million	Approximately 76%
Sports Data Services Revenue	$9.2 million	24%

The growth in this channel is stark; sports data services revenue increased 304% year-over-year in Q3 2025. For the first quarter of 2025, sports data services generated $9.9 million, a 405% increase year-over-year. Furthermore, the high-margin, recurring subscription revenue component within this segment represented 24% of total revenue in Q3 2025.

You can see the strategic shift in the full-year outlook, which was adjusted to approximately $165 million in revenue for 2025, with the sports data services business being a key driver of confidence despite the marketing headwinds.

• The company operates in 19 national markets.
• The Independent partnership reaches over 20.8 million monthly unique users.
• Sports Data Services accounted for 25% of total revenue in Q2 2025.
• Recurring subscription revenue was 24% of total revenue in Q1 2025.
• The 2025 full-year revenue guidance midpoint is between $170 million and $174 million.

Finance: draft 13-week cash view by Friday.

Gambling.com Group Limited (GAMB) - Canvas Business Model: Customer Segments

You're looking at the customer base for Gambling.com Group Limited as of late 2025. The business model clearly shows a pivot toward higher-margin, recurring revenue streams, which changes the profile of who they serve, even as the core affiliate function remains strong.

Online Gambling Operators (B2B): Casinos and Sportsbooks globally

This segment consists of the operators who pay Gambling.com Group Limited for customer acquisition (performance marketing) and data/technology solutions. The growth here is heavily influenced by the success of the acquired sports data platforms.

• The marketing business delivered over 138,000 New Depositing Customers (NDCs) to clients in Q1 2025, a 29% year-over-year climb.
• The sports data services business, which serves operators and sophisticated bettors, grew over 300% year-on-year in Q3 2025.
• In Q3 2025, revenue from sports data services reached $9.2 million, quadrupling year-on-year.
• The company expects non-SEO channels to generate more revenue than SEO for the first time in Q4 2025, indicating a diversification of the operator client acquisition strategy.

Individual Sports Bettors and Casino Players (B2C)

While Gambling.com Group Limited primarily operates on a Business-to-Business-to-Consumer (B2B2C) model, the end-user is the player. The performance of the B2C-facing digital properties, like RotoWire and OddsJam, directly reflects the size and engagement of this segment. The company's full-year 2025 revenue guidance was set between $171 million and $175 million as of Q2 2025.

Here's a look at the revenue mix that serves these end-users, based on Q1 2025 results, which shows the relative size of the casino versus sports betting audience engagement:

Customer Focus Proxy	Q1 2025 Revenue (USD)	Year-over-Year Growth
Casino Division	$24.5 million	24% increase
Sports Betting Arm	$15.4 million	68% increase

The shift in focus is clear when you look at the growth rates; sports betting engagement, as reflected in revenue, is accelerating faster than the casino vertical.

Enterprise Clients: Sports betting operators using data for risk management

This is a specific, high-value subset of the B2B segment, primarily served by the OpticOdds product, which is an enterprise solution for sportsbook operators. These clients use the data for operational needs, not just customer acquisition.

• Sports data services, which include enterprise solutions, accounted for 25% of the company's 2025 revenue as of Q3 2025.
• OpticOdds, the enterprise solution, doubled its revenue year-over-year in Q3 2025.
• Overall recurring subscription revenue, which includes these enterprise data feeds, accounted for 24% of total Q1 2025 revenue, or $9.9 million.

Land-based Casinos and Entertainment Venues (via Spotlight.Vegas acquisition)

The acquisition of Spotlight.Vegas marks a direct entry into serving land-based entities, expanding the client base beyond digital operators. This platform provides ticketing and booking services for Las Vegas attractions.

• Spotlight.Vegas generated $30 million in sales during 2024.
• The platform has partnerships in place with more than 40 clients, including entertainment venues and land-based casinos.
• The initial closing payment for the acquisition was $8 million.
• Gambling.com Group Limited anticipates this segment will contribute at least $8 million in net revenue in the 2026 full year.
• The expected incremental adjusted EBITDA from this segment for FY2026 is at least $1.4 million.

Finance: draft 13-week cash view by Friday.

Gambling.com Group Limited (GAMB) - Canvas Business Model: Cost Structure

You're looking at the cost side of the Gambling.com Group Limited equation as of late 2025. It's a mix of scaling personnel, integrating big acquisitions, and heavy spending to keep the traffic flowing.

The core operating expenses, excluding certain non-cash and acquisition-related items, showed significant growth. For the third quarter ended September 30, 2025, operating expenses adjusted for fair value movements and acquisition/restructuring-related expenses grew 30 percent to $25.7 million. This growth is largely tied to the added headcount from the recent acquisitions of Odds Holdings and Spotlight.Vegas.

Amortization expenses, which are non-cash charges reflecting the write-down of intangible assets from past deals, are a notable component. For the third quarter of 2025, the non-cash amortization of acquired intangible assets totaled $2.5 million. This is part of a larger trend, as Q1 2025 operating expenses of $28.4 million reflected a significant increase in amortization from the OddsJam and Freebets.com acquisitions.

Marketing and sales costs are dynamic, especially with the push for diversification. The Cost of Sales for the third quarter of 2025 was $3.4 million, a substantial increase from $1.7 million in the year-ago period. This reflects costs associated with the strategy to diversify traffic sources in the marketing business, plus costs from the acquired OpticOdds and OddsJam businesses. Furthermore, the revised full-year 2025 guidance explicitly accounts for an additional $1.0 million in sales costs due to the successful acceleration of these traffic diversification efforts.

Technology and infrastructure costs for data platforms, like the one brought in by Odds Holdings, are embedded within the operating expenses and acquisition-related costs, driving the overall expense base higher to support the growing sports data services segment.

Costs associated with regulatory compliance and licensing are inherent to operating in 19 national markets, though specific standalone figures for this category aren't itemized separately in the most recent public disclosures.

Here's a look at the key cost figures we can pull from the Q3 2025 reporting:

Cost Category Component	Amount (Q3 2025)	Context/Driver
Adjusted Operating Expenses	$25.7 million	Excludes fair value movements and acquisition/restructuring costs; driven by headcount additions.
Non-Cash Amortization of Intangible Assets	$2.5 million	Related to recent acquisitions like Odds Holdings.
Cost of Sales	$3.4 million	Reflects traffic diversification strategy and acquired business costs.
Full-Year Diversification Cost Adjustment	$1.0 million (additional)	Included in the revised 2025 full-year guidance for sales costs.
Adjusted EBITDA (for margin context)	$13.0 million	Reflects the impact of higher cost of sales and marketing expenses.

You can see the pressure on margins, with the Q3 2025 Adjusted EBITDA margin at 33 percent, down from 39 percent in the prior-year period, directly reflecting those higher marketing and sales expenses.

The key cost drivers for Gambling.com Group Limited are:

• Added headcount from acquisitions, notably Odds Holdings.
• Accelerated traffic diversification spending in the marketing business.
• Non-cash amortization from the January 1, 2025, acquisitions.
• Increased cost of sales associated with the new data services segment.

Finance: draft 13-week cash view by Friday.

Gambling.com Group Limited (GAMB) - Canvas Business Model: Revenue Streams

You're looking at how Gambling.com Group Limited actually brings in the money, which is key when assessing its current valuation. The revenue mix is clearly shifting, moving beyond pure affiliate marketing toward higher-margin, more predictable data services. This is a critical evolution for the business model.

The core of the revenue generation still sits with Performance Marketing (Affiliate). This stream operates primarily on two models: Cost Per Acquisition (CPA) and Revenue Share. The CPA model means Gambling.com Group gets a fixed fee for every new depositing customer (NDC) referred to an operator. The Revenue Share model provides an ongoing percentage of the net gaming revenue generated by those referred players. While this remains the largest segment, its growth has slowed, with Q2 2025 marketing services revenue only increasing by 3% year-over-year to $25 million.

The strategic pivot is evident in the Sports Data Services segment. This is where the recurring subscription revenue lives, fueled by recent acquisitions like OddsJam and OpticOdds. The CEO has been clear that this stream is expected to account for well over 20% of the full-year 2025 revenue. In the second quarter of 2025, this segment soared, bringing in $10 million, a 415% increase year-over-year, and representing 25% of the total quarterly revenue.

To give you a clear picture of the revenue composition as of the latest reported quarter, here's the breakdown for Q2 2025:

Revenue Stream	Q2 2025 Revenue (USD)	Year-over-Year Growth (Q2 2025)	Notes
Performance Marketing (Marketing Services)	$25 million	+3%	Primarily CPA and Revenue Share commissions.
Sports Data Services (Subscription)	$10 million	+415%	Recurring subscription revenue from data, analytics, and syndication.
Advertising and Other Sources	$4.6 million	Not specified	Includes platform advertising, onboarding fees, and ticketing commissions.
Total Q2 2025 Revenue	$39.6 million	+30%	Record quarterly revenue.

The Advertising and Other Sources stream is a smaller, but still present, component. For the second quarter of 2025, this segment contributed $4.6 million to the top line. This revenue is recognized on a straight-line basis over the contract term and includes non-player-referred arrangements like advertising placements on Gambling.com Group Limited's platforms.

Looking at the full-year 2025 projections, the company has recently adjusted its outlook, reflecting challenges in organic search performance but also growth from new ventures like the Spotlight.Vegas acquisition. The latest guidance for the full year 2025 is:

• Full-year 2025 revenue is projected to be approximately $165 million.
• Full-year 2025 Adjusted EBITDA is projected to be $58 million.

The shift to subscription revenue is a strategic move to de-risk the business from the volatility of search engine algorithm changes, which definitely impacted the marketing segment in Q3 2025. The recurring nature of the data services helps smooth out the overall financial profile. Finance: draft 13-week cash view by Friday.