Gambling.com Group Limited (GAMB): Business Model Canvas [Dec-2025 Updated]

You're looking to truly understand how a major player in the digital gambling space makes its money, beyond just the headlines. Well, after digging into the late 2025 numbers, the business model for Gambling.com Group Limited is a fascinating mix: it's not just about sending traffic to casinos anymore. They are projecting about $165 million in revenue for the full year, driven by performance marketing but increasingly supported by high-margin, recurring sports data subscriptions. Honestly, seeing their shift toward enterprise data services alongside their core affiliate work gives you a much clearer picture of their strategy to hit $58 million in Adjusted EBITDA. Dive into the nine blocks below to see exactly how they connect their content, operators, and data platforms to pull this off.

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

You're looking at the core relationships that power Gambling.com Group Limited's growth engine as we head into the end of 2025. These aren't just casual agreements; they are deep, revenue-sharing, and content-integration deals that define how the company monetizes its audience and data expertise.

Online Gambling Operators (B2B) for Player Referral Agreements

This is the traditional bread and butter, where Gambling.com Group sends high-intent traffic to licensed operators. The volume of referred traffic, measured in New Depositing Customers (NDCs), shows the direct output of these B2B relationships. For the first nine months of 2025, the marketing business was impacted by search dynamics, but the overall focus remains on driving quality referrals.

Here's a look at the NDC volume, which directly reflects the success of these operator partnerships:

• NDCs delivered to clients in Q1 2025: Over 138,000.
• NDCs delivered to clients in Q2 2025: Over 108,000.
• NDCs delivered to clients in Q3 2025: Over 101,000, compared to 116,000 in Q3 2024.

The company is actively working to diversify traffic sources away from traditional search, which was noted as a headwind in Q3 2025, especially outside the US. Still, the marketing services revenue for Q2 2025 was $29.6 million, up 3% year-over-year.

Major US Media Publishers like Gannett and The McClatchy Company

Gambling.com Group focuses on large-scale media alliances rather than piecemeal deals. These partnerships integrate their expert content directly onto major news platforms, giving them massive, trusted reach.

The deal with Gannett, which includes USA TODAY and local outlets across 43 states, is a prime example of this strategy. This follows their earlier agreement with The McClatchy Company, inked in January 2022. These deals are structured to become progressively more valuable as regulated online gambling launches in more states.

International Media Partners such as The Independent (UK)

Extending the media partnership model outside the US, Gambling.com Group entered into an agreement with The Independent in the UK. This partnership is designed to leverage The Independent's reach, which counts over 20.8 million monthly unique users. This was the Group's first media partnership outside of the US.

Sports Data Providers and Exchanges for Real-Time Odds Feeds

This segment saw explosive growth following the January 2025 acquisition of Odds Holdings, the parent company of OddsJam, and the integration of OpticOdds. OddsJam provides access to nearly 300 sportsbooks and averages over 1 million requests per second. This directly fuels the sports data services revenue stream, which is a key part of the diversification strategy away from pure marketing.

The financial impact of these data partnerships is clear:

• Sports data services revenue in Q1 2025 hit $9.9 million, a 405% year-over-year increase.
• Sports data services revenue in Q3 2025 reached $9.2 million, showing a 304% year-over-year growth despite seasonality.
• Recurring subscription revenue, heavily bolstered by this segment, represented 24% to 25% of total revenue in Q1 and Q3 2025, respectively.

Regulators in New US States like Missouri for Licensing and Compliance

Working with regulators is a necessary partnership for market entry. Gambling.com Group factored the expected launch of sports betting in Missouri in December 2025 into its full-year guidance. Compliance and licensing efforts are foundational to unlocking revenue in new jurisdictions.

The overall performance of the business, which relies on these partner ecosystems, is reflected in the full-year 2025 guidance:

The acquisition of Spotlight.Vegas, which has relationships with over 40 clients including entertainment venues and land-based casinos, further diversifies these B2B relationships beyond just online operators.

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

You're looking at how Gambling.com Group Limited actually makes its money right now, late in 2025, based on their recent performance reports. It's a mix of old-school affiliate marketing and newer, high-growth data services.

Content creation and SEO optimization for over 50 websites

The foundation of the business involves running a large portfolio of digital properties. The Group owns and operates more than 50 websites in seven languages across 15 national markets, covering iGaming and sports betting. The core activity here is creating content like news, odds, and reviews. However, the performance marketing side, which relies heavily on this content's visibility, faced headwinds; marketing revenue was flat year-over-year in Q3 2025 due to unfavorable search rankings and poor organic search quality, particularly outside the U.S. This forced a strategic pivot, with continued investment in traffic diversification and non-SEO channels, with expectations for non-SEO revenue to surpass SEO revenue in Q4 2025.

Performance marketing (affiliate) to deliver New Depositing Customers (NDCs)

This is the traditional bread-and-butter activity, driving customers to operator partners. The volume of new depositing customers (NDCs) delivered fluctuates based on search performance. For instance, in Q1 2025, the company delivered more than 138,000 NDCs, a 29% increase year-over-year, with marketing revenue at $30.7 million. By the third quarter, NDCs were 101,000, which was down 13% year-over-year from 116,000 in Q3 2024. Overall, for the first nine months of 2025, the total number of new customers sent to partners reached 479,000. The marketing business is definitely seeing pressure from search dynamics. That's a key thing to watch.

Developing and integrating sports data services (OpticOdds, OddsJam)

This is the high-growth engine, largely fueled by recent acquisitions. Revenue from sports data services surged 405% in Q1 2025 to $9.9 million, primarily from the integration of OddsJam and OpticOdds, which closed on January 1, 2025. By Q3 2025, this segment generated $9.2 million in revenue, representing a 304% year-over-year growth and making up 24-25% of total revenue. The CEO noted that this platform now provides meaningful recurring subscription revenue, which accounted for 24% of total Q3 2025 revenue. For 2026, the expectation is for sports data services to grow in the high double digits.

Strategic acquisitions for market entry and revenue diversification

Gambling.com Group Limited is actively using capital to buy growth and diversify away from pure SEO affiliate dependency. The acquisition of Odds Holdings, Inc., the parent company of OddsJam, was completed on January 1, 2025, with an initial payment of $80 million plus a contingent performance component. More recently, the company announced the acquisition of Spotlight.Vegas for up to $30 million. This deal is projected to add at least $8 million in net revenue and $1.4 million in adjusted EBITDA in 2026. The company has signaled it is widening its M&A aperture beyond just SEO-driven gambling affiliate businesses.

Maintaining regulatory compliance across multiple jurisdictions

Operating legally requires constant attention to the regulatory landscape. The Group operates across 19 national markets and supports more than ten languages. The company is registered in Jersey. Compliance is a cost factor; for example, the full-year 2025 guidance of $170 million to $174 million in revenue explicitly excludes any potential benefits from new U.S. state launches, like Missouri, until a definitive start date is announced. This shows a conservative approach to revenue recognition tied to regulatory milestones.

Here's a quick look at the key performance indicators driving these activities, based on the latest reported quarter:

The full-year 2025 revenue guidance was revised down to approximately $165 million, with Adjusted EBITDA guided between $58 million and $59 million, reflecting those search headwinds and higher costs from traffic diversification efforts.

Finance: draft 13-week cash view by Friday.

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

Portfolio of premier branded websites (e.g., Gambling.com, Bookies.com)

Gambling.com Group Limited operates a portfolio of premier branded websites globally, helping online gambling operators acquire new customers in 19 national markets across more than ten languages. The core portfolio includes established domains.

Proprietary technology platform and content management systems

The business relies on a proprietary platform, which acts as the center of its operations, managing its website portfolio and traffic monetization efforts. The company is strategically leveraging this technology to pivot into multi-platform integrated services. The company also utilizes a CRM platform at its center to manage relationships between traffic sources and businesses. The CEO stated their product strategy is the key to success.

Real-time sports odds data and enterprise solutions

This segment shows significant scaling, driven by products like OpticOdds and OddsJam. In the third quarter ending September 30, 2025, revenue from sports data services reached $9.2 million, marking a 304% year-over-year growth. This revenue stream represented 24% of total third quarter 2025 revenue. The acquisition of Spotlight.Vegas in September 2025 is intended to further bolster this area, with expectations for it to generate at least $8 million in net revenue in 2026.

Strong brand authority in traditional search (SEO)

Brand authority is fundamental to dominance in traditional search, though the marketing segment faced headwinds in the third quarter of 2025 due to low-quality search results. The company delivered over 101,000 NDCs in Q3 2025, compared to 116,000 in Q3 2024. The strategy involves developing big brands with industry-leading authority to capture high-intent traffic. The company is accelerating traffic diversification efforts, which resulted in an additional $1.0 million in sales costs factored into the revised 2025 guidance.

Experienced digital marketing and content teams

The teams execute the performance marketing model and the sports data services expansion. The company's gross profit margin for Q3 2025 was 91.2%. Operating expenses, adjusted for certain movements, grew 30% to $25.7 million in Q3 2025. The revised full-year 2025 revenue guidance stands at approximately $165 million, with an expected Adjusted EBITDA of approximately $58 million.

• Adjusted EBITDA (Q3 2025): $13.0 million
• Adjusted EBITDA Margin (Q3 2025): 33%
• Free Cash Flow (Q3 2025): $9.6 million
• Share Buyback Consideration YTD (Q3 2025): $5.6 million

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.

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.

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:

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:

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:

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:

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.