Gambling.com Group (GAMB) Investor presentation summary

Business overview and strategy

• Provides marketing and sports data services for the global online gambling industry, generating revenue through customer acquisition and data subscriptions for both consumers and enterprises.

• Operates a diversified portfolio of over 50 websites in 22 national markets and 10 languages, with a strong presence in North America and Europe.

• Employs a proprietary marketing technology platform, enabling rapid site launches, content management, and optimized ad placements across its network.

• Growth strategy focuses on organic expansion, new market opportunities, and selective acquisitions, with a preference for larger, synergistic deals.

• Recurring revenue from subscriptions and revenue share accounted for over half of 2025 revenue, enhancing cash flow visibility.

Financial performance and outlook

• Achieved $165.5M in revenue and a 35% adjusted EBITDA margin in 2025, with adjusted free cash flow of $36.3M.

• Generated 454,000 new depositing customers for clients in 2025, with a 41% organic revenue CAGR from 2017–2025.

• Q1 2026 revenue was $40.4M, with adjusted EBITDA of $9.0M and adjusted free cash flow of $3.9M.

• FY 2026 revenue outlook is $165–$170M, with adjusted EBITDA expected between $45–$50M.

• Subscription revenue made up approximately 25% of 2025 revenue, with performance marketing and recurring revenue as key drivers.

Market opportunity and industry trends

• U.S. online gambling market projected to reach $58B at maturity, with potential to grow to $85B if all states legalize online gambling.

• Online gambling operators are estimated to spend about 35% of revenue on marketing, with affiliates capturing roughly 30% of that spend, representing a $6B U.S. affiliate market opportunity.

• North America is the top priority growth market, with continued expansion driven by new state launches and growth in existing markets.

• The global online gambling industry is experiencing rapid growth, with the U.S. market expected to outpace global averages.

• Recurring revenue streams and data services are increasingly important for revenue visibility and margin expansion.