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Jun 30
Gambling.com Q2 2025 Earnings Report
Gambling.com Group reported a net loss despite record quarterly revenue, with strong growth in subscription revenue offset by a large contingent consideration expense.
Key Takeaways
Gambling.com Group delivered record revenue of $39.6 million in Q2 2025 and posted a 22% rise in Adjusted EBITDA. However, a significant contingent consideration expense resulted in a net loss of $13.4 million.
Revenue reached a record $39.6 million, up 30% YoY
Net loss of $13.4 million due to fair value movement on contingent consideration
Subscription revenue contributed 25% of total revenue
Delivered over 108,000 new depositing customers (NDCs)
Gambling.com
Gambling.com
Gambling.com Revenue by Segment
Gambling.com Revenue by Geographic Location
Revenue by Segment
Casino Revenue
CapyFin.comSports Revenue
CapyFin.comOther Revenue
CapyFin.comRevenue by Geographic Location
North America Revenue
CapyFin.comUK and Ireland Revenue
CapyFin.comOther Europe Revenue
CapyFin.comRest of the World Revenue
CapyFin.com Forward Guidance
Gambling.com raised its full-year 2025 guidance, expecting $171M–$175M in revenue and $62M–$64M in Adjusted EBITDA, reflecting optimism from acquisitions and market expansion.
Positive Outlook
- Increased revenue guidance to $171M–$175M
- Increased Adjusted EBITDA guidance to $62M–$64M
- Expected contributions from Spotlight.Vegas starting in Q3
- Upcoming launch of sports betting in Missouri in December
- Strong cash flow generation supports future growth
Challenges Ahead
- No Adjusted EBITDA contribution from Spotlight.Vegas in 2025
- Higher than expected cost of sales
- Strategic investments increasing marketing expenses
- Weaker search rankings after Google’s algorithm update
- Continued reliance on acquisition-driven growth
Revenue & Expenses
Visualization of income flow from segment revenue to net income