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Sep 30
Gambling.com Q3 2025 Earnings Report
Gambling.com reported a record Q3 2025 revenue but swung to a net loss due to increased costs and fair value adjustments.
Key Takeaways
The company delivered record revenue driven by growth in sports data services, but incurred a net loss due to increased operating expenses and fair value movements.
Revenue reached a record $38.98M, up from $32.12M in Q3 2024.
Net loss was $3.86M, compared to $8.51M net income in Q3 2024.
Adjusted EBITDA hit a Q3 record of $13.01M despite margin decline.
Sports data services revenue grew over 300% YoY, contributing 24% of total revenue.
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
FY2025 guidance was revised downward due to ongoing poor organic search trends affecting the marketing business.
Positive Outlook
- Revenue expected to grow 30% YoY to approximately $165M
- Adjusted EBITDA expected to reach approximately $58M
- Strong performance from sports data services continues
- Ongoing investment in traffic diversification strategy
- Strong cash generation supports continued growth initiatives
Challenges Ahead
- Marketing business faces headwinds from low-quality search results
- Spam websites have continued to impact organic traffic longer than expected
- Full recovery in marketing is now expected in 2026
- Increased cost of sales due to traffic diversification efforts
- FY2025 guidance lowered from previously stated expectations
Revenue & Expenses
Visualization of income flow from segment revenue to net income