Gaming and betting affiliate Gambling.com Group has published its financial results for Q3, reporting continued revenue growth. The company’s positive revenue and EBITDA metrics, however, were offset by an increase in losses.
The Company’s Revenue Increased, But Losses Also Mounted
Gambling.com reported Q3 revenue of $39 million, marking a double-digit growth of 21% year-on-year. On a year-to-date basis, the group’s revenue reached $119.2 million, up 30% compared to the prior-year period.
The company’s favorable revenue growth was offset by an increase in net loss attributable to shareholders to $3.9 million ($0.11 per share), compared to net income of $8.5 million in the prior-year period. This marks a 145% decline in net income. Gambling.com attributed the decline to “the fair value movement in contingent consideration related to the outperformance of Odds Holdings.”
Adjusted net income decreased by 16% to $9.3 million ($0.26 per share) due to increased interest expenses related to Gambling.com’s credit facility.
On a YTD basis, Gambling.com reported a net loss of $6 million, down from net income of $22.7 million in the prior-year period.
The company’s adjusted EBITDA, meanwhile, reached $13 million, marking a slight increase of 3%. Adjusted EBITDA margin decreased to 33%, reflecting the impact of higher cost of sales and marketing expenses associated with traffic diversification initiatives.
YTD adjusted EBITDA reached $42.6 million, up 25% year-on-year.
Gambling.com’s cash flow generated by operating activities decreased by 27% to $10.9 million for the quarter, and increased by 21% to $29.1 million for the YTD period.
Adjusted free cash flow stood at $9.6 million for Q3 and $28.8 million for the YTD.
The Group’s Confidence Was Underscored by Its Share-Buyback Progress
Additional highlights for the period included the delivery of over 101,000 new depositing customers, the acquisition of Spotlight.Vegas, and significant share-buyback progress.
For context, Gambling.com bought back 562,222 of its own shares for a total of $4.7 million. The YTD share buyback progress shows that the company has repurchased 671,998 shares of its own shares in 2025 for a total of $5.6 million.
Gambling.com’s share buyback plan allows it to repurchase up to $14.4 million more in shares.
The business also secured the EGR Affiliate of the Year award for an unprecedented 3rd time in October.
Meanwhile, the affiliate adjusted its FY 2025 guidance to reflect the continued challenges. The company has therefore lowered its expectations, now looking forward to 2025 revenue of $165 million and adjusted EBITDA of $58 million.
Despite the lowering, these figures still represent revenue and EBITDA growth of 30% and 19%, respectively.
Gambling.com’s Leaders Were Pleased Despite the Setbacks
Charles Gillespie, Gambling.com’s co-founder and chief executive officer, commented on the results, saying that the record-breaking revenue demonstrates the resilience of the business despite the persisting headwinds and troubles with the proliferation of spam websites in non-US markets.
Despite this near-term challenge, we remain confident that these poor search quality issues will be addressed which, when combined with our accelerated initiatives to diversify traffic sources, positions the marketing business to grow in 2026.
Charles Gillespie, co-founder & CEO, Gambling.com
Gillespie reiterated confidence in the sports data services business and the marketing business’s cash flow.
Elias Mark, Gambling.com’s chief financial officer, was likewise pleased with the results, despite the setbacks. He noted that the company now boasts strong adjusted free cash flow generation, providing it with opportunities to invest while maintaining capital flexibility.