How Does Gambling.com Group Company Work?

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How Does Gambling.com Group Operate?

Gambling.com Group is a leading performance marketing company in the global online gambling sector. They recently reported strong preliminary financial results for 2024, with revenue around $127.1 million and adjusted EBITDA near $48.5 million.

The company operates a portfolio of well-known websites such as Gambling.com, Bookies.com, and Casinos.com. These platforms offer users comparisons and reviews of regulated online gambling sites across the globe.

The group's business model centers on performance marketing, connecting players with operators. Their strategic acquisitions, like Odds Holdings, Inc. in early 2025, and expansion into sports data services, highlight their growth strategy. Understanding the dynamics of this market can be further explored through a Gambling.com Group Porter's Five Forces Analysis.

Gambling.com Group operates as a B2B digital marketing service, connecting online gamblers with licensed operators. Its core value proposition is delivering high-intent traffic through a network of over 50 informational websites across 15 countries. These sites provide valuable content like news, odds, and reviews to attract and engage users.

Core Operations: Traffic Generation

The company's primary focus is attracting prospective online gamblers through sophisticated online marketing, with a strong emphasis on search engine optimization (SEO) and content marketing. This strategy ensures a steady flow of organic traffic to its diverse portfolio of web portals.

Value Proposition: User Referral and Monetization

Once users are on its platforms, the company refers them to online gambling operators. Remuneration is earned when a referred user registers an account and makes a deposit, forming the basis of Gambling.com Group's revenue streams.

Proprietary Technology and Data Integration

A key differentiator is its proprietary technology platform, which efficiently manages its extensive website portfolio. The recent acquisition of Odds Holdings, Inc. has significantly enhanced its sports data services, processing over one million requests per second.

Strategic Partnerships and Market Reach

The company has established strong partnerships with leading online gambling operators, including DraftKings and Flutter Entertainment. This robust network is crucial for its affiliate marketing strategy and overall business model.

Understanding Gambling.com Group Operations

The operational workflow of Gambling.com Group is centered on creating and optimizing content across its numerous web portals. This content, ranging from expert reviews to real-time odds, is designed to attract users actively seeking online gambling opportunities. The company's Marketing Strategy of Gambling.com Group relies heavily on organic search visibility and engaging content to drive qualified traffic.

• Attracts users via SEO and content marketing.
• Refers users to licensed online gambling operators.
• Earns revenue when referred users deposit funds.
• Leverages proprietary technology for portfolio management.
• Integrates real-time odds data for enhanced services.

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Gambling.com Group primarily operates on an affiliate marketing model, earning commissions by directing new depositing customers to online casinos and sportsbooks. This performance-based approach is structured through revenue share agreements, Cost Per Acquisition (CPA) payments, or a blend of both. In 2022, the average CPA was around $200 per customer.

Affiliate Marketing Core

The company's main income comes from referring new players to online gambling operators. This is a performance-based model.

Revenue Share and CPA

Earnings are based on revenue share agreements or Cost Per Acquisition (CPA). The average CPA was about $200 in 2022.

Marketing Services Growth

Revenue from marketing services, including the affiliate model, increased by 13% year over year in Q1 2025. This segment generated $30.7 million.

Sports Data Services Expansion

Following the acquisition of OddsJam and OpticOdds, sports data services are a growing revenue source. This segment brought in $9.9 million in Q1 2025.

Recurring Subscription Revenue

The acquisition introduced recurring subscription revenue, which made up 24% of Q1 2025 revenue. This is expected to exceed 20% for the full year 2025.

Customer Acquisition Volume

In Q1 2025, over 138,000 new depositing customers were sent to clients, a 29% increase from the prior year.

The company's financial performance shows significant growth, with Q1 2025 revenue reaching a record $40.6 million, a 39% increase compared to Q1 2024. For the entirety of 2024, total revenue was approximately $127.1 million. The outlook for 2025 is robust, with projected full-year revenue anticipated to be between $170 million and $174 million, indicating an expected year-over-year growth of 35% at the midpoint. This demonstrates the effectiveness of their Target Market of Gambling.com Group strategy and their expanding operational capabilities.

Key Financial Highlights and Projections

Gambling.com Group has experienced substantial revenue growth, driven by its core affiliate marketing and expanding data services. The company's business model is adaptable and focused on user acquisition for its partners.

• Q1 2025 Revenue: $40.6 million (up 39% YoY)
• Q1 2025 Marketing Services Revenue: $30.7 million (up 13% YoY)
• Q1 2025 Sports Data Services Revenue: $9.9 million (up 405% YoY)
• Full Year 2024 Revenue: Approximately $127.1 million
• Projected Full Year 2025 Revenue: $170 million - $174 million (35% YoY growth at midpoint)
• Recurring subscription revenue accounted for 24% of Q1 2025 revenue.

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Gambling.com Group has strategically expanded its operations through key acquisitions and a focus on diversified revenue streams. The company's business model is centered on affiliate marketing within the online gambling industry, driving traffic and user acquisition for casino and sports betting operators.

Key Acquisitions and Diversification

A significant milestone was the January 1, 2025, acquisition of Odds Holdings, Inc. (OddsJam and OpticOdds) for up to $160 million. This move integrated consumer subscription products and enterprise clients, adding a high-margin, recurring revenue component. The acquisition of Freebets.com also contributed to revenue growth, though it increased operating expenses due to higher amortization and personnel costs.

Financial Performance Highlights

The company has shown robust financial growth, with 2024 revenue reaching approximately $127.1 million, a 17% year-over-year increase. Adjusted EBITDA grew by 33% to $48.5 million in 2024, with free cash flow increasing by 81%. Q1 2025 saw revenue surge by 39% to $40.6 million and Adjusted EBITDA rise by 56% to $15.9 million.

Competitive Strengths

Gambling.com Group's competitive edge is built on strong brand recognition in online gambling affiliate marketing. Its diverse portfolio of over 50 branded websites, including Gambling.com and RotoWire.com, caters to various market segments. Expertise in SEO and content marketing drives high organic traffic, while the integration of advanced sports data technology enhances its service offering.

Strategic Adaptability and Efficiency

The company operates with a capital-efficient business model, achieving attractive Adjusted EBITDA margins of 39% in Q1 2025 and strong free cash flow conversion. Gambling.com Group is also exploring new growth areas, such as prediction markets, demonstrating its adaptability to evolving industry trends.

Understanding Gambling.com Group's Operations

The operational workflow of Gambling.com Group involves leveraging advanced SEO and content creation strategies to attract users interested in online gambling. These users are then directed to partner operators through affiliate links, generating revenue for the group. The company's affiliate strategy explained focuses on building trusted brands and providing valuable content to users.

• Strong brand recognition in the online gambling affiliate space.
• Diverse portfolio of over 50 branded websites.
• Expertise in SEO and content marketing for high organic traffic.
• Integration of advanced sports data technology for enhanced offerings.
• Capital-efficient business model with strong EBITDA margins and free cash flow.
• Exploration of new growth areas like prediction markets.
• The company's Revenue Streams & Business Model of Gambling.com Group is a key aspect of its success.

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Gambling.com Group has solidified its position as a premier performance marketing entity within the global online gambling sector. Its operational framework, centered on affiliate marketing and content generation, is further strengthened by a commitment to regulatory adherence across its extensive network of over 50 websites spanning 15 markets. Analysts reflect this strong standing with a consensus 'Strong Buy' rating and an average price target of $17, suggesting a potential 53.5% stock appreciation.

Industry Position

The company is a leader in performance marketing for online gambling, operating in 15 countries with over 50 websites. This broad reach is a key factor in its market standing.

Analyst Sentiment

Analysts are highly optimistic, assigning a 'Strong Buy' rating. The average price target of $17 indicates an expected 53.5% increase in stock value over the next year.

Key Risks Identified

Regulatory shifts, intense competition from entities like Better Collective, and reliance on a limited number of operator partners pose significant challenges.

Future Growth Drivers

The integration of OddsJam's subscription model and expansion in U.S. sports betting markets are key growth catalysts. The company also explores new areas like prediction markets.

Navigating Challenges and Seizing Opportunities

The company's business model, which relies heavily on affiliate marketing, faces inherent risks. Changes in advertising or affiliate marketing regulations, particularly at state or federal levels, could impact its addressable markets. The competitive landscape is also robust, with other significant players in the affiliate sector, as detailed in the Competitors Landscape of Gambling.com Group. Furthermore, dependence on a small number of operator partners for affiliate fees introduces a risk of unfavorable renegotiations or fee reductions. Recent acquisitions, such as Odds Holdings, also carry integration risks that could affect management focus and cash flows if performance targets are not met.

• Potential for stricter advertising regulations impacting market access.
• Intense competition from established affiliate marketing firms.
• Risk of reduced revenue due to dependence on a few key operator partners.
• Challenges in integrating recent acquisitions and meeting performance benchmarks.

The outlook for Gambling.com Group remains highly positive, supported by reaffirmed full-year 2025 guidance. The company projects revenues between $170 million and $174 million, with Adjusted EBITDA anticipated to be between $67 million and $69 million. These figures represent substantial year-over-year growth, with revenue expected to increase by 35% and Adjusted EBITDA by 40%. A significant contributor to this growth is the successful integration of OddsJam's subscription platform, which is forecasted to account for over 20% of the 2025 revenue. Continued expansion within the legalized U.S. sports betting markets is another critical driver. Management has set an ambitious target of achieving $100 million in annual Adjusted EBITDA. The broader global online gambling market is also projected for robust growth, with an estimated annual increase of nearly 9% through 2029, providing a favorable environment for the company to sustain and enhance its profitability. Understanding Gambling.com Group operations reveals a strategic approach to capitalizing on market trends and expanding its revenue streams through effective affiliate marketing and content creation.

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