Gambling.com (GAMB)
NASDAQ:GAMB
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Gambling.com
(NASDAQ:GAMB)
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Rating:52Neutral
Price Target:
$3.50
▼(-5.41% Downside)
Action:ReiteratedDate:03/14/26
The score is held back primarily by weakened 2025 profitability, higher leverage, and deteriorating cash-flow momentum, alongside bearish technical trend signals. These are partially offset by strong multi-year revenue growth, continued positive free cash flow, and earnings-call positives around Sports Data Services expansion, though tempered by cautious 2026 EBITDA guidance and ongoing SEO/regulatory headwinds.
Positive Factors
Consistent multi-year revenue growth
Sustained top-line expansion through 2025 demonstrates scalable customer acquisition and content monetization across markets. Durable revenue growth supports reinvestment, product development and scale benefits for margins and cash flow, underpinning multi‑year strategic initiatives rather than short-term gains.
Negative Factors
Rising leverage
Meaningfully higher debt levels materially reduce financial optionality and increase interest and covenant risk. With leverage elevated after 2025 earnout and revolver draws, management must prioritize deleveraging which can limit capital available for faster product scaling, M&A or marketing investments over the medium term.
Read all positive and negative factors
Positive Factors
Negative Factors
Consistent multi-year revenue growth
Sustained top-line expansion through 2025 demonstrates scalable customer acquisition and content monetization across markets. Durable revenue growth supports reinvestment, product development and scale benefits for margins and cash flow, underpinning multi‑year strategic initiatives rather than short-term gains.
Read all positive factors
Gambling.com (GAMB) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$129.86M
Dividend YieldN/A
Average Volume (3M)581.78K
Price to Earnings (P/E)―
Beta (1Y)0.94
Revenue Growth24.21%
EPS Growth-92.49%
CountryUS
Employees555
SectorConsumer Cyclical
Sector Strength84
IndustryGambling, Resorts & Casinos
Share Statistics
EPS (TTM)-0.77
Shares Outstanding35,097,190
10 Day Avg. Volume851,241
30 Day Avg. Volume581,784
Financial Highlights & Ratios
PEG Ratio0.03
Price to Book (P/B)1.79
Price to Sales (P/S)1.17
P/FCF Ratio17.97
Enterprise Value/Market Cap1.75
Enterprise Value/Revenue1.38
Enterprise Value/Gross Profit1.55
Enterprise Value/Ebitda9.24
Forecast
1Y Price Target
$7.50Price Target Upside102.70% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)0.41
Revenue Forecast (FY)$173.60M
Gambling.com Business Overview & Revenue Model
Company Description
Gambling.com Group Limited operates as a performance marketing company for the online gambling industry worldwide. The company provides digital marketing services for the iGaming and sports betting. It publishes various branded websites, including...
How the Company Makes Money
Gambling.com primarily makes money through affiliate/performance marketing arrangements with online gambling operators (sportsbooks and online casinos). Under these agreements, the company publishes content and directs traffic from its websites to...
Gambling.com Earnings Call Summary
Earnings Call Date:Mar 12, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 14, 2026
Earnings Call Sentiment Neutral
The call presents a mixed picture: strong top-line growth and a breakout performance in Sports Data Services (record Q4 revenue, large YoY data revenue gains, recurring revenue share and strong free cash flow) are clear positives. Offsetting these are persistent SEO/organic acquisition issues, regulatory headwinds (UK and Finland), margin compression from investments in non-SEO channels, and material noncash charges and leverage that pressure near-term profitability. Management is pursuing diversification, AI and product initiatives that are strategic for 2027–2028 but result in cautious 2026 guidance with lower adjusted EBITDA.Positive Updates
Record Quarterly and Strong Full-Year Revenue Growth
Q4 2025 revenue was a record $46.2 million, up 31% year-over-year; full-year 2025 revenue was $165 million, up 30% year-over-year.
Negative Updates
Persistent SEO / Organic Search Challenges and Decline in New Users
Search ranking issues persisted in Q4 with negative SEO and spam cited as ongoing problems. New depositing customers (NDCs) were 98,000, down 32% year-over-year, reflecting weaker organic acquisition.
Read all updates
Q4-2025 Updates
Positive
Negative
Record Quarterly and Strong Full-Year Revenue Growth
Q4 2025 revenue was a record $46.2 million, up 31% year-over-year; full-year 2025 revenue was $165 million, up 30% year-over-year.
Read all positive updates
Company Guidance
The company guided 2026 revenue of $170–$180 million and adjusted EBITDA of $50–$58 million (implying roughly a 30% full‑year EBITDA margin, with H1 lower than H2), against FY2025 results of $165.0M revenue (up 30% YoY) and Q4 revenue of $46.2M (+31% YoY) with Q4 adjusted EBITDA of $15.5M (+5% YoY). Management highlighted sports data services as the growth engine (Q4 data revenue $11.8M, +440% YoY and 26% of Q4 revenue; full‑year data revenue $41.1M — +392% GAAP / +27% pro forma) and expects data revenue to grow in the high teens with margin expansion in 2026, even as the marketing business faces SEO pressure (NDCs 98,000, down 32% YoY) and margin compression from diversification (Q4 gross profit $39.3M, 85% margin; cost of sales $6.9M vs $2.2M prior; adjusted operating expenses $26.9M, +32% YoY). Financial flexibility remains: FY2025 adjusted free cash flow $36.3M (Q4 adj. FCF NOK 7.5M), cash $15.8M, borrowings $123.6M with $32.5M undrawn, and the company repurchased 672k shares in 2025 for $5.6M with $14.4M remaining on the buyback authorization.Gambling.com Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
49
Neutral
Cash Flow
58
Neutral
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 165.45M | 127.18M | 108.65M | 76.51M | 42.32M |
| Gross Profit | 135.77M | 119.65M | 99.54M | 73.55M | 42.32M |
| EBITDA | 44.31M | 42.75M | 23.13M | 10.83M | 15.23M |
| Net Income | -32.93M | 30.68M | 18.26M | 2.39M | 12.45M |
Balance Sheet | |||||
| Total Assets | 299.67M | 178.58M | 154.87M | 138.88M | 91.03M |
| Cash, Cash Equivalents and Short-Term Investments | 15.81M | 13.73M | 25.43M | 29.66M | 51.17M |
| Total Debt | 113.41M | 27.96M | 1.72M | 2.07M | 7.62M |
| Total Liabilities | 191.72M | 55.40M | 35.95M | 51.77M | 11.12M |
| Stockholders Equity | 107.95M | 123.19M | 118.92M | 87.11M | 79.91M |
Cash Flow | |||||
| Free Cash Flow | 10.78M | 3.81M | 8.67M | 9.47M | 8.42M |
| Operating Cash Flow | 11.64M | 37.64M | 17.91M | 18.75M | 14.00M |
| Investing Cash Flow | -99.03M | -43.84M | -19.47M | -32.70M | -5.57M |
| Financing Cash Flow | 89.03M | -5.24M | -3.14M | -7.31M | 34.99M |
Gambling.com Technical Analysis
Negative
3.70
Price Trends
4.38
Negative
4.96
Negative
7.23
Negative
Market Momentum
-0.15
Positive
34.86
Neutral
24.00
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For GAMB, the sentiment is Negative. The current price of 3.7 is below the 20-day moving average (MA) of 4.10, below the 50-day MA of 4.38, and below the 200-day MA of 7.23, indicating a bearish trend. The MACD of -0.15 indicates Positive momentum. The RSI at 34.86 is Neutral, neither overbought nor oversold. The STOCH value of 24.00 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for GAMB.
Gambling.com Risk Analysis
Gambling.com disclosed 54 risk factors in its most recent earnings report. Gambling.com reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 1 New Risks
1.
Changes within the technology platforms of the operators we work with, as well as with our media partners, could alter the ability of our advertising technology to more accurately target and service NDCs which could adversely affect our business, financial condition, and results of operations. Q4, 2023
Gambling.com Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $4.87B | 55.90 | 27.50% | ― | 23.15% | ― | |
61 Neutral | $18.38B | 12.79 | -2.54% | 3.03% | 1.52% | -15.83% | |
56 Neutral | $683.99M | -20.89 | -1.37% | 3.71% | -12.25% | -84.89% | |
56 Neutral | $377.20M | ― | 23.16% | ― | 1.79% | ― | |
53 Neutral | $180.76M | -16.00 | 184.28% | ― | 4.03% | ― | |
52 Neutral | $129.86M | -5.88 | -24.91% | ― | 24.21% | -92.49% | |
47 Neutral | $511.08M | 0.23 | -116.69% | ― | 0.36% | 47.55% |
* Consumer Cyclical Sector Average
GAMB
Gambling.com
3.70
-8.92
-70.68%
GDEN
Golden Entertainment
25.91
0.48
1.91%
INSE
Inspired Entertainment
6.68
-1.86
-21.78%
RSI
Rush Street Interactive
20.98
10.26
95.71%
CDRO
Codere Online
8.28
1.03
14.21%
BALY
Bally's Corporation
10.53
-1.77
-14.39%
Gambling.com Corporate Events
Gambling.com Group Taps Co-Founder Kevin McCrystle as New CEO in Founder-Led Leadership Shift
Mar 26, 2026
Gambling.com Group Limited, a Nasdaq-listed provider of marketing technologies, premier gambling-focused websites and sports data platforms, serves casinos, sports betting operators, prediction markets, market makers, media firms and consumers glo...
Gambling.com Group Posts Record 2025 Results as Sports Data Unit Surges
Mar 12, 2026
On March 12, 2026, Gambling.com Group reported record fourth-quarter and full-year 2025 results, with Q4 revenue up 31% year over year to $46.2 million and Adjusted EBITDA up 5% to $15.5 million, even as the quarter swung to a GAAP net loss of $26...
Gambling.com Group Resets Odds Holdings Earnout Structure With December 2025 Merger Amendment
Dec 30, 2025
On December 19, 2025, Gambling.com Group Limited amended the merger agreement governing its acquisition of Odds Holdings, Inc., a deal that had closed on January 1, 2025, to restructure the earnout economics and related terms for the former Odds H...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.