Gambling.com Group has reported Q3 revenue of $39m (£30m), a record for the affiliate, as bosses said it was proof of the “power of our business”.

Revenue for the quarter grew 21% year on year (YoY) while adjusted EBITDA for the three months ending 30 September stood at $13m, up 3% YoY from $12.6m reported in Q3 2024.

Net income suffered a 145% YoY fall, from a positive $8.5m to a $3.9m loss. This was due to the “fair value movement in contingent consideration related to the outperformance of Odds Holdings”, the group said.

The affiliate did see new depositing customers (NDCs) reach more than 101,000, though this figure was down from the 116,000 posted 12 months prior.

Geographically, North America contributed the bulk of revenue, the figure amounting to $19.8m and up 55% YoY.

UK and Ireland revenue fell 2% YoY to $9.6m, while revenue for the affiliate’s other European markets grew 5% YoY to $6.9m.

Rest of the World revenue declined 10% YoY to $2.7m.

By vertical, Gambling.com Group’s sports betting arm saw a 116% YoY spike to $15m, though its casino arm saw revenue fall 7% YoY to $23.2m.

Subscription revenue skyrocketed 304% YoY to $9.2m, with advertising and other revenue growing 22% YoY to $5.8m.

However, performance marketing revenue for the three months ending 30 September dropped 4% YoY to $24m.

For the first nine months of the year, revenue grew 30% YoY to $119.2m, with adjusted EBITDA amounting to $42.5m – up 25% YoY.

On the back of its Q3 results, Gambling.com Group adjusted its full-year 2025 guidance to approximately $165m, down from the previous range of $171m to $175m, with adjusted EBITDA coming in at approximately $58m, a decrease on the earlier expectation of between $62m and $64m.

Bosses attributed this to the “continued headwind of poor organic search dynamics”.

Charles Gillespie, Gambling.com Group CEO, said: “Our record third quarter revenue and adjusted EBITDA show the power of our business, including its ability to generate substantial adjusted free cash flow, even in the face of persisting, albeit temporary, challenges within the search channel of our marketing business.

“The high-margin, high visibility, recurring subscription revenue associated with our sports data services business is the fastest growing part of our business and we expect this trend will continue long into the future.

“The outperformance in our sports data services business is partially offset by the impact to our marketing business from low-quality search results related to the proliferation of spam websites particularly in non-US markets.

“These headwinds, which began in July, have persisted into the fourth quarter, longer than we initially expected. Despite this near-term challenge, we remain confident 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.”

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