Gambling.com Group Posts 30% Revenue Growth but Reports $13.4M Q2 Net Loss

Gambling.com Group delivered strong top-line growth in the second quarter of 2025, but higher costs and acquisition expenses pushed the company into a deeper loss. Revenue climbed 30% year-over-year to $39.6 million, while net loss widened to $13.4 million, down 294% from the same quarter last year.

Good to know

• Q2 adjusted EBITDA rose 22% to $13.7 million despite the net loss.
• Acquisition of Spotlight.Vegas is expected to impact FY2026 results.
• North America was the fastest-growing region, up 56% year-over-year.

The quarterly loss was largely linked to Gambling.com Group’s recent $8 million upfront purchase of Spotlight.Vegas, with up to $22 million in potential earnouts if performance targets are met through 2027. The company expects the acquisition to contribute at least $8 million in net revenue and $1.4 million in adjusted EBITDA for FY2026.

Leadership says the deal supports a broader shift toward an omnichannel business model, diversifying away from a reliance on traditional search channels. The group is also expanding into revenue streams beyond marketing, such as sports data services.

Q2 financial highlights included:

1. Gross profit: $36.9 million, up 27% year-over-year
2. Operating expenses: $51.3 million, up $30 million from Q2 2024
3. Performance marketing revenue: Just under $25 million, up 3%
4. Subscription revenue: $10 million, up 415%
5. Advertising & other revenue: $4.6 million

By product type, casino-related operations led the way with $23.7 million in revenue, up 8% year-over-year. Sports products nearly matched that total, jumping 82% to $15.1 million.

Regionally, every market saw gains. North America surged 56% to $19.1 million, the UK and Ireland grew 12% to $11.1 million, and other European markets rose 15% to $6.6 million.

The net loss also reflected “fair value movement in contingent consideration” related to Gambling.com Group’s January 2025 acquisitions of OddsJam and OpticOdds.

Looking ahead, the company has updated its full-year 2025 guidance to $171–$175 million in revenue and $62–$64 million in adjusted EBITDA. Management says the expansion of its portfolio and the addition of Spotlight.Vegas position the business for continued growth into 2026 and beyond.