Gambling.com Group: from affiliate sites to sports data

Gambling.com Group, renamed Grandstand in July 2026, is a Nasdaq-listed performance marketing and sports data company built on affiliate sites such as Gambling.com. Revenue rose from $28.0 million in 2020 to $165.4 million in 2025. A quarter of 2025 revenue came from data products after it bought OddsJam's parent in a deal worth up to $160 million.

Results at a glance

All figures are from the company's SEC filings and results releases; percentage shares are our calculations from reported amounts. The latest results available on October 30, 2026 are for the second quarter of 2026.

Context

The company's history starts in 2006, when it was incorporated as TGG International Holdings in the British Virgin Islands. Its prospectus names Charles Gillespie and Kevin McCrystle as the founding team. It moved its registration to Malta in 2016 and to Jersey in May 2021, taking the legal name Gambling.com Group Limited. Day-to-day operations are run from Dublin. A North American office opened in Charlotte, North Carolina, in 2019, and the 2025 annual report also lists a regional office in Malta.

For most of its life it was a classic owned-and-operated affiliate. It published comparison and review sites, sent readers to licensed casinos and sportsbooks, and was paid by operators through CPA, revenue share or hybrid deals. In 2020 hybrid deals made up 53% of revenue and pure revenue share 12%; our guide to CPA vs RevShare vs hybrid deals explains the trade-offs. The prospectus also said the vast majority of 2020 traffic came from unpaid channels, mainly Google, the same exposure described in our iGaming SEO guide.

The group listed on the Nasdaq Global Market in July 2021, selling 5.25 million new shares at $8.00 for $42.0 million in gross proceeds. Its 2025 annual report names Better Collective, listed in Europe, among its competitors in performance marketing.

What Gambling.com Group did

Organic search first

Before 2022 most traffic came from unpaid channels, mainly organic search, and the business turned it into operator commissions. The US was small: North America brought in $3.96 million in 2020, about 14% of revenue. Two years later the picture had changed. In the fourth quarter of 2022, North American revenue grew 364% to $10.0 million, and full-year group revenue rose 81% to $76.5 million.

Gambling.com Group acquisitions: buying data and tools

The deals moved the business step by step from publishing into products:

• RotoWire (January 2022): full ownership of Roto Sports, which sells fantasy sports data subscriptions to media companies and consumers and runs advertising on its site. Total consideration was $26.55 million: $14.7 million in cash, $4.6 million in shares and $7.25 million deferred. The 2025 annual report says the group uses RotoWire's audience to drive sports betting referral revenue.

• BonusFinder (January 2022): NDC Media, a bonus comparison publisher, bought with an earnout linked to two years of performance. The final deferred payment, €12.7 million, was settled in cash in April 2024.

• Odds Holdings (January 2025): the parent of OddsJam and OpticOdds. The price was $80 million upfront, $70 million in cash and $10 million in shares, plus up to $80 million more tied to performance through 2026; a full payout required the unit's 2026 Adjusted EBITDA to at least double its 2024 level. The company said the business drew odds from nearly 300 sportsbooks and expected about $26 million of 2024 revenue.

• Spotlight.Vegas (September 2025): an online booking platform for live events and local attractions; the 20-F does not state a price.

The company planned to fund the OddsJam cash payment from an expanded Wells Fargo credit facility, later amended to $165 million of commitments. OddsJam then beat the company's expectations. In December 2025 the parties amended the merger agreement to end the earnout period early and set the 2025 and 2026 amounts at $40 million each, less an early-payment discount. A first payment of $33.6 million was made in cash that month.

Moving to subscriptions and data

According to the deal announcement, Odds Holdings earns recurring revenue from consumer subscriptions, such as OddsJam's odds comparison and betting tools, and from enterprise clients that buy its odds data. That income is not paid per referred depositor, so a ranking drop on a review page does not hit it the way it hits a click-out. The company now reports two segments, Marketing and Data, and the July 2026 rename to Grandstand was meant to separate this wider parent from the Gambling.com consumer site, which keeps its name.

Results

Revenue grew every year in the period covered by the filings:

• 2020: $28.0 million

• 2022: $76.5 million

• 2023: $108.7 million

• 2024: $127.2 million

• 2025: $165.4 million

Adjusted EBITDA went from $24.1 million in 2022 to $58.0 million in 2025. The Data segment, reported as subscription revenue, jumped from $8.4 million in 2024 to $41.1 million in 2025, mainly because of the OddsJam acquisition. Marketing grew only 5%, to $124.3 million: $103.6 million of performance marketing plus $20.8 million of advertising and other income. Within performance marketing, CPA and hybrid deals each made up 37% in 2025 and revenue share 24%. North America rose from $55.5 million to $87.2 million and became the largest region. Customer concentration also eased: the ten largest customers made up 25% of revenue in 2025, against 48% in 2023.

What did not work

Search exposure came back hard. The 2025 annual report says Google's March 2025 core update cut organic traffic to Gambling.com by roughly 40%. The company then spent more on other traffic sources, and its fourth-quarter Adjusted EBITDA margin fell to 33% from 42%.

Regulation also hit. Finland's new Gambling Act limits licensed operators' use of affiliates, and the group wrote down three Finnish domains by $14.0 million. 2025 ended with a net loss of $32.9 million despite record revenue. The largest item was a $47.7 million fair-value charge on contingent consideration: a $48.5 million loss on the OddsJam earnout, because the unit outperformed, less a $0.8 million gain on Spotlight.Vegas. Sales and marketing costs also rose 50% to $63.0 million, and technology costs 78% to $24.8 million.

In 2026 the slowdown reached the top line. First-quarter revenue was flat at $40.4 million, with marketing down 5% and sports data up 13%. On May 14, 2026, the company lowered 2026 guidance to $165 to $170 million of revenue and $45 to $50 million of Adjusted EBITDA, from $170 to $180 million and $50 to $58 million in March. It also proposed cutting about 25% of its workforce, citing search, Finland and a higher UK gaming duty. In its second-quarter release on August 13, 2026, Grandstand reported revenue of $37.8 million, down 5%, with marketing down 10% to $26.5 million and data up 12% to $11.2 million. Adjusted EBITDA fell to $7.7 million, a 20% margin, and the guidance was kept unchanged. Catena Media's US story shows a harsher version of the same search risk.

Takeaways for affiliates

• Build income that does not need a click-out. Data revenue, mostly bought through the OddsJam deal, grew to a quarter of the total in a year when one Google update cut flagship traffic by about 40%, and it kept growing in 2026 while marketing shrank.

• Price an earnout as if it will pay in full. OddsJam beat the plan, the earnout was fixed at $80 million before an early-payment discount, and the remeasurement booked a $48.5 million loss in a year of record revenue. If the seller succeeds, the buyer pays the top of the range.

• Expect the bill for diversifying traffic. The fourth-quarter 2025 margin fell nine points, which the company tied to marketing spend on new traffic sources.

• Spread revenue across partners. Going from 48% to 25% of revenue with the top ten customers made the group less dependent on any single operator.

• Treat one market's rules as a concentration risk. One Finnish law turned three domains into a $14 million write-down; plan for each of your tier-1 markets separately.

This is a company case study based on public filings, not investment advice.

FAQ

Is Gambling.com Group the same as Grandstand?

Yes. On July 22, 2026, Gambling.com Group Limited announced its new name, Grandstand Limited. Its shares moved from the ticker GAMB to GRSD at market open on July 23, 2026. Gambling.com itself continues as the group's consumer comparison and review site.

Is Gambling.com Group a public company?

Yes. It has been listed on the Nasdaq Global Market since July 23, 2021, when it sold shares at $8.00 in its IPO. It now trades as Grandstand under GRSD. The share price changes daily, so check Nasdaq for a current quote.

How does Gambling.com Group make money?

Mainly through performance marketing: operators pay it CPA, revenue share or hybrid fees for referred players, worth $103.6 million in 2025. Advertising and other income added $20.8 million to the Marketing segment. The Data segment, including OddsJam subscriptions and OpticOdds feeds, added $41.1 million.

What did Gambling.com Group buy?

Its main acquisitions were RotoWire and BonusFinder in January 2022, Odds Holdings, the owner of OddsJam and OpticOdds, in January 2025, and Spotlight.Vegas in September 2025. Odds Holdings was the largest: $80 million upfront plus an earnout later fixed at $80 million, less an early-payment discount.

Sources

• Gambling.com Group, final IPO prospectus (Form 424B4), July 2021

• Gambling.com Group, full year 2022 results, March 23, 2023

• Gambling.com Group, annual report on Form 20-F for 2023

• Gambling.com Group, agreement to acquire Odds Holdings (Form 6-K, Exhibit 99.1), December 12, 2024

• Gambling.com Group, fourth quarter and full year 2025 results, March 12, 2026

• Gambling.com Group, annual report on Form 20-F for 2025

• Gambling.com Group, first quarter 2026 results (Form 6-K, Exhibit 99.1), May 14, 2026

• Grandstand, name change to Grandstand Limited (Form 6-K), July 22, 2026

• Grandstand, second quarter 2026 results (Form 6-K, Exhibit 99.1), August 13, 2026