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Gambling. com Group Marching to a different drum
Gambling. com Group delivered a record financial performance in Q4 and full-year 2024, which the management team said had set the stage for accelerated growth in 2025. Q4 revenue rose 9 % to $ 35.3 million, while Q4 adjusted EBITDA was up 39 % to $ 14.7 million with margins rising from 32 % in the prior-year period to 42 %. Free cash flow – very important given GDC’ s continued M & A ambitions – rose to $ 13.2 million from $ 6.5 million.
For the full year, revenue increased 17 % to $ 127.2 million while adjusted EBITDA was up 33 % to $ 48.7 million with a margin of 38 %. Full-year free cash flow was up 81 % to $ 41.6 million.
As chief executive Charles Gillespie said, Gambling. com Group“ finished 2024 in style with record quarterly and full-year financial performance.” This is set to continue into 2025, with FY revenue guidance of $ 170- $ 174 million, representing a 35 % year-on-year increase at midpoint. Subscription revenue, boosted by the Odds Holding acquisition, is now expected to be worth 20 % of that total.
Gillespie emphasised the path toward their long-term target:“ We continue to close in on our goal of generating $ 100 million in annual adjusted EBITDA. The midpoint of this year’ s guidance of $ 68 million implies that we will be more than halfway there already in 2025.”
Operationally, Gillespie said the company forecast a return to growth in North American sports for 2025. Notably, the Missouri launch expected in H2 is not yet included in guidance.
He said that overall, Gambling. com Group had a resilient revenue model:“ The amount of revenue share revenue we have in sports betting is not huge. It typically doesn’ t happen negatively in both Europe and US at the same time.”
Chart 1: Gambling. com Group revenue and adjusted EBITDA Q123- Q424($ m)
40
|
35
30
25
|
26.7 |
26.0 |
23.5 |
32.5 |
29.2 |
30.5 |
32.1 |
35.3 |
20 |
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|
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|
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15
10
|
10.7 |
9.4 |
10.6 |
10.2 |
11.2 |
12.6 |
14.7 |
5
0
6.0
Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424
Source: company reports
Revenue($ m) Adj. EBITDA($ m)
April 2025