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Gambling.com is like:

• TripAdvisor for online gambling.
• NerdWallet for online casinos and sportsbooks.

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• Digital Marketing Services: The company provides specialized digital marketing and customer acquisition services to online gambling operators globally.
• Branded Content Websites: It operates a network of proprietary websites, including Gambling.com and Bookies.com, which serve as content hubs and referral platforms for its marketing services.

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Gambling.com Group Limited (GAMB) operates as a performance marketing company for the online gambling industry. This means its business model involves referring users to online gambling and sports betting operators and earning commissions for successful referrals (e.g., new depositing customers or revenue share). Therefore, the company sells primarily to other businesses (B2B), specifically online gambling and sports betting companies.

Based on company disclosures and the nature of its affiliate marketing business, its major customers are leading online gambling operators. While Gambling.com Group works with a large number of operators globally, the most prominent ones frequently mentioned as key partners include:

• DraftKings (NASDAQ: DKNG)
• FanDuel (a prominent brand and subsidiary of Flutter Entertainment plc, which trades on the London Stock Exchange under LSE: FLTR and on the OTC Markets as PDYPY)
• BetMGM (a joint venture between MGM Resorts International, NYSE: MGM, and Entain plc, which trades on the London Stock Exchange under LSE: ENT and on the OTC Markets as GMVHY)
• Caesars Sportsbook & Casino (a brand and offering of Caesars Entertainment, Inc., NASDAQ: CZR)
• Rush Street Interactive (NYSE: RSI)

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Charles Gillespie, Chief Executive Officer and Co-Founder

Charles Gillespie co-founded Gambling.com Group in 2006 and has served as its Chief Executive Officer since its inception. He also holds the position of Chairman of the board of directors since May 2024. Mr. Gillespie directly owns 11.07% of the company's shares. He oversees the company's global operations, including those in Europe and the United States, and has led significant technological investments and acquisitions. In 2019, he was recognized as the Sports Betting Community Leader of the Year. The initial funding for Gambling.com Group came from his personal savings and early angel investments. The company, initially operating as World Sports Network (WSN) in 2006, focused on East Asian audiences with soccer coverage. He guided the company through its 2021 IPO. Mr. Gillespie holds a Bachelor of Arts degree in Political Science and Entrepreneurship from the University of North Carolina at Chapel Hill.

Elias Mark, Chief Financial Officer

Elias Mark has served as the Group Chief Financial Officer of Gambling.com Group since 2016. Prior to his role at Gambling.com Group, he held positions as Director of Highlight Media Holdings Limited (Highlight Media Group), Director of Nöjesguiden Media AB, and CFO of Whispr Group Inc. Mr. Mark was born in 1980.

Kevin McCrystle, Chief Operating Officer and Co-Founder

Kevin McCrystle co-founded Gambling.com Group in 2006 with Charles Gillespie and has served as its Chief Operating Officer since 2007. He also became a director in May 2024. Mr. McCrystle is responsible for developing and implementing strategies across product, marketing, content, and sales functions, as well as integrating key acquisitions. He also served as a director of GDC Media Limited (Ireland), a company subsidiary, since July 2016. In 2020, he relocated to the company's US headquarters in Charlotte to oversee the expansion into the North American market. Like Mr. Gillespie, Mr. McCrystle contributed personal savings and angel investments for the initial funding of Gambling.com Group. He launched KAX Media in 2006, a performance marketing company headquartered in Dublin. He holds a Bachelor of Arts degree in Political Science and Philosophy from the University of North Carolina at Chapel Hill.

Max Bichsel, Executive Vice President, North America

Max Bichsel has served as the Executive Vice President, North America, at Gambling.com Group since January 2024. Since joining the company in 2019, he has held various leadership roles, including Vice President of the U.S. business and Vice President of Sports. In his current capacity, Mr. Bichsel oversees the company's North American operations, which encompass Odds Holdings, Inc. (parent company of OddsJam and OpticOdds), a portfolio of over 30 websites such as RotoWire.com and Bookies.com, and the company's media partnership with Gannett Co.

Ellen Monaghan, Senior Vice President, People

Ellen Monaghan holds the title of Senior Vice President, People, at Gambling.com Group. She has been with the company for 11.2 years.

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1. Dependence on Google Search Algorithms and SEO Headwinds: Gambling.com's business model, heavily reliant on generating traffic through search engines, faces significant risk from changes in Google's search algorithms. Recent updates, including those related to "site reputation abuse," have already negatively impacted the company's search rankings, leading to "persistent organic search (SEO) headwinds" and "slower growth than initially anticipated". Such algorithm changes are an "external force" that can render SEO-sensitive business models ineffective, especially with the evolving influence of AI on search interfaces. The company has revised its guidance downwards due to these challenges, although it is working to recover lost positions and diversify its traffic sources beyond traditional SEO.
2. Regulatory Changes and Increased Scrutiny in the Online Gambling Industry: The online gambling industry operates under a complex and continuously evolving regulatory framework across various jurisdictions. Gambling.com Group, as a performance marketing company in this sector, is exposed to the risks associated with these regulatory shifts. Recent examples include "regulatory headwinds in the UK, where a higher-than-expected increase in gaming duty will impact player values and volume," and new regulations in Europe, such as those in Finland, which "will curtail performance marketing". The industry also faces heightened scrutiny regarding anti-money laundering (AML) compliance, responsible gaming practices, and advertising restrictions, with non-compliance potentially leading to "substantial financial repercussions and reputational damage".
3. Intense Competition: The gambling affiliate sector is highly competitive. Gambling.com Group is vulnerable to competition as it is "very easy to start similar websites and take market share, especially in the Performance Marketing segment". The "race to capture market share in newly regulated markets is intense," requiring operators to adapt quickly to local payment methods, currencies, and regulatory issues. To mitigate this, Gambling.com Group, like other affiliates, is focusing on diversification beyond traditional SEO to build brand authority and "moats" against competitors.

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1. Impact of AI-driven Search Engines (e.g., Google's Search Generative Experience / AI Overviews): For a company like Gambling.com Group that heavily relies on organic search traffic to its branded websites (Gambling.com, Bookies.com) for reviews, comparisons, and affiliate links, the emergence of AI-powered search results poses a significant threat. If search engines begin to directly answer user queries such as "best sports betting sites" or "casino bonuses" within the search results page itself, reducing the need for users to click through to external websites, it could drastically diminish traffic and, consequently, conversion rates for GAMB's core business model.

2. Stricter Regulatory Environments and Advertising Restrictions: As online gambling markets mature and new jurisdictions regulate the industry, there is an ongoing trend towards increasingly stringent rules governing advertising and marketing practices. This includes potential bans on specific types of promotions, restrictions on where and how gambling products can be advertised (e.g., untargeted advertising bans), and even the introduction of licensing requirements for affiliate marketers themselves. Such regulatory shifts directly threaten Gambling.com Group's ability to acquire and monetize new users through its performance marketing channels.

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Gambling.com Group Limited (GAMB) anticipates several key drivers for future revenue growth over the next two to three years:

1. Expansion of Sports Data Services: The company expects significant growth from its sports data services business, including products like OpticOdds, OddsJam, and RotoWire. This segment has demonstrated substantial year-over-year revenue increases and is projected to be a primary growth engine, particularly through enterprise services and new AI-driven products.
2. Diversification of Marketing Channels Beyond SEO: Gambling.com is actively pursuing a strategy to reduce its reliance on traditional search engine optimization (SEO) due to market volatility. The company is expanding its focus on non-SEO marketing channels such as email, social media, paid advertising, and strategic partnerships, which are expected to contribute an increasing share of total revenue.
3. Geographic Market Expansion: The company's growth strategy includes expanding into new market opportunities across North America, Europe, and Latin America. North America, in particular, has shown robust revenue growth, and the ongoing legalization of online sports betting and iGaming in additional U.S. states is expected to fuel further expansion.
4. Strategic Acquisitions: Acquisitions continue to be a component of Gambling.com's growth strategy. Past acquisitions, such as OddsJam, OpticOdds, Freebets.com, and Spotlight.Vegas, have contributed to revenue growth and diversification, and further strategic acquisitions are anticipated to support future expansion.
5. Product Development and Technological Innovation: Investment in new product development and technological enhancements, including leveraging artificial intelligence (AI), is expected to drive growth. This includes new platform features for enterprise clients, AI-driven pricing tools, real-time settlement solutions, and enhanced functionality for consumer-facing prediction markets and sportsbooks.

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Share Repurchases

• Gambling.com Group repurchased 672,000 shares for a total consideration of $5.6 million during 2025.
• As of December 31, 2025, the company had $14.4 million remaining under its share buyback authorization.
• The company expanded its equity buyback plan by $10 million in August 2025.

Share Issuance

• Gambling.com Group priced its initial public offering (IPO) in July 2021, offering 5,250,000 ordinary shares at $8.00 per share.
• In 2025, the company issued $0.254 million (254 thousand) in ordinary shares in relation to its employee stock purchase plan.

Outbound Investments

• In January 2025, Gambling.com Group completed the acquisition of Odds Holdings, Inc., parent company of OddsJam, for an initial purchase consideration of $80 million, consisting of $70 million in cash and $10 million in company ordinary shares. An additional $80 million in contingent consideration is based on performance.
• In February 2022, the company acquired news publishing company NDC Media, including BonusFinder.com, for $69 million.
• In January 2022, Gambling.com Group acquired Roto Sports, owner of RotoWire.com, for $27.5 million.

Capital Expenditures

• For the full year 2025, expected capital expenditures were approximately $0.5 million.
• Capital expenditures in the last 12 months (as of early 2026) were reported as -$863,000.
• Capital expenditures are defined as the acquisition of property and equipment and capitalized research and development costs.