Gambling.com Group continues to deliver record metrics, irrespective of temporary challenges impacting the performance of its media network. 

Q3 2025 trading saw the Nasdaq-listed igaming media group post a net loss of $3.9m for the third quarter of 2025, due to continued search-related headwinds impacting network performance, in particular European assets.  

The loss compares to a profit of $8.5m in the same period last year, with the downturn mainly attributed to fair-value movements in contingent consideration tied to the outperformance of acquired entities and higher financing and diversification costs.

Group CEO Charles Gillespie, stated that Gambling.com was addressing issues head on: “Despite this near-term challenge, we remain confident that 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.”

Despite setbacks, Q3 saw exceptional growth in the Gambling.com’s sports data services division, which surged by more than 300% year-on-year to $9.2m, now representing almost a quarter of total group revenue. Meanwhile, the marketing services business remained flat at $29.8m, with Gambling.com continuing to feel the impact of poor search results and spam-website saturation, particularly in non-US markets.

Despite these one-off items, headline results remained robust. Adjusted EBITDA rose 3% to $13.0m, maintaining a 33% margin, while adjusted net income reached $9.3m. Operating cash flow remained healthy at $10.9m, underlining the company’s strong cash-generation capacity.

CEO Gillespie said the quarter demonstrated both the resilience of Gambling.com’s operations and the growing strategic importance of its data business: “Our record third-quarter revenue and adjusted EBITDA demonstrate the strength of our business and its ability to generate substantial free cash flow even amid temporary headwinds in the search channel of our marketing operations,” he said.

“Driven primarily by strong growth in enterprise sales, our sports data services business outperformed expectations. OpticOdds clearly has product-market fit in a multi-billion-dollar sports data services marketplace.”

Looking ahead, Gambling.com has updated its full-year guidance to reflect the impact of ongoing search-related challenges. The company now projects FY 2025 revenue of around $165m (+30% YoY) and adjusted EBITDA of approximately $58m (+19% YoY).

Gambling.com enters the final quarter of the year confident that its two-engine model – combining recurring, high-margin data subscriptions with a cash-generative affiliate network – will deliver the momentum required for renewed growth through 2026.