Freedom Capital analyst Egor Tolmachev initiated coverage of Gambling.com Group Limited with a Buy rating and an $8.50 price target on December 30. The analyst described the company as a premier performance marketing and sports data provider in the online gambling sector. According to the firm, the shares offer a capital-light, pure-play opportunity for investors to gain exposure to the rapid, state-by-state legalization of the US market.
In the third quarter of 2025, Gambling.com reported a 21% year-over-year revenue increase to $39 million. This growth was fueled by the company's sports data services, where revenue quadrupled to $9.2 million. The segment now accounts for 25% of total 2025 revenue, driven by enterprise solutions like OpticOdds and consumer platforms such as OddsJam and RotoWire.
Despite the top-line success, the group faced significant headwinds in its marketing division. Marketing revenue remained flat year-over-year due to unfavorable search ranking dynamics and poor organic search quality. Consequently, the company revised its full-year 2025 revenue guidance downward to approximately $165 million.
Gambling.com Group Limited operates as a performance marketing company for the online gambling industry in North America, the UK, Ireland, rest of Europe, and internationally.