Consumer Discretionary Select Sector

Russell 2000

The Diluter

Comparable Companies - GAMB

No open-market insider trades were reported in the last 12 months. AWM Investment Company is the largest institutional holder with a 4.28% stake. Short interest as of 2025-12-15 is 2,328,644 shares, representing 12.4% of the float.

The filing reports beneficial ownership of 3,894,410 ordinary shares. The shares are held directly by Charles Gillespie (176,234 shares) and indirectly through Praetorium Limited (3,718,176 shares).

The filing reports beneficial ownership of 3,718,176 ordinary shares held of record by Praetorium Limited.

Charles Hanson Gillespie

Kevin McCrystle

Elias Mark

Susan Ball

Fredrik Burvall

Gregg Michaelson

Pär Sundberg

Michael Quartieri

Charles Hanson Gillespie, as CEO and Co-Founder, has led Gambling.com Group through a period of significant capital deployment, marked by substantial M&A activity ($134.8M) and debt issuance ($80.1M), alongside considerable stock issuance ($41.9M) and debt repayment ($40.7M). While operating cash flow has been a primary source of funding, the company's net income and EPS have seen significant declines over the period from 2020-12-31 to 2025-09-30. His leadership has been recognized within the industry, receiving the 'Sports Betting Community Leader of the Year' award in 2019. His educational background in Political Science and Entrepreneurship from UNC Chapel Hill provides a foundation for his strategic oversight. The company's capital allocation strategy, particularly the significant reliance on stock issuance and the resulting dilution, warrants further examination in conjunction with performance metrics.

Chief Executive Officer, Co-Founder and Chairman of the Board

Kevin McCrystle, as COO and Co-Founder, has been instrumental in developing and implementing strategies for product, marketing, content, sales, and acquisition integration at Gambling.com Group. His operational oversight has coincided with the company's significant capital allocation activities, including substantial M&A, debt, and stock issuances, as well as debt repayments and share repurchases. Similar to the CEO, his tenure has seen a decline in net income and EPS. His academic background in Political Science and Philosophy from UNC Chapel Hill complements his strategic role. His contributions are intertwined with the company's overall financial performance and capital structure evolution.

Chief Operating Officer, Co-Founder and Director

Elias Mark, as CFO, has been central to Gambling.com Group's financial strategy, including navigating multiple debt and equity raises and the company's IPO. His tenure has overseen significant capital allocation activities, including substantial M&A, debt issuance, and stock issuance, alongside debt repayment and share buybacks. While his financial leadership has been evident in capital raising, the company's net income and EPS have declined during his tenure. His prior experience as a CFO and founding partner in capital ventures, coupled with his Master's degree and professional certifications, provides a strong financial foundation. His role in managing the company's financial health and capital structure is critical, especially in light of the recent performance trends.

Chief Financial Officer

Susan Ball brings extensive financial expertise to the board, evidenced by her tenure as CFO for MOO.com and Kindred Group (Unibet Group), where she led an IPO. Her experience extends to board roles at Playtech Plc and Kambi Group Plc, demonstrating a deep understanding of the gaming and technology sectors. As a Chartered Accountant with a background at Ernst & Young, her integrity and financial acumen are well-established. Her role as Chair of the Audit Committee at Gambling.com Group is crucial for financial oversight and governance.

Director

Fredrik Burvall's career demonstrates a strong background in executive leadership and finance, having served as CEO of Cherry AB and CFO of Ericsson Technology Licensing AB. His current roles as Chairman of the board for multiple companies, including Beyond Frames AB, K33 AB, and Cherry With Friends AB, highlight his ongoing involvement in corporate governance and strategic direction. His MBA in Economics from Stockholm University provides a solid foundation for his financial and leadership roles. As Chair of the Nominating and Governance Committee, his expertise is vital for ensuring robust corporate governance practices at Gambling.com Group.

Gregg Michaelson's career is characterized by significant leadership roles in both executive management and investment. As a General Partner at Edison Partners, he brings a venture capital perspective to the board. His prior experience as CEO of Linkwell Health and President/CMO of Rodale demonstrates a strong track record in operational and marketing leadership. His MBA in Finance from NYU Stern underscores his financial acumen. His contributions as a member of the Compensation Committee are valuable, leveraging his experience in evaluating executive performance and compensation structures.

Pär Sundberg brings a wealth of experience in media and technology leadership, having served as President and CEO of Metronome Film & Television AB and co-founding OTW. His current role as Chairman at Brand New Content indicates continued involvement in strategic oversight. His M.Sc. in Industrial Engineering and Management from Luleå University of Technology provides a strong analytical and operational foundation. His expertise is valuable to the Nominating and Governance Committee, contributing to the board's effectiveness and governance structure.

Michael Quartieri is a seasoned financial executive with extensive experience as a CFO for prominent companies in the gaming and entertainment sectors, including Dave & Buster’s, LiveOne, and Scientific Games. His current role as CEO of RumbleOn further demonstrates his leadership capabilities. His CPA designation and strong academic background from the University of Southern California, coupled with his audit experience at Deloitte & Touche, provide a robust foundation for financial oversight. His position on the Audit Committee is critical, leveraging his deep understanding of financial reporting, internal controls, and regulatory compliance.

Ellen Monaghan

B2B gaming technology supplier providing content, platform, and products to licensed online and land-based operators globally.

Supplies gaming machines and content to licensed betting offices, adult gaming centers, pubs, and other venues.

Provides simulated sports events for online and retail channels.

Offers digital gaming solutions including slot games for online operators.

Operates gaming and entertainment terminals in leisure parks and motorway service areas.

Online casino gaming and sports betting operator focused on Latin American and Spanish markets.

Online casino and sports betting operations in Mexico.

Online casino and sports betting operations in Spain.

Operations in other Latin American markets and other jurisdictions.

Holding company operating in the recommerce and recycling sectors, focusing on luxury hard assets and end-of-life technology assets.

Recommerce of luxury hard assets such as fine jewelry, luxury watches, and precious metals.

IT asset disposition (ITAD) and electronics recycling services.

Specialized talent solutions and business consulting firm connecting skilled job seekers with opportunities.

Provides contract professionals in finance, accounting, technology, and administrative fields.

Permanent placement services for specialized professionals.

Global consulting firm for internal audit, risk, business, and technology solutions.

The company primarily operates from offices in Ireland, the United States, and Malta. The company does not own any material physical manufacturing facilities as it is a performance marketing and technology company.

The management team presents a bifurcated profile. The leadership possesses exceptional experience in scaling the business from zero to a significant public entity, validating their operational capability (Pillar 3). The board is well-structured with relevant financial and venture expertise (Pillar 4), and insider ownership is high (Pillar 2). However, the execution of capital allocation is critically flawed (Pillar 1). The team is currently destroying economic value through aggressive, dilutive M&A funded by debt and equity issuance, while simultaneously executing poor-timing buybacks. For an Early-Stage Hypergrowth archetype, this lack of capital discipline is a major red flag. The team has the right experience to grow, but their current capital allocation strategy is punishing per-share value.

The company does not discuss specific material environmental regulations, compliance costs, or environmental legal proceedings in its Business or Risk Factors sections.

The company reported 555 full-time employees. No aggregate data regarding turnover rate or specific geography/gender breakdowns was disclosed.

The company discloses that it processes personal, confidential, and sensitive information and faces risks related to security incidents, inadvertent disclosure, or breaches. It mentions potential harm to reputation and business from security failures but does not detail specific product safety, quality management, or responsible marketing policies.

No specific disclosures regarding responsible sourcing, supplier audits, or community engagement programs were provided.

This narrative is built upon a foundation of decelerating legacy revenue (17% growth in FY 2024 vs 42% in FY 2023) and collapsing GAAP profitability (TTM Operating Margin of 2.6%), masked by strong Adjusted EBITDA and Free Cash Flow generation from the legacy business.

The P14 Innovation Dossier states CapEx is primarily for 'capitalized software development costs' to maintain the proprietary technology platform (Adge, Origins, Genesis). The 20-F notes the company maintains a pipeline of over 500 undeveloped domain names. The Q3 2025 transcript mentions the acquisition of Spotlight.Vegas for $8 million (plus earnout) as a key investment to expand into ticketing.

The 20-F identifies intangible assets primarily as domain names and related websites with a carrying value of $108.5M (indefinite lives) and acquired customer relationships/software. The auditor did not identify impairment as a Critical Audit Matter, and the P14 dossier notes 'No impairment charges were necessary for intangible assets as of December 31, 2024.'

The company is reinvesting heavily (Reinvestment Rate > 100%) to build the sports data business. The P14 dossier highlights the acquisition of OddsJam as the primary vehicle for this reinvestment.

EV/Sales

EV/FCF

Co-Founder; extensive leadership in online gambling/performance marketing; recognized industry leader.

Charles Gillespie

Co-Founder; operational leadership in product, marketing, and integration of acquisitions.

Chartered Accountant; extensive CFO experience (MOO.com, Kindred Group/Unibet); board experience at Playtech, Kambi.

CEO/Owner at The Networked Nation; former CEO of Cherry AB; background in finance and business control.

General Partner at Edison Partners; former CEO/CMO in healthcare and content marketing.

Board Chairman/Member in media and tech; former CEO of Metronome Film & Television; co-founder of OTW.

CPA; CEO of RumbleOn; former CFO of Dave & Buster's, LiveOne, and Scientific Games.

Mark Blandford

Edison Partners IX, LP

All Directors/Execs as Group (8 persons)

Praetorium Limited

Gambling.com Group Limited is a multi-award-winning performance marketing company and a leading provider of digital marketing and consumer and enterprise data subscription services, active exclusively in the online gambling industry. The company's principal focus is on online casino, online sports betting, and fantasy sports. Founded in 2006, the company operates a portfolio of premier branded websites including Gambling.com, Bookies.com, Casinos.com, and Freebets.com, in addition to over 50 local websites. It also operates consumer and enterprise data subscription services through RotoWire.com, OddsJam.com, and OpticOdds.com. The company utilizes its proprietary technology platform, websites, and media partnerships to attract online gamblers and refer them to licensed operators.

Held WACC (10.5%) and Terminal Multiple (10.0x) constant. Solved for the Year 5 Operating Margin required to justify the current Enterprise Value.

Balance Sheet - Supplemental

Balance Sheet

Cash Flow Statement - Supplemental

Cash Flow Statement

Income Statement - Supplemental

Income Statement

Ratios

Valuation

Historical Ratios & Multiples - GAMB

The company is operating in a high-growth environment, with the North American online gambling market projected to grow at a 28% CAGR through 2028. While the macro tailwind is strong, the industry is in a peak investment phase, with capital pouring into technology and acquisitions, creating near-term margin pressure across the sector.

Gambling.com is at a critical juncture as it integrates the OddsJam acquisition and navigates the most volatile search environment in its history, with the stock currently trading near 52-week lows despite record top-line results.

Sports data services revenue exceeding 40% of total revenue mix. This addresses the primary market concern regarding SEO dependency by proving the company has successfully transitioned to a recurring, non-search-dependent revenue model.

First quarter of positive GAAP operating income post-acquisition integration. This would validate management's claim that margin compression is temporary and driven by non-cash amortization and integration costs.

Permanent impairment of the legacy marketing business due to Google algorithm changes or AI search disruption. If search traffic continues to decline, the cash flow required to fund the OpticOdds pivot and service the $88.2M debt load will evaporate.

Execution failure in the B2B sports data pivot. The primary threat is a failure to achieve product-market fit at scale for OpticOdds or the emergence of a better-funded competitor like Sportradar.

Liquidation value analysis is not relevant for the company's archetype ('Early-Stage_Hypergrowth') and was not performed.

Cash & Equivalents

Accounts Receivable

Inventory

Tax Assets

Other Current Assets

Net PP&E

Intangibles

Other Non-Current

Accounts Payable

Current Debt

Deferred Revenue

Tax Liabilities

Other Current Liabilities

Non-Current Debt

Other Non-Current Liabilities

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Georgia State Rep. Marcus Wiedower Is The 2025 American Gambling Awards Policymaker Of The Year

Document

GAMBLING.COM GROUP REPORTS RECORD SECOND QUARTER REVENUE AND ADJUSTED EBITDA

Market/Sector Move -5.39%

exhibit991-amendedandres

Gambling.com Group Ltd. (GAMB) PT Raised to $16 at Truist Securities

SC 13G/A

Betmgm Named American Gambling Awards Online Casino Of The Year

Investor Presentation Prepared April 2022Includes data through Q4 2021 Exhibit 99.1

EX-99.1

UNITED STATES

Investor Presentation

Gambling. Com Group Limited Reports Second Quarter 2021 Financial Results

Gambling.com price target lowered to $6 from $7 at Truist

Freedom Capital Markets Starts Gambling.com Group Ltd. (GAMB) at Buy

Gambling.com price target lowered to $8 from $13 at Jefferies

Gambling.com price target lowered to $9 from $11 at Truist

Gambling.com price target lowered to $13 from $15 at Jefferies

Gambling.com is pivoting from a legacy SEO-dependent marketing affiliate to a high-growth sports data provider via the OpticOdds acquisition. While the market is fixated on near-term search algorithm headwinds that have compressed operating margins to 2.6%, the underlying unit economics of the new subscription-based data business (growing 304% YoY) offer a path to significant margin expansion and recurring revenue that the current valuation fails to capture.

Executive Summary

The primary value driver is the transformation of the revenue mix toward high-margin, recurring subscriptions, which grew to 24% of total revenue in the most recent quarter. This shift is catalyzed by the enterprise adoption of OpticOdds among prediction market makers and Wall Street firms, while the 93.2% gross margin provides the necessary cushion to fund this pivot despite temporary SEO-driven operating margin compression.<ul><li>Driver: Rapid scaling of the OpticOdds sports data services segment.</li><li>Catalyst: Quarterly evidence of sports data revenue exceeding 40% of the total mix, de-risking the SEO narrative.</li><li>Protection: High gross margins of 93.2% and $70.5M in undrawn credit capacity providing a liquidity bridge.</li></ul>Our variant perception is that the market is excessively discounting the stock due to near-term GAAP losses and SEO volatility, failing to recognize that the underlying unit economics of the OpticOdds subscription business are highly profitable and that the current cash burn is a discretionary investment in capturing a winner-take-all sports data market.This is a high-risk, venture-style investment in a disruptive technology, where the bet is on the company achieving market leadership and future profitability at scale, justifying the current cash burn and the temporary deterioration of the legacy marketing moat.

Core Investment Rationale

Gambling.com Group operates as a performance marketing and sports data services company. Historically, the business relied on referring New Depositing Customers (NDCs) to online gambling operators via SEO-optimized domains like Gambling.com and Bookies.com, monetizing through Cost Per Acquisition (CPA) and hybrid models. The current strategy involves a pivot toward B2B and B2C data subscriptions. Revenue grew 24.2% YoY to $154.5M, but the mix is shifting: marketing revenue is facing headwinds from Google algorithm updates, while sports data services revenue quadrupled to $9.2M in the most recent quarter. Management is prioritizing market capture in the U.S. online gambling sector, which is projected to reach $32.95B by 2030.The company's core intangible assets include a portfolio of over 1,800 domain names, with a carrying value of $108.5M, and proprietary technology platforms including Adge (business intelligence) and Origins (content publishing). The most critical strategic asset is the newly acquired OpticOdds platform, which provides low-latency, real-time odds data across 350 leagues and 1,000 betting markets. These assets form the foundation of the company's attempt to build a data scale advantage that is less susceptible to search engine volatility than its legacy web properties.The competitive landscape is fragmented but intensifying. Gambling.com competes with other affiliates like Better Collective and Catena Media, as well as B2B data providers like Sportradar and Genius Sports. While the company maintains superior gross margins (93.2% vs. peer median of 53.7%), it is significantly smaller than diversified giants. Competition is currently in a 'Blitzscaling' phase, with peers like Inspired Entertainment (INSE) also investing heavily in digital content, leading to a race for enterprise contracts in the sports data sub-sector.The company's growth journey has been defined by scaling and market capture since its founding in 2006. A key inflection point occurred in 2024-2025 as the legacy marketing business, which delivered 42% growth in 2023, hit a wall due to Google's 'site reputation abuse' policy and persistent search ranking volatility. This forced an aggressive pivot toward M&A, specifically the $80M acquisition of Odds Holdings (OddsJam/OpticOdds). This transition has been funded by a dilutive capital strategy, with $41.9M in stock issuance and a spike in net debt to $80.8M, resulting in a 91.8% erosion of EPS over the last four years as management prioritizes the data pivot over near-term per-share profitability.

Business & Situation

<ul><li>Bull Case: The OpticOdds platform is seeing explosive adoption from prediction markets and Wall Street firms, creating a high-margin recurring revenue stream. Gross margins remain elite at 93.2%, providing massive operating leverage once the data business reaches scale.</li><li>Bear Case: The legacy marketing business is permanently impaired by AI search disruption and Google algorithm changes. High leverage (4.9x Net Debt/EBITDA) and low interest coverage (1.5x) create significant solvency risk if the data pivot fails to generate cash quickly.</li></ul>The consensus view is that Gambling.com is a 'falling knife' marketing affiliate whose core SEO moat has been destroyed by Google. Investors are fleeing the stock due to the collapse in GAAP operating margins from 28.1% in 2024 to 2.6% TTM, viewing the aggressive M&A strategy as a desperate attempt to replace lost traffic with expensive, dilutive acquisitions. This narrative is reinforced by the negative tangible book value of -$128.2M and the net institutional outflow of 1.2M shares in the most recent quarter.The company is operating in a high-growth environment, with the North American online gambling market projected to grow at a 28% CAGR through 2028. While the macro tailwind is strong, the industry is in a peak investment phase, with capital pouring into technology and acquisitions, creating near-term margin pressure across the sector.The market is fixated on the legacy SEO headwinds while underestimating the long-term value of market leadership in the massive sports data TAM. While we acknowledge the current losses, the underlying unit economics are strong, evidenced by 93.2% gross margins and the 304% YoY growth in the sports data segment. The 'cash burn' is not a sign of a broken business, but a discretionary investment in a winner-take-all data platform. The market is pricing in a permanent impairment of the legacy business, but ignoring the fact that non-SEO channels are expected to exceed SEO revenue for the first time in Q4 2025, signaling a successful diversification.The debate centers on whether the data pivot can outrun the SEO decline. Given the 118% cash conversion ratio and the rapid scaling of OpticOdds, the company is likely to reach a profitability inflection point by 2027. The current valuation, trading at 1.8x EV/Sales despite 24% growth, offers a compelling entry point for a business that is successfully transforming its quality of earnings.Our analytical edge is a focus on underlying unit economics and customer cohort data in the sports data segment, which indicates a clear path to 20%+ operating margins that is being obscured by the market's simplistic focus on current-period GAAP losses and SEO volatility.

Core Thesis

CEO Charles Gillespie is a founder who has scaled the company from inception in 2006 to a public entity with $154.5M in revenue. He has overseen six acquisitions and was named Sports Betting Community Leader of the Year in 2019, demonstrating deep industry provenance.Capital allocation has been mixed-to-weak. Management issued $41.9M in stock at $8.73 while buying back $2.9M at $11.90, representing poor timing. However, they successfully secured a $165M credit facility to fund the OpticOdds pivot, which is the core of the current growth strategy.Management maintains a naturally optimistic tone in transcripts, which has led to some investor skepticism regarding the SEO recovery timeline. However, they have been candid about the shift to non-SEO channels and the impact of Google policy changes.<ul><li>Board Independence: 71.4% (5 of 7 directors)</li><li>Chairman/CEO Roles: Combined (Charles Gillespie)</li><li>Chairman Tenure: 18 Years (as CEO/Founder)</li><li>Insider Ownership: 18.6% (Group); CEO holds 11.1%</li><li>Shareholder Rights: Classified Board, Foreign Private Issuer status</li></ul>Net Neutral. While the founder-led team has exceptional scaling experience and significant skin in the game (18.6% ownership), their recent capital allocation has been dilutive and value-destructive, with a negative incremental ROIC of -62.7%.

Leadership & Governance

The valuation floor is set at $0.00, representing the Bear Case DCF Value. With a negative tangible book value of -$128.2M and net debt of $80.8M, there is no tangible asset backstop in a 'broken growth' scenario.The base case assumes 19% revenue growth in 2025, risk-adjusted for SEO headwinds, with operating margins expanding to 27% by Year 5 as OpticOdds scales. This assumes the company successfully navigates its 1.5x interest coverage constraint.The bull case assumes rapid commercialization of OpticOdds among prediction market makers, sustaining >20% growth through Year 5 with 30% operating margins. Blue-Sky Potential: $24.83.The bear case is defined by a scenario of execution failure, where the legacy marketing business is permanently impaired by AI and Google, and the OpticOdds pivot fails to reach scale, leading to a failure to service the $88.2M debt load. Bear Case Value: $0.00.

Valuation Context

<ul><li>Sports data services revenue exceeding 40% of total revenue mix. This addresses the primary market concern regarding SEO dependency by proving the company has successfully transitioned to a recurring, non-search-dependent revenue model.</li><li>First quarter of positive GAAP operating income post-acquisition integration. This would validate management's claim that margin compression is temporary and driven by non-cash amortization and integration costs.</li></ul>Gambling.com is at a critical juncture as it integrates the OddsJam acquisition and navigates the most volatile search environment in its history, with the stock currently trading near 52-week lows despite record top-line results.

Catalyst Path & Context

<ul><li>Permanent impairment of the legacy marketing business due to Google algorithm changes or AI search disruption. If search traffic continues to decline, the cash flow required to fund the OpticOdds pivot and service the $88.2M debt load will evaporate. Marketing revenue was flat YoY in Q3 2025, and operating margins have compressed to 2.6% TTM.</li><li>Execution failure in the B2B sports data pivot. The primary threat is a failure to achieve product-market fit at scale for OpticOdds or the emergence of a better-funded competitor like Sportradar. Incremental ROIC is currently -62.7%, indicating that recent investments have not yet generated economic returns.</li></ul>

Primary Risks

<ul><li>Entry Target: Entry target set to current market price to capture immediate upside on a high-conviction thesis, as the growth trajectory justifies immediate participation.</li><li>Stop Loss: Set as a risk-management tool against a failed thesis; a break below the 52-week low ($4.60) would signal a structural change in the growth narrative.</li><li>Position Size: Base conviction is Medium due to the unproven nature of the OpticOdds pivot and mixed capital allocation. The final size is strictly capped at Starter due to the binary nature of the bet and high volatility inherent in the Early-Stage_Hypergrowth model.</li><li>Time Horizon: Hypergrowth requires patience to let the compounding of high growth rates and the transition to recurring subscription revenue work.</li></ul><ul><li>Sports data services revenue growth rate (Target: >100% YoY)</li><li>Interest coverage ratio (Target: >3.0x)</li><li>Non-SEO channel revenue as a percentage of total marketing revenue</li></ul>Unexplained revenue deceleration in the sports data segment without a corresponding improvement in profitability.

Actionable Parameters & Monitoring

Gambling.com Group is a high-conviction pivot story where the market is mispricing a temporary SEO headwind as a permanent business failure. While risks regarding leverage and search volatility are real, the 93.2% gross margins and explosive growth in the OpticOdds data business provide a clear path to value creation. We recommend a Buy with a Valuation Target of $7.68, representing 41.4% upside from current levels.

Final Conclusion

Rapid scaling of the OpticOdds sports data services segment.

Driver

Quarterly evidence of sports data revenue exceeding 40% of the total mix, de-risking the SEO narrative.

Catalyst

High gross margins of 93.2% and $70.5M in undrawn credit capacity providing a liquidity bridge.

Protection

The OpticOdds platform is seeing explosive adoption from prediction markets and Wall Street firms, creating a high-margin recurring revenue stream. Gross margins remain elite at 93.2%, providing massive operating leverage once the data business reaches scale.

Bull Case

The legacy marketing business is permanently impaired by AI search disruption and Google algorithm changes. High leverage (4.9x Net Debt/EBITDA) and low interest coverage (1.5x) create significant solvency risk if the data pivot fails to generate cash quickly.

Bear Case

Gambling.com is pivoting from a legacy SEO-dependent marketing affiliate to a high-growth sports data provider via the OpticOdds acquisition. While the market is fixated on near-term search algorithm headwinds that have compressed operating margins to 2.6%, the underlying unit economics of the new subscription-based data business (growing 304% YoY) offer a path to significant margin expansion and recurring revenue that the current valuation fails to capture.

From Growth-at-all-costs to Profitability

Method	Implied Value	Weight	Weighted Value
DCF	$13.85	44%	$6.05
Comps	$2.89	56%	$1.62
Total Weighted			$7.68

GAMB

Company Overview

Price History