Gambling.com Group Limited Q2 2026 Earnings Call Summary

Moby Intelligence

Fri, August 14, 2026 at 3:30 PM GMT+3 3 min read

Gambling.com Group Limited Q2 2026 Earnings Call Summary - Moby

Strategic Transformation and Operational Drivers

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Management completed a significant corporate rebranding to Grandstand, positioning the company as the 'intelligence layer' across sports, gaming, and entertainment rather than just a comparison hub.
The Sports Data Services segment is shifting toward a B2B-heavy model, with enterprise revenue now comprising the majority of the segment and pacing for over 50% year-over-year growth.
Marketing revenue declines were primarily driven by organic SEO headwinds and regulatory challenges in international markets like the U.K., where affiliate commission payouts (CPAs) in the U.K. declined by approximately 15%.
A major operational restructure reduced headcount by 25% and flattened management layers, intentionally shifting the company toward an AI-core operating model to increase work velocity.
The business has successfully diversified its marketing mix, with non-SEO channels now accounting for 67% of marketing revenue, reducing dependency on Google search algorithms.
Management highlighted OpticOdds' integration as a top-tier connector for consumer AI platforms like Perplexity, signaling a new growth vector in the AI data ecosystem.

H2 2026 Outlook and 2027 Growth Framework

Full-year guidance assumes a typical seasonal pickup in North American sports, which management expects will return the marketing business to roughly flat performance in the second half.
The completed restructure is expected to deliver $13 million in annualized fixed cost savings, with $6.5 million benefiting the second half of 2026 to drive margin expansion.
Management targets a return to total revenue and adjusted EBITDA growth in 2027, with blended EBITDA margins expected to reach the low 30s.
The newly launched Roll Card fintech product is projected as a $50 million to $100 million revenue opportunity over a five-year horizon, leveraging interchange fees from gaming deposits.
Cash conversion is expected to remain in the 70% to 80% range, supporting a dual strategy of deleveraging and reinvesting in product innovation.

Restructuring and Capital Allocation

Incurred $3.2 million in restructuring costs during the quarter, with the bulk of the operational changes now substantially complete.
Achieved a 10% annualized discount by prepaying $10.4 million of deferred consideration related to the The company prepaid $10.4 million of deferred consideration, achieving a 10% annualized discount..
The company utilized $8 million from its credit facility to manage working capital and debt repayment, ending the quarter with $33.3 million in total liquidity.
Management flagged the emergence of prediction markets as a new catalyst for both data sales and marketing acquisition, particularly heading into the NFL season.

Q&A Session Highlights

Strategic rationale and competitive advantage for Roll Card fintech launch

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Kevin McCrystle explained that payments are the 'biggest friction' in U.S. gaming and the card targets high-intent users already within Grandstand's audience ecosystem.
The revenue model focuses on 1% to 2% interchange fees on deposits, with expected gross margins in the 80% to 85% range prior to marketing costs.

Sustainability of marketing margins amid shift away from SEO

Elias Mark clarified that while non-SEO channels have higher cost-of-sales, they require significantly lower OpEx than organic SEO.
Management expects marketing contribution margins in the 40s, compared to mid-60s for the data business, resulting in a blended EBITDA margin in the low 30s for 2027.

Competitive positioning of Oddsjam against AI-driven startups

Management is building a 'deeper feature set' to create a moat against low-cost AI competitors and has rebuilt its social distribution engine following the end of an earn-out period.
Oddsjam now serves as a critical support driver for the new Roll Card product and feeds data into the B2B OpticOdds platform.

Impact of new market participants like Fanatics and prediction markets

The entry of new players is viewed as a positive catalyst that forces existing operators to be more aggressive in customer acquisition, benefiting Grandstand's marketing business.
Prediction markets are providing a new cohort of buyers for high-speed data, specifically market makers and quant funds.