Benchmark lowered its price target for Gambling.com Group to $7 from $8 while maintaining a Buy rating, citing rising risks that 2026 earnings could undershoot consensus expectations due to a more competitive and maturing online gambling landscape. The adjustment reflects a cautious stance on next year’s trajectory without indicating any deterioration in near-term fundamentals.

In the third quarter of 2025, Gambling.com Group delivered record revenue of $39 million, up 21% year over year, and achieved adjusted EBITDA of $13 million, a 3% increase versus the prior year. These results underscore the scalability of the company’s performance marketing model and its ability to generate strong cash flow even as growth moderates.

Management reaffirmed full-year 2025 guidance of approximately $165 million in revenue (up 30% y/y) and $58 million in adjusted EBITDA (up 19% y/y), highlighting confidence in its asset-light digital customer acquisition services. The company remains positioned to benefit from ongoing U.S. sports betting legalization, though intensifying competition presents potential headwinds for 2026.