Achieved record Q4 revenue driven by the rapid scaling of non-SEO marketing channels, which exceeded organic search revenue for the first time.

Attributed the shift in marketing strategy to persistent challenges with Google search rankings and the rise of AI-driven spam and negative SEO attacks.

Positioned the Sports Data Services business, specifically OpticOdds and OddsJam, as the primary engine for high-margin growth and market share gains.

Identified prediction markets as a significant new TAM expansion opportunity, acting as a net beneficiary through both data provision and marketing services.

Restructured internal teams following the early fixing of acquisition earn-outs to better align resources toward enterprise data solutions and RotoWire integration.

Emphasized the use of 'Agentic workflows' and AI tools to increase execution velocity and maintain flat headcount outside of acquired businesses.

2026 guidance assumes modest top-line growth but a year-over-year EBITDA decrease due to higher costs from traffic diversification and regulatory headwinds.

Anticipates a 'spring launch' for a highly strategic new marketing product designed to build direct user relationships and transform the marketing narrative by 2027.

Expects margin expansion in the second half of 2026 as CRM activities scale and the incremental margins from new non-SEO channels improve.

Assumes continued high-teens growth in Sports Data Services, driven by international expansion and upselling AI-driven pricing tools to U.S. clients.

Projects regulatory impacts in the U.K. and Finland to act as near-term headwinds on player values and performance marketing volumes.

Recorded a $14 million non-cash impairment charge related to the Finnish market following adverse regulatory changes impacting future cash flows.

Recognized $18.5 million in non-cash fair value movements due to the early termination of the Odds Holdings earn-out period.

Noted a decline in gross profit margin from 94% to 85% year-over-year, reflecting the higher cost of sales associated with paid and partnership traffic.

Flagged 'negative SEO attacks' from aggressive competitors as a unique and difficult-to-mitigate risk factor currently impacting search authority.

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Management clarified that while LLM referrals are up, the primary issue is Google's failure to police AI-generated spam and negative SEO attacks effectively.

Stated that Google Search remains robust in revenue but search quality for gambling terms has degraded as spammers leverage AI tools.

CEO Charles Gillespie noted the deal validates the synergy between sports data and marketing, though Gambling.com is pursuing this in reverse order.

Highlighted that Gambling.com avoids large, restrictive official data contracts, allowing for more flexible technology and better margins.

Management intends to prioritize using strong free cash flow to deleverage the balance sheet before aggressively returning to share buybacks.

Acknowledged that while current valuations make buybacks attractive, maintaining a strong balance sheet is the immediate priority for 2026.

Expressed confidence that prediction markets are a 'distinctly American' product with staying power despite potential Supreme Court reviews.

Confirmed the company is already servicing exchanges and liquidity providers with data, viewing it as a sustainable new category rather than a fad.

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