Gambling.com Group Bundle
Who Owns Gambling.com Group?
Understanding a company's ownership is key to grasping its strategic direction and accountability. Gambling.com Group Limited's ownership structure saw a significant shift following its IPO on the Nasdaq Global Market in July 2021.
Before its public offering, the company was primarily supported by the founders' personal capital and early angel investments. This transition marked a new era for the performance marketing firm.
Gambling.com Group, founded in 2005, has evolved from its origins as World Sports Network (WSN) to become a global leader. By June 2024, it operated over 50 websites in 17 markets, offering comparisons and reviews of regulated online gambling sites. As of July 31, 2025, the company's market capitalization stood at $380.95 million. Analyzing its ownership, from founding stakes to current institutional and insider holdings, reveals the forces shaping its strategy in the competitive online gambling affiliate marketing space, including its approach to market analysis like the Gambling.com Group BCG Matrix.
Who Founded Gambling.com Group?
Gambling.com Group Limited was established in 2005 by Charles Gillespie and Kevin McCrystle in Dublin, Ireland. The company's journey began with the founders' personal savings and angel investments, laying the groundwork for its future growth.
Founding Visionaries
Charles Gillespie and Kevin McCrystle, friends since high school, co-founded the company. Gillespie currently serves as the CEO, while McCrystle holds the position of COO.
Initial Funding
The initial capital for the venture came from the founders' personal savings and early angel investments. The exact amount of this initial funding is not publicly disclosed.
Early Operations and Rebranding
In 2006, the company operated as World Sports Network (WSN), targeting audiences in East Asia with sports news and betting odds. By 2009, it rebranded to KAX Media and shifted its focus to online casino games in the European market.
Significant Investment
A key early financial milestone occurred in September 2019 when growth equity firm Edison Partners invested $15.5 million. This funding was instrumental in the company's development.
Founders' Equity
While the precise equity distribution at the company's inception is not publicly detailed, the founders' personal financial commitment and early angel backing were vital for initial operations and marketing.
Strategic Shift
The company's evolution included a strategic pivot towards online casino games in Europe, particularly in the United Kingdom and Ireland, under the KAX Media banner.
The early stages of Gambling.com Group were characterized by a focused strategy and a gradual expansion of its operational scope. The company's initial focus on sports content for East Asian markets, followed by a strategic shift to online casino gaming in Europe, demonstrates an adaptive business model. This evolution was supported by the founders' personal investment and later by significant external funding, which allowed for further growth and market penetration. Understanding this foundational period is key to grasping the current ownership structure and the company's trajectory in the iGaming affiliate sector. For a deeper dive into the company's history, explore the Brief History of Gambling.com Group.
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How Has Gambling.com Group’s Ownership Changed Over Time?
The ownership journey of Gambling.com Group has seen significant transformations, notably its relocation to Jersey in 2021 and its successful Initial Public Offering (IPO) on the Nasdaq Global Market. This public debut on July 23, 2021, with shares priced at $8.00, raised $42 million and marked a new era for the company's accessibility to public markets.
| Stakeholder Type | Percentage Ownership (as of July 2025) | Key Holders/Notes |
|---|---|---|
| Institutional Investors | 72.26% | Includes hedge funds and other institutional investors. |
| Founders | 17.1% (approx.) | Charles Gillespie (13.6%), Kevin McCrystle (3.5%) as of July 2024. |
| Executive Officers & Directors | 45.6% (collective) | As of July 2024. |
Gambling.com Group operates with a dual-class share structure, where Class A shares are available for public trading, while Class B shares are primarily held by key insiders, including directors and employees. This structure effectively concentrates voting power among a select group. As of July 26, 2025, institutional investors, such as hedge funds, collectively hold a substantial 72.26% of the company's stock. Notable institutional shareholders as of March 31, 2025, include AWM Investment Company Inc., G2 Investment Partners Management LLC, Driehaus Capital Management LLC, and Dimensional Fund Advisors LP, with significant holdings valued in the millions as of Q4 2024. Founders Charles Gillespie and Kevin McCrystle maintain considerable stakes, with Gillespie owning an estimated 13.6% and McCrystle an estimated 3.5% as of July 2024. In total, executive officers and directors combined owned approximately 45.6% of the shares as of July 2024. The company also bolstered its financial flexibility in March 2024 with a $50 million credit facility from Wells Fargo Bank, comprising a $25 million term loan and a $25 million revolving credit facility, which can support strategic initiatives like mergers and acquisitions. These ownership dynamics highlight a balance between broad market participation and concentrated insider influence, shaping the company's strategic direction, particularly its expansion efforts in North America. Understanding these ownership patterns is crucial for grasping the Revenue Streams & Business Model of Gambling.com Group.
Key Ownership Details
The ownership of Gambling.com Group is characterized by a significant institutional investor presence and substantial insider holdings, reflecting both public market engagement and concentrated control.
- Dual-class share structure with concentrated voting power.
- Institutional investors own over 72% of the company's stock.
- Founders Charles Gillespie and Kevin McCrystle hold significant stakes.
- Executive officers and directors collectively own approximately 45.6% of shares.
- Market capitalization increased by 40.86% post-IPO as of July 31, 2025.
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Who Sits on Gambling.com Group’s Board?
As of May 2025, the Gambling.com Group board comprises seven directors, including key figures like CEO and Chairman Charles Gillespie and COO Kevin McCrystle. Michael Quartieri serves as lead independent director, with Susan Ball, Pär Sundberg, Fintan Costello, and Jayme Mendal also on the board. These individuals guide the company's strategic direction and governance.
| Director | Role | Committee Chairmanship |
|---|---|---|
| Charles Gillespie | CEO, Co-Founder, Chairman | |
| Kevin McCrystle | COO, Co-Founder, Director | |
| Michael Quartieri | Director, Lead Independent Director | Compensation Committee |
| Susan Ball | Director | Audit Committee |
| Pär Sundberg | Director | Nominating and Corporate Governance Committee |
| Fintan Costello | Director | |
| Jayme Mendal | Director | Compensation Committee |
The company's governance is significantly influenced by its dual-class share structure. Class A shares are publicly traded, while Class B shares are held by select directors and employees. This arrangement concentrates voting power among insiders, ensuring that the founding team and management maintain substantial control over the company's decisions. As of July 2024, executive officers and directors collectively owned approximately 45.6% of the company's shares, underscoring their significant influence on the overall Gambling.com Group ownership and direction.
Board Oversight and Shareholder Influence
The Gambling.com Group board of directors plays a crucial role in overseeing the company's operations and strategic initiatives. The dual-class share structure, where insiders hold a significant portion of voting power, means that key management and founders have a substantial say in company governance. This structure is designed to maintain long-term vision and stability, aligning with the Growth Strategy of Gambling.com Group.
- Concentrated voting power among insiders
- Dual-class share structure (Class A and Class B)
- Executive officers and directors own approximately 45.6% of shares (July 2024)
- Key committees chaired by independent directors
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What Recent Changes Have Shaped Gambling.com Group’s Ownership Landscape?
Recent trends in Gambling.com Group ownership show a significant increase in institutional investor stake, reaching 72.26% as of July 26, 2025. This growing institutional confidence is a key indicator of the company's perceived stability and future growth potential. Several major institutional investors notably increased their holdings in the fourth quarter of 2024.
| Investor | Change in Q4 2024 | Current Stake (as of July 26, 2025) |
|---|---|---|
| Driehaus Capital Management LLC | +47.4% | |
| G2 Investment Partners Management LLC | +22.8% | |
| AWM Investment Company Inc. | +9.8% | |
| Institutional Investors (Total) | 72.26% |
Gambling.com Group has executed an aggressive growth strategy over the past three to five years, characterized by strategic acquisitions and robust financial performance. The company's acquisition of Roto Sports, including RotoWire.com, for $27.5 million in January 2022, and NDC Media, which included BonusFinder.com, for $69 million in February 2022, highlight this expansion. Most recently, the acquisition of Odds Holdings, Inc., the parent company of OddsJam, finalized on January 1, 2025, is projected to add approximately $14.5 million in incremental Adjusted EBITDA for 2025. This strategic expansion is a key component of the company's Marketing Strategy of Gambling.com Group.
Record Financial Performance in 2024
In 2024, Gambling.com Group achieved record full-year revenue of $127.1 million. The company saw a 17% increase in revenue, a 33% rise in Adjusted EBITDA, and an 81% surge in Free Cash Flow compared to the previous year.
Positive 2025 Outlook
For 2025, the company forecasts continued strong growth. Revenue is expected to be between $170 million and $174 million, with Adjusted EBITDA projected between $67 million and $69 million, representing year-over-year growth of 35% and 40% respectively.
Growing Institutional Ownership
Institutional investors now hold 72.26% of the company's stock as of July 26, 2025. This trend indicates strong external confidence in the company's market position and expansion plans.
Strategic Growth Objectives
The company's leadership has articulated a clear objective to reach $100 million in annual Adjusted EBITDA. This goal underscores a continued commitment to expanding its high-growth, high-margin business segments.
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