Grandstand (formerly Gambling.com Group) underscores that its new identity is formed around a new commercial model, diversifying its business beyond affiliate marketing.
The message coincides with Grandstand posting its first financial results under its new identity on the Nasdaq Global Market under the ticker GRSD.
Grandstand maintains its full-year guidance range of revenues of $165m–$170m, combined with Adjusted EBITDA of $45m–$50m, despite weaker year-on-year Q2 earnings.
On an H1 basis, Grandstand generated revenues of $78.2m, down 3% from $80.2m in H1 2025. Adjusted EBITDA fell 44% to $16.7m from $29.5m, as its EBITDA margin narrowed to 21% from 37%.
H1 trading recorded a statutory net loss of $5.8m, compared with a $2.2m loss in the corresponding 2025 period, while adjusted net income decreased 79% to $6.3m from $29.9m. Adjusted free cash flow stood at $13.5m, down 29% from $19.1m.
H1 comparatives reflect the pressures displayed in Q2, as quarterly revenue declined 5% to $37.8m, with growth in sports data unable to fully compensate for weaker marketing revenues.
New data play…
Data services increased 12% to $11.2m, driven by enterprise demand and the continued expansion of B2B sports data solution OpticOdds.
In contrast, marketing services revenue fell 10% to $26.5m, primarily reflecting lower organic search revenues, partially offset by growth across paid and partner channels.
The changing revenue mix has come at a cost. Q2 gross profit declined 14% to $31.8m as cost of sales increased 119% to $5.9m, reflecting investment to diversify traffic sources away from Grandstand’s historical reliance on SEO.
Adjusted EBITDA subsequently fell to $7.7m from $13.7m, with margin narrowing from 35% to 20%. Nevertheless, adjusted free cash flow increased to $9.6m from $8.2m, providing management with a positive cash-generation marker during the transition.
Yet management maintains that Q2 represents a transition period towards a more diversified commercial structure. Non-SEO channels now account for approximately two-thirds of marketing revenue, reducing Grandstand’s exposure to organic-search volatility.
The new Grandstand identity brings together OddsJam, OpticOdds, RotoWire, Gambling.com and Casinos.com, alongside its latest venture Rollcard, marking the group’s entry into consumer fintech.
Its commercial proposition now spans sports data, advertising, audience monetisation, entertainment, tickets and fintech rather than being centred primarily on gambling affiliate marketing.
Shifting into new gears
Grandstand expects the shift to gain momentum during H2, supported by approximately $6.5m in fixed-cost savings from its May restructuring and a stronger seasonal sports calendar.
Management forecasts sequential improvements in revenue and Adjusted EBITDA during the remainder of 2026, with enterprise sports data expected to remain its fastest-growing unit.
Momentum is just what the business needs. Like many gambling or gambling-adjacent PLCs, Grandstand is struggling to catch the eye of investors.
A year-to-date share price dip of 63.89% looks relatively modest compared to the 81.6% drop over the past year, though a fresh rebrand and a renewed focus may be just what is needed for some revitalisation.
New CEO and Co-Founder Kevin McCrystle said the results demonstrated a business becoming “significantly more diversified than at any other time in our 20-year history”, with Grandstand seeking to establish itself as the “intelligence layer” across the sports and gaming ecosystem.
McCrystle highlighted the growth of enterprise sports data, the diversification of marketing away from SEO and the launch of Rollcard as evidence that Grandstand is building new commercial channels beyond its traditional affiliate foundations.
“Sports data services revenue rose 12% year-over-year, with our B2B OpticOdds solution growing at a significantly higher rate,” he said, adding that enterprise revenues now account for the majority of the unit’s sports-data income.
McCrystle stands by further forthcoming transformations: “Our AI transformation, consistent strong enterprise data growth, audience engagement initiatives, and diversified marketing business position Grandstand to return to top-line growth and increase cash flow in the second half of 2026 and into next year.”