
Q&A: Gambling.com Group CEO and Odds Holdings leaders on their $160m M&A deal
GAMB CEO Charles Gillespie, OddsJam CEO Matt Restivo, and Odds Holdings founders Ankit Goyal and Alex Monahan lift the lid on the transaction and what the future holds for the business

Gambling.com Group (GAMB) made waves last week after announcing it was to acquire Odds Holdings in a deal worth up to $160m following an initial $80m layout.
The deal will see GAMB acquire the OddsJam brand, as well as the entire Odds Holdings team, with the affiliate once again sanctioning M&A in what will be its largest ever deal.
The remaining $80m in earn outs is based on OddsJam’s ability to at least double EBITDA in full-year 2026, with 2024 set to return $12m in earnings.
And while other firms in the affiliate sector have had a shaky couple of months, GAMB has continued to tick up. In fact, in the past six months, the company’s shares have leapt 106% to $15.95.
Here, EGR speaks to GAMB CEO Charles Gillespie on what made Odds Holdings a needle mover, Odds Holdings founders Ankit Goyal and Alex Monahan on how their roles will change, as well as OddsJam CEO Matt Restivo on heading back into a major public company
EGR: Firstly, congratulations on the deal. You’ve always said GAMB will be selective with its M&A, so why does Odds Holdings and its various portfolio companies fundamentally move the needle for the group?
Charles Gillespie (CG): It ticks about every single box there is. We want to push beyond pure-play affiliate but remain true to our roots, our end-users and our operator partners. We want highly predictable, recurring subscription revenue, given public company forecasting requirements. We want North American revenue, given our US listing. We want killer teams and best-in-class technology. We want companies, teams and products that are skilled at marketing and driving growth without SEO, but who could also benefit from our leveraging our SEO capabilities. We get it all with this transaction.
EGR: The deal represents GAMB’s largest in terms of cost, with an initial $80m outlay. Does the size of the deal bring its own challenges or expectations compared to smaller transactions?
CG: It many senses, its actually easier to do these bigger deals. You put more focus on it and bring the A team in terms of due diligence, legal, tax, etc versus trying to do a bunch of smaller transactions that are tedious and where you can’t justify the best advisors. These larger targets have more sophisticated financial processes and a deeper bench of talent. The meaningful size also makes a difference once consolidated into our own figures, versus smaller targets that wouldn’t move the needle.
EGR: The earn out relates to a doubling of the adjusted EBITDA in 2026. How is Odds Holdings on the right path to achieve that target?
CG: Our press release says at least double. The OddsJam team built this business in just a few years, which by definition means it has been very high growth. The senior team are red-blooded American techno-capitalists and are not messing around. GAMB co-founder Kevin McCrystle and I are looking forward to the fresh energy they will bring to our team. We love the online gambling affiliate business and are arguably as good as it gets at delivering year in, year out at affiliate. But we’ve got a lot of intellectually curious and driven people who need something a little different to sink their teeth into. OddsJam gives us a platform to do all sorts of interesting things in the future and inspire an entire new generation of products.

EGR: The press release noted that your existing relationship with partners would be bolstered by bringing in Odds Holdings. Can you expand on that point?
CG: OddsJam also has an enterprise business. Most of those clients are in the US at the moment. Going forward, we can help distribute the offering around the world but particularly in Europe where we have deep roots and a large business with many different European operators.
EGR: Does this deal show the US sports betting consumer’s attitude, appetite and approach to the vertical has changed in recent years?
CG: No. The US sports bettor has always been different and willing to pay for an edge. They have a ‘go big or go home’ approach where they seriously plan on winning in size with the right tools. Across the Atlantic, sports betting is generally accepted as a form of entertainment, not a potential means to create income. Different markets get different products and approaches.
EGR: Why was now the right time to sell the business, and why was GAMB the best possible acquirer?
Ankit Goyal (AG): This decision comes at a pivotal moment for us. Our platform has achieved significant growth and, to sustain this trajectory, aligning with a globally recognized leader in the online gambling industry is essential. Gambling.com Group’s extensive market reach and robust infrastructure provide the ideal environment to further scale our operations and enhance our offerings.
EGR: How will your roles change following the acquisition?
Alex Monahan (AM): My focus has always been on driving growth and scaling our marketing efforts to make OddsJam the go-to platform for sports bettors. I’ve worked tirelessly to build strong connections with our audience, ensuring we deliver value through tools and insights that help players make smarter, data-driven betting decisions. This approach has allowed us to foster a loyal and engaged community of passionate sports bettors.
As part of Gambling.com Group, I’ll continue to lead OddsJam’s growth initiatives by expanding our reach, strengthening user engagement, and identifying new opportunities to serve bettors around the world. As someone deeply passionate about sports betting, I’m excited to help GAMB build the best tools and resources in the industry while growing OddsJam into an even bigger and more influential brand.

AG: Our roles have naturally evolved as the business has grown, and I’ve worn many different hats since the founding of Odds Holdings. In the early days, my focus was on architecting and scaling the technical infrastructure behind our industry-leading odds platform, ensuring we had the foundation to deliver real-time, low-latency data at scale. Over time, my role expanded to encompass broader strategic initiatives, including shaping our long-term business strategy, driving growth through product, and executing M&A opportunities.
Post-acquisition, my focus as part of Gambling.com Group will be on leading the charge to expand our suite of enterprise offerings, leveraging our technology to deepen and enhance GAMB’s existing partnerships. I will also spearhead efforts to identify and unlock revenue synergies between Odds Holdings and GAMB, driving innovation and integration to amplify value for both enterprise clients and end-users. Ultimately, my goal is to ensure we not only grow Odds Holdings as a key pillar within the group but also contribute meaningfully to achieving GAMB’s ambitious EBITDA targets and overall strategic vision.
EGR: What is the most exciting part of now being part of the wider GAMB team?
AM and AG: Becoming part of Gambling.com Group opens up a wealth of opportunities for us. The synergy between our innovative technology and Gambling.com Group’s market expertise will drive significant advancements in the sports betting landscape. This partnership not only enhances our capabilities but also enriches the value we can deliver to our customers.
EGR: What are you expecting to change in the day-to-day running of the Odds Holdings business and its various portfolio companies?
Matt Restivo (MR): I’m not expecting a lot to change right away but, as time goes on, we will slowly integrate the Odds Holdings business with the Gambling.com Group businesses and vice versa. I think the beautiful part of this partnership is that we really fit like a couple of Tetris pieces. We have a lot of experience acquiring customers from YouTube and social media and I’m excited to find areas where we can plug that in across the business to increase enterprise value.
EGR: What expertise or tools are you looking forward to engaging with that the wider company possesses?
MR: We are an extremely lean team – we have been able to run this company by relying on our elite talent. I’m very interested in combining our FP&A function with theirs as running FP&A for a public company is a lot more sophisticated.

EGR: Given your previous experience at larger companies, what learnings will you take from your past to assimilate the OddsJam brand within GAMB?
MR: There’s no question that bigger companies and public companies are run differently than private companies. I think any time teams experience change there’s an inherent nervousness that comes along with that. One thing that’s important to both me and the Gambling.com team is to make sure we create an environment of openness and transparency. Having that culture will help everyone focus on the hard work we have ahead of us.