Grandstand Rolls the Dice: Fintech Pivot and SEO Diversification

Gambling.com Group rebrands as Grandstand, launches FDIC-insured debit card, and leans on B2B data as SEO declines.

GAMB · Earnings Call · 2026-08-13

The Reinvention: From Gambling.com to Grandstand

Gambling.com Group reported second-quarter results that were "in line with our expectations" — revenue of $37.8 million and adjusted EBITDA of $7.7 million — but the real story is the company's transformation. CEO Kevin McCrystle led the call with a new corporate identity: Grandstand. The rebrand reflects the company's evolution from a U.K.-focused affiliate into a broader sports and gaming intelligence layer. The most striking addition is Roll card, a fintech product that McCrystle says addresses "the biggest friction in U.S. gaming."

So the primary way we make money is on interchange on deposits into operators. That is a very large market of deposits into operators.
Kevin McCrystle, Co-Founder and Chief Executive Officer · 2026-08-13

The FDIC-insured, high-limit debit card is designed for the high-rolling player. The company sees a Gold card opportunity worth $50 million to $100 million in revenue within five years, with gross margins in the 80–85% range. Though the product just launched, the company believes its existing audience of bettors and its operator relationships give it a ready-built distribution channel. As McCrystle put it, "we have the audience that we can sell into, which is really helpful to give us a launch pad for the business."

Diversifying Beyond SEO

The marketing business, which accounts for about 70% of total revenue, has been under pressure from declining SEO visibility. In Q2, marketing revenue fell 10% year-over-year to $26.5 million, but the mix is shifting dramatically. Non-SEO channels now account for 67% of marketing revenue, up from essentially nothing a few years ago. The partner audience monetization platform has more than doubled year-over-year, and North American marketing is up 63%. McCrystle highlighted this shift in the Q&A: "the non-SEO is now about 2/3 of the marketing business." That compares to a year ago when SEO was the dominant channel. The company is also seeing positive signs in SEO itself, albeit slowly. In the prior quarter, McCrystle noted "we have seen an increase in Q1 in marketing." The diversification has a cost: gross margins have compressed from 93% to 84% as lower-margin paid channels grow, but the company argues that overall contribution margins will improve as the mix stabilizes.

Data Services: The Growth Engine

While marketing struggles, data services are thriving. Sports Data Services revenue grew 12% year-over-year to $11.2 million, with B2B becoming the majority of the segment. Elias Mark noted that "the majority of data revenue was enterprise revenue." The company's OpticOdds platform is processing over a million requests per second, and new deals are coming from quant and market-making firms, particularly in prediction markets. McCrystle added, "40% of our new deals were international partners." Prediction markets, a theme that has dominated the gambling space, are a key driver. The company's data is increasingly the "intelligence layer" for these new platforms. As McCrystle explained on the prior quarter's call, "Prediction market data in the OpticOdds API comes pre-mapped to existing betting markets." This positions Grandstand as a critical supplier to the fast-growing prediction market ecosystem, which is attracting users and capital.

Outlook: Margins to Recover in H2

The company reiterated its full-year guidance for revenue of $165–170 million and adjusted EBITDA of $45–50 million. The second half should benefit from seasonality, particularly the NFL season, and from $6.5 million in fixed-cost savings from the restructuring. Elias Mark said, "We expect positive seasonality in the second half of the year to drive strong sequential revenue growth. Paired with $6.5 million of fixed cost savings from the restructure, this will drive margin expansion and significantly higher adjusted EBITDA and adjusted free cash flow in the second half of the year." The company is also embracing AI, having restructured around AI-first workflows. Headcount is down 25%, and the company says it is seeing productivity gains. CEO McCrystle described the restructure as "an intentional shift to layer AI at the core of how we operate."

A Small-Cap Bet on a Big Idea

Grandstand is now a micro-cap with a market value under $90 million. The stock has been under pressure, but the company is investing in new revenue streams that could transform its profile. The Roll Card launch, the rebrand, and the pivot toward data and prediction markets represent a bold attempt to stay relevant in a rapidly evolving industry. As McCrystle said, "We feel really good about where the business is now. Things have stabilized. There's a lot of growth prospects on the horizon." The veracity of this story hinges on execution: whether Roll Card gains traction, whether B2B data growth can offset ongoing SEO declines, and whether the margin expansion materializes. If it does, the current valuation could look very cheap. If not, the company risks being left behind. For now, the strategic pivot is real, and the market will be watching the next two quarters closely.