Gambling.com Group is set to acquire OddsJam for up to $160 million (£126 million), showcasing its ongoing focus on mergers and acquisitions. This deal involves purchasing Odds Holdings, the parent company of OddsJam, and is anticipated to be finalized on January 1st.
The acquisition terms include an initial $80 million payment to Odds Holdings shareholders, with an additional $80 million available through earn-outs, contingent on performance until the end of 2026. The first $80 million will consist of $70 million in cash and $10 million in Gambling.com Group ordinary shares.
The cash component will be financed via the company’s expanded $100 million credit arrangement with Wells Fargo Bank, National Association, and Wells Fargo Securities. This credit structure comprises a senior secured-term loan and a revolving credit facility.
The earn-out of $80 million depends on OddsJam’s capacity to more than double its adjusted EBITDA for 2026 compared to 2024. For the year 2024, Odds Holdings is projected to generate $26 million in revenue and $12 million in adjusted EBITDA.
Gambling.com Group retains the option to pay up to 50% of any earn-out with its ordinary shares, if it chooses to do so.
As part of the deal, the entire team from Odds Holdings, including OddsJam founders Ankit Goyal and Alex Monahan along with CEO Matt Restivo, will join Gambling.com Group. Goyal and Monahan, who graduated from Stanford, founded OddsJam in 2021, with Restivo joining in February. In 2022, the company brought on former Don Best managing director Benjie Cherniak as a strategic advisor.
OddsJam operates as a platform offering real-time odds data from nearly 300 sports betting operators. According to Gambling.com Group, the platform manages over a million requests per second and handles multiple terabytes of data each day.
The platform also includes a positive expected value (EV) betting tool for identifying profitable opportunities, an arbitrage betting tool, a parlay builder, and a fantasy optimizer for PrizePicks.
Gambling.com Group stated that branching out beyond its traditional affiliations will add complementary, recurring revenue from both new and existing users and partners. They also anticipate substantial growth for OddsJam’s business through existing partner relationships, increasing company free cash flow and margins.
Oakvale Capital served as the financial advisor for the sell-side, while Cruz-Abrams Seigel provided legal counsel to Odds Holdings. White & Case acted as Gambling.com Group’s legal advisors during the acquisition process.
Charles Gillespie, CEO of Gambling.com Group, expressed enthusiasm about the acquisition, stating it would propel the company toward achieving their $100 million adjusted EBITDA goal. He remarked: “We are excited to welcome the Odds Holdings team as we strive for accelerated growth. Their competent team has developed a cutting-edge odds technology platform along with several distinctive products that fit perfectly with market demands. Odds Holdings provides us with a suite of new enterprise offerings, while OddsJam specifically introduces a vibrant new consumer base.”
Founders Goyal and Monahan articulated, “Utilizing Gambling.com Group’s expertise and resources, we are poised to scale our technology and insights to a broader online betting audience, reaching beyond North America. We eagerly anticipate collaborating with Gambling.com Group’s founders, Charles and Kevin, and their team to strengthen our relationship with customers and enhance their online gambling journeys.”
Earlier this year, Gambling.com Group completed its acquisition of Freebets.com and additional European and Canadian assets from XLMedia, in a transaction potentially worth $42.5 million.
Originally published on EGR Intel, the article titled “Gambling.com Group to acquire OddsJam in deal worth up to $160m” can be accessed [here](https://www.egr.global/intel/news/gambling-com-group-to-acquire-oddsjam-in-deal-worth-up-to-160m).