Grandstand Q2 Sports Data Revenue Jumps 12% as Company Maintains 2026 Guidance

The first quarter under the new Grandstand name shows a business tilting toward US-facing sports data even as the headline numbers soften.

Grandstand Limited, the Nasdaq-listed company formerly known as Gambling.com Group, reported second-quarter revenue of $37.8m for the three months to 30 June 2026, down 5% on the same period last year. The Grandstand Q2 2026 results, published on 13 August, showed a net loss of $4.6m and a sharp fall in Adjusted EBITDA to $7.7m. Yet the company left its full-year outlook untouched. That decision, more than any single figure, frames how management wants the quarter read.

Because the top line tells only part of the story. Underneath it, the business is moving.

What the Grandstand Q2 2026 results actually show

Revenue of $37.8m compares with $39.6m a year earlier. The 5% drop came as growth in data revenue was offset by a weaker marketing business. Data services grew 12% year-on-year to $11.2m, led by enterprise data. Marketing revenue fell 10% to $26.5m as organic search channels thinned out, partly cushioned by stronger partner and paid channels.

Profitability took the bigger hit. Adjusted EBITDA margin fell to 20%, down from 35% a year ago, which the company attributed to higher cost of sales and marketing expenses tied to diversifying its traffic sources. Net loss narrowed to $4.6m from $13.4m, though the prior year had carried a large one-off fair value charge. Adjusted free cash flow, notably, rose 18% to $9.6m.

The mix shift underneath Grandstand’s revenue

Here’s the part operators should care about. The geographic split has moved decisively.

• North America revenue climbed 38% to $26.3m, now 70% of the total
• UK and Ireland fell 42%; Other Europe dropped 46%
• Casino remained the largest product line at $18.4m, down 22%
• Sports grew 17% to $17.7m, narrowing the gap

A year ago, Casino was 60% of revenue and North America under half. The US now dominates the revenue base, and while Casino is still the biggest single product line, Sports is closing on it fast. The company is becoming a US-facing, sports-weighted business and the numbers say that transition is already well advanced, not aspirational.

What management said

CEO and Co-Founder Kevin McCrystle called the business “significantly more diversified than at any other time in our 20-year history,” pointing to the recent launch of Rollcard, a consumer fintech product, as another route to engage users directly. The framing is deliberate. A company mid-pivot wants investors focused on breadth, not on the margin line.

CFO Elias Mark was more specific about the second half, citing “fixed cost savings related to the restructuring announced in May and the seasonally stronger sports calendar” as the reasons behind the reiterated guidance. The weak quarter is being positioned as the trough, with a busier sports schedule expected to lift results.

The caveat behind the held guidance

Reiterated guidance is a statement of confidence, not a result. The full-year targets revenue of $165–170m and Adjusted EBITDA of $45–50m imply a meaningful H2 acceleration from a first half that produced $78.2m in revenue and $16.7m in Adjusted EBITDA. The company’s guidance assumptions lean on roughly $6.5m in H2 fixed cost savings from the May restructuring, plus the stronger sports calendar. That leaves a lot resting on those savings landing as planned and on the marketing decline steadying. The margin compression is real. For a content director or platform partner, this is the number to track next quarter: whether the sequential growth management promised actually shows up.

What comes next for Grandstand

The second half is the proof point. Watch three things: whether enterprise sports data keeps compounding through OpticOdds, whether Rollcard contributes measurable revenue in its first five months, and whether marketing revenue steadies rather than sliding further. If those hold, the rebrand and restructuring look like a well-timed reset. If they don’t, the held guidance becomes the pressure point. For the wider affiliate sector, Grandstand is now a live test of whether the old SEO-driven model can be traded for a data-and-fintech one without losing a step.

Source: Grandstand Limited