Freedom Capital Markets initiated coverage on Gambling.com Group (NASDAQ: GAMB) with a Buy rating and a price target of $8.50, representing a roughly 60% upside.

The firm said Gambling.com was a leading performance marketing and sports data provider serving the global online gambling industry through a portfolio of authoritative websites. These platforms were monetized through a mix of player referral fees and recurring subscription revenue.

Freedom Capital described the company as a pure-play, capital-light way to gain exposure to the state-by-state legalization of online gambling in the United States. The analyst said Gambling.com's portfolio of premium domain names and proprietary technology provided a durable competitive advantage in a digital environment increasingly shaped by search engines prioritizing trusted and authoritative content. The firm also pointed to disciplined, founder-led management as a key support for long-term execution.