igbaffiliate. com
Affiliate Monitor Executive summary
5
“ The industry faces ongoing regulatory pressures” share models to build long-term recurring revenue, with these now accounting for 81 % of NDCs. But flat growth is anticipated from the US in 2025.
Despite these challenges, Better Collective remains optimistic about the long-term potential of Brazil once the current regulatory issues stabilise sometime in 2026. Esports continues to grow, contributing over € 20 million in 2024. The company is also developing proprietary products like Quick Slip to enhance user engagement and conversion.
ONGOING DECLINE
Catena Media’ s revenue of € 10.2 million for Q4 2024 represented a 30 % YoY decline. Adjusted EBITDA improved slightly for the longtime leader of the listed igaming affiliate space, but it now lags well behind the market leaders. The company continues to struggle with declining casino revenue and intense competition in sports.
Its AI content-generation JV has been discontinued and Google’ s core algorithm updates have negatively impacted search rankings. Despite some improvement in North America sports, the strategic turnaround mapped out by newish CEO Manuel Stan remains slow.
BUILDING MOMENTUM
Gentoo Media also posted record revenue growth, with Q4 up 38 % YoY to € 35.9 million and full-year up 41 % to € 124.5 million with an EBITDA margin of 46 %. The company has diversified revenue streams, with non-top-five sites contributing 69 % in Q4.
Post-split from GiG, Gentoo is also heavily focused on increasing revenue share agreements, which made up 51 % of Q4 revenue.
Notwithstanding challenges in Brazil, where regulatory changes are expected to impact revenue in the short-term, Gentoo maintains a bullish long-term outlook on the region.
Looking ahead, the company declared its intent to pursue further M & A without losing focus on integrating past acquisitions.
CUTTING THE CLOTH
Raketech’ s Q4 revenue tumbled 46 % YoY to € 12.3 million. The affiliate marketing segment saw
April 2025