20
10
12
Affiliate Monitor Giants comparison -10
€ m
0
-20 the profits that should arguably be commensurate with the extra revenues it has bought ( Chart 3 ).
DIVERGENT PATHS
All things being equal , it would be fascinating to see whether over time Better Collective manages to drive more profits from the businesses it has acquired than Catena Media has done .
However , it is unlikely we will get the chance to do such a like-for-like comparison . Both companies clearly see a large part of their futures in the US , but while Better Collective still has a vibrant position in Europe – and generates 76 % of total revenue from the rest of the world compared to 24 % from the US ( Chart 4 ) – Catena Media instigated a strategic review in May that appeared to dangle the prospect of the company offloading its European business entirely .
Now , some of the differential between the two is down to the seasonality of US sports . In Q121 , for instance , Better Collective generated over 48 % of total revenues from the US .
But still , the fact that Catena
-30
Chart 3 : Pre-tax profit comparison : Better
-40
Collective and Catena Media Q220-Q222 (€ m )
20 Better Collective pre-tax pro�t (€ m ) Catena Media pre-tax pro�t (€ m )
10
Media is now more clearly wedded to the idea of being a US-only gaming affiliate is significant and says a lot about its ambitions from
Product split here on in .
Of course , the differences between the two have been evident for some time . While Better Collective doesn ’ t break Source : Company reports
0
-10
Chart 4 : Better Collective vs . Catena Media
-20
revenue by geography Q222
€ m revenue by geography Q222 (%)
%
Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q222
Source : company reports
%
-30
90 -40
80 Q220 76.4 % Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q222
70 Better Collective pre-tax pro�t (€ m ) Catena Media pre-tax pro�t (€ m )
60 Source : company reports
Chart 4 : Better Collective vs . Catena Media
50 51.6 %
48.4 %
40
30
20
10
0
90 |
80 |
76.4 % |
23.6 % |
70 |
60 |
50 |
48.4 % |
40 |
Rest of the world |
30 |
Better Collective |
Catena Media
23.6 %
|
20 |
|
|
51.6 %
US
Source : company reports 10
0 Rest of the world
US
Chart 5 : Catena Media EBITDA�by product Q222 (%)
Better Collective Catena Media
Chart 5 : Catena Media EBITDA by product (%)
Financials 1.1 % Sports 13.2 %
Casino 85.7 % iGB Affiliate Monitor
Chart 6 : Gambling . com Group revenue Q321-Q222 ($ m )