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13 out its revenues by product , it is presumed to be far more sportsfocused . Catena Media is more biased towards online casino , where it generated an average of nearly 56 % of its revenue over the past four quarters .
In terms of profits , meanwhile , the importance of casino becomes even more stark . As Chart 5 shows , in Q2 , more than 85 % of Catena ’ s EBITDA came from casino with just over 13 % coming from sport and 1 % from financials .
Another difference between the two comes from the percentage of revenue each generates from paid media versus SEO ( or what Better Collective describes as publishing ). Here it can be seen that since the Atemi acquisition , Better Collective has upped the percentage of revenues from paid to 32 % whereas Catena only receives just over 5 % of its revenues from that area .
BETTER COLLECTIVE Q2 REVIEW
PARTNERS Better Collective ’ s latest media partnership with the online arm of the Boston Globe was the headline news from the second quarter . The deal will see the company ’ s VegasInsider-branded content made available in Massachusetts once the market opens and follows on from similar media deals with the Chicago Tribune and the Philadelphia Inquirer .
At the same time , the deal between Better Collective and NJ . com has come to an end ( with Catena Media being the new partner for NJ . com ).
As CEO Søgaard said , the deal continues Better Collective ’ s “ very aggressive ” approach to the US opportunity . As we know , the US market is seeing something of a sea-change when it comes to
A VERDICT ON BETTER COLLECTIVE
The report from Tom Waterhouse VC makes clear where it sees the winners in the affiliate space . “ Within its peer group of publicly listed affiliates , Better Collective is the only business which has generated a positive capital return for investors since listing ,” Waterhouse ( pictured above ) wrote .
“ The company is led by a well-aligned and proven management team , which is focused on growth despite operating in a relatively mature industry .”
November 2022