Af�liation marketing 72.7 %
Source : company reports
What ’ s your view ? Tweet @ iGamingBusiness
Chart 12 : Raketech NDCs Q220-Q222 ( 000s ) igamingbusiness . com
19
60
46.4
Chart 45 12 : Raketech NDCs Q220-Q222
000s
60 40
55 35
50 30
45 25
40 20 40.1
35 15
30 10
25 5 20
0
15
52.3
46.4
39.9 34.8
Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q222
Chart 13 : Raketech NDCs YoY differential
90
Q220-Q222
80
(%)
% 000s
70
100 60
90 50
80 40
70 30
60 20
50
10
40 30 20 10 0 -10
55 50
40.1
52.3
Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q222
Source -20 : company reports
39.9
10
Chart 5 13 : Raketech NDCs YoY differential
0
Q220-Q222 (%)
%
100
0 -10 -20
Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q222
Chart 14 : Raketech EBITDA Q220-Q222 (€ m )
34.8
Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q222
Chart 14 : Raketech EBITDA Q220-Q222
6.0 5.5 5.0 4.5 4.0 3.5 3.0 2.5 2.0 1.5 1.0 0.5 0
2.8
2.9
Q220 Q320 Q420 Q121 Q221 Q321 Q421 Q122 Q222
Source : Company reports
Source : company reports
3.7 3.2
Chart 15 : GiG Media division revenue� Q220-Q222� (€ m ) ��
3.4
42.7
42.7
4.4
41
41
5.4
35.5
35.5
5.1
33.8
33.8
3.8 this area while straight affiliate marketing was worth nearly 72 %. The rest came from tipping and subscription revenue ( Chart 11 ).
Meanwhile , as noted already , Raketech now has a sizeable exposure to sports betting affiliation ; in Q2 it generated 31 % from sport while casino was worth nearly 68 %.
Notably , the seasonal slowdown in US sports affected Raketech more in terms of the percentage of earnings from the US than in what it generated from sports . The US as a percentage of revenue fell over seven percentage points from 19 % in Q1 while sports revenues fell only three percentage points .
QUALITY CONTROL
An area worth looking at with all affiliates is the extent to which NDC numbers track revenues . As shown in Chart 12 , in year-on-year terms , Raketech ’ s NDC numbers have been falling for the five quarters .
The company is following the path of trying to source quality leads rather than chasing growth in absolute numbers . The proof of whether this is working comes from the EBITDA numbers and , to date at least , the evidence is mixed . While the acquisitions have contributed to Raketech ’ s EBITDA coming in at elevated levels starting in Q3 last year , it suffered a significant fall in Q2 , down 25 % quarter-on-quarter ( Chart 14 ). The company said this was due to the seasonal drop-off in investments being made in the products .
November 2022