Part 1: Results from the first quarter
Part 1
Results from the first quarter
Results analysis Collective (41%), Raketech (21.5%) and Gambling.
A look across the results from the six highlighted com (50%) all seeing substantial progress while
companies for the first three months of the Catena managed only an 8% rise and Net Gaming
year shows quite a contrast in top-line revenue Europe (-12%) again went backwards.
performances. On one hand, Better Collective,
Raketech and Gambling.com Group all achieved New depositing customers
significant increases in revenue, of 97%, 78% Perhaps the starkest metric is that of new
and 52%, respectively. On the other, Gaming depositing customers (NDCs) and it is right
Innovation Group’s affiliate arm and Catena at the top of the tree where the battle gets
Media achieved relatively meagre 10% and 9%, interesting. Arguably it is the total NDCs which
respective, year-on-year rises and Net Gaming gives the simplest measure of the size of the
Europe actually fell by 6.4%, albeit this was due to affiliate business and its relative health. Hence,
the ending of gaming operations and the move to we can see that while Catena Media retains top
concentrate on affiliate operations. spot with more than 124,000 new depositing
customers in the first three months of the year,
Given the rate of M&A in the sector,
some of the differential can be explained by Better Collective is hard on its heels with 116,000.
recent acquisitions coming into the quarterly Moreover, while Better Collective enjoyed a
calculations. However, the year-on-year organic whopping 147% rise in NDC numbers year-on-
growth rates across five of the six (GIG’s was year, Catena Media actually saw a 7% drop in the
undisclosed) shows a similar pattern, with Better year-on-year total.
Table 1: Listed affiliate 1Q19 results comparison table
Metric/company Catena
Media Better
Coll. Rtech Gambling.
com GIG media
serv. Net Gaming
Europe
Revenue (€m) 26.1 14.9 8.7 5.24 9 4.1
YoY revenue rise (%) 9 97 78 52 10 -6.4
Adjusted EBITDA (€m) 11.2 6.5 3.5 1.75 5.2 2.8
YoY adj. EBITDA increase (%) -10 212 38 33 18 -9
EBITDA margin (%) 43 44 54 33 58 63
Pre-tax profit (€m) 1.99 4.9 4.8 1 n/a 1.9
YoY organic growth rate (%) 8 41 21.5 50 Unkn. -12
NDCs 124,007 116,000 28,607 26,525 34,408 Unkn.
YoY NDCs % increase (%) -7 147 76 66 6.25 -15
Proportion of revenues from
rev-share (%) 44 72 39 Unkn. 57 40
Source: Company reports
iGaming Business • Affiliate Monitor • August 2019
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