iGB Intelligence reports Affiliate-Monitor-1Q19(clone) | Page 6

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  3