Part 1: Analysis of results from second quarter
Part 1:
Analysis of results from second quarter
T
he quarterly results snapshot provided by
the listed gambling-related affiliate sector
has once again provided a glimpse into
Chart 1: NDCs – Better Collective overtakes
Catena Media
150000
the major trends currently affecting affiliates and
140000
130000
suppliers within the gambling space.
120000
For the second three months of the year, the
110000
results show that by the important metric of new 100000
depositing customers – also termed first-time 90000
depositors – there has been a change at the top.
80000
70000
Between April and June this year, Better
60000
Collective added circa 111,000 NDCs while
Q218
Q318
Q418
Better Collective
erstwhile sector leader by the number of
Q119
Q219
Catena Media
Source: Company reports
customers, Catena Media, slipped back to circa
99,000.
compared with Better Collective’s €15.8m. The
However, it should be clearly stated that
when it comes to other important metrics, rest of its competitors are all sub €10m. Also, in
Catena Media remains the listed sector leader. terms of adjusted EBITDA, Catena remains on
By revenues, it continues to be ahead of the top, albeit by less of a margin at €9.4m to Better
pack with second quarter revenues of €23.7m Collective’s €7m.
Table 1: Listed affiliate 2Q19 results comparison
Metric/Company
Catena
Media Better
Collective Raketech Gambling.
com
Group GIG
(media
services) Net
Gaming
Europe
23.7 15.8 5.7 4.4 8.6 3.5
YoY revenue rise (%) -9 64 -6.1 17 -1 -23.9
Adjusted EBITDA (€m) 9.4 7.0 2.9 1 4.7 2.0
YoY Adj. EBITDA increase (%) -22 79 -10.7 -29 0 -32.1
EBITDA margin (%) 40 43 51.1 21 55 58
Pre-tax profit (€m) 7.1 3.7 1.8 Unkn n/a 1.3
YoY organic growth rate (%) -10 18 -8.8 17 Unkn -27
99,981 111,000 24,974 19,487 29,435 Not stated
YoY NDCs % increase (%) -29 60 21.7 22 -6.9 -29
Proportion of revenues from
rev-share (%) 47 74 45 Unkn 60 47
Revenue (€m)
NDCs
Source: Company results
iGaming Business • Affiliate Monitor • October 2019
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