Catena Media

Targeted strategies play a pivotal role in converting user interest into leads in the competitive online betting sector. Founded in 2012, this company excels in creating content-rich websites designed specifically for sports betting and casino gaming enthusiasts.

Utilizing a combination of SEO and PPC, the organization effectively drives significant traffic to its platforms. The main office is situated in Malta, complemented by additional offices in Sweden, the United States, the United Kingdom, and Canada, reflecting a strong international presence.

With a dedicated workforce of approximately 250 employees as of 2024, Catena Media is strategically positioned to cater to major markets across North America, Asia, and Latin America. This comprehensive approach ensures they remain at the forefront of the online gambling landscape.

Revenue report

Catena Media has reported a drop in revenues for the first quarter of 2025, with revenue down 39% to €9.8m. The main source of revenue remains in North America (89% of turnover), where the company continues to lose ground following Google's algorithm updates and operators' declining interest in affiliates

This is the third time in a row that the company has started the year with a disappointing report: since 2023, every first quarter has been accompanied by a decline in revenue and the recording of losses

Key figures

• Revenue: €9.8m (-39% to Q1 2024)
• NDC: 21.9k (-49%)
• Adjusted EBITDA: €0.9m (-51%)
• Net loss: €0.5 mln

Reasons for the decline

• Organic traffic continues to decline. Catena depended on an SEO model that suffered after Google's updates
• Reduced payouts from operators. Big brands are cutting budgets to attract players
• Moving away from CPA model in favor of revenue share doesn't allow for quick monetization
• Growing competition from media and illegal affiliate programs
• Concentration on one market increases risks

Anti-crisis measures

• Reduction of 25% of employees and one level of management
• Rejection of ineffective brands, transition to a model with two flagships (Lineups and LegalSportsReport)
• Infrastructure optimization: abandoning costly legacy software and switching to Microsoft stack.

What's next

• The company remains focused on the US and the casino segment, where it sees a promising future.
• Develops sub-affiliation and lifecycle marketing, but the margins of these models are lower
• Positive momentum on cachet: operating flow grew to €3.2m

Conclusion

Catena Media is going through a difficult phase: a drop in SEO traffic, a change in monetization model and lower operator interest have led to a deterioration in all key metrics

Management expects stabilization and growth through restructuring, technology and infrastructure solutions