November 21, 2023 3 min read


Catena Media Posts Lower Q3 Results Amid Restructuring Efforts

Catena Media continues its efforts to streamline its business and focus on stable and profitable markets

Catena Media, a company that creates content-rich websites that help users navigate the complex world of online sports betting and casino gaming, has published its Q3 results, reporting a favorable net cash position despite a Q3 revenue drop.

As reported by the company, its revenue decreased by 28% year-on-year to EUR 15.9 million ($17.4 million, current rates). The company attributed the decline to the transition of some contracts in North America from CPA to revenue share. Adjusted EBITDA from continuing operations decreased by 65% to EUR 3.1 million ($3.4 million), corresponding to a margin of 19%.

North American revenue plummeted by 29% to EUR 13.3 million ($14.5 million). In addition, the company reported an NA EBITDA margin of 44% despite the transition and intense competition. Meanwhile, the number of depositing customers in the NA region was 17% up. However, the total number of new depositing customers (NDCs) from continuing operations totaled 44,986, a decrease of 34%.

Earnings per share from continuing operations totaled EUR -0.02 ($-0.022). Catena Media also noted that 90% of its group revenue came from regulated markets.

At the close of the quarter, Catena Media reported net debt of EUR 25.4 million ($27.8 million) and concluded the quarter with a net cash position of EUR 21.2 million ($23.2 million). On September 30, Catena Media had EUR 33.5 million ($36.7 million) in cash and cash equivalents.

After Q3, the company finalized the sale of its online sports betting and casino gaming business in Italy for EUR 19.8 million ($21.7 million). At the beginning of Q4, Catena Media continued to invest in the development of an AI-based affiliation platform.

Catena Media’s Restructuring Continued

Catena Media also published its year-to-date results, highlighting revenue from continuing operations of EUR 62.3 million ($68.3 million), representing a 16% decrease from the prior-year period. NA revenue decreased to EUR 54.8 million and the number of NDCs from continuing operations declined by 24% to 186,129.

Adjusted EBITDA from continuing operations decreased by 34% to EUR 23.7 million ($26 million), translating to a margin of 38%.

In Q3, Catena Media initiated a share buyback program and agreed to divest its UK and Australian sports betting brands in a EUR 6 million ($6.57 million) deal. The quarter also saw the company part ways with Per Widerström who now heads 888.

In August, Catena Media penned a media partnership with The Sporting News. The following month, the company launched sports betting affiliation in Kentucky.

Soon after the conclusion of the quarter, Catena Media announced the completion of its share buyback program, noting that it had repurchased 2,510,116 Catena Media shares during the period from July 17 to October 31.

Michael Daly, Catena Media’s chief executive, commented on the report, noting that it has been 18 months since the company commenced the strategic review and streamlining of its business. He said that the company will now focus on more stable markets that provide opportunities for stable growth.

Predictable regulatory frameworks provide stability for operators and affiliates alike. They create a structure that allows Catena Media to respond effectively to market needs and to confront the operating challenges and opportunities we face in North America and beyond.

Michael Daly, CEO, Catena Media

In other news, Catena Media recently joined forces with five other affiliates to form the Responsible Gambling Affiliate Association.


Angel has a passion for all forms of writing, be it fiction or nonfiction. His curious nature gives him an ace up his sleeve when researching a new topic. Angel’s thirst for knowledge, paired with adaptability, always helps him find his way around.

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