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Catena Media ’s Year-end report 2020

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Strong start in January 2021 with year-on-year revenue growth of 58 percent and like-for-like organic revenue growth of 61 percent.
October – December 2020 (compared with October – December 2019)
Operating revenue amounted to EUR 26.6m (26.6) resulting in an increase of 0.3 percent.
Organic search revenue amounted to EUR 23.7m (23.3) resulting in an increase of 2 percent.
New Depositing Customers (NDCs) totalled 124,959 (113,283), an increase of 10 percent.
Adjusted EBITDA increased by 9 percent and totalled EUR 12.3m (11.3), corresponding to an adjusted EBITDA margin of 46 percent (42).
EBITDA, including items affecting comparability of EUR 0.1m (-2.8), increased by 46 percent and totalled EUR 12.4m (8.5), corresponding to an EBITDA margin of 47 percent (32).
Net cash generated from operating activities increased by 32 percent and amounted to EUR 11.9m (9.0).
Earnings per share amounted to EUR 0.11 (-0.53) before
dilution and EUR 0.07 (-0.50) after dilution.
Cash and cash equivalents amounted to EUR 29.9m (12.3) on 31 December.
Net interest-bearing liabilities (NIBL) amounted to EUR 57.0m (150.2) on 31 December, resulting in a leverage ratio (NIBL/Adjusted EBITDA) of 1.09 (3.46).
January – December 2020 (compared with January – December 2019)
Operating revenue amounted to EUR 106.0m (102.8) resulting in an increase of 3 percent.
Organic search revenue amounted to EUR 95.9m (88.3) resulting in an increase of 9 percent.
New Depositing Customers (NDCs) totalled 443,524 (436,706), an increase of 2 percent.
Adjusted EBITDA increased by 20 percent and totalled EUR 52.0m (43.5), corresponding to an adjusted EBITDA margin of 49 percent (42).
EBITDA, including items affecting comparability of EUR -1.9m (-3.0), increased by 24 percent and totalled EUR 50.1m (40.5), corresponding to an EBITDA margin of 47 percent (39).
Net cash generated from operating activities increased by 29 percent and amounted to EUR 49.0m (38.0).
Earnings per share amounted to EUR 0.20 (-0.18) before dilution and EUR 0.12 (-0.17) after dilution.
Cash and cash equivalents amounted to EUR 29.9m (12.3) on 31 December.
Net interest-bearing liabilities (NIBL) amounted to EUR 57.0m (150.2) on 31 December, resulting in a leverage ratio (NIBL/Adjusted EBITDA) of 1.09 (3.46).
“Catena Media had an exceptional ending to a strong quarter, breaking an all-time high in USD revenues in December, thanks to our ability to take and maintain dominant positions in both sports and casino across numerous states during the busiest sports season in the US.”
Michael Daly, CEO of Catena Media as of 1 March 2021
Year-end Key 2020 Takeaways
Increased Q4 Adj. EBITDA by 9 percent to EUR 12.3m.
Net debt (NIBL) down to EUR 57.0m (150.2) by year-end.
Soft start in the fourth quarter and strong ending in December 2020.
Sports segment back to normal pre-COVID-19 levels by year-end.
Headwinds in Germany for both Sports and Casino due
to the tolerance period for new regulations.
Trending to well above double-digit growth in 2021.
Our US iGaming Business developed well, with a share of 31 percent of total revenues in Q4 (43 percent growth) and 30 percent of total annual revenues (72 percent growth).
In December 2020 divested all shares in Catena Media Financials US Inc. (formerly Hammerstone Inc.).
Continued high investment in the US market to maintain our no. 1 position.
Strong start in January 2021 with year-on-year revenue growth of 58 percent.
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Editor’s Take
Why this matters: Belatra has been a steady hand in the slots world for a long time, but 2025 marked a distinct shift in strategy. By entering the Crash vertical with Goose Boom Bang and winning big at SiGMA Africa, the studio is clearly pivoting to capture the high-growth, high-frequency players in emerging markets. They are no longer just a “classic slots” developer; they are diversifying the portfolio to ensure relevance in regions like LatAm and Africa.
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Belatra Games, the specialist online slots developer, has issued a strategic review of its 2025 operations, celebrating a 12-month period defined by entry into new game verticals, significant franchise expansion, and high-profile industry recognition.
The year was characterized by a dual strategy: deepening engagement in established markets while aggressively expanding its content portfolio to suit local preferences in emerging territories.
Portfolio Evolution: Crash and Battles 2025 saw Belatra move beyond its traditional slot roots. The company made its debut in the high-demand Crash game vertical with the launch of Goose Boom Bang, a title designed to tap into the fast-paced gameplay preference of younger demographics.
Additionally, the studio introduced a fresh game concept with the launch of Battles, a new format unveiled for the first time in 2025, with further development planned for 2026.
The ‘Mummyverse’ Expands For fans of classic slots, the highlight of the year was the aggressive expansion of the Mummyverse. Belatra nearly doubled the size of this franchise over the year, making it the most extensive game universe in their entire catalog.
The developer also focused on B2B localization, releasing a number of exclusive bespoke games created specifically for selected operator partners to meet specific local market tastes.
Awards and Recognition The company’s strategic shifts were validated by industry accolades. Belatra secured over 30 nominations throughout the year, with standout wins including:
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Best Slot Provider (awarded by BitStarz).
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Most Played Game of 2025 for Make It Gold at the SiGMA Africa Awards.
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Player’s Pick Award.
Management Commentary Misha Voinich, Head of Business Development at Belatra, commented on the studio’s momentum:
“This year has truly defined who we are as a studio – ambitious, creative and focused on building long-term partnerships. We’ve expanded our universes, launched new ones and entered exciting new markets that will all help us carry this momentum into the New Year.”
The post From ‘Mummyverse’ to Crash Games: Belatra Reviews a Landmark 2025 appeared first on Gaming and Gambling Industry Newsroom.
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The studio, which officially debuted in November, reports that its initial rollout reached more than five million people worldwide. The launch saw its portfolio go live with the operator Menace, serving as the initial testbed for its mechanics and “Ebaka modes.”
The Product: Instant Games with Personality Ebaka is bypassing traditional slots to focus on the high-growth vertical of fast-paced, instant-win games. Their initial lineup includes:
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Plinko
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Mines
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Tower
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Limbo
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Crash
Differentiation is achieved through unique mascots and signature gameplay tweaks designed to offer high win potential and distinct visual identities, moving away from the generic interfaces often found in this genre.
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Management Commentary Vitalii Zalievskyi, CEO of Ebaka Games, commented on the studio’s unorthodox approach:
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The post ‘Chaos and Soul’: Ebaka Games Plots Global Expansion After Viral Launch appeared first on Gaming and Gambling Industry Newsroom.
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The Commercial Deal
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SBK: As the exclusive betting partner, the Smarkets-owned sportsbook will take naming rights and on-course branding for all 35 races. Crucially, these races will be broadcast live on mainstream television via ITV Racing as well as Sky Sports Research.
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The Racing Post: As the Official Media Partner, the publication will provide content, coverage, and promotion across its digital platforms, aiming to bridge the gap between established racing purists and the new audience ARC hopes to attract.
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9th Jan: Wolverhampton
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6th Feb: Newcastle
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20th Feb: Southwell
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The post Racing Meets Nightlife: SBK Backs ARC’s New ‘Friday Night Live’ Series appeared first on Gaming and Gambling Industry Newsroom.
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