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Raketech Announces Second Quarter 2023 Results

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Raketech has announced its financial results for the second quarter of 2023.

Q2 2023 Financial Highlights

  • Q2 of 2023 reached an all-time high in terms of revenues, totaling EUR 17.6 million (EUR 11.3 million) with an organic growth of 56.0% (-4.0%).
    • A particularly strong development within Sub-affiliation/Network was complemented by continued stable growth within high-margin Affiliation Marketing, primarily driven by continued strong contributions from Casumba.
  • Revenues from Betting Tips & Subscriptions were down by 6%, essentially in line with last year, somewhat impacted by currency effects.
  • EBITDA, which grew by 45% Y/Y to EUR 5.5 million during the quarter, was positively impacted by the strong development in Casumba.
  • The AGM approved a dividend to shareholders corresponding to EUR 0.094 per share. The first of two installments was distributed to the shareholders in May.

Subsequent Events After the End of the Period

  • Revenues in July 2023 amounted to EUR 6.9 million (EUR 3.9 million).

CEO Oskar Mühlbach Comments on the Quarter

Raketech continued to deliver strong growth during the second quarter of 2023, with total revenues of EUR 17.6 million, another all-time high for the group, corresponding to an organic growth of 56% Y/Y. A particularly strong development within Sub-affiliation/Network was complemented by continued stable growth within high-margin Affiliation Marketing, resulting in an EBITDA of 5.5 million, up by 45% from the same period last year. Based on the strong first half of the year, we remain confident about our recently upgraded full-year guidance for 2023. Whereof revenues are expected to amount to EUR 65-70 million, excluding acquisitions, EBITDA is expected to come in between EUR 23-25 million and free cash flow is expected to increase to EUR 13-15 million.

Revenues from Affiliation Marketing, our largest business area, accounting for 59% of total revenue, grew by 28%, primarily driven by continued strong contributions from Casumba. Furthermore, the Sub-Affiliation business area, providing SaaS solutions and club commercials to affiliates, had an exceptionally strong quarter, driven by favourable market development, with Latin America and the Nordics leading the way. Revenues from Betting Tips & Subscriptions were essentially in line with last year, somewhat impacted by currency effects.

EBITDA, which grew by 45% Y/Y to EUR 5.5 million during the quarter, was positively impacted by the strong development in Casumba. The EBITDA margin was 31.1%, compared to 33.6% in the corresponding quarter of last year, as an effect of the increased contributions from Sub-affiliation/Network, to the groups’ market and product mix.

During the quarter, AffiliationCloud, our affiliation infrastructure solutions as a service (SaaS) offering, continued to deliver according to our long-term operational plan even though revenue growth was somewhat soft and the business area still is small in absolute numbers, compared to our other business areas. We aim to accelerate growth during the last part of the year.

Our geographical position within Affiliation Marketing remained stable compared to last quarter. But as an effect of our Network business being particularly successful in Latin America and the Nordics our revenues from these markets increased more than others on group level.

The calculation period for the majority of the contingent considerations relating to the acquisition of Casumba is coming to an end in December. The calculation period is 18 months in total and considering there are only 5 months remaining, only exceptional events would lead us to change the provisioned amount for this part of the earnout significantly.

July revenues amounted to EUR 6.9 million (EUR 3.9 million), mainly driven by continued strong growth in Casumba and Sub-affiliation/Network.

Strengthened by the recent successful development in Casumba and Sub-affiliation/Network, I look forward to driving progress within our strategic growth initiatives, focusing on our flagship products, accelerated US growth and AffiliationCloud.

In conclusion, I would like to thank our strong dedicated teams across the globe, helping our clients to stay ahead of the game. I am confident that we are well-placed to leverage the opportunities ahead and position ourselves as the first choice in the growing iGaming affiliation market.

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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BGaming debuts in Africa with Premier Bet

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Popular iGaming content provider BGaming has signed a multi-brand content deal with African licenced operator Premier Bet, marking another major market entry.

Through this new collaboration, BGaming has delivered a selection of its games to Premier Bet’s platform. Titles such as Fruit Million, Wild Cash X9990, Bonanza Billion, Aztec Clusters and Merge Up are all available to the operator’s registered players across several African markets.

Premier Bet dates back to 1997 and currently operates in 17 countries on the continent. It is one of Africa’s biggest betting companies, offering gaming and business opportunities to people across the west, east, centre and south of the continent.

Africa has always been an epicenter for innovation and resilience, and one industry exemplifying its dynamism in recent years is gambling. This latest market expansion demonstrates BGaming’s exponential global growth and lays the foundations for further success in the thriving region.

Olga Levshina, CCO at BGaming, said: “BGaming continues to penetrate international iGaming markets, with its fresh approach to online casino proving a hit with a wide demographic of players. With this partnership, we have added some of our most appealing titles to Premier Bet’s games line-up as it seeks to expand its player base.”

Karen Hope, Director of Casino at Premier Bet, added: “We are pleased to partner with BGaming to drive this next phase of Premier Bet’s development across several key African markets. The studio’s vibrant games add variety to our casino games collection.”

 

BGaming is a fast-growing iGaming content provider converting gambling into gaming. Thanks to an expert team and a player-driven approach, the studio creates innovative and engaging products featured on reputable platforms and 1,100+ online casinos worldwide. BGaming is the world’s first to support cryptocurrencies and offer Provably Fair games. Today the brand’s portfolio includes 150+ products with HD graphics and a clear user interface for every device. The studio is also known for its brand exclusives created in partnerships with leading operators in the industry.

The post BGaming debuts in Africa with Premier Bet appeared first on European Gaming Industry News.

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Playnetic strengthens European presence with licence to operate in Sweden

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Playnetic, the new immersive B2B iGaming provider has announced that it has been granted a Swedish licence, following regulatory approval from the Swedish Gambling Authority, Spelinspektionen. 

The licence allows Playnetic to launch its catalogue of innovative iGaming titles in Sweden, enabling the company to finalise partnerships with prominent operators across the country. 

This significant milestone marks a major step forward in supporting Playnetic’s ambitious growth plans, which include increasing its foothold in other European markets, as well as continued expansion in regulated markets across the globe. 

Dan Phillips, Playnetic CEO said: “Since launching in early 2023, Playnetic has been exploring expansion opportunities in Europe to penetrate new markets and we are thrilled with achieving this milestone.  

“Thanks to our experienced compliance team, we were able to obtain this licence promptly, which is a huge positive as the market entry lines up perfectly with our regulatory roadmap for 2024. We are looking forward to launching our innovative suite of games which feature captivating themes and mechanics to players and operators in Sweden.” 

The post Playnetic strengthens European presence with licence to operate in Sweden appeared first on European Gaming Industry News.

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Wazdan adds to Croatian presence with SuperSport tie-up

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Wazdan, the gain-focused developer behind some of the world’s most rewarding casino game experiences, has gone live with SuperSport, expanding its foothold in Croatia.

As part of the agreement, an initial tranche of games go live with the operator, including its top-performing hits such as 9 CoinsGrand Gold Edition, 9 Lions, 12 Coins™ and Burning Sun™, with more titles set to be uploaded in batches at a later stage.

Thanks to the new deal, SuperSport’s players can now enjoy the provider’s renowned mechanics including Cash Infinity™, Sticky to Infinity™ and Hold the Jackpot™, which deliver proven results to operators.

With over 20 years of experience in the betting and gaming industry, SuperSport’s online platform is a market leader in Croatia and is now set to benefit from Wazdan’s pristine titles.

The Balkans have remained a key growth area for Wazdan as it continues to expand across regulated markets worldwide.

Radka Bacheva, Sales and Business Development at Wazdan: “Marking another step in our growth strategy, the Balkans have quickly emerged as one of the most exciting markets in Europe and we are delighted to bring our dynamic titles to SuperSport, a market leader in Croatia.

“Through our engagement-boosting features, we can guarantee an unmatched gaming experience to its players and can’t wait to see how they react.”

Robert Milic, Head of Games at SuperSport said: “Wazdan’s award-winning features and titles add real value to our offering, so we are thrilled to bring an influx of its games to our players.

“As a market leader in Croatia, it is imperative that our content remains of the highest calibre and genuinely excites players. By forging agreements with providers such as Wazdan, we can achieve this whilst elevating our position in the industry to new heights.”

The post Wazdan adds to Croatian presence with SuperSport tie-up appeared first on European Gaming Industry News.

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