North American revenue rises 124% as Catena Media posts strong Q3 results
North American casino and sports betting revenue accounted for 51% of total group revenue during the period.
Catena Media, an affiliate working in the iGaming and sports betting spaces, has revealed its financial results for the period ending September 30, 2021. The company notes impressive growth for the period, citing a revenue increase of 33%, reaching $37.5m.
Catena Media CEO Michael Daly commented: “For Catena Media, Q3 was an exceedingly strong quarter that highlighted the value of our global diversification strategy across sports betting and casino. Triple-digit growth in North America and a doubling of revenue in Japan were the principal drivers behind a 33 percent increase in group revenue.”
Adjusted EBITDA for the affiliate increased by 33% during Q3, totalling approximately $16.12m, leading to an EBITDA margin of 48%.
“Our North American operation continued to blossom, reflecting our winning strategy of organic growth complemented by targeted strategic acquisitions such as the online sports betting and casino affiliation assets acquired from i15 Media in September,” continued Daly.
“This portfolio addition was timed to coincide with the start of the NFL season and, together with our acquisition of the Lineups.com website in Q2, helped maximise revenue from the league opening.”
North American revenue grew an impressive 124% during the given period, meaning the region’s financial contribution now makes up 51% of group revenue.
A number of key sports betting launches throughout the US also played a role in the company’s growth, as highlighted by Daly: “The launch of regulated sports betting in Arizona in September provided further positive impetus, aided by our successful advance planning and market positioning there.”
Per the statement, Catena believes the US, and specifically its booming sports betting market, will continue to be central to its growth but cautions against overly high expectations.
Daly added: “The North American market outlook is bright as we enter Q4 but I would caution against excessively high expectations given that initial spikes in player activity invariably recede in the months after a state launch.
“Nevertheless, we expect Arizona to remain a productive revenue source going forward, just as Michigan and Virginia have become solid and significant performers since launching earlier this year. A number of US states, including Louisiana, Maryland and Connecticut, and the Canadian province of Ontario are preparing to open for regulated iGaming in the near term.”
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