Catena Media, an iGaming affiliate juggernaut with operations across the US, Europe, Africa and Asia, has announced its financial results for the last quarter of 2021; as well as its numbers for the year as a whole.
The rapid growth of sports betting in the United States was a boon for the company, with the launches of the Louisiana and New York markets leading to an impressive 97% quarterly revenue increase. This revenue was also boosted by operations in Michigan, Virginia, Arizona and Wyoming.
In total, operating revenue for Q4 came in at $35m. Meanwhile, adjusted EBITDA increased by 4% to $14.5m, a reflection of the $2.8m invested into North American growth opportunities. Operating cash flow also saw a boost in Q4, rising 52% to approximately $20.5m.
Throughout the last period of 2021, Catena Media issued 2,207,357 new shares with a total value of $12.5m. These shares were used to purchase the media assets of i15.
“The final quarter of 2021 capped a memorable year for Catena Media. After an eventful nine months that brought multiple US state openings and two major acquisitions, we focused in Q4 on accelerating investment into our long-term growth plans and on preparing for future market launches in North America in 2022. We did so while recording a solid financial performance headlined by a 20% rise in group revenue and a 4% increase in adjusted EBITDA,” said Michael Daly, the affiliate’s CEO.
He continued: “The strong cash flow from our North American operations, in particular, enables us to invest for the long term while still delivering solid earnings growth from quarter to quarter. We struck this balance adeptly in 2021 and intend to continue doing so through 2022 as our growth-focused roadmap unfolds.”
From a yearly perspective, growth was also positive. Organic growth came in at 24%, or 37% should one exclude the brand’s German offering. In total, operating revenue for 2021 was $154.5m, a 28% increase from the previous year.
In North America specifically, sports betting and casino revenue rose by 116% and accounted for 50% of the company’s entire revenue.
As the affiliate giant continues into 2022, it predicts the recently launched Empire State will become its largest money maker. Daly also noted the coming importance of Ontario, which will be one of the continent’s largest markets.
