News
Raketech Q1 2025: Driving Long-Term Value Through a Platform-First Strategy, and Enhanced Financial Flexibility
Quote from Johan Svensson, CEO “Q1 2025 marked a period of strategic consolidation and operational focus for Raketech. Despite a year-on-year revenue decrease we have made good progress in aligning the business around our platform-first model and long-term growth priorities. With AffiliationCloud now at the core of how we operate, and a strengthened financial position following key decisions, we are confident in our ability to scale efficiently and deliver sustainable value.”
Q1 2025 FINANCIAL HIGHLIGHTS
- In Q1 2025, revenues totalled EUR 9.8 million, down from a strong Q1 2024 of EUR 19.0 million, which included EUR 0.8 million from the divested advisory business. Adjusted EBITDA amounted to EUR 2.4 million, (EUR 5.1 million in Q1 2024), while reported EBITDA was EUR 2.1 million (EUR 4.3 million in Q1 2024). The adjustments include restructuring costs related to the strategic shift towards working with entrepreneurial partnerships.
- Financial results were impacted by continued low performance from Casumba within Affiliation Marketing and ongoing challenges in Paid Publisher Network (SubAffiliation). In contrast, the remaining casino and sports assets showed stable or improving trends, adjusted for seasonality, compared to Q4 2024.
- We’re in the final stage of the strategic review of our non-core US tipster and subscription assets. These assets and related US operations had a negative EBITDA impact of EUR 0.3 million in Q1.
- Free cash flow before earnouts totalled EUR 1.7 million in Q1 2025. EUR 6.0 million of the earnout was settled during the quarter, with EUR 2.0 million due in Q2. The remaining earnout of EUR 20.6 million has been extended to March 2028.
OPERATIONAL HIGHLIGHTS
- As part of our previously announced review of our operating model, we achieved cost savings of 34% in Q1 2025 (excluding publisher costs) compared to the first quarter of last year.
SUBSEQUENT EVENTS AFTER THE END OF THE PERIOD
- On May 6, Raketech announced an agreement with the sellers of Casumba to extend the remaining earnout payment period to March 2028, while removing the option for partial settlement in shares. This revision enhances our financial flexibility, with a commitment to ongoing instalment payments and an ambition to repay the earnout as early as possible.
- Revenues for our Affiliation Marketing assets in April 2025 remains consistent with Q1 2025. However, the lower margin Paid Network (SubAffiliation) continues to face headwinds.
CEO COMMENT
Q1 2025 marked a period of strategic consolidation and operational focus for Raketech. Despite a year-on-year revenue decrease we have made good progress in aligning the business around our platform-first model and long-term growth priorities.
With AffiliationCloud now at the core of how we operate, and a strengthened financial position following key decisions, we are confident in our ability to scale efficiently and deliver sustainable value.
Financial Overview
Q1 2025 revenues amounted to EUR 9.8 million compared to a strong Q1 2024 of EUR 19.0 million (including EUR 0.8 million from the divested advisory business). Adjusted EBITDA of EUR 2.4 million (EUR 5.1 million), with reported EBITDA of EUR 2.1 million (EUR 4.3 million). The adjustments include restructuring costs related to the strategic shift towards working with entrepreneurial partnerships.
We’re in the final stage of the strategic review of our non-core US tipster and subscription assets. These assets and related US operations had a negative EBITDA impact of EUR 0.3 million in Q1.
Strategic Execution & Direction
Platform-First / AffiliationCloud – Building a leading commercial platform: Raketech continues to strengthen its position as a platform first performance-based marketing company by focusing on what we do best: enabling scalability and long-term growth through a structure built on commercial and operational expertise. Through AffiliationCloud, we integrate assets managed in-house and via entrepreneurial partnerships (Affiliation Marketing), along with our Paid and Organic Publisher Network (SubAffiliation), into a single, unified system. This structure supports more efficient operations, better use of data, and greater predictability across all areas.
Entrepreneurial Partnerships – Decentralizing Affiliation Marketing Assets: Our entrepreneurial partnership model remains a core pillar of this approach. In Affiliation Marketing, approximately 50 percent of revenue now comes from these partnerships, and a strategic focus for us is to grow this further during 2025. The partnerships allow Raketech to retain ownership while leveraging its centralized capabilities in commercial agreements, finance, reporting, data, and technology. Our partners contribute deep expertise in areas such as SEO, content, and product development, creating a structure that fosters scalability and efficiency.
Win-Win for Operators and Publishers – SubAffiliation: In SubAffiliation, we apply the same principle by delivering high-quality traffic to operators and offering publishers the best possible commercial terms through AffiliationCloud.
The strategic focus within this area is expanding exclusive network commercial agreements with operators, onboarding new publishers, and investing in our platform infrastructure. These initiatives are laying the foundation for long-term value creation while enhancing daily execution across our network.
Business Area Updates
Affiliation Marketing
Keeping Momentum: Affiliation Marketing generated EUR 6.0 million in revenue during the quarter with continued decline for the Casumba assets. Adjusted for Casumba, the remainder of the Affiliation Marketing portfolio decreased only marginally compared to Q4, reflecting stability despite softer seasonal trading and the shorter reporting period in February. Activity levels in the latter part of the quarter were more in line with Q4, reinforcing our view of a stable and resilient portfolio.
Entrepreneurial Partnership Gaining Ground: Entrepreneurial partnerships now represent approximately 50 percent of revenues in this business area. Operational momentum for the new partnerships, most of which commenced in March, has been strong. While it is too early to see a material financial impact in Q1, we are optimistic that these partnerships will play an increasingly important role during the remainder of the year.
Moving Beyond SEO: Additionally, we continue to focus on diversifying our traffic streams to reduce dependency on SEO. Key initiatives include expanding CRM activities and investing in products with a higher proportion of returning visitors, such as the TV sport guides.
SubAffiliation – Organic Publisher Network and Paid Publisher Network
Navigating Paid Network Headwinds: SubAffiliation generated EUR 3.4 million in revenue during the quarter. The Paid Publisher Network faced a marked decline from March due to external factors like algorithm changes. This volatility has made traffic volumes and monetization less predictable. We do not expect a meaningful recovery in the near term and are putting continued focus on the more stable Organic Publisher Network, but we remain prepared to scale up again should volumes return.
Organic Publisher Network Gaining Ground: The Organic Publisher Network made solid progress. We have onboarded new publishers and expanded our pipeline of exclusive commercial network agreements with operators. The number of active revenue-generating publishers increased to over 80, up from around 50 last year, demonstrating strong interest. As of today, we have four exclusive network commercial operator agreements in place, and expanding this base remains a top priority.
This business area mirrors our partnership model in Affiliation Marketing, with Raketech managing commercial structures and partners providing high-quality traffic. This ensures scalability, value creation, and compliance.
Conclusion & Next Steps
Q1 2025 reflects strategic progress. In Affiliation Marketing, our entrepreneurial partnerships gained traction, and in SubAffiliation, the Organic Publisher Network showed promising growth. Simultaneously, challenges in the Paid Publisher Network reinforced our decision to focus on more stable, predictable sources of lead generation.
The revised Casumba terms have improved our financial flexibility, enabling us to invest in areas with the highest long-term potential.
By aligning commercial strength with operational efficiency across both internally managed assets and those run through entrepreneurial partnerships within Affiliation Marketing, we deliver measurable results and drive sustainable growth. With a growing base of trusted publishers and exclusive network commercial agreements with operators within SubAffiliation, we are well positioned to drive traffic, convert leads, and create long-term value for shareholders.
Johan Svensson, CEO
News
All Roads Lead to the Helicopter — N1 Partners Turns SiGMA Central Europe 2025 into a Pit Stop for Deals
N1 Partners is heading to SiGMA Central Europe 2025 with Booth 5056 G, charged with drive, precision, and the spirit of being first — presenting its top offers, products, and entering the final lap of the N1 Puzzle Promo before the grand finale.
After hitting the road in London and conquering the waves in Lisbon, N1 Partners is taking off to the sky — straight to SiGMA Central Europe 2025 in Rome. This time, all roads truly lead to the helicopter.
Inspired by Italian sports car engineering and the spirit of competition, with a true vibe of drive — from Ferrari and Maserati to Formula 1 — the N1 Partners stand merges speed, precision, and style in every detail, creating a space where affiliates can recharge, connect, and explore new opportunities.
Step Up to the HeliRun Challenge
Visitors can take on the HeliRun Challenge — a mechanical time-trial maze where accuracy and focus are key and winners will receive branded mini-helicopters and other limited prizes.
Win a Ferrari
One lucky guest will drive away with a Ferrari — in LEGO form, but full of prestige.
Simply collect a branded card at the booth, follow N1 Partners on social media, and drop your entry into the prize drum.
The draw will take place on Day 3 at 16:00, with results announced on Instagram.
What Awaits at Booth 5056 G
- Meet the N1 Partners team to discuss insights and top-tier deals.
- Enjoy aperol & gelato sessions and exclusive giveaways.
- Take part in interactive activations and surprise drops throughout the event.
- Get exclusive N1 merch featuring the Puzzle Piece — your link to future N1 Puzzle Promo prizes.
Every detail is designed for speed, style, and engagement — making the booth a must-visit destination in Rome.
Why Meet N1 Partners in Rome
For more than eight years, N1 Partners has been accelerating affiliate growth, uniting 14+ licensed casino and betting brands across Tier-1 markets.
The program offers:
- Flexible deals: RevShare up to 45% / Hybrid / CPA up to €700 for partners with top-performing traffic
- Transparent terms: no shave, no delays, guaranteed payouts
- Exceptional performance: Reg2Dep up to 70%
At Booth 5056 G, the team will present personalized offers and partnership opportunities for affiliates working with SEO, PPC, FB, or mixed traffic.
With N1 Partners, you don’t just work with the number one — you become one.
Don’t wait — book your meeting now and take off with N1 Partners.
Next Lap: Helicopter.
Awards
ReferOn in the Spotlight: Nominated for the Prestigious “Best Affiliate Software 2025” Award at SiGMA Europe Rome
ReferOn shortlisted for another major award as it heads to Rome
ReferOn, the next-gen affiliate management platform, has been shortlisted for the “Best Affiliate Software 2025” category at the upcoming SiGMA Europe Awards — recognising its commitment to reshaping modern affiliate tech.
2025 marked a crucial year for the company as ReferOn evolved into one of the most forward-thinking solutions in the iGaming affiliate space. The platform continues to tackle industry pain points head-on with technological advancements like Independent Deal Calculation for flexible reward logic, multi-brand dashboards, and affiliate-controlled postbacks, all designed to give users real-time visibility and frictionless control.
Alex Bukin, ReferOn’s General Manager, commented, “This nomination is a reflection of how far ReferOn has come in such a short time. Behind every new innovative feature is a team that’s not just developing a platform, they’re transforming affiliate marketing. Our mission has always been to strip away complexity and chaos and focus on giving affiliate managers the clarity and tools they need to succeed. This recognition tells us we’re on the right track.”
ReferOn is not stranger to recognition, winning the “Best Partner For Customer Acquisition & Retention” award from the previous year’s SiGMA Europe Awards. The team now aims to build on that positive momentum and showcase its latest advancements in affiliate operations at Booth 5044 during SiGMA Europe 2025 in Rome.
Affiliate Announcements
IZIGROUP Partners with PartnerMatrix to Expand Global Reach
A new chapter of innovation begins as PartnerMatrix, one of the industry’s leading affiliate marketing software providers, partners with IZIGROUP to strengthen its global presence and enhance player acquisition through smarter, data-driven, and fully compliant marketing technology.
The collaboration will empower affiliates promoting IZIGROUP’s online brands, IZIBET and Dragonara Online Casino with cutting-edge tools to manage, track, and optimize campaigns more efficiently. This partnership reflects a shared vision for growth, innovation, and regulatory excellence within the evolving iGaming landscape.
PartnerMatrix, part of the EveryMatrix group, is known for delivering flexible, secure, and high-performing solutions that enable operators to scale their affiliate programs globally while maintaining compliance and transparency values deeply aligned with IZIGROUP’s operational philosophy.
“PartnerMatrix’s platform is the best in the industry, robust, reliable, and designed for performance,” said Cristian Rachieru, Head of Online Operations for IZI Interactive Limited, the company licensed by the Malta Gaming Authority (MGA) to operate IZIGROUP’s online gaming brands.
“With PartnerMatrix and the full suite of EveryMatrix products powering our operations, we’re ready for a full house. This partnership will further strengthen our ability to connect with players globally while remaining compliant and delivering exceptional online gaming experiences.”
Hasmik Movsisian, Chief Commercial Officer at PartnerMatrix, added: “We are delighted to partner with IZIGROUP, a company that shares our dedication to innovation and responsible growth. By combining our advanced affiliate management technology with IZIGROUP’s strong brand portfolio, we’re confident in driving higher engagement, stronger performance, and lasting success within regulated markets.”
This collaboration marks an important milestone in IZIGROUP’s continuous journey of innovation and expansion. By uniting PartnerMatrix’s affiliate marketing expertise with IZIGROUP’s trusted brand portfolio and the EveryMatrix ecosystem, the partnership sets the stage for long-term success and sustainable growth.
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Affiliate Announcements3 days agoIZIGROUP Partners with PartnerMatrix to Expand Global Reach
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Awards1 day agoReferOn in the Spotlight: Nominated for the Prestigious “Best Affiliate Software 2025” Award at SiGMA Europe Rome

