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
Taking Off with N1 Partners at iGB Affiliate 2026 in Barcelona: Grand Final and a Helicopter for the N1 Puzzle Promo Winner
N1 Partners is heading to iGB Affiliate 2026 in Barcelona with a clear focus on partners and the grand finale of the global N1 Puzzle Promo. During the event dates, N1 Partners will welcome partners at the booth and host an exclusive evening side event in Barcelona, where the winner of the promo will be announced and awarded the grand prize: a Robinson R22 Beta II helicopter.
At iGB Affiliate 2026, N1 Partners will welcome industry colleagues at booth 80-C80. Conversations at the stand will focus on performance, traffic strategies, and the key priorities for growth in 2026.
At booth 80-C80, visitors will find an exclusive “The Sky Is Not the Limit” merch drop created specifically for iGB Affiliate 2026. A cocktail bar will be part of the booth experience, making it a convenient meeting point throughout the day. The N1 Partners booth is designed as a space where partners can easily stop by, start a conversation, and spend time, combining a relaxed atmosphere with the right setting for discussing deals and strategies.
Interactive elements with prizes will add an engaging touch to booth visits. Most importantly, partners will be able to speak directly with N1 Partners affiliate managers about current market dynamics, upcoming trends for 2026, traffic performance, and individual cooperation terms.
N1 Puzzle Promo Grand Finale Party
The N1 Puzzle Promo has been running globally from April 21 to December 31, 2025, bringing partners together around a long-term competition built on performance and consistency. Over the course of the year, participants progressed through the promo step by step, moving up the leaderboard and unlocking rewards as they advanced toward the final stage.
On January 20, N1 Partners will host a private party in Barcelona to mark the grand finale of the N1 Puzzle Promo. During the event, the company will announce the top three partners and the winner of the grand prize, a Robinson R22 Beta II helicopter.
The evening is designed as a celebration of a year-long promo journey. It brings together partners, invited guests, and the N1 Partners team in an informal setting that combines recognition, entertainment, and shared moments. The program follows a structured show format with live performances and curated experiences created specifically for the N1 Partners community.
Find out who the special guest of the evening will be and secure your spot: https://n1puzzle.promo/en.html
Why Meet N1 Partners in Barcelona
iGB Affiliate 2026 is an opportunity for partners to reconnect with the N1 Partners team and benefit from:
- 14+ licensed casino and sportsbook brands with Reg2Dep up to 70%
- Top deals across 10+ Tier-1 GEOs
- CPA up to €700 for partners with top-performing traffic, RevShare up to 45% + NNCO, and hybrid models
Book your meetings with N1 Partners affiliate managers at booth 80-C80 and join the N1 Puzzle Promo finale in Barcelona.
After all, why drive when you can fly?
Be number one with N1 Partners.
News
N1 Faces: Daria Maichuk — “Communication as the Key to Strong, Effective Partnerships in Affiliate Marketing”
In iGaming, many things start with a simple “hi” in chat. Messages turn into long conversations, calls follow one after another, yet the goal remains the same — to make traffic profitable. Behind every dialogue is a person with their own background, approach, and communication style — and that’s exactly what defines the success of any partnership.
Partners need to see more than just a messenger account — they need to see a real person they can trust with their traffic and their goals.
N1 Faces is a series of short and lively interviews where N1 Partners introduces the managers behind the affiliate program: their values, their workflows, and their unique management styles.
Today’s spotlight is on Daria Maichuk, Affiliate Manager at N1 Partners, who shares her journey into the industry, her approach to building reliable long-term partnerships, and how she maintains internal balance while working at a fast pace.
Daria Maichuk
Daria MaichukAffiliate Manager, N1 Partners
Daria is the kind of manager whose calm mindset, attentiveness, and quick reaction become obvious within the first minutes of communication. She maintains a fast pace, yet always leaves room for a genuine conversation — and that’s what makes working with her both easy and productive.
How did you get into the affiliate industry, and when did you realize it was the right fit for you?
I entered the industry in 2019, starting as an account manager at an advertising network. We worked with push, pops, native — and I had the chance to dive into each vertical.
After four years, I felt the need to focus on one direction and look at the market from another angle — to understand how different traffic sources operate. The role of an affiliate manager offered exactly that: an opportunity to explore the product in depth, build long-term relationships with partners, see campaign launches from the inside, and directly influence performance.
Why N1 Partners? What aligned in terms of values and approach?
I had known about the company for a long time — since 2020. We ran push-traffic tests together, and met often at conferences. I always noticed the team’s energy, openness, and genuine passion for their work. N1 Partners felt like a place where people truly love what they do.
When the opportunity to join the team appeared, I immediately felt that the rhythm and atmosphere matched me perfectly.
What advice would you give yourself in your first month on the job?
Don’t be afraid of the information flow — trust yourself more. At first everything may seem overwhelming, but over time each puzzle piece falls into place, especially once real practice begins.
How do you usually start communication with a new partner? What’s important to understand in the first five minutes?
It’s ideal when both sides have time for a quick call — to meet, exchange expertise, and discuss all details and expectations for upcoming launches. We share the results we aim to see by certain deadlines, while the partner outlines their vision — which GEOs they want to run now and what conversion they expect.
For me, it’s important to understand how open the partner is, how willing they are to share details about their launch plans, and which approaches they intend to use. Our goal is always the same: find terms that are mutually beneficial.
How do you build trust with a partner to ensure productive cooperation?
Personal communication is key, and conferences help immensely. Face-to-face interaction allows you not only to discuss business but also to learn more about the person. Small details can significantly improve future communication and make it more trusting.
Sometimes one meeting is enough for the dialogue to become smoother, faster, and more efficient.
This personal contact becomes a bridge that simplifies any further work.
Are there cases when you need to give tough feedback? How do you do it while preserving trust and a good working relationship?
Yes, it happens — and in such situations I always rely on statistics and concrete data. Numbers speak for themselves, which keeps the conversation transparent, grounded, and efficient. We look at facts together and make decisions based on them.
Constructive feedback with clear recommendations often becomes the most valuable tool for mutual growth.
What personal communication rules help you maintain speed without sacrificing quality?
I follow several principles: be polite, listen carefully, ask the right questions, avoid interrupting, and clarify anything that may cause misunderstanding.
These simple rules help keep both the pace and the quality of communication high.
What energizes you outside of work, and how does it help in working with partners?
Anything connected to movement and social interaction: sports (three workouts a week), yoga, walking my dog, warm moments with family and friends.
Time spent outside work helps me recharge, stay balanced, and maintain my energy levels. Thanks to this, I remain attentive, calm, and ready for constructive dialogue with partners.
If not iGaming, then… who would you be?
As a child, I dreamed of becoming a flight attendant — I loved the atmosphere of travel and the feeling of being close to the sky.
Speaking of my current interests, I would probably choose marketing — maybe performance or targeted advertising. I’ve always been drawn to its dynamics and opportunities for creativity.
Name the Top-3 tools you can’t imagine an affiliate manager working without.
CRM systems and convenient communication channels
They structure daily workflow, simplify interaction, and help keep important details organized.
Monitoring dashboards and analytics tools
They make it possible to evaluate traffic quality, build reports, and make data-driven decisions.
Work devices & messengers
The backbone of daily communication — calls, quick discussions, approvals, and keeping constant contact with partners.
Phone, laptop, Telegram, and MS Teams are my essentials.
Join N1 Partners
To discuss a new launch, choose the right terms for your traffic, or test an offer, you can contact Daria directly.
N1 Partners provides everything partners need to stay ahead and achieve results: high-converting products, regular analytics with optimization recommendations, and full support from the team.
Become a partner: https://n1.partners/
N1 Partners is more than just an affiliate program. The company brings together 14+ casino and betting brands, operates in 10+ Tier-1 GEOs, delivers Reg2Dep rates of up to 70%, and offers competitive conditions for top partners — CPA up to €700 and RevShare up to 45%.
More than 14,000 partners trust N1 Partners for its transparency, flexibility, and an approach where people and communication quality play a central role.
N1 Partners will celebrate the finale of the global N1 Puzzle Promo for partners – running from April 21 to December 31, 2025 – and award the grand prize, a Robinson R22 Beta II helicopter, at an exclusive party in Barcelona during the ICE and iGB conferences. The special guest of the event will be Tommy Cash.
Registration for the party is now open.
Participants – especially those at the top of the leaderboard – still have the final two weeks to influence the results and break into the prize-winning top three. After all, the grand prize – a Robinson R22 Beta II helicopter – is something no one in the industry has ever given away before…
The main motto of the exclusive final show-event of N1 Puzzle Promo will be “Because we can” – a philosophy of high achievement and top performance by the promo leaders, running like a red thread throughout the entire event.
This is more than just a party – it’s a community and a private club for top N1 Partners affiliates and guests, industry leaders, media, and influencers, accessible only to the select few. “Because we can” is about limitless opportunities for scaling, the ability to achieve top results together, and creating experiences unmatched in the industry.
N1 Partners reveals long-awaited event details 👇🏼
Date: January 20, 2026
Time: 20:00
Location: Barcelona, Spain
What highlights are planned for the guests?
- award ceremony for the top 3 and presentation of the grand prize – the Robinson R22 Beta II helicopter
- exclusive prizes raffle among all guests
- a performance show, DJ set and additional surprises
- activity zones (red carpet, photo area, bar, VIP lounge with hookahs, and much more)
And, of course, the long-awaited special guest of the evening… 🥁
Get ready for the unforgettable performance of edgy Estonian rapper and musician – Tommy Cash!
Register now for the N1 Partners show-event via the link: https://n1puzzle.promo/en.html
After all, why drive when you can fly?
And be number one with N1 Partners?
News source: N1 Partners
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