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
Affiliate Announcements
Affiliate Leaders Summit Grows 40% as Global Operators and Affiliates Flock to Lisbon
Following a successful run, the Affiliate Leaders Summit will make its return to the Feira Internacional de Lisboa (FIL) this September, now expanded to a three-day format and featuring the debut of the Affiliate Leaders Awards.
Taking place from 16–18 September, the Affiliate Leaders Summit runs alongside SBC Summit as a focused, standalone platform for affiliates, affiliate managers, and enabling suppliers. It also delivers a more targeted networking and learning experience, with a dedicated content stage and curated audience of 8,000 operator representatives and 3,500 affiliates.
Affiliate Leaders Summit delegates will also enjoy full access to wider SBC Summit features, including evening socials, the main expo floor, and Super Stage keynotes from leading voices such as Gary Vaynerchuk.
Rasmus Sojmark, Founder and CEO of SBC, said: “Last year’s launch of the Affiliate Leaders Summit was a big milestone for us. The response was incredible, but we knew we could do even more. That’s why this year, we’re giving it the time it deserves; three full days to ensure attendees can take in everything this event has to offer.
“We’re also introducing the Affiliate Leaders Awards, which I’m personally very excited about. Affiliates play a vital role in this industry, and it’s time we had a platform that truly celebrates their work alongside the operator programmes and suppliers who help make it all happen.”
A 40% expansion of the 2025 show floor also underscores the event’s rising influence, following 2024’s debut that earned standout NPS ratings—79 from affiliates and 68 from operators. This year’s exhibitor list is stacked with leaders of the field, including Catena Media, Clever Advertising, Evoke, Flashscore, Kaizen Gaming, Medier, Megapari, Novibet, and Shake, offering attendees direct access to key players across the affiliate and operator landscape.
On the conference side of things, the Affiliate Leaders Stage at this year’s summit delivers a powerful three-day journey through the evolution of affiliate marketing, starting with the martech tools redefining performance and partnerships, moving into audience-focused strategies that tap into community-driven SEO and smarter collaboration, and culminating in a forward-looking exploration of AI, diversification beyond Google, and the future role of affiliate managers.
With debates, CEO insights, hands-on workshops, and panels tackling everything from automation and CRM to content authenticity and deal transparency, this stage arms attendees with the ideas, tools, and strategies needed to thrive in a rapidly shifting digital landscape.
The conference sessions will bring together some of the biggest names in affiliate marketing, including Jonathan Edelshaim (CEO, Natural Intelligence), Elaine Gardiner-Ruddock (Managing Director, TAG Media), Peter Gunni (CEO, Traffic Lab), Filip Komljenovic (Head of Sales, Sofascore), Deb Lee (Director of AI & Data Operations, CILA, Entain), Andre Machado (CCO, Clever Advertising), Leanne Muleba (Chief Operations Officer, Matching Visions), and Johan Styren (CEO & Co-founder, Dilanti Media).
Those joining the Affiliate Leaders Summit will benefit not only from the tailored content on the dedicated stage and Super Stage but also from the addition of the Global Markets and Emerging Markets stages. With affiliates and operators among the most curious about cross-border growth, these new stages provide an ideal opportunity to explore regional strategies and understand new audiences.
Affiliate and operator attendees can expect the VIP treatment at the Affiliate Leaders Summit, with complimentary access to the event’s premium evening networking lineup. That includes the high-energy Opening Party with Joel Corry and Imanbek, and the return of INFINITY Lisbon, featuring electrifying performances from Alok and Timmy Trumpet.
Sojmark added: “The Affiliate Leaders Summit is designed to make networking and easier by giving you a dedicated space to connect. But the hospitality doesn’t stop there. You’re part of the full SBC Summit experience. With access to all six stages, complimentary food and drinks at the Food Festival, and the freedom to explore every area of the event, you’re welcome to engage as widely as you like. The Affiliate Leaders Summit simply helps you focus your efforts where they matter most.”
The Quality Mark Responsible Affiliates (QMRA) initiative is pleased to announce that iGaming.com has officially joined its growing network of compliant affiliate partners. The partnership starts with the inclusion of iGaming.com’s Danish portfolio, which will now be reviewed and monitored under the QMRA compliance framework.
This move follows earlier commitments by other major players in the iGaming affiliate industry, including Gentoo Media, Leadstar Media, GameLounge, and as a QMRA Operator, LeoVegas. With iGaming.com now joining their ranks, QMRA continues to build a stronger foundation for responsible and transparent affiliate marketing practices in Europe and beyond.
As part of the onboarding process, QMRA’s compliance team will assess the participating iGaming.com website against the established QMRA Code of Conduct. The partnership reflects mutual confidence and a shared objective: raising the standard of regulatory compliance and responsible marketing in the affiliate sector.
“We are very pleased that iGaming.com has chosen to partner with us. Their decision shows continued momentum in the industry towards credible, structured compliance. It also strengthens QMRA’s ability to advocate for a safe and transparent online gambling environment,” said Steven Vrolijk, spokesperson for QMRA.
Google Core Update: Optimized QMRA Member Certificates
In other news, following the latest Google Core Update, which emphasized the importance of E-E-A-T (Experience, Expertise, Authoritativeness, and Trustworthiness), QMRA is further optimizing its certification standards. Specifically, QMRA certificates will now include a new section titled Company Verification and Relationship with QMRA.
This section confirms that:
QMRA has verified the identity of the organization behind [Website Name] and confirmed that it is an established, demonstrably reliable entity with a registered business. QMRA maintains direct contact with the management of this organization regarding the operation of the website. A contractual relationship exists between QMRA and this company, under which periodic compliance checks are carried out and clear agreements have been made concerning adherence to applicable laws and regulations.
This added transparency helps reinforce the credibility of certified affiliate websites, not just with regulators and partners, but also with search engines increasingly focused on authoritative sources.
German Deposit Limits
Recently, QMRA specialists conducted research related to the overarching deposit limits in Germany: https://qmra.eu/online-gambling-deposit-limits-in-germany/
Germany’s strict deposit limit policy aims to reduce gambling harm, but its rigid framework, exemplified by a €1,000 monthly cap and technical restrictions, may unintentionally drive players toward illegal markets, highlighting the need for data-driven, flexible regulation that balances consumer protection with market realities.
Amusnet is excited to announce a new partnership with CasinoFreak, one of the most trusted and comprehensive online casino affiliate platforms. This collaboration supports our ongoing efforts to expand global reach and deliver high-quality gaming experiences to a broader audience. The affiliate is renowned for its reliable casino reviews, in-depth game insights, and player-first approach. This partnership will focus on providing in-depth coverage of Amusnet’s diverse portfolio of top-tier casino titles to CasinoFreak’s global user base – launching with a spotlight with the standout release, Sparta Legend.
“Working with CasinoFreak aligns perfectly with our vision of reaching players who value quality and amusement. Their commitment to up-to-date information and user-focused service makes them an ideal partner to showcase Sparta Legend’s unique gameplay and thematic appeal.”, comments Liliya Chatalbasheva, Chief Marketing and Commercial Officer at Amusnet.
“Sparta Legend by Amusnet is a bold step into the heart of ancient Greece, where polished visuals meet deliberate, focused gameplay. Its Free Spins feature with stacked Wilds creates steady momentum, and the Buy Feature allows immediate access to the core mechanics. As April’s Editor’s Choice, the game earns its place through consistency, clarity, and a theme that never strays from its mark.”, said Bogdan Romedea, PR Specialist at Casino Freak.
As we begin this exciting partnership, we invite gaming enthusiasts to explore CasinoFreak’s comprehensive reviews. With Sparta Legend and other Amusnet titles in focus, this collaboration marks an important step in enhancing the online casino experience and deepening community engagement. It reflects Amusnet’s commitment to partnering with top affiliates to deliver exceptional gaming worldwide.
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