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
The Eastern European Gaming Summit (EEGS) is proud to announce Palms Bet as the General Sponsor of this year’s Affiliate Conference, taking place alongside EEGS 2025 – where innovation, regulation, and strategic collaboration converge.
As one of Bulgaria’s leading gaming and entertainment brands, Palms Bet has played a pivotal role in shaping the local and regional iGaming landscape. Its continued investment in digital innovation and affiliate partnerships reflects a deep commitment to responsible growth and industry excellence.
The Affiliate Conference at EEGS will gather affiliate leaders, operators, digital marketers, and regulators to explore the evolving landscape of player acquisition, data-driven marketing, and compliance in regulated markets.
Through its support, Palms Bet reinforces the mission of EEGS — to create a dynamic space for learning, networking, and advancing the future of the gaming and affiliate ecosystem across Europe.
🎯 Save the date:
🗓️ 26 November 2025
📍 Inter Expo Center, Sofia
Join us for an inspiring edition of EEGS and the Affiliate Conference, powered by Palms Bet!
Let’s shape the future of iGaming together – where innovation meets collaboration, and affiliates lead the way!
N1 Partners turned its presence at SiGMA Central Europe 2025 into a full-throttle hub for business and networking — reconnecting with partners, solidifying collaborations, and expanding shared strategies at N1 Partners’ booth. The event became another major milestone in the journey toward the grand finale of the flagship N1 Puzzle Promo campaign.
This stop followed London and Lisbon earlier in the year, where each event revealed a new chapter of the promo’s story. London introduced the branded iconic double-decker Wealth Bus activation, Lisbon added the “Surfing on the Waves to Success” experience, and Rome brought an Italian racing-spirit pit-stop concept, fueling the next pace of the competition.
“Our road to the N1 Puzzle Promo final in Barcelona is made up of many milestones, the brightest of which are London, Lisbon, and now Rome,” says Alexa Bond, Head of Affiliates at N1 Partners. “Each point isn’t just an event. It’s where we meet partners in person, plan new steps together, and keep moving forward. Rome felt like a ‘pit stop’ in the best sense – a moment to refuel, check the direction, and continue the race toward the helicopter.”
A Booth That Never Stopped Moving
The N1 Partners stand became one of the most vibrant spots of the exhibition floor, drawing continuous attention from attendees and media alike.
- 500+ productive meetings were held with major affiliates and key iGaming players.
- 600+ portions of gelato were served — a crowd favorite symbolizing the Italian touch.
- 200+ N1-branded merch packs were handed out, quickly becoming recognizable visuals across the venue.
- 300+ participants took part in the HeliRun Challenge, the bespoke mechanical time-trial maze where accuracy, speed, and focus count.
- 250+ took part in the LEGO Ferrari giveaway, with the lucky winner describing their prize as “an everyday reminder of how competition keeps you moving.”
The booth aesthetic took inspiration from Italian racing culture – not flashy but clear, focused, and energetic, reflecting the push toward the finish line of the campaign.
Spotlight and Media Presence
Throughout SiGMA Central Europe, N1 Partners engaged in multiple media interviews and appearances across leading affiliate-industry platforms and podcasts. Discussions focused on the evolution of affiliate marketing, the mechanics behind N1 Puzzle Promo, and how tailored offers and transparency continue to reshape the multi-brand affiliate model.
Next Stop: Barcelona 2026 — The Grand Finale
The journey continues to Barcelona, where during iGB/ICE Europe 2026 N1 Partners will host the grand finale celebration of the N1 Puzzle Promo.
- Grand prize for winners – a Robinson R22 Beta II helicopter.
- Premium gifts for the top 10 winners: Porsche eBike Sport, Cartier Santos Medium watch, MacBook Pro, Leica Q2, Apple Vision Pro, and more.
- Exclusive prize draw for ceremony guests.
- Full entertainment show with top artists and a headliner.
“We look forward to celebrating with our partners who’ve been part of this journey. It’s our shared moment to enjoy,” said the N1 Partners team.
Join the Race
Want to accelerate your affiliate performance? Join N1 Partners and become a driver in the race to win.
Visit n1.partners for details.
About N1 Partners
N1 Partners is a multi-brand affiliate program and direct advertiser, uniting 14+ casino and betting brands.
Operating across 10+ Tier-1 GEOs, the company delivers high-conversion traffic and flexible terms for partners worldwide. With Reg2Dep rates of up to 70% and a trusted network of 10,000+ affiliates, N1 Partners offers competitive deals for top partners — CPA up to €700 and RevShare up to 45% — ensuring that partners always stay ahead in the game.
Be number one with N1!
Since 2018, one of the iGaming affiliate leaders, AskGamblers, has been partnering with N1 Partners, right from the beginning of the affiliate program’s rise. This collaboration has evolved into a proven growth engine for both brands.
Partnering for Scale: Why AskGamblers Chose N1 Partners
Working together, AskGamblers and N1 Partners have leveraged data-driven optimisation across GEOs. This lets AskGamblers scale traffic and conversions while N1 Partners deepens its footprint across key markets.
When the N1 Puzzle Promo was announced, the AskGamblers team shared their reaction:
“We received exciting news from our esteemed N1 Partners affiliate manager regarding this promotion. We are particularly thrilled about the grand prize – a helicopter – and are fully committed to participating with the goal of winning it!” said the AskGamblers team.
Driving SEO Traffic: The AskGamblers Formula
The AskGamblers’ focus is on providing genuine value and a high-quality user experience, so that visitors don’t just arrive, but return. That aligns seamlessly with N1 Partners’ philosophy of not just driving volume, but building players with retention and lifetime value.
“Secrets and tips exist in every domain. Still, great things are accomplished through hard work, an open mind, adaptability, and curiosity. Users will come back because of the added value and the best experience,” the AskGamblers team emphasised.
Stepping into the Race: AskGamblers Joins the N1 Puzzle Promo
When N1 Partners launched its huge-scale promotion campaign, the N1 Puzzle Promo, AskGamblers was quick to take a leading position. This promo offers a global affiliate competition with standout luxury prizes, including a grand prize – Robinson R22 Beta II helicopter – and a leaderboard structure that drives performance.
As soon as the promo launched, the AskGamblers team decided to go for the grand prize and dominate the leaderboard. With the guidance and support of N1 Partners’ affiliate team, the AskGamblers team selected several brands from the N1 portfolio, prioritising high-converting brands within the network, pivoted resources, and increased focus on SEO and long-term traffic value.
Leaderboard Mindset: Motivation, Competition & Expectations
AskGamblers is a highly competitive team, and the N1 Puzzle Promo format hits the mark. For N1 Partners, this speaks directly to our goal: bringing top-tier affiliates into big campaigns where they can shine and scale.
As participants get closer to the final stage of the N1 Puzzle Promo, the competition becomes even more intense, with the AskGamblers team confidently maintaining its position in the top 10 and actively moving towards the prize-winning places.
Beyond Traffic: What Success Looks Like
If AskGamblers wins the helicopter, the vision is as bold as it is fun.
“Wouldn’t it be great to skip notorious traffic and take a helicopter ride to the next iGaming event?” said the AskGamblers team.
Such an approach shows that this is about partnership, performance, and flair — not just metrics.
The N1 Puzzle Promo runs through the end of 2025, giving you a live chance to climb the leaderboard, win luxury prizes, and capture the grand prize: a Robinson R22 Beta II helicopter.
Don’t wait, sign up now, drive high-quality traffic and earn puzzle pieces! With N1 Partners’ multi-brand affiliate program, dedicated support, and global reach, your chances of rewards are streamlined. Join the race, collect your puzzle pieces, and hit the top!
Plus, there is a special bonus activity to earn even more puzzle pieces, and premium prizes. From September 1 to November 30, enter the 2nd lottery of the N1 Puzzle Promo with a fresh set of luxury prizes.
Palms Bet Takes Center Stage as General Sponsor of the EEGS Affiliate Conference
The Eastern European Gaming Summit (EEGS) is proud to announce Palms Bet as the General Sponsor of this year’s Affiliate Conference,...
N1 Partners at SiGMA Central Europe 2025 Results: A Key Pit Stop on the Road to the Helicopter
N1 Partners turned its presence at SiGMA Central Europe 2025 into a full-throttle hub for business and networking — reconnecting...
8 Years Of Trust And Growth: The Story Of The N1 Partners × Askgamblers
Since 2018, one of the iGaming affiliate leaders, AskGamblers, has been partnering with N1 Partners, right from the beginning of...
Special Missions in N1 Puzzle Promo: Two Weeks Left to Grab Extra Puzzles!
The race for the grand prize of N1 Puzzle Promo – a real Robinson R22 Beta II helicopter – is...
Power affiliate QiH Group rebrands to Quantum to reflect ambitious diversification strategy
The tech powerhouse has a new website, name and branding that are set to take the affiliate marketing company into...
Casino Guru wins in Casino Affiliate category at the EGR Operator Awards 2025
Casino Guru is proud to announce that it has won in the “Casino Affiliate” category at the just-concluded EGR...
Gamblers Connect Partners with Bazoom to Improve Link-Building Solutions for the iGaming Industry
Gamblers Connect, a leading and trusted iGaming Medium & Affiliate website for the iGaming sector, is pleased to announce a...
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...
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...
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...
-
News2 weeks agoPower affiliate QiH Group rebrands to Quantum to reflect ambitious diversification strategy
-
News1 week ago
8 Years Of Trust And Growth: The Story Of The N1 Partners × Askgamblers
-
News1 week ago
Special Missions in N1 Puzzle Promo: Two Weeks Left to Grab Extra Puzzles!
-
News2 days ago
N1 Partners at SiGMA Central Europe 2025 Results: A Key Pit Stop on the Road to the Helicopter
-
Conferences16 hours ago
Palms Bet Takes Center Stage as General Sponsor of the EEGS Affiliate Conference