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
ReferOn Expands Offering with New Support Packages, “ReferOn Assist”

ReferOn, an innovative affiliate management system, has experienced significant growth in 2024, with multiple technical and quality-of-life improvements to the platform. As a result of an influx of new operators and affiliates, ReferOn has introduced ReferOn Assist.
ReferOn Assist offers tailored support packages in three distinct tiers: ReferOn Assist, ReferOn Assist Plus, and ReferOn Assist Premium. Each tier provides enhanced support, cost-effective hourly support rates and more to help users meet their affiliate marketing strategy goals.
ReferOn Assist, the entry-level subscription package, includes a number of benefits, such as guaranteed support hours, faster response times and a higher resolution priority compared to ReferOn Basic users. All ReferOn Assist subscribers also receive direct channel support for easy access to our agents. Lastly, subscribers to this tier also enjoy more cost-effective out-of-hours support prices and affordable review reports for business analysis purposes.
ReferOn Assist Plus offers a further guaranteed response time, a larger bundle of support hours included and extra training time to help maximise affiliate operation efficiency. This subscription tier includes a quarterly review report packed with valuable insights and dedicated resolution priority for any pressing queries or issues. All subscribers also receive even further reduced out-of-hours support rates.
The last tier, ReferOn Assist Premium, provides operators and affiliates with the most comprehensive dedicated support package. Subscribers receive the highest response time and a large bundle of inclusive support hours at reduced rates. Premium users have access to a dedicated support manager for tailored assistance and the most cost-effective prices for after-hours support.
Each of these support packages are tailored to continue to provide the best possible customer service for Referon clients, whilst also helping reduce costs.
David Harris, ReferOn’s Operation Lead, commented on the new support packages, saying, “ReferOn prides itself on providing top-quality support for all operators and affiliates. The release of the ReferOn Assist packages allows us to prioritise helping our valued partners to ensure that they can make the most of our platform at all times. We look forward to seeing how the ReferOn team can work closely with all our users to achieve their business needs.”
Awards
Casino Guru shortlisted for AffPapa iGaming Awards due on May 28

Casino Guru is part of the upcoming AffPapa iGaming Awards due to take place in Malaga, Malta on May 28, with the company shortlisted in both the “Branding of the Year” and “Casino Affiliate of the Year” categories.
This marks another major milestone for Casino Guru this year, as the company has been shortlisted for both the iGB Affiliate Awards and the SBC Awards Europe.
These achievements have clearly demonstrated Casino Guru’s lasting influence in the iGaming industry and the prominent status it holds thanks to its ongoing efforts to make the sector more transparent, responsible, and safer for players.
Daniela Silva, Public Relations and Creative Projects Director, said: “The nomination for the ‘Branding of the Year’ category is an exceptional achievement for Casino Guru. The company has worked tirelessly to establish itself as a brand synonymous with player trust and recognition, and I am confident this nomination exemplifies exactly that. Our creative projects extend beyond Casino Guru alone, as the brand continues to expand and promote best practices in iGaming that help players stay safe, informed, and responsible.”
Casino Guru’s nominations for the AffPapa iGaming Awards reflect the painstaking work the company has put into ensuring that it builds a brand that is synonymous with player trust and confidence.
Through the Complaint Resolution Center and Safety Index, Casino Guru has consolidated its presence in the industry as the foremost authority on guiding players to the best casinos.
Casino Guru uses the world’s most advanced evaluation process and regularly reviews entries into the database to ensure impartiality and objectivity in offering players the opportunity to choose from a list of established and carefully-assessed brands.
Awards
Industry praised as finalists announced for July’s iGB Affiliate Awards

Stephen Carter, Clarion Gaming’s Head of Affiliate Content and internal judging lead for the IGB Affiliate Awards has praised both the number of submissions received and their overall quality.
Speaking as organisers published the list of finalists across the 20-strong categories, he confirmed: “Our external industry judges who are selected for their expertise and their depth of knowledge of the iGaming affiliate sector have been hugely impressed by the overall quality of the individual submissions and the number of companies that have chosen to participate in the 2025 edition of the Awards.
“Both metrics are indicative of how seriously the Awards are taken and how they are widely recognised for being the most prestigious and transparent merit-based awards in iGaming.
“It’s also significant that 40% of the submissions which have progressed to the finals are from businesses not previously shortlisted. This level of engagement demonstrates the relevance and reputation enjoyed by the iGB Affiliate Awards across the iGaming ecosystem.”
Madrid headquartered Betandeal has achieved the most shortlisted entries, making the cut in five categories. The affiliate agency is closely followed by Gambling.com Group, which has put itself in the running across four categories, for best affiliate in casino, sports and bingo (via its WhichBingo brand) as well as Affiliate Employer of the Year.
Newcomer WagerWire has also been shortlisted in four categories across sports, Safer Gambling Initiative of the Year, Employer of the Year and Best Affiliate Campaign.
Interest is mounting in the showpiece black-tie event, with the industry celebration being presented by broadcaster and musician Myleene Klass MBE.
The critically acclaimed television personality, part of the original Britpop era, will host the Cool Britannia-themed event being held 3 July at the Troxy, the stunning Art Deco masterpiece situated in the heart of East London.
The Troxy has an 80-year musical heritage and has featured performances by Liam Gallagher, Jarvis Cocker, Garbage and the Cure.
Members of the iGaming affiliate community can still participate in the public vote for Game of the Year by following the link found at https://www.igblive.com/igb-affiliate-awards-2025. Votes must be cast before 3 June.
The iGB Affiliate Awards shortlist can be viewed at: https://www.igbaffiliate.com/en/articles/121752/igb-affiliate-awards-2025-shortlist-revealed/
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