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
Behind the Game What Makes Products Convert
In iGaming, registration does not bring value — the result appears only when the user makes the first deposit. Therefore, the Reg2Dep metric plays a key role: it shows how much you will earn from each attracted user.
Behind the Game is a series of expert materials where specialists from the N1 Partners affiliate program across different teams break down how strong iGaming products are built from the inside.
In this article, you’ll learn how the product affects Reg2Dep: what helps bring the player to the deposit, where the conversion is lost, and which solutions provide stable growth.
Top 3 must-have factors of a successful iGaming product: what has the strongest impact on Reg2Dep today?
Alignment between the offer and the player’s expectations (shaped by the traffic), including proper game selection in the lobby, plays a major role.
It’s also important to pay attention to bonus policy. The bonus offer must match the audience’s expectations and be easy to understand.
Speed is equally important — everything should be tested, from page loading to payment confirmation. Alignment between the offer and the player’s expectations (shaped by the traffic), including proper game selection in the lobby, also plays a major role.
Top-3 factors that stand out:
- First, the product must provide the maximum number of local payment methods with high approval rates.
- Second, it needs strong retention and VIP retention — achieved through CRM, bonus mechanics, and gamification.
- And of course, the foundation is a stable, fast platform without technical issues.
If you want to work right away with products where this system is already well-established and generates stable profit, join N1 Partners!
What do partners need to know when choosing a product and which red flags can’t be ignored?
You should pay attention to all product weaknesses, especially:
- Low payment approval rates.
- Confusing or irrelevant bonus terms.
- Slow support and weak brand reputation in the community.
- Unstable website performance on mobile devices.
Most often, the quality of the payment infrastructure and the availability of local solutions are underestimated.
Partners also don’t always consider retention depth and VIP segment management, as well as basic factors like page load speed and product stability.
Which onboarding elements determine whether a player makes the first deposit and where do users most often drop off?
Players don’t like to wait — fast and simple registration is crucial (1–2 steps, no unnecessary fields). There must also be a clear and understandable welcome offer, and the path to deposit should be direct and fast, with helpful prompts. If these conditions are met, players won’t drop off at the earliest stages.
Convenience is important for players at every stage of the way to the deposit, so the main points of the user loss look like this:
- At the payment method selection stage.
- At the data entry stage — if the form is too long or complicated.
- During redirection to a PSP — especially if there are payment approval issues.
- At the stage of exploring bonuses or choosing content and games — if the terms or interface are not clear enough.
Which UX changes in N1 Partners projects have recently driven the biggest conversion growth?
The greatest impact came from three areas: increasing the number of local payment solutions, personalising offers immediately after registration based on traffic type, and updating the cashier.
The new payment area became clearer and more stable for players, which directly improved conversion rates.
How does player behaviour differ across GEOs, and how do N1 Partners products adapt to Tier-1 GEOs?
User behaviour differs significantly depending on the GEO, from preferences in payment methods to the perception of bonuses.
In Tier-1, players are more demanding: product speed, transparent conditions, user-friendly UX, and a wide range of local payment solutions are critical for them.
In Tier-2, users are more sensitive to bonuses and retention mechanics, take longer to make a deposit decision, and react more strongly to the size and terms of the offer.
N1 Partners products adapt to these features through localisation of payment methods, UX development, and gamification.
Which product hypotheses most often drive Reg2Dep growth?
The most consistently effective hypotheses are those focused on simplifying the deposit flow and expanding the list of payment methods. Additional growth comes from personalised welcome offers tailored to the traffic source and type.
Which features of N1 Partners products help achieve high conversion?
A key role is played by strong payment expertise and extensive localisation of payment solutions. Conversion is further boosted by a fast registration form, a flexible bonus system with clear terms, and advanced gamification. All of this is continuously optimised through A/B testing at every stage of the funnel.
To sum up, a high Reg2Dep is the result of a systematically built product: strong payment infrastructure with local methods, fast and intuitive UX, and relevant bonus logic. This combination determines whether traffic turns into revenue.
If you want to drive traffic to strong products designed for players, start working with N1 Partners. The affiliate programme unites 14+ casino and sportsbook brands with high Reg2Dep, operates in 10+ Tier-1 GEOs, and offers competitive scaling conditions — payouts up to €700 CPA for top partners and RevShare up to 55% + NNCO.
Be number one with N1!
Conferences
G GATE CONF 2026 — June 26–27, Tbilisi
G GATE CONF (ggateconf.com) will take place in Tbilisi, Georgia — a multi-vertical affiliate conference bringing together industry professionals from around the world in one venue.
The event will be held at Expo Georgia, the country’s largest event hub, occupying four pavilions as well as the open-air space between them. In 2026, the organizers expect up to 7,000 participants from the CIS, Europe, Asia, and other regions.
When and Where
Dates: June 26–27, 2026
Location: Expo Georgia, Tbilisi, Georgia
Event Scale
G GATE CONF is a two-day event with a rich business and networking program:
- 2 stages featuring industry speakers
- 100+ company and service booths
- 50+ zones and activities for networking, learning, and relaxation
- Open-air zones for informal networking
Some formats are developed exclusively by the G GATE team specifically for the conference and are not repeated at other events.
Who Attends
The audience of G GATE CONF 2026 includes:
- Media buying teams and solo arbitrage specialists
- SEO specialists and agencies
- Company owners and C-level executives
- Advertisers and CPA networks
- Affiliate market service providers: payment solutions, trackers, anti-detect browsers, proxies, creative agencies
Verticals
Main conference verticals: iGaming, White Hat, Crypto & Finance
For the first time at G GATE CONF, the following verticals will be featured: Dating, Adult, mVas, Sweepstakes
Each vertical will have dedicated activities and engagement formats to help participants quickly find relevant contacts and solutions for their needs.
Special Projects and Activities
In 2026, the conference will include 7 special projects, such as:
- PITCH — a startup competition for launching and scaling affiliate industry projects
- G GATE AWARDS — an industry award with a gala dinner honoring companies and market leaders
- Merch Shop, SEO Shop, Match Point, and other interactive formats
Special attention is given to the afterparty, a large-scale evening event featuring headliners and dedicated networking zones, including VIP areas.
Why Attend
G GATE CONF focuses not only on content but also on the density of valuable contacts. The conference brings together multiple verticals and formats in one place, allowing participants to:
- Achieve partnership goals
- Discover new traffic sources and services
- Connect with industry professionals beyond the standard “booth-card” format
Tbilisi was chosen as a convenient meeting point for participants from different countries, and the summer dates allow for a seamless combination of work, leisure, and networking.
Affiliate Announcements
Management Buyout Successfully Completed at ReferOn
ReferOn, an affiliate management platform for the iGaming sector, today revealed the successful conclusion of a management buyout. Former General Manager Alex Bukin purchases the platform, moving the company into its next stage of independent growth. Bukin will take on the position of Chief Executive Officer (CEO) to advance the company.
Assessing the platform’s path three years after its launch, Alex Bukin, CEO of ReferOn remarked: “This is a significant moment for ReferOn and marks the start of a new phase for the company.” The management buyout offers us the long-term perspective needed to consistently enhance the platform. We uphold our dedication to product development, enhancing our solutions for partners, and facilitating ReferOn’s ongoing expansion in significant markets.
The acquisition comes after a significant phase of advancement for the firm. Established on a base of operational effectiveness and scalable technology, ReferOn persists in expanding its footprint throughout the industry. In its initial year, the platform announced 35.7 million clicks, 2.4 million sign-ups, 18,000 affiliates, and 136,000 active trackers. The company’s extensive range of tools enhances flexibility for operators and affiliates, generating momentum that recently led to ReferOn being recognized as the “Best Affiliate Platform” in 2025 and 2026 by key industry players.
This change will not impact daily operations; assistance and current collaborations will continue as normal. As part of its continuous growth strategy, ReferOn is enhancing its product lineup with the introduction of new features, such as Refie, the integrated interface layer of the platform. The platform continually improves user experience and security via dynamic reporting, Company Grouping, Sub-Affiliation, Independent Deal Calculation (IDC), two-factor authentication (2FA), and thorough mobile optimization.
To maintain operational continuity, the current leadership team stays intact, guaranteeing stability as the company moves into its next phase of growth. With Bukin’s appointment as CEO, Vlad Bondarenko has moved from Head of Product to Chief Product Officer, and David Harris, who was previously Operations Lead, has become Chief Operations Officer. As the organization embarks on its next phase, it continues to prioritize equipping operators with top-tier tools and a dedication to providing the future of affiliate management.
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