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
Conferences
New Sponsorship Opportunities Announced for the EEGS Affiliate Conference

The EEGS Affiliate Conference, now in its 4th edition, is pleased to announce the launch of new sponsorship opportunities. As the region’s only event dedicated exclusively to affiliates, this conference serves as a vital platform for industry professionals, brands, and affiliates to network, share insights, and drive growth.
Part of the prestigious Eastern European Gaming Summit (EEGS), the Affiliate Conference will take place in Sofia, Bulgaria, on the 25th of November. This event continues to grow as an essential opportunity for those seeking to expand their presence and influence within the affiliate marketing ecosystem.
The new sponsorship packages are thoughtfully designed to provide maximum visibility, targeted exposure, and valuable engagement opportunities for partners looking to connect with a focused and dynamic audience.
Bronze Sponsorship
Silver Sponsorship
Gold Sponsorship
Platinum Sponsorship
Fun Mirror Sponsorship
For more information, please click HERE or visit EEGS website https://eegamingsummit.com/
If you have any questions or would like to discuss customized opportunities, reach out to the organizers at [email protected]
The EEGS Affiliate Conference eagerly anticipates welcoming new partners and making this 4th edition in Sofia the most successful yet.
Affiliate Program News
Let’sBet Partners with NetRefer for its Affiliate Marketing Platform

Emerging US sportsbook operator Let’sBet has partnered with NetRefer, the industry’s leading data-driven, AI-powered affiliate marketing platform, to support the launch and long-term growth of its affiliate programme.
Headquartered in Maryland, USA, Let’sBet is a dynamic new entrant to the regulated US betting market. Built with a player-first mindset, the operator delivers a seamless sports betting experience across all major US and international events – including the NBA, UFC, UEFA Euro Cup and Formula 1– via a mobile-optimised platform designed for both desktop and on-the-go bettors. The brand also offers extensive live and in-play betting options, keeping users engaged in real time.
New players are welcomed with a 100% deposit bonus, and frequent bettors can look forward to being handpicked for the Let’sBet VIP Club – a tiered programme offering access to personal account managers, dedicated promotions, express payouts, and exclusive VIP events such as race days and hospitality experiences.
Licensed by the Maryland State Lottery and Gaming Control Agency and operated jointly by Veterans Services Corporation and Bee-Fee Limited, Let’sBet is committed to delivering a secure, compliant, and intuitive betting environment. Its infrastructure is monitored 24/7 by a dedicated Information Security team, with robust measures in place to protect data and ensure safe, frictionless transactions.
Let’sBet also maintains a strong commitment to Responsible Gambling. Its platform is equipped with a comprehensive suite of player protection tools, including deposit, wager, loss, session, and single-bet limits; timeout periods; and voluntary self-exclusion through Maryland’s state-run programme. These tools are supported by a customer service team trained to guide users toward healthy betting behaviours.
Marcin Doszczeczko, Director of Sports Betting Operations at Let’sBet, commented: “Choosing NetRefer as our affiliate platform provider was a natural step in building Let’sBet into a standout name in the US sports betting market. Their technology gives us the clarity and scalability we need to launch a high-impact programme from day one. It brings together everything we need to grow a successful affiliate operation – clear reporting through ASR 1.0 API and smart, actionable insights from NetRefer CoPilot AI. Just as we’ve built Let’sBet around trust, service, and user experience, we see those same values reflected in NetRefer’s platform and team. We’re excited to grow this partnership together.”
Amanda Camenzuli, Manager of NetRefer’s Account Management team, added: “We’re thrilled to welcome Let’sBet to NetRefer. They’re an operator that blends innovation with a strong sense of player responsibility, they’re exactly the kind of forward-thinking company we’re proud to support. With a growing footprint in the US market, Let’sBet will benefit from our platform’s ability to deliver real-time insights, data clarity, and the flexibility needed to scale sustainably – while also strengthening NetRefer’s presence in this key region.”
This collaboration marks a significant step forward for both companies, combining the momentum of Let’sBet in the US market with NetRefer’s 20 years of experience in affiliate marketing technology. Together, they aim to build a programme defined by transparency, performance, and long-term growth.
Affiliate Success
Casino Guru secures Safer Gambling Initiative of the Year at iGB Affiliate Awards

Casino Guru is proud to announce that it has won the Safer Gambling Initiative of the Year at the iGB Affiliate Awards 2025, for a third consecutive year.
The distinction further highlights the company’s commitment to building a sustainable future for the gambling industry, not only through its dedication to providing players with the most complete, real-time-updated database of online casinos curated by trained experts, but also through its efforts to influence business standards and responsible practices across the sector.
As a leader in informed play, Casino Guru has dedicated a significant portion of its time and efforts to building a casino database that uses safer gambling as one of its core metrics for assessing a brand’s reliability, sustainability, and treatment of customers.
Casino Guru’s Head of Sustainable and Safer Gambling, Šimon Vincze, was excited to share his appreciation for the award: “As someone closely involved in responsible gambling and safer play at Casino Guru, I can say this award is a true testament to our work. We’ve worked tirelessly to leverage our market position to produce tangible outcomes in terms of awareness and impact of safer gambling practices, player complaints, and the availability of blocking software. We are a trailblazer in safer gambling among affiliates, but collaboration with other like-minded companies has enabled us to stay at the forefront.”
Casino Guru could not be prouder of this moment, which once again reinforces the company’s leadership in helping to set safer gambling standards industry-wide.
Daniela Sliva, Public Relations and Creative Projects Director, commented on the distinction: “Winning the Safer Gambling Initiative of the Year for a third consecutive time was an emotional moment and a well-deserved one. Casino Guru has worked tirelessly to establish itself as a leader in promoting sustainable and responsible play. We truly believe we are setting new standards for responsible gambling, not just within the affiliate space, but across the wider industry. Our company ethos places safer gambling at the heart of everything we do, from our Complaint Resolution Center to the Safety Index, and especially through initiatives like the Casino Guru Awards, which further reinforce this commitment.”
Among the achievements that Casino Guru has to be proud of are the Casino Guru Awards, which have established clear competitive guidelines for safer and responsible gambling and distinguish companies that adhere to the Casino Guru’s ethical guidelines and best practices.
Furthermore, Casino Guru established the Gamtegrity platform, which reunites all of the company’s safer gambling projects in one place.
Among Casino Guru’s notable achievements are the Casino Guru Academy, which offers upskilling programs with a focus on responsible gambling, the Global Self-Exclusion Standards Initiative, an active list of partners with some of the leaders in the responsible gambling space, including Mindway AI, and much more.
“An industry-wide commitment to responsible gambling is not only possible: it’s within reach. Casino Guru’s achievement at the iGB Affiliate Awards 2025 is yet another reason for us to double down on our efforts and work even harder to make this vision a reality,” Silva concluded.
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