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
MightyTips launches snappy Football Tips format for casual and pro bettors alike

MightyTips unveils a major product update — Football Tips, a dynamic new feature that delivers fast, curated football betting advice tailored for today’s users.
MightyTips is a leading platform dedicated to helping sports bettors make smarter decisions through in-depth sportsbook reviews, up-to-date bonus offers, expert betting blogs, and insightful match previews. While offering a wide range of content for bettors at all levels, the platform’s core focus has always been on delivering accurate predictions empowering users to place educated bets.
But as digital habits shift and the need for actionable insights grows, the platform is stepping into a new chapter. Football Tips are built to meet users where they are — with lighter, faster, and more personalised content that enhances the betting experience.
Ivo Osis, Product Owner at MightyTips, said: “This launch represents a major evolution in how MightyTips serves its audience. With Football Tips, we’re opening up our platform to casual and pro bettors alike, providing smarter insights in a more scalable format, driven to improve user experience and frictionless journey through the world of football betting.”
Key features of Football Tips:
- Match of the Day highlight – instantly find the most important game to bet on, hand-selected by expert analysts
- Quick match briefs – save time with short, insightful tips written by trusted football authors
- Tipsters’ stats on every tip – check each tipster’s accuracy to build transparency and trust
- My Saved Choice feature – save favourite tips and revisit them anytime
- More matches, more options – explore tips beyond just predictions and expect other sports coming soon, such as tennis and cricket
- Easy navigation by tip type – find exactly what you’re looking for, whether it’s 1X2, BTTS, or Over/Under tips, all one click away
This new format enhances usability, increases engagement, and broadens access to MightyTips’ expert content. It’s part of a wider strategy to modernise content delivery across sports and improve the overall user journey
News
Mikael Strunge is appointed as the new President and CEO of ACROUD

The board of directors of ACROUD AB has appointed Mikael Strunge as the new President and CEO of Acroud. Mikael Strunge, born in 1981, has worked within Acroud for four years in various roles in different parts of the company, most recently as COO. Mikael Strunge succeeds Robert Andersson.
“On behalf of the Board, I would like to thank Robert Andersson for his leadership and contributions over the past years. We are pleased to appoint Mikael Strunge as our new President and CEO. Mikael brings deep operational insight and a clear strategic vision, and we are confident that under his leadership, Acroud will enter its next phase of growth and innovation”, says Morten Marcussen, Chairman of Acroud.
“The last 4 years at Acroud has been a rollercoaster of emotions and results. I am proud to accept this appointment from the board and look forward to start the implementation of the company’s new strategic framework”, says Mikael Strunge, new President and CEO of Acroud.
Biography of Mikael Strunge
Mikael Strunge is 44 years old and has worked within Acroud for over four years, most recently as COO of Acroud, being responsible for the day-to-day management and operational activities of Acroud. Before that, Mikael was the CEO of PMG before PMG was acquired by Acroud.
Affiliate Announcements
ReferOn Launches Three Powerful New Features for Smarter Affiliate Management

ReferOn, the next-gen affiliate management system, has introduced three major features aimed at making affiliate operations faster, smoother and more scalable than ever.
The latest updates, including Async task tracking, affiliate-controlled postbacks and bulk payment generation, reflect ReferOn’s ongoing commitment to removing friction and empowering users with practical and efficient tools.
- Async Tasks: Say goodbye to frozen screens, slow loading and laggy sessions. The new system handles background-heavy processes such as bulk payments asynchronously (and with real-time tracking). This ensures smoother overall performance where users can monitor complex actions without overloading their session.
- Affiliate-Controlled Postbacks: Affiliates can now manage their own postback setup directly in the platform (when enabled by their manager). No more tickets, long email threads or tedious back-and-forth communication. Campaigns go live faster and everyone moves more efficiently and with less delay.
- Bulk Payment Generation: One of the more repetitive recurring workflows for users just became radically more efficient (and easy). Users can now generate payments for multiple partners in bulk with just a few clicks, freeing up time for higher-impact work.
Vladyslav Bondarenko, ReferOn’s Head of Product, commented on the new features, “At ReferOn, we design for scale, efficiency and performance. These new features are more than simple improvements, they represent the foundations of a more autonomous, convenient and resilient system. We’re about empowering both operators and affiliates, and we’ve done that by providing self-service and streamlined tools to keep control in their hands. The ReferOn team continues to deliver on our promise of user empowerment without complexity.”
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