Affiliate Announcements
Catena Media acquires all affiliate related assets in Baybets Ltd
Catena Media acquires all affiliate related assets in Baybets Ltd (“Baybets”), one of Europe’s leading affiliate marketing players in the sports betting segment, with a total of 50 websites, primarily focused on the German market.
The purchase price amounts to an upfront payment of EUR 26.5 million together with earn-out payments in the maximum amount of EUR 63.5 million, based on the performance of the acquired assets over a period of 24 months from the 1st of December 2017. The acquisition is expected to generate quarterly sales of approximately EUR 2.25 million with an operating margin of approximately 70 percent.
Through the acquisition of all affiliate related assets in Baybets, Catena Media will strengthen its offering within the sports betting segment and the very important German market. The integration of Baybets into Catena Media will commence immediately following completion of the transaction, which is expected to occur in mid-December 2017 (subject to certain customary conditions being fulfilled, such as the acquired assets being duly transferred to Catena Media). In addition to 50 websites and other affiliate related assets, the acquisition also includes a current team of 23 employees who will form part of Catena Media’s Sports division, based at its offices in Malta.
“We are proud to announce the largest acquisition made by Catena Media since company inception, making us one of the strongest sports betting affiliate players on the market. We have set ambitious financial targets for the company, and the acquisition is fully in line with those targets. We are excited about being able to complete this deal, given the upcoming sports year of 2018, which will have both the Winter Olympics and the World Cup”, says Henrik Persson Ekdahl, Acting CEO, Catena Media.
“I would like to thank all the people that have been involved in the company’s journey so far, bringing us to where we are today. We now look forward reaching new heights together with Catena Media on a long-term basis, both from an operational perspective and as shareholders. We are excited for all the upcoming opportunities that await”, says Jan Steffen, CEO, Baybets.
The initial purchase price, payable at closing of the transaction, amounts to an upfront payment of EUR 26.5 million of which EUR 13.25 million will be paid with newly issued shares in Catena Media and the remainder in cash. The shares will be issued at market value, calculated as the volume-weighted average price for Catena Media’s shares on Nasdaq Stockholm during a period of 30 trading days measured in connection with the signing date. The shares will be subject to a lock-up period of 24 months.
In addition to the initial purchase price, the seller may receive two earn-out payments based on the performance of the acquired assets over a period of 24 months from the 1stof December 2017. Catena Media may choose to pay any earn-outs in cash or in newly issued shares in the company. Any new shares issued will be issued at market value, calculated as the volume-weighted average price for Catena Media’s shares on Nasdaq Stockholm during a period of 30 trading days measured in connection with the relevant payment date.
The maximum amount of the first earn-out payment is EUR 20.0 million and is payable 45 business days after the 30th of November 2018. If paid in shares, a lock-up period of 12 months apply.
The maximum amount of the second earn-out payment is EUR 43.50 million and is payable 45 business days after the 30thof November 2019. If paid in shares, a lock-up period of 6 months apply.
In a reasonably expected scenario, the total cost of the acquisition would be approximately EUR 57.0 million, i.e. the upfront payment of EUR 26.5 million and earn-out payments in the total amount of EUR 30.5 million. In this scenario the acquired assets of Baybets needs to generate revenue growth of above 40 percent per year during the earn-out period of 24 months.
About Baybets:
Being one of the leading actors in lead generation, Baybets’ core business is developing and maintaining comparison sites for the iGaming industry by driving traffic through high quality content and offers. Baybets’ portfolio includes sites such as sportwetten.org and sportwette.net, and the business is concentrated on the German-speaking (DACH) markets. The team consists of 23 employees based in Malta.
About Catena Media:
Catena Media plc is an online performance marketing company that has established a leading position through strong organic growth and acquisitions. The business was started in 2012 and the group has approximately 245 employees in the US, Australia, Japan, Serbia, UK, and Malta, where the Head Office is situated. In 2016, revenues reached approximately EUR 40 million. The company is listed on Nasdaq Stockholm Mid Cap.
A new chapter of innovation begins as PartnerMatrix, one of the industry’s leading affiliate marketing software providers, partners with IZIGROUP to strengthen its global presence and enhance player acquisition through smarter, data-driven, and fully compliant marketing technology.
The collaboration will empower affiliates promoting IZIGROUP’s online brands, IZIBET and Dragonara Online Casino with cutting-edge tools to manage, track, and optimize campaigns more efficiently. This partnership reflects a shared vision for growth, innovation, and regulatory excellence within the evolving iGaming landscape.
PartnerMatrix, part of the EveryMatrix group, is known for delivering flexible, secure, and high-performing solutions that enable operators to scale their affiliate programs globally while maintaining compliance and transparency values deeply aligned with IZIGROUP’s operational philosophy.
“PartnerMatrix’s platform is the best in the industry, robust, reliable, and designed for performance,” said Cristian Rachieru, Head of Online Operations for IZI Interactive Limited, the company licensed by the Malta Gaming Authority (MGA) to operate IZIGROUP’s online gaming brands.
“With PartnerMatrix and the full suite of EveryMatrix products powering our operations, we’re ready for a full house. This partnership will further strengthen our ability to connect with players globally while remaining compliant and delivering exceptional online gaming experiences.”
Hasmik Movsisian, Chief Commercial Officer at PartnerMatrix, added: “We are delighted to partner with IZIGROUP, a company that shares our dedication to innovation and responsible growth. By combining our advanced affiliate management technology with IZIGROUP’s strong brand portfolio, we’re confident in driving higher engagement, stronger performance, and lasting success within regulated markets.”
This collaboration marks an important milestone in IZIGROUP’s continuous journey of innovation and expansion. By uniting PartnerMatrix’s affiliate marketing expertise with IZIGROUP’s trusted brand portfolio and the EveryMatrix ecosystem, the partnership sets the stage for long-term success and sustainable growth.
Crypto-first operator BetGoat has joined forces with NetRefer, the industry’s leading data-driven, AI-powered affiliate marketing platform, to launch and expand its affiliate programme with speed and precision.
BetGoat has quickly established itself as a next-generation casino and sportsbook, combining a crypto-only payments model with a sleek, mobile-first platform. The brand caters to players across Asia, including Singapore, Malaysia, Thailand, Indonesia, and Vietnam, offering extensive coverage of global and regional sports alongside a dynamic casino portfolio.
From Premier League football and NBA basketball to UFC, esports, and Formula 1, BetGoat delivers thousands of live events each month. Odds are updated in real time, while in-play markets give players the ability to act on every moment of the action. This focus on immediacy and responsiveness reflects the operator’s commitment to delivering a seamless betting experience.
Beyond sports, BetGoat’s casino and live dealer catalogue features leading providers such as Pragmatic Play, Evolution, and NetEnt. The operator processes deposits and withdrawals exclusively in digital currencies, including Bitcoin, Ethereum, and Tether, with rapid turnaround times and no fiat restrictions, ensuring both efficiency and transparency for players.
Licensed by the Anjouan Gaming Board, BetGoat places a strong emphasis on responsible play. Its platform integrates a wide range of tools that allow customers to set deposit, wager, and session limits, take timeout periods, or opt for self-exclusion, supported by a 24/7 service team. This combination of crypto-driven innovation and player protection reflects BetGoat’s commitment to long-term sustainability.
Affiliate marketing is central to BetGoat’s growth strategy. By selecting NetRefer, the operator gains access to performance insights and flexible reporting that allow it to adapt quickly in fast-moving markets. With the support of CoPilot AI, ASR 1.0 API, and the newly released Report Builder, affiliates benefit from actionable, data-driven intelligence that drives measurable results.
Crucially, BetGoat also utilises NetRefer’s Data Ingestion API, a robust solution that delivers 99.5% availability, standardised inputs, and frequent data updates. The API reduces delays and manual work by correcting errors automatically, ensuring affiliates receive accurate reporting and rewards with greater speed and consistency. For a fast-scaling crypto operator, this level of reliability and precision is essential.
Marky Chan, Affiliate Manager at BetGoat, said: “Our experience with NetRefer has been outstanding. We chose the platform for its strong reputation, reliable tracking, and scalability, all essential for managing BetGoat’s growing affiliate network. The onboarding process was smooth and well-supported, with clear guidance from the team. We particularly value the powerful reporting and commission management tools, which make tracking and optimising performance effortless. NetRefer is a reliable, user-friendly, and responsive partner, and we highly recommend it to any business looking to manage and grow their affiliate programme effectively.”
Amanda Camenzuli, Manager of NetRefer’s Account Management team, commented: “We’re excited to welcome BetGoat to the NetRefer family. By embracing the Data Ingestion API, they’re setting their affiliate programme up for success with accurate, standardised data and fewer operational hurdles. We look forward to supporting their growth and helping them reach ambitious new milestones.”
This partnership brings together BetGoat’s innovative, crypto-first vision with NetRefer’s 20 years of affiliate marketing expertise. Together, the companies will deliver an affiliate programme built on transparency, performance, and sustainable growth.
Affiliate Announcements
KVA launches new website: stronger quality mark and clear recognition for consumers
The Responsible Affiliates Quality Mark (KVA) has launched its updated website. The modernization is the result of months of preparation and stems from the first meeting of the Alliance for Combating Illegal Online Gambling in May 2025. During this meeting, participants, including the KVA, emphasized the importance of enabling consumers to more quickly and accurately identify which players in the online gambling market are reliable and legal.
The foundation of the KVA: Thorough inspection and legal security
The KVA was founded in 2021, shortly before the opening of the legal online gambling sector in the Netherlands. At the same time, the KVA Code was developed, which all affiliated members must comply with. Compliance with this code has a legal basis: it is contractually established between the KVA and its members.
The KVA Code is based on current legislation and regulations in the Netherlands and is amended as needed. The code consists of six fixed components:
- Contributing to channelisation and combating illegal supply.
- Responsible use of marketing channels.
- Careful and balanced design of expressions.
- Preventing deception.
- Tailoring advertising to addiction prevention.
- Compliance with the Decree on Non-Targeted Remote Gambling Advertising.
All members are fully assessed annually. They receive a comprehensive advisory report, supplemented with random samples and audits based on signals. Compliance assessments are conducted by KVA Compliance Officers, who operate independently within the organization under contract. This guarantees a legally anchored and reproducible assessment structure.
The foundation of the KVA remains unchanged. However, the updated website provides a clearer and more accessible overview of what the KVA Code entails.
Increase recognition
Previously, consumers weren’t always clear about the KVA quality mark when they encountered it on an affiliate website. With the updated website, the KVA aims to improve this by making the quality mark’s function more transparent. Individual certificates for each affiliated website immediately show how it was assessed, how often inspections are performed, and when the last assessment was conducted. We also specifically explain which KVA Compliance Officer assessed the website, for transparency reasons. The certificates increase consumer recognition.
The new website contains several extensions and improvements:
- KVA certificates per website : Each affiliated member has its own page with a certificate, which shows how the assessment was made, whether the organization behind the website has been verified, and who performed the last audit. All the different certificates can be found on the member page: https://kva.nl/leden/ . Many of our members have now set up links from the quality mark to their own certificates.
- KVA Team: Clear information is now available about the team behind the KVA: https://kva.nl/het-team-van-kva/
- Transparency statement: a page explaining the organizational structure behind the KVA: https://kva.nl/transparantieverklaring/
- Advisory Board : The role of external advisors has been given a more prominent role. The KVA is supported by Yvon Jansma (Center for Responsible Gambling), Peter-Paul de Goeij (online gambling specialist), Eric Konings (VNLOK), Anne-Jaap Snijders (Book of Sports expert), and Björn Fuchs (VNLOK chairman). Advisory Board page: https://kva.nl/de-raad-van-advies/
- Responsible Gambling page : comprehensive information for consumers about signs of problematic gambling behavior, tips for responsible gambling, and referrals to support agencies: https://kva.nl/verantwoord-gokken/
- Publications section : an overview of studies, reports, and warnings issued by the KVA. This regularly highlights the risks of illegal online casinos, misleading affiliates, and new marketing tactics: https://kva.nl/publicaties/
Informing and protecting consumers
With its updated website, the KVA is positioning itself more emphatically as a consumer information hub. It regularly issues warnings about the risks of illegal gambling through social media and accessible articles. In doing so, the quality mark aims to contribute to the channeling objective: encouraging participation with legal providers and combating illegal offerings.
Steven Vrolijk, representative of the KVA: “With the updated website, we’re taking the next step in professionalization. The quality mark will be more recognizable for consumers, while members can continue to rely on a robust and legally sound assessment procedure. Through our role within the Alliance, the constructive contact with the regulator, and the input of experienced market experts, we want to continue contributing, together with our members, to channeling legal supply and tackling the illegal sector. Naturally, we thank all members and affiliated partners for supporting our initiative.”
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