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Raketech reports 2023 Q1 results: Casino revenue up, sports betting revenue down

Updated:2024-03-25 14:37    Views:209

Affiliate Raketech has reported a healthy growth trajectory in its Q1 report.

In the company’s Q1 2023 results, it reached an all-time high in terms of revenue, with current revenue coming in at €15.8m ($17.3m) compared to €12.7m in 2022’s Q1, resulting in a 24% increase year-on-year.

Adjusted EBITDA increased by 20.1% to €6.1m. Operating profit has also increased 19.6% to €3.8m from €3.2m. 

Casino revenue increased by 44% from last year’s Q1, despite sports betting revenue falling by 123%. 

Revenue from the US decreased by 22% as an effect of an unfavourable outcome in sport betting predictions related to the US-focused subscription offering. However, revenue from the rest of the world was up 80%. 

Overall, Raketch has done well this quarter in comparison to its Q1 2022 results; however, it did suffer several dips overall, such as the decline in US revenue and overall sports revenue.

It did, though,slots gain momentum from its increase in casino revenue and increase in revenue worldwide.

CEO of Raketech, Oskar Mühlbach, said: “2023 started on a strong note for Raketech, with revenue totaling €15.8m, which is a new all-time high for the group, corresponding to 24% organic growth.

"The strong result was mainly generated within our core, high-margin segment, affiliation marketing. Based on the successful start of the year, we remain confident around our full-year guidance.”

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