SlotsUp’s Research: Gambling Media Companies Revenue for Q3 2023

Analysis of Gambling Media Companies Revenue and Statistics for Q3 2023 by SlotsUp

 As experts in the gambling niche, the SlotsUp team conducted research, presenting the                ‘ Analysis of Gambling Media Companies Revenue and Models for Q3 2023 by SlotsUp’ .

If you’re looking to explore a wide range of slots, go to the SlotsUp page, where you can browse the list of new popular slots and dive into the detailed analysis provided by the SlotsUp team. 

This research delves into the income performances of key players during this period, focusing on Catena Media, Group, Better Collective, and Raketech. Each company navigates by its own strategy, marked by strategic adjustments and financial challenges.

Catena Media

Catena Media Interim Report

Image source:

In Q3 2023, Catena Media faced a significant 28% decline in revenue, driven by a strategic shift in North America from CPA to RevShare model of monetizations. Despite challenges, the North American EBITDA margin remained robust at 44%, showcasing resilience during the transition. (Source: Catena Media Interim Report Q3 2023)

Strategic Milestones:

  • Successful completion of an 18-month strategic review.
  • Raising EUR 76 million from asset sales. (Italian projects)
  • Achieving a net cash position of EUR 21.2 million.
  • Revenue from continuing operations was EUR 15.9m

The focus on a more balanced revenue model, share buybacks, and cost optimization reflects Catena Media’s commitment to financial strength and growth. CEO Michael Daly emphasized the successful strategic reset, with a shift to a RevShare model and investments in AI for future organic growth. 

The financial performance in Q3 2023 showed a 28% decrease in revenue, operating expenses of EUR 16.2m, and adjusted EBITDA declining by 65% to EUR 3.1m. 


Catena Media Segments

  • Casino segment: 23% revenue decline to EUR 10.1m, with adjusted EBITDA falling by 27%.
  • Sports segment: 34% revenue decrease to EUR 5.7m, influenced by the shift to a RevShare model in North America.

Liquidity and Nine-Month Overview:

  • Net cash position on September 30, 2023, at EUR 33.5 million, indicating liquidity resilience.
  • In the first nine months of 2023, a 16% decrease in revenue to EUR 62.3 million.
  • Adjusted EBITDA declining by 34% to EUR 23.7 million.

 The strategic focus on North American markets (USA and Canada), cost optimization, and sustainability efforts align with the company’s financial targets for 2023-2025, aiming for USD 125m in North American revenue and an adjusted EBITDA margin exceeding 50%. With outstanding bonds of EUR 55.0m and a net cash position of EUR 33.5m, Catena Media maintains strategic strength for future growth.

Gambling Group Group has reported results for Q3 2023, achieving record financial performance and confirming its full-year 2023 revenue and Adjusted EBITDA guidance.

In Q3, revenue reached $23.5 million, showing a 19% growth, with over 86,000 NDC. North American revenue experienced notable growth, reaching $12.9 million, indicating robust organic expansion. (Source: Group Q3 Report)

Strategic Initiatives:

  • Successful launch of
  • International media partnership with The Independent in the U.K.
  • Expansion of operations in Kentucky.

Charles Gillespie, the CEO, highlighted consistent performance driven by organic growth in North America, expressing confidence in growth opportunities in the U.K. and Ireland.

Financial Guidance for 2023:

  • Revenue expectations: $100 million to $104 million.
  • Implying 31%-36% organic growth.
  • Adjusted EBITDA projection: $36 million to $40 million.
  • Year-to-date Free Cash Flow (first nine months of 2023): $16.3 million.

The outlook focuses on market share gains and expansions in regulated markets. The company aims to leverage revenue drivers, generate attractive Adjusted EBITDA margins, and ensure strong Free Cash Flow conversion.

In summary, Group’s Q3 2023 performance underscores robust financials, strategic initiatives, and a positive outlook. The company’s commitment to transparency and excellence positions it for continued success in the industry.

Better Collective Group

Better Collective Group Report

Better Collective Group reported robust Q3 2023 results, featuring a 26% YoY growth in group revenue, amounting to 75 million EUR, with organic growth at 16%. Recurring revenue constituted 61% of the total, reaching 46 million EUR. Group EBITDA before special items surged by 35% to 20 million EUR, achieving a margin of 26%. Key financial indicators included a cash flow from operations before special items of 14 million EUR and capital reserves of 123 million EUR by the end of Q3. (Source: Better Collective Report Q3 2023).

Better Collective Growth

Strategic Acquisitions:

  • Q3 acquisitions: Playmaker HQ, Everysport Group,, and
  • Post-Q3 update for October: Revenue of 24.3 million EUR, down 6%.

Significant Playmaker Capital Acquisition:

  • Acquisition amount: 176 million EUR.
  • Strengthening Better Collective’s presence in North and South America.

The company plans to reassess its long-term financial targets for 2023-2027 following the Playmaker Capital acquisition. Additionally, Better Collective announced a dual listing of shares on Nasdaq Copenhagen, with the first day of trading expected on November 17, 2023.

In summary, Better Collective showcases strong financial performance, driven by successful strategic acquisitions in local sports media projects.

Raketech Group

Raketech Group reported record-breaking financial performance in Q3 2023, achieving revenues of EUR 21.5 million, signifying a remarkable organic growth of 65.8%. Adjusted EBITDA increased by 16.5% YoY to EUR 5.6 million, driven by strong development in Casumba and notable growth in sub-affiliation. The company expects to comfortably meet its 2023 guidance, projecting EBITDA at EUR 23-25 million and net cash flow in the range of EUR 13-15 million, surpassing the revenue guidance of EUR 65-70 million. (Source: Raketech Report Q3 2023).

Financial Performance Metrics:

  • Q3 2023 Revenues: EUR 21.5 million (65.8% YoY organic growth).
  • Adjusted EBITDA: EUR 5.6 million (16.5% YoY increase).
  • First nine months of 2023 Total Revenues: EUR 54.9 million (48.5% growth).
  • EBITDA Margin: 32.1%.
  • Cash Flow from Operating Activities: EUR 15.3 million.

The CEO, Oskar Mühlbach, highlighted the strong Q3 performance, particularly in paid sub-affiliation, which demonstrated an annual growth of 264%. Despite a slower start in the US market, the company is focusing on efficiency and execution, introducing technical initiatives and strategic hires. Mühlbach expressed confidence in the company’s ability to meet its full-year guidance and thanked the teams for their commitment and contribution to another strong quarter.

Short Summary Group:

  • Revenue: $23.5M
  • Revenue Growth: 19%
  • NDC: 86K

Better Collective Group:

  • Revenue: $75.5M
  • Revenue Growth: 16%
  • EBITDA: 35%
  • NDC: 445K

Raketech Group:

  • Revenue: $21.5M
  • Revenue Growth: 65%
  • EBITDA: 35%
  • NDC: 75.5K

Catena Media:

  • Operations Income: $15.9M
  • Decline: 28%
  • EBITDA: 44%
  • NDC: 45k

Brief Conclusion

In terms of overall revenue, Better Collective Group leads with $75.5M, followed by Group with $23.5M, Raketech Group with $21.5M, and Catena Media with $15.9M.

Better Collective Group also stands out in revenue growth (16%), while Raketech Group shows significant growth at 65%.

In the number of New Deposit Customers (NDC), Better Collective Group leads with 445k, followed by Group (86k), Raketech Group (75.5k), and Catena Media (45k).

Despite a decline in operations income for Catena Media, it maintains a competitive EBITDA margin of 44%.

Overall, Better Collective Group emerges as a key player in terms of revenue and NDC, while Raketech Group shows remarkable revenue growth.

M&A strategy of Better Collective works and allows it to grow from Y-Y and take first place among gambling media companies   

About Research

This research, crafted by the SlotsUp team and its authors: Maryna Mykhailiuta, Erik Gibbs, Jeffrey Gynn and based on the company’s financial reports.

Dive into the world of online gambling with SlotsUp, a leading slots and casinos review site that offers a diverse collection of over 5000 free slots from 100+ developers. Go to the SlotsUp page to find free slots for instant play in demo mode, categorized by type, theme, and feature. Every day, SlotsUp works towards becoming the largest and most accurate database of online slots, providing a seamless experience for players at every level.

Leave a comment

Free Betting Tips, Direct to Your Inbox

Sign Up Today to Join Betting Gods for FREE and Receive Betting Tips Direct to Your Inbox Every Morning

Not Sure Who to Join?

These are the Top Performing Tipsters in April

Premier Greyhound Tips

1,074 Winners Since October 2014
Total Profit:£34,745.10


Per Month


Win Rate




This Month

In Form

Racing Rundown

332 Winners Since August 2022
Total Profit:£8,232.00


Per Month


Win Rate




This Month


Just Winners

80 Winners Since October 2023
Total Profit:£4,065.25


Per Month


Win Rate




This Month