Catena Media, one of the largest iGaming and sports betting affiliate marketing companies, reported a 30% year-on-year revenue decline in Q4 2024, bringing in €10.2 million. Every segment of the business experienced losses, with the ‘Rest of World’ revenue dropping 41% to €1.27 million and North America falling 28% to €8.88 million.
According to reports, their sports betting segment was hit the hardest, declining 54% to €2.51 million. This drop was largely caused by a challenging North American market, no new state launches in the U.S., the cancellation of media partnerships, and reduced eSports operator spending.
Catena’s casino segment also faced a 15% decline, reaching €7.64 million—primarily due to Google algorithm updates, the termination of partnerships, and lower player engagement.
Full-year 2024 overview
For the entire year, Catena Media recorded €49.6 million in revenue, and this is a 35% decline compared to 2023. Adjusted EBITDA for the full year dropped 79% to €5.39 million. New depositing customers decreased from 184,257 in 2023 to 128,700 in 2024.
As Manuel Stan, CEO of Catena Media, noted: “While Q4 results continued to disappoint, we significantly improved our profitability through cost optimisation… With a leaner organisation, a stronger balance sheet, and a clear strategic roadmap, I remain confident in our future direction.”
Despite these setbacks, adjusted EBITDA rose by 2% year-over-year to €1.51 million, improving the EBITDA margin to 15%. North America saw a 4% increase in adjusted EBITDA (€4.55 million), whereas the ‘Rest of World’ segment saw a 31% drop to €632,000. Additionally, new depositing customers fell from 32,032 in Q4 2023 to 25,806 in Q4 2024.
Impact on affiliates and affiliate managers
Catena Media’s struggles are nothing new in the iGaming affiliate world—and those working in the industry have faced numerous challenges in the past few years.
Sports betting affiliates in North America, for example, continue to see slowing growth, largely due to a lack of new state launches—and this means relying on sportsbook revenue has become somewhat risky for some affiliates.
Also worth noting is that Google’s algorithm updates continue to affect affiliate traffic. SEO-driven affiliates need to adapt to search engine changes, focusing on content quality and engagement rather than relying on short-term tactics.
We also saw a number of high-level media partnerships cancelled last year—and while this will primarily only affect the larger affiliates—it’s still something affiliates should consider, especially if they rely on smaller media deals.
As Catena Media has seen, just because you’re a so-called super affiliate doesn’t mean you’re safe in the ever-changing affiliate world. Navigating Google updates, publishing informative, relevant content, and finding reputable partners is more important than ever—and if you’re looking for safe and reliable brands to promote, don’t forget to check out Affiverse’s partner directory.
— Browse the Affiverse partner directory here
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