Raketech posts record quarterly revenue
Raketech has reported revenues of EUR 9.6 million (EUR 7.4 million) in its third quarter results.
Adjusted EBITDA amounted to EUR 4.4 million (EUR 2.9 million), corresponding to a margin of 46.0% (39.8%). The increase was driven by strong operational efficiency in combination with a favourable sales mix, as well as contribution from acquired high margin assets.
On November 9, Raketech announced the acquisition of a leading US tipster asset providing tailored pre-game insights for sports. The agreed purchase price amounts to EUR 13.4 million, of which EUR 11.3 million will be settled in cash. The additional purchase price will be settled through issuance of Raketech shares amounting to EUR 2.1 million.
We continued to deliver on our strategical operational goals. Our Non-Nordic share of revenues doubled year over year, from 20% last year to 40% of total this year, and our sport share of total increased to 16% compared to 11% last year.
Main contributors to our strong organic growth in Q3 was our Swedish portfolio of assets where we saw good results across the line, as well as continued growth from markets outside of Europe primarily thanks to good performance by Casumba as well as our Network/sub-affiliation sales.
With the US sports calendar filling up during Q4 and Q1, in combination with our recent US acquisitions with assets such as picks&parlays and winnersandwhiners, we furthermore expect our US share of total to increase and for the US to be added to the list of substantial growth markets already during next quarter.
Winnersandwhiners is a selected asset within the portfolio of pickster assets in the latest acquisition as finalized just before this report. With these assets added to the Raketech portfolio, US revenues are expected to reach up to 20% of group total already in Q1 of 2022.
In addition to giving us a strong position within the US pickster market we also aim to add the full power of Raketech’s SEO and tech expertise as well as Raketech’s commercials such as affiliation, CRM and media to further accelerate growth.
In parallel we continue to invest in long term organic US growth through a series of assets such as howtobet.com, americangambler.com and tvsportsguide.com and as from September we are also licensed to operate in yet another state, this time Arizona.