Catena Media posts record first quarter revenue
Catena Media reported record first-quarter revenue as sports revenue more than doubled in North America after New York and Louisiana legalised online sports betting in January.
Revenue was EUR 45.2m, an increase of 11 percent. Organic growth was -9 percent, or -6 percent excluding the German sports betting and casino market. New depositing customers (NDCs) totalled 171,918 (157,546), an increase of 9 percent.
CEO Michael Daly’s comments: I am pleased to report another quarter of record-breaking performance at Catena Media. Revenue rose for the sixth consecutive quarter to reach an all-time high of 45.2m, an increase of 11 percent on an exceedingly strong quarter last year. Adjusted EBITDA also hit a new record peak for the ninth successive quarter, advancing 2 percent to 25.6m despite the significant costs we have incurred under our investment programme to unlock future growth potential.
Globally, the prime focus was on North America and the opening of legalised online sports betting in Louisiana and New York in January. We made strong headway in both states, with New York in particular exceeding expectations on the back of the highest advertising spend for a US state launch and buoyant cost per acquisition (CPA) rates. New York is now our largest North American market.
Our two acquisitions from last year, Lineups.com and i15 Media, did an excellent job in bolstering our market positioning there and in Louisiana. They are contributing according to plan, and their strategic input and market knowledge now constitute a major asset for the group.