Catena Media’s first-quarter revenue decreased by 2 percent in North America in Q1 due to challenging comparatives from the record New York launch in January 2022. Total group revenue from continuing operations decreased by 5 percent.

Strong player participation in Ohio, which legalised online sports betting on 1 January 2023, delivered one of the group’s best ever US state launches.

Revenue from continuing operations was EUR 35.0m (36.9), a decrease of 5 percent. Revenue in North America decreased by 2 percent to EUR 28.9m (29.5), equivalent to 83 percent (80) of group revenue from continuing operations.

CEO Michael Daly’s comments: I am pleased to report a satisfactory start to the year for Catena Media. The addition of Ohio and Massachusetts as new online sports betting states helped drive solid revenue in our core North American affiliation business during the period. We also achieved higher profitability in our European business in the wake of the strategic review we concluded at the end of last year.

The margin improvement in our continuing operations in Europe was especially gratifying as it represents an immediate payback on our decision to target resources on our most profitable markets while also undertaking cost optimisation measures in selected areas as part of the strategic review. We also brought this amplified cost focus to bear on our already highly profitable North American business, where we see continued high margins for Catena Media even as well-established state and provincial markets mature.