Raketech revenue further dips amid business overhaul

Adjusted EBITDA for the quarter totalled €2.1 million, including a €0.5 million operational loss from its divested US tipster assets, representing a 51.9% decline from the €4.4 million reported in Q2 2024. Free cash flow before earnouts was in line with EBITDA at €1.8 million.

The affiliate achieved a 35% cost savings compared to Q1 of last year, when it initiated a review of its operating model, with overall operating expenses at €8.1 million. The company's headcount of full-time employees is now 87, down from 130 at the same time last year, while the number of contractors has declined to 37 from 68. 

New depositing customers (NDC) totalled 15,867 in Q2, indicating a 53.8% year-on-year decrease, which the affiliate claimed was largely driven by its softer performance in subaffiliation. 

Geographical breakdown 

In June 2025, Raketech sold its non-core US tipster assets, which the company’s CEO, Johan Svensson, called “a key strategic milestone this quarter”. This followed the sale of its US offline advisory operations last year as part of a move towards “scalable digital models”. 

The recently divested assets include brands such as Winnersandwhiners.com, Picksandparlays.net and Statsalt.com, which had a combined book value of approximately €1.0 million and generated a net gain of €0.2 million, offset by the operating loss. However, Svensson believed that this strategic exit “will have a positive impact on EBITDA and overall cash flow going forward”. Monthly cost savings after the sale were estimated at €1.5 million.

During Q2, the Nordics and the rest of the world remained the affiliate’s largest markets, accounting for approximately 88% of its total revenue, while the rest of Europe and the US contributed 5.1% and 6.1%, respectively. The casino sector made up 71.8% of its total revenue, with sport occupying the remainder. 

Affiliation marketing

Raketech’s affiliation marketing revenue in Q2 was at €5.7 million, down 24.9% from the €7.6 million it achieved in 2024 Q2. Although its Casumba assets continued to underperform, Svensson claimed that other operations in the business area delivered 5% quarter-over-quarter revenue growth. 

A key driver of this performance, according to Svensson, was the company’s decision to relinquish editorial control of its brands, which it announced in February 2025. 

The new model now accounts for around 63% of its affiliation marketing revenue, with partners in charge of “areas such as SEO, content and product development”, while the main business leverages “its centralised strengths in commercial agreements, finance, reporting, data and technology”. 

Svensson also revealed that Raketech had just signed a new commercial agreement with a large Nordic TV and streaming operator to provide traffic from its TV sports guides. This serves as part of the affiliate’s ongoing efforts to diversify revenue sources beyond SEO and broaden its distribution network. 

Commenting on the Casumba assets’ negative results, Svensson said they were “impacted by worsened market conditions” in “the entire affiliate industry”. The company extended its earn-out agreement and will “continue working closely with the founders on operational improvements”. 

Subaffiliation

The affiliate’s subaffiliation segment suffered a significant decline in Q2, with revenue dropping by 75.9% year-over-year to €2.0 million, €1.4 million less than its Q1 results. It continued to reduce its publisher costs, which decreased by 80.5% to €1.2 million from €6.3 million in the same quarter last year. 

Svensson noted that although its organic network “performed in line with the previous quarter”, the paid publisher network experienced a quarter-over-quarter decline, which he blamed on the “structural changes in Google’s ad ecosystem”. Raketech is currently reviewing the paid sector within its model and will continue focusing on organic network publishers. 

The company has strengthened its exclusive commercial operator agreements in the US, which Svensson stressed to be “a key focus of our subaffiliation offering” and had grown “strongly” during the quarter. 

Looking ahead

Raketech has yet to publish its yearly revenue target. However, it reconfirmed its commitment to delivering AffiliationCloud and its platform-first strategy “anchored in affiliation and subaffiliation”.

In the Q2 results, the affiliate also revealed that preliminary data on July 2025 revenues from its affiliate marketing assets indicated a lower performance due to “softer activity during the early summer period and the absence of major sport events”. It expects results to improve toward the end of this summer. 

“We will continue to explore new entrepreneurial partnerships in key markets and additional assets,” Svensson added. “By deepening our exclusive commercial operator agreements, diversifying beyond traditional SEO channels, and expanding our publisher network, we are well-positioned to drive efficiency, reach and long-term value”.