US sports betting sparks Catena Media revenue rise
Stockholm-listed affiliate reports organic growth of 17% in the US market over the last 12 months
Catena Media has reported a 60% increase in revenue to €27.7m for Q3 2018, driven by the Stockholm-listed affiliate’s investment into US sports betting.
The firm reported an EBITDA increase of 52% to €13.4m, up from €8.8m in the prior corresponding period as new depositing customers (NDCs) also rose by 37% to hit 138,194.
On the US opportunity, CEO Per Hellberg told investors: “While some of our competitors are still searching for their first recruits, we have an 18-person strong team in the US market.
“This is sufficient for us to be able to grow in New Jersey, and prepares us for the launches that are imminent in Pennsylvania and West Virginia.
“It is my belief that Catena Media’s business, through being in the sweet spot of the value chain, has substantial growth opportunities ahead,” he added.
Catena reported that an August shortfall was more than made up for by online sports betting taking off stateside in time for the new NFL season, while its US casino business also performed well in Q3.