Date: 22.08.2023

by Mateusz Mazur

Last update: 22.08.2023 17:12

Catena Media Reports H1 2023 Performance

Catena Media Reports H1 2023 Performance Amid Shifting Markets

Catena Media, a leading player in the iGaming industry, has released its interim report for January to June 2023, shedding light on its financial performance and strategic initiatives in a dynamic landscape. The report highlights both challenges and opportunities as the company navigates through changing market conditions.

Financial Highlights

One notable aspect of the report is the 16 percent decrease in revenue from continuing operations in North America. This dip is attributed to a temporary slowdown in state openings, which impacted the overall group revenue, causing it to decrease by 16 percent. Despite these challenges, the North American EBITDA margin remained impressive at 41 percent, even considering the negative revenue impact of reduced marketing spend by operators.

In an effort to optimize its financial structure, Catena Media embarked on a series of share repurchases and bond buybacks. The company also signed an agreement to sell its UK and Australian businesses for EUR 6.0 million, a move expected to lead to a decrease in the annual cost base by an estimated EUR 2.8 million.

Strategic Collaborations and Initiatives

The company’s efforts to strengthen its position and diversify its revenue streams are evident in its strategic collaborations and initiatives. Catena Media signed a media partnership with Lee Enterprises Inc, a major US newspaper publisher. This collaboration aims to provide online sports betting and casino content, tapping into a wider audience through media channels.

Furthermore, Catena Media launched a program to reduce annual costs by EUR 3.8-4.2 million, coinciding with the sale of its UK and Australian businesses. The company also expanded its footprint by entering into an agreement with The Sporting News, a prominent US-based publisher of sports media content. This collaboration covers sports betting, casino gaming, and fantasy sports in the Americas, showcasing Catena Media’s commitment to reaching a broader audience.

Performance and Growth

The report delves into the company’s performance in Q2 2023, indicating a decrease of 16 percent in revenue from continuing operations to EUR 16.9 million. North American revenue decreased by the same percentage, amounting to EUR 12.5 million, comprising 74 percent of the group’s revenue from continuing operations.

The challenges faced in Q2 are attributed to reduced marketing spend by betting operators in North America, which impacted search volume and new depositing customers, particularly in the sports sector. Despite these hurdles, the report emphasizes a strong focus on Q3 and Q4, with anticipated higher sports betting activity leading to stronger EBITDA margins.

Focusing on Core Markets

Catena Media’s CEO, Michael Daly, underlines the company’s priority of maintaining momentum towards delivering financial targets. These targets include achieving a net cash-positive position by the end of the year and increasing annual North American revenue to USD 125 million in 2025, along with an adjusted EBITDA margin exceeding 50 percent.

“Q2 was a quarter of further evolution for Catena Media as we continued to transition towards a net cash-positive business focused on regulated markets in North America. The group capitalised on the annual interlude in the North American sports calendar to undertake significant operational and financial streamlining measures ahead of the NFL resumption in early September” said Daly

Daly discusses the importance of aggressively defending and advancing core positions in organic search, expanding in paid media in North America, and seeking strategic media partnerships. He also points out the significance of leveraging new state launches and favorable regulations in Latin America to drive revenue higher.

As Catena Media gears up for the launch of licensed sports betting in Kentucky and anticipates inflows from other states, Daly expresses confidence in the company’s step-by-step approach of nurturing audiences through targeted, high-quality products.


Catena Media’s interim report for H1 2023 provides insights into the company’s efforts to navigate challenges and seize opportunities in the ever-evolving iGaming landscape. With a focus on optimizing its financial structure, strengthening partnerships, and targeting growth in core markets, Catena Media is poised to adapt and thrive in dynamic markets.

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