With the igaming affiliate marketing network seeing revenues continue to fall year-on-year, Raketech’s CEO is looking to expand its sports media offering in its core markets.
Raketech has told investors its “priorities are clear” as leadership resets its business towards sustainable growth.
The statement comes following the publication of Q3 accounts from the Stockholm-listed igaming media and affiliate marketing network.
Chief executive Johan Svensson outlined a strategy centred on adjusting costs, expanding media products in core European markets and directing cash generation towards debt repayments and investment.
“Looking ahead, our priorities are clear. We continue to adjust the cost base in line with the current size of the business and our strategic priorities,” Svensson stated.
“Free cash flow will be directed towards amortising the bank facility and towards continued investment in our core markets such as Sweden, Denmark and Italy, where we will continue to expand industry and sport media and strengthen commercial capability within SubAffiliation.”
A new strategic direction follows an ‘organisational reset’ that has seen Raketech withdraw from paid publishing activities and manage weaker performance across non-core markets – detailed as directives to “protect cash-flow”
Q3 drags
Q3 revenues from continuing operations fell by approximately 19% year-on-year (YoY) to €5m, compared with €6.2m in 2025. Revenues also declined from €5.6m in Q2, reflecting activity normalising after the World Cup in June and July.
Adjusted EBITDA remained stable YoY at €1.2m, although it eased from €1.3m in the preceding quarter. The adjusted EBITDA margin improved to 23%, against 19.6% a year earlier, reflecting the lower cost base.
Affiliation marketing revenues fell to €3.7m from €4.3m. However, Sweden, Raketech’s largest market, delivered growth both sequentially and YoY, while Denmark recorded strong annual growth. Revenues across regulated core markets were broadly stable.
Changes accelerated
Leadership is seeking to build on this performance through a wider rollout of its media-led publishing model.
Initiatives see Casinofeber Media in Sweden serves as the group’s proof of concept, supporting brand recognition and commercial performance.
Raketech is due to expand initiatives through BetXpert Media in Denmark and October’s launch of Corriere del Gioco in Italy, its first application outside the Nordics.
Six media products have been launched during 2026, with two further local industry publications planned before year-end, including a Finnish launch ahead of the anticipated licensing regime.
Within SubAffiliation, the focus remains on expanding the organic publisher network through AffiliationCloud.
Raketech is combining traffic and commercial sales across its own publications and external organic publishers to strengthen its position with operators.
The organic network grew against Q2, with Nordic revenues well above the previous year. This contrasts with the paid publisher network, where legacy revenue-share player databases continue to decline through natural churn, including in Brazil following regulatory changes.
Debt reduction at all costs
A more substantial change to Raketech’s financial position will follow completion of its agreement to settle the remaining Casumba earnout.
Announced after the quarter, the deal reduces approximately €20.3m in outstanding obligations, including accrued interest, to an €8.2m settlement.
Raketech will fund the agreement through €5.2m in new Bank of Valletta financing and €3m from existing cash, which was paid in October. Completion is expected towards the end of Q4.
Management expects net interest-bearing debt to fall from €18.1m at the quarter-end to approximately €5.6m, reducing leverage from 3.8 times to around 1.2 times adjusted EBITDA. Annual net finance costs are expected to decrease by just over €1m.
“Until now, a large share of our cash flow has gone towards paying for assets we no longer own,” Svensson said. “Going forward, the cash we generate will go towards reducing our own bank debt and investing in growth.”
