Catena Media is restructuring its European operations. The initial strategy involved divesting certain assets, such as their financial trading division and the AskGamblers platform. Currently, they are reevaluating their entire European business, encompassing sports wagering, casino partnerships, and all associated aspects.
The rationale? Europe has presented challenges as a market recently. Regulatory adjustments in major markets like the United Kingdom, Sweden, Germany, and the Netherlands have impacted their profitability. Furthermore, the overall market has experienced a downturn, particularly for internet-based casinos.
Catena’s objective is to optimize, reduce expenditures (they aim to achieve €5 million in cost savings), and redirect their attention to regions with greater growth prospects, including North America, Latin America, and the Asia-Pacific zone. They anticipate that this strategic realignment will enhance their efficiency and enable them to capitalize on more profitable ventures.
The company was optimizing its processes to prioritize expansion in North America and developing economies within the Asia-Pacific and Latin American regions. This calculated adjustment is projected to generate substantial returns for the organization and its stakeholders.”
Catena plans to commence discussions with personnel in the UK and Malta concerning possible employment repercussions. A conclusive resolution is anticipated by the close of September.