A prominent online gambling affiliate marketing firm, Catena Media, announced a small revenue uptick in the first quarter of 2020, bucking the detrimental effects of the COVID-19 pandemic that devastated the international sports sector.
The corporation earned €26.7 million (roughly $29 million) in the year’s initial three months, a marginal 2% rise over the corresponding period the previous year. This expansion is attributable to a surge in internet casino gaming, which balanced the decline in sports wagering caused by extensive event postponements.
Despite a decrease in sports betting, which typically accounts for a sizable portion of their income, Catena Media observed an increase in user engagement in their casino segment. This change in player habits helped to mitigate losses and even resulted in a 15% improvement in adjusted EBITDA, hitting €12.9 million.
Chief Executive Officer Per Hellberg conveyed contentment with the company’s results, emphasizing the robustness of their business framework and the flexibility of their workforce during these extraordinary circumstances. He maintained a hopeful outlook for the future, citing encouraging patterns in April notwithstanding the continuing difficulties in the sports arena.
The organization had proactively redirected its emphasis toward internet casino gaming in preparation for disruptions brought on by the global health crisis. This calculated move, combined with the general expansion of the online gambling industry, enabled Catena Media to endure the turbulent period and emerge with favorable outcomes.