Raketech Posts Q2 Results, Shows 29% YoY Increase in Revenue

Raketech, an award-winning iGaming affiliate company, has released its Q2 report, which showed stable performance for the company. The revenue has reached €11.3 million ($11.5 million), even though the period was packed with “challenging market conditions and low seasonality.” 

Sports Betting Was Responsible for Over 30% Of the Total Revenue 

The company’s sports revenue reached €3.5 million ($3.56 million), which is 31% of the total revenue made in the quarter. In the US, sports entered the low season of the year, which is why the US revenue amounted to $1.3 million ($1.32 million). 

Adjusted EBITDA reached €4 million ($4.07 million), which corresponds to a 35% margin. Raketech’s organic growth accounted for -4%, mainly because of the regulation change in Finland, Germany, and the Netherlands. 

Re-regulations in Germany and Netherlands led to the company not being able to offer network sales in these regions. The recently-launched Affiliation Cloud had total revenue of €0.2 million ($203,000). 

Oskar Mühlbach, the CEO of Raketech, shared a few words on the quarter. He said that the quarter was yet another stable period for Raketech. The results were “in line with Q1,” even though the market was more challenging. 

He praised the fact that the revenue reached $11.5 million, which is a 29% YoY growth. Mühlbach added that the US revenue is lower than the revenue in Q1, but this was expected. According to Mühlbach, Q2 is a weaker period for sports in the US. 

Another notable highlight during the quarter was Google’s core updates, which affected Raketech in a positive way. Mühlbach said that the positive outcome is a testament that the company does things right. 

Additionally, Raketech announced that it extended its €15 million ($15.26 million) revolving credit facility Avida Finans AB until September 2023. An extension option is included in the credit facility and it can be annually renewed with certain conditions. 

Raketech Was Crowned Best Employer of the Year 

Raketech’s year was packed with a lot of activities. Apart from the successful performance of the company in the first half of the year, its efforts were noted at the IGB awards ceremony. 

During the ceremony, Raketech scooped 2 awards – one for “Best Place to Work” and one for “Best Affiliate Employer of the Year.” 

In a statement, Raketech said that the awards are a testament to the company’s dedication to being a “top organization in the industry.” The statement also doubled down on the difficulties that come from starting a new job and it added that Raketech strives to make sure that it acquires talent from all parts of the world. 

Apart from competitive salaries, Raketech stated that it offers tons of benefits for its employees, all of which go “hand in hand with the Raketech culture.”