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Raketech Announces Q1 2024 Results

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Raketech has announced its Q1 2024 financial results.

Q1 2024 Financial Highlights

  • Revenues in Q1 of 2024 totaled EUR 19.0 million (EUR 15.8 million), reflecting an organic growth increase of 20.1% (24.4%), driven by continued strong performance from sub-affiliation partially offset by weaker-than-expected results within affiliation marketing.
  • EBITDA, adjusted for restructuring costs, was EUR 5.1 million (EUR 6.1 million), impacted by a weaker performance in Sweden compared to the previous year and soft performance of the Casumba assets following the Google Core update during the quarter. Other regions and products performed well, with sub-affiliation delivering a strong quarter in terms of EBITDA contribution.
  • Operating profit, adjusted for costs related to re-structuring, amounted to EUR 2.0 million (EUR 3.8 million).
  • Free cash flow before earnouts increased to EUR 6.5 million (EUR 5.6 million) with a positive working capital development from trade receivables.
  • Earnouts settled during the quarter amounted to EUR 13.0 million.

Full-Year Outlook

Current trading, including April, implies an adjusted EBITDA of around EUR 20.0 million for the full year. Free cash flow before earnouts for the full year is estimated to come in just below adjusted EBITDA.

Subsequent Events After the End of the Period

On May 14, 2024, the board decided to withdraw its previously announced proposal to distribute dividends in 2024, in line with its commitment to maintaining financial flexibility and supporting the company’s long term growth ambitions. The primary focus is delivering value to shareholders and continuing to evaluate opportunities to enhance shareholder returns in a way that aligns with the Company’s long-term value-creation objectives.

Current Trading

Revenues in April 2024 amounted to EUR 5.9 million (EUR 5.9 million).

Raketech Acting CEO Johan Svensson said: “In the first quarter of 2024, we delivered EUR 19.0 million in revenues, representing an organic increase of 20.1%, primarily driven by Sub-affiliation. Adjusted EBITDA came in at EUR 5.1 million, while EBITDA was EUR 4.3 million, consistent with our trading update published on 1 May. We remain confident in our market-leading product offerings and see promising growth opportunities through our strategic initiatives in sports offerings, exclusive partnerships, and media deals. These efforts will position us well for continued growth in the coming years, and we remain committed to maximizing shareholder value.”

The post Raketech Announces Q1 2024 Results appeared first on European Gaming Industry News.

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Gamblers Connect Strengthens Trust with Launch of Verified Sources Panel

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Gamblers Connect, the independent B2B iGaming media platform, has introduced a Verified Sources panel that appears at the bottom of every article, linking each factual claim directly to named primary documents hosted on the original source’s own domain.

The panel lists the specific sources consulted, identifies the issuing authority, and includes editorial notes explaining what has been verified and where the limits of the available evidence exist. Positioned immediately beneath the article body, each source is presented in the order it was consulted and includes the responsible individual or office where applicable.

Each entry also includes relevant disclosure tags drawn from the newsroom’s editorial taxonomy, and a direct hyperlink to the original document on the source’s own domain, allowing readers to verify the reporting in a single click.

The initiative responds to widespread practices in online publishing where sources are hidden, paraphrased or omitted altogether, leaving readers to rely on trust rather than independently verifiable evidence.

Luka Dimitrijevic, Partnerships & Operations Lead at Gamblers Connect, said: “Trust is not something a media outlet can declare. It is something the reader gives, and only once they can see the documents the story was built from. The Verified Sources panel exists so that verification is never more than one click away. If a claim in a story is worth making, the source behind it is worth linking to.”

The post Gamblers Connect Strengthens Trust with Launch of Verified Sources Panel appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

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Esports World Cup: Level Up Returns to Prime Video June 26 with Season Two

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Esports World Cup: Level Upreturns for its second season on June 26, with all five episodes dropping that day exclusively on Prime Video. Directed by Emmy-winning filmmaker R.J. Cutler (Martha (Netflix), Billie Eilish: The World’s A Little Blurry (Apple TV)), the five-part docuseries goes inside the human stories behind the world’s largest esports competition, following players, Clubs and families through the pressure and ambition of the 2025 Esports World Cup.

Set in Riyadh, Saudi Arabia, during the seven-week event, the new season follows the chase for the $70 million prize pool and the EWC Club Championship, while showing the personal journeys at the heart of the competition. The series captures what it takes to compete on a global stage where one match can change a career, a season can define a Club, and a single moment can turn a player into a star.

Produced by This Machine (a part of Sony Pictures Television), with director R.J. Cutler,  showrunner John Dorsey and executive producers Jane Cha Cutler, Trevor Smith, Elise Pearlstein and Mark Blatty all returning for the second season, Esports World Cup: Level Up takes a vérité-style approach to esports, capturing the sacrifice, stakes, and rising fame of the world’s top competitive gamers.

Featured players include Jake “Boaster” Howlett (Fnatic; VALORANT), Vivi “Vivian” Indrawaty (Team Vitality; MLBB),  Kasimili “Soka” Tongamoa (Team Falcons; Call of Duty: Warzone), Xiao Hai (KuaiShou Gaming; Fatal Fury: City of the Wolves) and Garidmagnai “bLitz” Byambasuren (Mongolz; Counter-Strike). To bring the players’ personal stories to the forefront, the film’s crew was on set in Riyadh for seven weeks and also traveled to locations across the U.K., U.S. and Indonesia for rare at-home visits.

Standout storylines woven throughout the series include:

  • Magnus Carlsen (Team Liquid, Chess) – Widely considered the greatest chess player ever, Carlsen faces the isolation of dominance, with no traditional peaks left to conquer. His story follows his shift into esports, where a new generation of challengers awaits.

  • Boaster (Fnatic, Valorant) – As Valorant debuts at the event, the British competitor’s journey from aspiring actor to title contender shows there’s no single path to success, shaped by resilience through personal and professional setbacks.

  • Xiao Hai (KSG, Street Fighter) – A reigning champion shaped by strict discipline, Xiao Hai was competing against adults by age six. Now a father, he balances global competition with family life.

  • Vivian (Team Vitality, Mobile Legends: Bang Bang) – Competing for a life-changing prize, Vivian’s story centers on overcoming recent setbacks and confronting childhood trauma.

  • The Mongolz & bLitz (Counter-Strike 2) – Led by their star player bLitz, this grassroots Mongolian team has risen from obscurity to national prominence, becoming symbols of pride and perseverance.

  • Soka (Team Falcons, Call of Duty: Warzone) – The reigning champion faces pressure on multiple fronts, dealing with rivalries from former teammates while navigating a turbulent home life.

  • Coach ArSy (Team Liquid, Mobile Legends: Bang Bang) – Offering a rare coaching perspective, ArSy draws on a difficult upbringing to lead and inspire his team’s pursuit of redemption.

    “Level Up captures the human side of what we are building with the Esports World Cup,” said Ralf Reichert, CEO, Esports Foundation. “EWC creates the stage: the best games, the best Clubs, the best players, life-changing stakes and moments that bring together a global gaming community of billions. The documentary takes you closer to the people inside those moments: their pressure, their ambition, their families and the stories that make esports meaningful to a new generation.”

    “This next chapter deepens our exploration of a global phenomenon that is as much about human ambition and identity as it is about competition,” said Cutler. “Esports is one of the most dynamic cultural movements of our time. In season two, we continue to chronicle not just the competition, but the lives, dreams, and sacrifices of the players at the center of it, revealing a world that is both intensely personal and globally resonant.”

    Around those player journeys, the series also captures the wider cultural energy of the Esports World Cup, where sport, music, entertainment and gaming meet. In addition to elite competition, Level Up showcases moments from a star-studded lineup of musical artists and athletes, including opening headliner Post Malone, who shows off his gaming skills backstage; grandmaster Magnus Carlsen, who triumphs in his first chess esports event; and football icon Cristiano Ronaldo, who ushers the Club Championship trophy to the stage in a dramatic closing ceremony.

    The magnitude of the Esports World Cup is also seen through the reactions of some of the world’s biggest sports and entertainment figures, including reigning F1 champion Lando Norris; Brazilian football legends Ronaldo Nazario and Kaká, who go one-on-one in an EA FC showmatch; professional footballer Alisha Lehmann; skateboarder Tony Hawk; and tennis star Nick Kyrgios, who stated: “The crowd, the atmosphere, is literally better than Wimbledon or any Grand Slam.”

    The Esports World Cup 2025 marked a defining moment in competitive gaming. In its second year, EWC reached 750 million viewers worldwide and generated 350 million hours watched, with peak concurrent viewership of nearly 8 million during the League of Legends at EWC ’25 tournament. Coverage was delivered across 28 platforms through 97 broadcast partners and more than 800 channels in 35 languages. Twenty-five tournaments spanning 24 games featured more than 2,000 players representing approximately 200 Clubs from over 100 countries.

    The 2026 edition of the Esports World Cup will be held in Paris, France from July 6 through August 23, as the top Clubs in the world compete for $75 million and the 2026 EWC Club Championship trophy.

The post Esports World Cup: Level Up Returns to Prime Video June 26 with Season Two appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

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Tonybet Secures Alberta iGaming License as Regulated Market Opens

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Tonybet, an international iGaming operator already licensed in Ontario and Kahnawake, today announced that it has received an iGaming license from the Alberta Gaming, Liquor and Cannabis Commission (AGLC), clearing the company to operate in Alberta’s regulated online gaming market.

The license allows Tonybet to enter Alberta, Canada’s second province to introduce a competitive, multi-operator iGaming market following Ontario’s launch in 2022. It also extends Tonybet’s Canadian footprint, reinforcing the company’s position as one of the most broadly licensed operators in the country.

Alberta’s regulated market represents a significant opportunity. The province has an estimated population of nearly 5 million, a strong sports culture, and a regulatory framework designed to channel existing online gaming activity into a licensed, player-protected environment. Tonybet intends to bring the same localized approach that has driven its growth in Ontario – combining regionally relevant sports betting markets, responsible gaming tools, and dedicated customer support – to Alberta from day one.

“Alberta is taking the right approach – building a regulated market that puts player protection and operational standards at the center from the start. That’s exactly the kind of environment we want to operate in. We’ve spent years proving in Ontario that you can grow a business and maintain the highest compliance standards at the same time – registrations and gross gaming revenue in the province both grew by 52% in 2025, with responsible gaming embedded in that success rather than working against it. Securing this license means we can bring the same commitment to Alberta, and we plan to be fully operational in the market,” said Dmitry Arabuli, CEO of Tonybet.

Tonybet has already begun preparations for its Alberta launch, including platform localization, integration with the province’s centralized self-exclusion system, and commercial onboarding with the Alberta iGaming Corporation (AiGC).

The post Tonybet Secures Alberta iGaming License as Regulated Market Opens appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

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