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Raketech Announces Q1 2024 Results
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.
Backseat Gaming
Hub88 integrates Backseat Gaming and Clutch Gaming in double supplier deal
Aggregator adds high-volatility slots including Hades Harvest, Deep Sea Mafia and Radiate to its operator network.
Hub88 has added Backseat Gaming and sister studio Clutch Gaming to its supplier network via a double integration deal, expanding the content available to operators on its aggregation platform.
The integration makes a number of titles available through Hub88, including Hades Harvest, Deep Sea Mafia and Radiate. Hub88 positioned the move as a way to broaden its catalogue with high-volatility content.
Ollie Castleman, Managing Director at Hub88, said: “Backseat Gaming and Clutch Gaming bring a level of craft and personality that stands out.
“By choosing both complementary studios run by the same team, our partners gain the flexibility to reach different player preferences. With both brands already making a splash in the industry, we’re sure this content will become an unmissable addition to lobbies.”
Debbie Cooper, Head of Commercial Operations at Backseat Gaming, said: “Partnering with Hub88 marks an exciting next step for Backseat Gaming and Clutch Gaming as we look to expand our reach across the iGaming industry.
“Hub88’s proven aggregation platform and extensive operator portfolio give us the ideal network to get our content in front of new audiences quickly and efficiently. We’re excited to work alongside their team and bring our game content to their partners.”
The studios said they plan to release one game per week from each provider, with both brands managed by the same team and positioned to target different player tastes.
The post Hub88 integrates Backseat Gaming and Clutch Gaming in double supplier deal appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
Africa
Mancala Gaming signs QTech distribution deal for emerging markets
Mancala Gaming has struck a distribution deal with QTech to roll out its slots and crash games to operators across emerging markets, the companies said on 21 July 2026.
Under the agreement, QTech will add Mancala Gaming’s catalogue to its aggregator platform. Mancala said its current portfolio includes more than 80 games, spanning slots and crash titles such as Panther Legacy, Coin Craze: Supercharged, Diego’s Spicy Truck, Cheese Chase, Beer Halla and Muscle Tussle.
Mancala Gaming CCO Emiliano Sanchez said: “We’re thrilled to have partnered with QTech to boost our reach and relevance across emerging markets, seamlessly offering our premium slots and crash content to a range of previously undiscovered operators. We now look forward to elevating our ambitions through the sprawling reach of QTech’s platform, particularly in Africa and LatAm where the crash-gaming genre is in such high demand. Mobile-first consumption and speed are the consequential keys to success in these two continents where players want instant entertainment, short sessions, and quick results, even when mobile connectivity is not optimal.
QTech CEO Philip Doftvik added: “Mancala Gaming’s content brings a level of gameplay and interactive engagement that keeps players coming back for more, improving retention and dwell-time metrics. Their growing gaming suite of slots, instant-win, and crash games is built for rapid deployment across any market. So, we’re confident that our operator partners will soon see strong performance courtesy of some multi-layered gameplay experiences which appeal to both seasoned and casual players.
The companies did not disclose commercial terms or name operator launch partners.
The post Mancala Gaming signs QTech distribution deal for emerging markets appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
Avanti
Avanti Studios names former Evolution executive Steven Tabone as Commercial Director
Tabone joins from Evolution, where he served as Head of Region, as Avanti targets new operator and aggregator partnerships.
Avanti Studios has appointed Steven Tabone as Commercial Director, hiring the former Evolution Head of Region to lead its commercial strategy and partnership growth.
Tabone spent two years at Evolution, where he worked on commercial strategy, sales and account management, and supported operator relationships, according to the company. Avanti said his remit will include building operator and aggregator partnerships and developing a scalable go-to-market strategy focused on international expansion.
The supplier also pointed to recent activity in Spain and Brazil, citing partnerships with Entain and Bet365 as it scales operations in those markets.
Steven Tabone, Commercial Director at Avanti, said: “I firmly believe Avanti is the most exciting thing to have happened to the iGaming industry for a very long time, so I’m obviously delighted to be joining as Commercial Director during what is undoubtedly a pivotal period for the company.
“What drew me to Avanti is having the chance to build something genuinely different. The team has a clear vision that will disrupt the industry with its innovation and quality, and as an operator, you can either jump on the train with us or be left standing at the station. Being able to shape that journey from the very beginning is a huge opportunity, and one that I’m really looking forward to.”
The post Avanti Studios names former Evolution executive Steven Tabone as Commercial Director appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.
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