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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.

Casino-Groups

Sebastian Jarosch Becomes Head of AI at Casinos Groups

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Sebastian Jarosch is no longer solely the founder and managing director of Casino Groups as he is also taking on the role of Head of AI, at least on an interim basis. This personnel decision marks a conscious step towards closer integration of corporate management and technological responsibility.

In future, Jarosch will not only be responsible for the strategic direction of the company, but also for the further development of the AI systems that already form a central part of the product landscape. Casino Groups is one of the best-known platforms, which has been using and continuously developing an AI-supported rating system for online casinos for some time.

The decision to anchor the role of Head of AI directly at management level was a conscious one. Artificial intelligence now influences almost all areas of the affiliate business, from content structures and data analysis to regulatory documentation and product logic. Such a development requires decisions that bring together economic objectives, technological possibilities and legal frameworks.

Sebastian Jarosch brings this perspective from years of experience in the iGaming sector. As an entrepreneur, he is familiar with economic dependencies as well as the challenges of increasing regulation. The additional responsibility in the AI area makes it possible to set technological courses more quickly, define priorities more clearly and establish innovation as an integral part of corporate management.

The new role of Head of AI fits in perfectly with current developments in the iGaming market. Increasing regulatory requirements, rising acquisition and content costs, and the growing influence of AI-powered search systems are changing the economic fundamentals of the affiliate business. Visibility is no longer achieved solely through reach, but through authority, consistency and verifiable quality.

With this appointment, Casino Groups is sending a clear signal to the outside world. Affiliate companies are increasingly being valued like media or technology companies. Partners and investors are placing greater emphasis on compliance, data competence and sustainable product development. The bundling of management and AI responsibility strengthens the company’s credibility in these areas.

At the same time, Casinos Groups is positioning itself as a player that does not delegate innovation, but actively drives it forward. The interim nature of the role creates space for further development and adaptation without diluting the strategic ambition. For the industry as a whole, this step underlines that AI expertise has arrived at the management level.

The role of Head of AI forms the organisational foundation for this development. It ensures that technological innovation, editorial standards and economic objectives are interlinked. Casino Groups is thus pursuing a clear line: technology as a tool, people as an authority and quality as a connecting element.

The post Sebastian Jarosch Becomes Head of AI at Casinos Groups appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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CONOR DURNIN

THE UNIT ANNOUNCES APPOINTMENT OF CO-FOUNDER CONOR DURNIN TO LEADERSHIP TEAM

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The Unit, the leader in product design and development for iGaming and sports betting, has announced the appointment of Conor Durnin to its leadership team.

Durnin, who co-founded The Unit in 2018, played a foundational role in the company’s early vision and direction. His appointment marks the first time he has taken on an active position within the business, as The Unit continues to scale its work with operators, platforms, and suppliers in the global iGaming and betting sector.

In his role, Durnin will focus on strengthening The Unit’s product strategy expertise, supporting complex client engagements, and helping guide the company’s next phase of growth as demand increases for outsourced development of differentiated and innovative betting and gaming products.

“From the outset, The Unit has set out to raise the standard for outsourced product development in betting,” said Durnin. “Stepping into this role allows me to focus on supporting the team as we help our partners build scalable, world-class products.”

Having previously held senior roles at brands including Boylesports, Grand Parade and SportCaller, Durnin brings extensive experience in product leadership, engineering, and delivery, with a reputation for bridging commercial objectives and technical execution. His approach aligns closely with The Unit’s focus on building world-class products that prioritise user experience and long-term sustainability.

“The Unit was founded to challenge conventional thinking around betting and gaming product design, and Conor will play a pivotal part in this going forward,” said Paddy Casey, Co-founder at The Unit. “As the business continues to flourish, adding Conor is a natural step and reflects the ongoing pace of expansion at The Unit.”

Durnin’s arrival comes as The Unit continues to expand its footprint across sports betting and iGaming, working with clients on outsourcing options, product development, UX/UI, platform architecture, and industry-leading technical design.

With offices in Ireland, Moldova, Gibraltar, and a US hub in New York, The Unit has an unflinching commitment to becoming the partner of choice throughout the industry. In addition to its broad-ranging nearshore product development, the team now boasts a strong track record of building world-class products for the sports betting and iGaming sector over the last decade.

The post THE UNIT ANNOUNCES APPOINTMENT OF CO-FOUNDER CONOR DURNIN TO LEADERSHIP TEAM appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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Compliance Updates

St8 Secures Sweden B2B Licence, Adding Another Regulated Market

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Casino games aggregator St8 is poised to expand into another significant regulated market following the receipt of a B2B supplier license from Sweden’s Gambling Authority, Spelinspektionen.

This indicates that St8 can now offer its aggregator technology to operators licensed in Sweden for the first time.

These operators obtain access to an advanced platform renowned for achieving seamless integrations within days through a single API.

Vladimir Negine, founder and CEO at St8, said: “Being awarded a B2B licence by Spelinspektionen underlines the strength of St8’s technology and compliance-first approach. Sweden is one of Europe’s most respected regulated iGaming markets, and we are excited to now be able to support licensed operators there with our next-generation aggregation platform.

“Our focus remains firmly on expanding in regulated jurisdictions, and adding Sweden further strengthens St8’s position as a trusted supplier to operators in leading global markets.”

Spelinspektionen is recognized for upholding some of the strictest player protection standards in iGaming,

St8 has quickly grown into several prominent regulated markets in recent months. In October, it received a supplier license in Ontario, and in July it obtained a B2B license in the United Kingdom.

The post St8 Secures Sweden B2B Licence, Adding Another Regulated Market appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.

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