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Sportradar Reports Strong Growth in Fourth Quarter and Full Year 2021
Fourth quarter revenue grew 41% while full year 2021 revenue grew 39%, exceeding Company’s outlook
Annual revenue surpasses €500 million for the first time in Company’s history
Company projects solid annual revenue growth of 18% to 25% in fiscal 2022
Secured multiyear partnerships with NHL, NBA, ITF, ICC, UEFA, Bundesliga
Sportradar Group AG, a leading global technology company enabling next generation engagement in sports, and the number one provider of business-to-business solutions to the global sports betting industry, today announced financial results for its fourth quarter and full year ended December 31, 2021.
Full Year 2021 Highlights and Annual Outlook
- Revenue for the full year of 2021 increased 39% to €561.2 million ($634.2 million)1 compared with the prior year, driven by strong growth across all business segments. Full year revenue exceeded the top end of the Company’s 2021 annual outlook range of €553 – €555 million.
- Adjusted EBITDA2 for the full year of 2021 increased 33% to €102.0 million ($115.3 million)1 compared with the prior year. Full year Adjusted EBITDA exceeded the top end of the Company’s 2021 annual outlook range of €99.5 – €101.5 million.
- Adjusted EBITDA2 for 2021 excluding Sportradar’s September 2021 Initial Public Offering (IPO) costs was €113.7 million ($128.5 million)1.
- Adjusted EBITDA margin2 for 2021 was 18% compared with 19% for 2020. Excluding IPO costs, Adjusted EBITDA margin was 20% for 2021.
- Strong Dollar-Based Net Retention Rate2 increased to 125% for fiscal 2021 compared with 113% for fiscal 2020 highlighting the continued success of the Company’s cross-sell and upsell strategy across its global customer base.
- Cash and cash equivalents totaled €742.8 million as of December 31, 2021. Total liquidity available for use at December 31, 2021, including undrawn credit facilities was €852.8 million.
- Sportradar extended multiyear partnerships with the National Hockey League (NHL), National Basketball Association (NBA), International Tennis Federation (ITF) and Bundesliga International, in addition to securing new deals with the International Cricket Council (ICC) and the Union of European Football Associations (UEFA). These deals reinforce Sportradar’s leadership as a trusted technology and data partner to the biggest leagues and federations around the world.
- The Company provided an annual outlook for full-year 2022 for revenue and Adjusted EBITDA2. Revenue is expected to be in the range of €665.0 million to €700.0 million and Adjusted EBITDA2 is expected to be in the range of €123.0 million to €133.0 million. Please see the “Annual Financial Outlook” section of this press release for further details.
Fourth Quarter 2021 Highlights
- Revenue in the fourth quarter of 2021 increased 41% to €152.4 million ($172.2 million)1 compared with the fourth quarter of 2020, driven by robust growth across all business segments.
- Continued strong performance in the U.S. market with U.S. revenue increasing by 92% to €23.2 million ($26.2 million) 1 compared with the fourth quarter of 2020.
- Adjusted EBITDA2 in the fourth quarter of 2021 increased 14.0% to €21.4 million ($24.2 million)1 compared with the fourth quarter of 2020.
- Adjusted EBITDA margin2 was 14% in the fourth quarter of 2021, compared with 17% over the prior year primarily as a result of increased investment in content and technology, higher costs related to being a public company, as well as higher M&A costs.
- Adjusted Free Cash Flow2 in the fourth quarter of 2021 decreased to (€22.5) million which resulted in a cash flow conversion2 of (105.1%) primarily as a result of additional interest from the Company’s senior secured term loan facility originating in November 2020, timing of sports data licensing payments to leagues, IPO related payments as well as higher costs associated with being a public company.
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1 For the convenience of the reader, we have translated Euros amounts in the tables below at the noon buying rate of the Federal Reserve Bank of New York on December 30, 2021, which was €1.00 to $1.13.
2 Non-IFRS financial measure; see “Non-IFRS Financial Measures and Operating Metrics” and accompanying tables for further explanations and reconciliations of non-IFRS measures to IFRS measures.
Key Financial Measures
| In millions, in Euros € | Q4 | Q4 | Change | FY | FY | Change | ||||||||
| 2021 | 2020 % | 2021 | 2020 % | |||||||||||
| Revenue | 152.4 | 108.0 | 41% | 561.2 | 404.9 | 39% | ||||||||
| Adjusted EBITDA2 | 21.4 | 18.8 | 14% | 102.0 | 76.9 | 33% | ||||||||
| Adjusted EBITDA margin2 | 14.0% | 17.4% | – | 18.2% | 19.0% | – | ||||||||
| Adjusted Free Cash Flow2 | (22.5) | 7.1 | – | 14.5 | 53.5 | (73%) | ||||||||
| Cash Flow Conversion2 | (105.1%) | 37.5% | – | 14.3% | 69.6% | – | ||||||||
Carsten Koerl, Chief Executive Officer of Sportradar said: “I am very pleased with our strong results, which illustrate how well we are delivering on our operational and growth plans. Importantly, we have good momentum going into our next fiscal year. We are continuing to invest in content, technology and people that will allow us to deliver profitable growth in line with our goals.
Koerl continued, “We are particularly pleased about more than doubling our year-over-year revenues in the United States, which continues its explosive sports betting growth story. Sportradar has been a leader in this market since 2014, and we’re now seeing the results of our early investment. We continue to see the enormous opportunity as sports betting becomes an increasingly integral part of the media entertainment fabric in the U.S.
Segment Information
RoW Betting
- Segment revenue in the fourth quarter of 2021 increased by 30% to €82.2 million compared with the fourth quarter of 2020. This growth was driven primarily by uptake in our higher value-add offerings including Managed Betting Services (MBS) and Live Odds Services, which increased by 74% and 26% respectively. MBS experienced record turnover3 and Live Odds grew as a result of higher volume of sports coverage.
- Segment Adjusted EBITDA2 in the fourth quarter of 2021 increased by 58% to €45.7 million compared with the fourth quarter of 2020. Segment Adjusted EBITDA margin2 improved to 56% from 46% compared with the fourth quarter of 2020 driven by growth in higher margin products.
- Full year 2021 revenue grew 32% to €309.4 million compared with the prior year of 2020. Full year Adjusted EBITDA2 increased 49% to €177.0 million. Full year 2021 Adjusted EBITDA margin2 improved to 57% from 51% in the prior year.
1 For the convenience of the reader, we have translated Euros amounts in the tables below at the noon buying rate of the Federal Reserve Bank of New York on December 30, 2021, which was €1.00 to $1.13.
2 Non-IFRS financial measure; see “Non-IFRS Financial Measures and Operating Metrics” and accompanying tables for further explanations and reconciliations of non-IFRS measures to IFRS measures.
3 Turnover is the total amount of stakes placed and accepted in betting.
RoW Audiovisual (AV)
- Segment revenue increased in the fourth quarter of 2021 by 52% to €35.6 million compared with the fourth quarter of 2020. This growth was primarily a result of increased volume of streaming services across all major sports.
- Segment Adjusted EBITDA2 in the fourth quarter of 2021 increased by 77% to €9.9 million compared with the fourth quarter of 2020. Segment Adjusted EBITDA margin2 improved to 28% from 24% compared with the fourth quarter of 2020.
- Full year 2021 revenue grew 32% to €140.2 million compared with the prior year of 2020. Full year Adjusted EBITDA2 increased 47% to €39.2 million. Full year 2021 Adjusted EBITDA margin2 improved to 28% from 25% in the prior year.
United States
- Segment revenue in the fourth quarter of 2021 increased by 92% to €23.2 million compared with the fourth quarter of 2020. This growth was driven by our increased sales of U.S. Betting services as the underlying market and turnover3 grew. We also experienced strong adoption of our ad:s product, growth in U.S. Media and a positive impact from the acquisition of Synergy Sports.
- Segment Adjusted EBITDA2 in the fourth quarter of 2021 decreased to (€7.6) million compared with the fourth quarter of 2020 primarily due to increased investment in the Company’s league and team solutions focused business. Segment Adjusted EBITDA margin2 decreased to (33%) from 11% compared with the fourth quarter of 2020 reflecting the aforementioned increased investment.
- Full year 2021 revenue grew 108% to €71.7 million compared with the prior year of 2020. Full year Adjusted EBITDA2 decreased 38% to (€22.6) million. Full year 2021 Adjusted EBITDA margin2 improved to (32%) from (48%) in the prior year.
Costs and Expenses
- Personnel expenses in the fourth quarter of 2021 increased by €12.7 million to €47.0 million compared with the fourth quarter of 2020 primarily resulting from additional hires in the Company’s product and technology organizations (2,959 FTE in the fourth quarter of 2021 vs 2,366 FTE in the fourth quarter of 2020).
- Other Operating expenses in the fourth quarter of 2021 increased by €13.3 million to €27.2 million compared with the fourth quarter of 2020 mainly driven by higher travel and entertainment and marketing costs as pandemic restrictions eased, higher M&A costs as well as increased costs to implement a new enterprise resource planning (ERP) system.
- Total Sport rights costs in the fourth quarter of 2021 increased by €8.8 million to €38.5 million compared with the fourth quarter of 2020, primarily resulting from a normalized schedule in sports such as NBA, NHL and MLB, as COVID-19 pandemic restrictions eased.
2 Non-IFRS financial measure; see “Non-IFRS Financial Measures and Operating Metrics” and accompanying tables for further explanations and reconciliations of non-IFRS measures to IFRS measures.
3 Turnover is the total amount of stakes placed and accepted in betting.
Fourth Quarter Business Highlights
- Sportradar and the NBA announced an expansive multiyear partnership agreement that will see the NBA, Women’s National Basketball Association (WNBA) and NBA G League use Sportradar’s global and wide-ranging capabilities to grow U.S. operations, increase their international footprint and drive fan engagement. This new partnership begins with the 2023-24 NBA season and provides the NBA with an equity stake in Sportradar.
- The Company extended its long-term partnership with Bundesliga International, a subsidiary of DFL Deutsche Fußball Liga, featuring a suite of AI-driven fan engagement tools which enable Genrmany’s top football league to better engage fans.
- Sportradar also extended its partnership with Kambi, a leading global sports betting supplier. The deal reestablishes Sportradar as Kambi’s exclusive supplier of NBA, NHL, MLB, and college sports data in the US market.
- Sportradar announced a new multi-year partnership with PointsBet, a premier global online gambling operator, that establishes Sportradar as PointsBet’s US supplier of choice for MLB, NBA, NHL, college football, and college basketball data.
- Sportradar announced a partnership with UEFA’s as their exclusive authorized collector and distributor of data for betting purposes, as well as extending its role as UEFA’s official integrity partner. The Company secured this landmark agreement following UEFA’s first competitive tender process for its data distribution rights for betting purposes.
- The Company strengthened its existing partnership with ITF with a three-year extension to serve as the ITF’s official data partner.
- Sportradar was selected by the ICC making Sportradar its Official Data Distribution and Official Betting Live Streaming Partner. The partnership will create more opportunities for the ICC to engage with its fan base through Sportradar’s network of 1,000 media and sports-betting clients across 80 countries.
- The Company underlined its commitment to protecting the integrity of sport with the launch of Universal Fraud Detection System (UFDS) free of charge. Sportradar Integrity services has utilized UFDS, to detect suspicious activity in 12 sports across more than 70 countries. Sportradar will begin delivering its UFDS bet monitoring service free of charge, to sports federations, sports leagues, and state authorities around the world, in its continued commitment to protecting the integrity of global sport and making the system accessible to all.
- Sportradar announced significant high-profile hires to further strengthen its US team, including Andrew Bimson as North American Chief Operating Officer, Jim Brown as Head of Integrity Services & Harm Prevention and Rima Hyder as Head of Investor Relations.
Annual Financial Outlook
Sportradar is providing its outlook for fiscal 2022.
- Revenue is expected to be in the range of €665.0 million to €700.0 million ($752.0 million to $791.0 million)1, representing growth of 18% to 25% over fiscal 2021.
- Adjusted EBITDA2 is expected to be in the range of €123.0 million to €133.0 million ($139.0 million to $150.0 million) 1, representing growth of 21% to 30% over fiscal 2021.
- Adjusted EBITDA margin2 is expected to be in the range of 18.5% to 19.0%, an improvement over the prior year.
1 For the convenience of the reader, we have translated Euros amounts in the tables below at the noon buying rate of the Federal Reserve Bank of New York on December 30, 2021, which was €1.00 to $1.13.
2 Non-IFRS financial measure; see “Non-IFRS Financial Measures and Operating Metrics” and accompanying tables for further explanations and reconciliations of non-IFRS measures to IFRS measures.
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N1 Insights: iGaming Trends You Can’t Ignore This May
May reinforces the iGaming trends that emerged in Q2: the market is clearly shifting away from aggressive scaling toward controlled efficiency. While growth was previously often driven by volume and “quick-win” setups, the key factors now are predictable performance, LTV optimization, and funnel stability over time.
In this edition of N1 Insights, you’ll learn which traffic sources and approaches remain effective in May, where new growth opportunities are emerging, and which common mistakes are holding back scaling — with fresh insights from N1 Partners experts across different направления.
1. Traffic sources and channel mix
1.1 Underrated approaches within Facebook that can deliver results when tested
Many still rely on splitting audiences and searching for the “perfect targeting,” even though the system now works differently.
| “Broad audiences perform best — but only under one condition: if events are properly set up and high-quality signals are being passed (who pays, how much they pay, etc.). Without this, broad targeting will simply dilute the budget,” says Alexey Gusarov, Affiliate Team Lead at N1 Partners. |
It’s also worth highlighting short-form videos — they’re still underutilized. At the same time, CPMs there are often lower, while performance can match other formats, especially when the creative feels natural.
1.2 Balancing FB and alternative traffic sources (In-App, ASO) in May
Facebook remains a leading source in terms of traffic volume, but recently we’ve seen more frequent updates leading to mass bans, ad rejections, drops in optimization, and overall making campaign launches more difficult. Diversifying across traffic sources is one of the key ways teams can navigate these “storms” without major losses.
At the same time, alternative sources are gaining strength: In-App can deliver significant volume, while ASO provides higher-quality traffic when keywords and rankings are managed properly.
PPC (Google / UAC / Search)
1.3 PPC channels (Search, UAC, Demand Gen): underrated vs high-potential
Search is currently overheated and often overestimated as a scaling channel — competition is high, CPCs are expensive, and growth in Tier-1 is limited. At the same time, it remains one of the most stable and high-converting channels, as it captures already established user intent.
| “UAC can be considered an underrated channel — but only for those who know how to work with data and LTV. It often seems weak due to the lack of control, but in practice it can deliver strong scale and efficiency,” says Daria Smirnova, Affiliate Team Lead at N1 Partners. |
Demand Gen is often used incorrectly or treated as a replacement for YouTube, which makes it seem weak. In reality, it can effectively warm up audiences and deliver strong results when paired with the right creatives and integrated with Search and retargeting.
1.4 Balancing PPC and alternative sources (FB, In-App, ASO) in May
The balance has clearly shifted from PPC dominance to a multi-channel model. Previously, PPC (especially search) could account for up to 60–80% of total traffic, but its share has now dropped to around 30–50% due to rising CPCs and increased competition.
At the same time, alternative sources have grown significantly. FB is effective at attracting new audiences and generating demand, In-App networks provide scalable, lower-cost traffic, and ASO helps drive the most cost-efficient installs.
Overall market
1.5 Most stable traffic sources in May
Google and Facebook continue to deliver the most stable ROI.
1.6 How will media buying dependence on major platforms (Meta, Google) evolve?
Dependence remains high — there are still no alternatives with comparable scale. There are emerging platforms like Moloco Ads, which are developing as additional traffic sources, but they lag behind in quality and are tightening their policies. Recently, there has been a trend toward greater compliance, with grey brands and arbitrage teams increasingly being pushed out.
Dynamics and scaling
1.7 Traffic sources expected to recover or grow in May
Facebook stands out clearly here. After a weaker February, the platform is showing recovery and once again demonstrating strong scaling potential.
2. Traffic quality and key metrics
2.1 Critically important KPIs for evaluating FB traffic from the brand side
FB traffic in 2026 has become noticeably more heterogeneous: even with the same setup, quality can vary significantly from cohort to cohort. That’s why evaluation is no longer based on a single metric, but on a combination of indicators.
| “Key metrics remain the total deposit volume over a given period and its cohort dynamics, which allow you to see how traffic behaves across days and how LTV is built over time. At the same time, particular focus is placed on the share of repeat deposits — as they typically determine the true profitability of the traffic,” says Alexey Gusarov, Affiliate Team Lead at N1 Partners. |
It’s important to note that high rollers are not always a sign of high-quality traffic: their presence can be either consistent or purely random, especially at larger volumes.
2.2 How has the focus shifted from volume to profitability in FB after Q1?
Previously, Facebook was often treated as a channel for large-scale spending, with profitability relying on a few high-value players. After Q1 2026, this approach has changed. Brands are now willing to offer better terms, but only for setups that demonstrate consistent profitability.
The focus has shifted toward traffic quality and predictability of results. This is especially evident in strategies that rely on “cleaner” setups (e.g., slots or offline), which allow for better control over unit economics.
2.3 Common mistakes in evaluating FB traffic quality
Teams often underestimate the importance of LTV and draw conclusions based on short-term results. Traffic may perform well in the first month, but this doesn’t guarantee sustained player activity over time — in reality, it can burn out quickly.
Another common mistake is the lack of flow structure analysis. At high volumes, profitability may be driven by a few high rollers, creating an illusion of stability. The share of single-deposit users is also often overlooked, even though it directly impacts long-term sustainability.
PPC
2.4 Key KPIs for evaluating PPC traffic from the brand side today
In 2026, brands evaluate PPC traffic much more deeply than before. Beyond basic metrics, a key role is played by ROAS across different timeframes — most commonly at 1, 2, and 4 weeks — allowing them to assess not just initial performance, but how user behavior evolves over time.
LTV and overall long-term user value are also taken into account. As a result, evaluation is focused on how well traffic pays off over time, rather than just short-term performance.
2.5 How has the focus shifted from volume to profitability in PPC after Q1?
Previously (especially at the end of the year and in Q4), many brands aggressively scaled traffic and were willing to break even or even operate at a loss to drive volume. After Q1, the priority has shifted back to quality. The current approach is clear: it’s better to have less traffic with positive ROAS and predictable LTV than large volumes with questionable profitability.
2.6 Common mistakes in evaluating PPC traffic quality
In 2026, the most common mistakes in evaluating PPC traffic quality are driven by oversimplifying metrics. Many still focus solely on CPA, treating low-cost leads as a sign of efficiency, while ignoring LTV and the user’s real long-term value.
| “The key issue is trying to evaluate complex traffic economics using short-term, superficial metrics instead of analyzing long-term profitability and user quality,” says Daria Smirnova, Affiliate Team Lead at N1 Partners. |
Overall metrics and funnel
2.7 Top metrics for understanding the real value of a player
The evaluation approach depends on the business model. For in-house teams, the key metric remains the ratio of spend to profit, as it directly reflects overall unit economics.
For affiliates, ROI remains the primary metric as the most universal indicator of performance.
In both cases, the focus is on actual profit.
2.8 Where does the funnel most often break when working with paid traffic?
In practice, the main issues arise not at the traffic entry point, but within the funnel itself. Most commonly, these are related to PWA apps, push funnels within them, and unstable cloaking setups, which can fail at any moment and significantly impact results — even when traffic quality is high.
- Working with brands and market requirements
3.1 How willing are brands to offer flexible terms for FB given good traffic quality?
It varies from brand to brand. Some have learned how to properly measure profitability and build predictive models, while others still avoid this source due to rising costs and significantly lower average ticket sizes compared to organic channels like PPC or SEO.
| “FB is a source that can meet the demand for large traffic volumes. If an advertiser knows how to work with it and identify high-quality traffic streams, they are willing to pay well above the market,” says Alexey Gusarov, Affiliate Team Lead at N1 Partners. |
3.2 How have advertiser requirements for FB traffic changed?
The main shift is that almost everyone now evaluates traffic more deeply than before. It’s no longer enough to simply bring in users. What matters now is player TLV, the RD-to-FD ratio, and whether the traffic is profitable over a given timeframe.
There is also a growing demand for transparency. Advertisers want at least a basic understanding of what’s happening with the traffic — which creatives are being used, what setups are being tested — rather than just seeing numbers in a report.
PPC
3.3 Changes in requirements for PPC traffic (especially in Tier-1 GEOs)
| “In Tier-1, PPC has definitively stopped being a volume-driven channel. It’s no longer enough for brands to receive a flow of FTDs — what matters now is that the traffic is profitable and sustainable in the long run,” says Daria Smirnova, Affiliate Team Lead at N1 Partners. |
In practice, PPC has become a tool for controlled efficiency, where each campaign is evaluated through the lens of unit economics.
3.4 How quickly are decisions made to stop or scale PPC campaigns?
Decisions are made faster now, but remain strictly data-driven. During testing, campaigns can be shut down within the first week once the baseline economics and average player value become clear.
If the traffic shows strong quality, scaling happens relatively quickly — teams aim to fully leverage available volume and replicate successful setups across other brands.
4. Approaches, hypotheses, and creatives
4.1 FB hypotheses to test in May
The main focus has shifted toward creatives and data.
On the creative side, simple formats that don’t look like ads perform best. It also makes sense to test a wider variety of creatives, as a single winning concept rarely lasts long now.
On the data side, anything related to passing user value (not just the conversion event itself) gives the algorithm a better understanding of who to target.
Another effective approach is not trying to cover everything with a single campaign. Different audience segments (new, warm, already engaged) often require different messaging.
4.2 The importance of audience segmentation (interests, behavior, payments) in the current landscape
Segmentation hasn’t disappeared, but its role has changed. Previously, it was the main lever for managing ads — through interests and detailed targeting.
Now it’s more of a supporting tool. What matters гораздо больше is the data you pass and the audiences you build based on that data.
In other words, the focus has shifted from “who to target” to “how to train the algorithm.” You need to provide Facebook with the right creative and signals — and it will find the right audience itself.
4.3 Mistakes in FB testing that lead to budget loss
The most common issue is making decisions too quickly. Campaigns don’t have enough time to learn before being turned off or reworked.
The second problem is overly complex structures. When there are too many ad sets and audiences, the system struggles to optimize properly.
The third is weak or poorly configured data. If the algorithm receives low-quality signals, it will target the wrong users.
Another common mistake is relying on a single winning creative and pushing it for too long. This no longer works well, as creatives burn out much faster now.
Finally, many ignore new placements. While not critical on its own, it often results in higher traffic costs without a clear reason.
PPC
4.4 PPC hypotheses to test in May
In May, PPC testing should focus on hypotheses that drive growth not through “more traffic,” but through higher quality and conversion efficiency — this has become the standard in 2026.
4.5 Working with user intent in search traffic
In 2026, working with user intent in search traffic is critical — it is effectively the key factor behind Search performance.
| “Search PPC today is not just about ‘responding to a query,’ but about engaging with the user’s level of intent. The more precisely the query matches the user’s intent, the higher the conversion rate and the lower the cost of acquiring a quality player,” says Daria Smirnova, Affiliate Team Lead at N1 Partners. |
4.6 Is there a trend toward simplifying or complicating PPC funnels?
In 2026, PPC funnels are becoming structurally simpler but more complex in logic. The number of campaigns and funnel layers is decreasing due to automation from Google and FB, while the focus on data, creatives, and signals is increasing.
The result: fewer complex setups and less manual control, but more analysis, testing, and focus on traffic quality.
Funnels and approaches
4.7 Relevance of hybrid funnels (FB + Telegram + SEO) from a media buying perspective
In Tier-1, such funnels still do not deliver stable results — audience perception of Telegram hasn’t changed significantly.
In Tier-3, they can work, but only with deep optimization and properly structured content.
4.8 Best approaches in paid traffic right now
At the moment, the market remains relatively stable: no fundamentally new approaches have emerged. Classic setups continue to work and deliver predictable results.
Creatives
4.9 Approach to creatives in Tier-1 GEOs in May: what to consider
The key requirement is alignment between the creative and the entire funnel. Stable conversions in these markets are only achievable when all stages are consistent.
4.10 Types of creatives that burn out the fastest right now
Aggressive and “loud” formats, as well as crash-style approaches, lose effectiveness the fastest — they can deliver quick results but burn out just as quickly.
4.11 How critical is constant creative rotation for maintaining volume?
Rotation has become essential. Relying on a single creative no longer delivers stable volume, so continuous testing of new variations is a must.
4.12 Common mistakes when scaling creatives
The main mistake is trying to scale by duplicating creatives without changes. This no longer works — especially on Facebook, where creative variation is required, otherwise performance drops quickly.
5. GEO, risks, and future (regulations + AI)
GEO
5.1 Where is it currently hardest to maintain stable ROI when buying traffic?
Australia remains a challenging market: in recent months, it has been highly volatile, making it difficult to maintain stable ROI.
5.2 Tier-1 GEOs where competition is lower than it seems
With a strong funnel, Germany and Austria can be promising — competition there may be lower than in other GEOs.
5.3 Top demanding GEOs requiring maximum creative and funnel adaptation
Recently, Australia and Canada have required the highest level of adaptation in both creatives and funnels.
5.4 Regions for testing new setups with minimal risk right now
Eastern European countries are most commonly chosen for testing new setups with lower risk.
Regulations and risks
5.5 Sources with stricter moderation in May
Facebook and Google remain the most challenging platforms in terms of moderation.
Both are tightening control, while requirements are becoming less transparent and more sensitive to details. This leads to more rejections and makes stable operations harder even for experienced teams.
5.6 Triggers that lead to account and creative bans
The list of ban triggers remains unstable: even minor changes, such as adjustments in promo codes or creative copy, can result in blocks.
Sensitivity to behavioral and technical account signals has also increased, making risks less predictable. Selfie verification remains a separate issue — its mechanics are not fully understood and can be triggered without obvious reasons.
5.7 How teams are adapting to the decline of “grey” approaches
Teams are adapting by working more deeply on setups and cutting unnecessary costs.
5.8 Risks in scaling that are often underestimated
When scaling, teams often underestimate the risk of account overspend, which can occur even on older accounts when budgets are increased.
AI and automation
5.9 The impact of AI on media buying. Which processes can already be automated without losing quality?
At this stage, AI is not a “magic solution” for arbitrage, especially in grey verticals. It does not replace the buyer’s expertise and does not deliver stable results when it comes to analyzing or optimizing such setups.
As a result, it’s clear that while automation is already widely used in white marketing, its potential in arbitrage remains limited. Expertise and the ability to adapt to market changes still play a key role.
May further reinforces the rapid shift of the iGaming market toward quality and predictable profitability. Against the backdrop of increasing competition and stricter moderation from Meta and Google, the focus is moving from volume to LTV, repeat deposits, and stable unit economics.
The key advantage now is the ability to manage traffic quality and risks over time.
10 days left until the end of the N1 SEO Traffic Cup — there’s still time to join!
Reasons to start working with N1 Partners today:
- 14+ casino and betting brands with high Reg2Dep and LTV
- 10+ Tier-1 GEOs
- CPA up to €700 and RevShare up to 55% + NNCO for top partners, as well as hybrid and spend models
Be number one with N1!
22Bet
22Bet and 22Bet Partners Shortlisted in Three Categories at AffPapa iGaming Awards 2026
22Bet and its affiliate program, 22Bet Partners, have earned a place on the shortlist of the AffPapa iGaming Awards 2026 across three competitive categories: Affiliate Program of the Year, Casino Operator of the Year, and Sportsbook Operator of the Year.
More Than a Brand—A Track Record
22Bet Partners has been operating as an affiliate program spanning more than seven proprietary products across distinct audiences and markets. The program maintains a regular presence at key industry events — including SiGMA, iGB Live, and Affiliate World — and has previously received recognition across multiple industry award ceremonies.
The Nominations Tell a Story
22Bet’s shortlisting for Sportsbook Operator of the Year underscores the brand’s continued momentum across competitive sports betting markets. The platform has strengthened its position through expanded market coverage, a sharp odds offering, and a consistently refined user experience that caters to a global audience of sports bettors. Meanwhile, the nomination for Casino Operator of the Year adds further weight to what has been a standout awards cycle for the brand.
The nomination for Affiliate Program of the Year recognises 22Bet Partners’ commission structures, account management, marketing tools, and operational transparency — the practical factors that define working conditions for affiliates on a day-to-day basis.
Partners at the Centre of It All
The 22Bet Partners team has been deliberate about one thing: treating affiliate relationships as genuine partnerships. The Affiliate Program of the Year nomination reflects the results of ongoing collaboration with the affiliate community. 22Bet Partners regards the shortlist as a recognition of the partnerships built over time and the mutual effort that has contributed to this outcome.
Cast Your Vote
The AffPapa iGaming Awards 2026 are open for community voting, and every vote counts. Industry professionals, affiliates, and iGaming enthusiasts are encouraged to support 22Bet and 22Bet Partners at the official voting page.
The post 22Bet and 22Bet Partners Shortlisted in Three Categories at AffPapa iGaming Awards 2026 appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
AML
eyeDP closes late seed round to fund product and team expansion
eyeDP has closed a late seed funding round, the company said, with the round closing on 28 March. eyeDP did not disclose the amount raised or name its investors, describing them as a network of experienced angel investors and strategic industry figures.
The company, which launched in 2025, said it has seen early growth through pilot deployments and increased demand for document intelligence tools as AI-driven fraud rises.
Over the next 12 months, eyeDP said it will focus on product development, including expanding the range of documents the platform can process, improving accuracy, and progressing toward “fully automated, dynamic intelligent document processing.” It also plans to grow its team to support scaling.
eyeDP also pointed to partnership activity aimed at accelerating adoption, including an integration with the Provenir Data Marketplace, a reseller agreement with Devcode, a distribution partnership with Crucial Compliance, and a collaboration with IDVcheck focused on strengthening anti-money laundering capabilities.
Warren Russell, CEO at eyeDP, said: “We’ve been building towards this for some time. This investment gives us the ability to stay focused on what matters, improving the product, scaling the team, and solving a problem that’s only becoming more complex as fraud evolves. Our goal is simple: to give regulated organisations clarity and confidence in every decision they make.”
The post eyeDP closes late seed round to fund product and team expansion appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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