Raketech’s Finnish casino assets inspire double-digit revenue growth
First quarter revenue up 32% as Malta-based affiliate firm dodges Swedish market issues
Malta-based affiliate firm Raketech today reported double-digit revenue growth of 32% to €6.5m for the first quarter of 2019.
Organic growth for Q1 amounted to 21.5% as adjusted EBITDA reached €3.5m, marking an increase of 38% from the same reporting period last year.
Profit for the period, adjusted for non-operational other income, amounted to €2.4m, up from €0.9m in 2018, following an impressive increase of 164%.
Raketech attributed the solid Q1 revenue growth to the strong performance of its Finnish-facing online casino assets, including TurtleBet.
Raketech CEO Michael Holmberg
Raketech CEO Michael Holmberg said the firm remained profitable despite drastic changes to Sweden’s online gambling market this year, which has seen other operators and affiliates suffer.
“Raketech has prepared for the Swedish reregulation for a long time, and despite great initial changes in the market, we have been able to navigate our business successfully even in this challenging new landscape,” said Holmberg.
“The traffic levels have remained high, but we also observed that average player lifetime values have decreased during the quarter, and it’s hard to predict when, and at what level, they will stabilise.”
Other significant events after the reporting period saw Raketech hire former Mr Green director Oskar Mühlbach as COO.
Raketech placed third in this year’s EGR Power Affiliates.