Q3 2021: Continued growth and all-time high revenues

“Q3 of 2021 was another operationally and financially strong quarter for Raketech. Total revenues amounted to EUR 9.6m which is a new all-time high, corresponding to just over 30% annual growth of which the majority was organic at 26%. As a result of strong operational efficiency in combination with a favourable sales mix, adjusted EBITDA grew by 51%, totalling EUR 4.4m and adjusted EBITDA margin increased to 46%, where the recently acquired high margin assets contributed positively to the margin increase.”


  • Revenues totalled EUR 9.6 million (EUR 7.4 million) of which organic growth amounted to 25.6% (3.2%). Main contributor to the organic growth was the Swedish portfolio of assets and continued growth in markets outside of Europe through Casumba as well as our Network/sub-affiliation sales.
  • Adjusted EBITDA amounted to EUR 4.4 million (EUR 2.9 million), corresponding to a margin of 46.0% (39.8%). The increase was driven by strong operational efficiency in combination with a favourable sales mix, as well as contribution from acquired high margin assets.
  • Earnings per share after dilution amounted to EUR 0.05 (EUR 0.03), representing an increase of 50.6%.


  • Two acquisitions were completed; P&P Vegas Group and all assets from QM Media AB as well as Infinileads S.L, further strengthening our footprint in the US, Spain, Italy and India.
  • All-time high non-Nordic revenues of 40% (20%).
  • US subscription revenues added through P&P Vegas Group.
  • Continued investments in long term organic US growth. License granted to operate in Arizona.
  • Signing of a one-year revolving credit facility of EUR 15 million with Avida Finans AB. The credit facility includes an extension option and can thus be renewed annually from its first date of utilization subject to certain conditions. The credit facility has been utilized in September and in parallel the previous credit facility with Swedbank has been terminated.


  • Revenues in October 2021 amounted to EUR 3.8 million (EUR 2.6 million).
  • On November 9, Raketech announced the acquisition of a leading US tipster asset providing tailored pre-game insights for sports. The agreed purchase price amounts to EUR 13.4 million, of which EUR 11.3 million will be settled in cash. The additional purchase price will be settled through issuance of Raketech shares amounting to EUR 2.1 million.

We continued to deliver on our strategical operational goals. Our Non-Nordic share of revenues doubled year over year, from 20% last year to 40% of total this year, and our sport share of total increased to 16% compared to 11% last year.

Main contributors to our strong organic growth in Q3 was our Swedish portfolio of assets where we saw good results across the line, as well as continued growth from markets outside of Europe primarily thanks to good performance by Casumba as well as our Network/sub-affiliation sales.

With the US sports calendar filling up during Q4 and Q1, in combination with our recent US acquisitions with assets such as picks&parlays and winnersandwhiners, we furthermore expect our US share of total to increase and for the US to be added to the list of substantial growth markets already during next quarter.

Winnersandwhiners is a selected asset within the portfolio of pickster assets in the latest acquisition as finalized just before this report. With these assets added to the Raketech portfolio, US revenues are expected to reach up to 20% of group total already in Q1 of 2022.

In addition to giving us a strong position within the US pickster market we also aim to add the full power of Raketech’s SEO and tech expertise as well as Raketech’s commercials such as affiliation, CRM and media to further accelerate growth.

In parallel we continue to invest in long term organic US growth through a series of assets such as howtobet.com, americangambler.com and tvsportsguide.com and as from September we are also licensed to operate in yet another state, this time Arizona.

Operationally, the focus during the quarter has been on integration activities, where we have been working intensively to materialize synergies from recent strategic acquisitions. So far, the integrations are going as planned and besides commercial synergies we are also already experiencing operational synergies in the form of efficiency and exchange of best practice.

To mention a few examples, we have introduced and launched a series of successful social media activities for onlinecricketbetting.net in India, we have initiated affiliation sales on Picks&Parlays, we have started to cross promote high converting assets on high traffic sites, we have managed to triple the media sales on the slotsjava assets in the South of Europe by applying our central sales process and we now also have user-subscription revenues, originating from the sales of betting tips in the US, where consumers pay for expert advice on betting strategies and tips for specific games.

Q4 has started with October totalling EUR 3.8 million, with an EBITDA margin of 45%.

Q4 is traditionally a strong quarter within the iGaming industry, and we look forward to a busy time where we anticipate the lifted gambling restrictions in Sweden (as from November 14th) to positively impact the market. Besides preparing for a busy time we will of course also continue to stay focused on ensuring that our latest acquisitions are well integrated, and all potential synergies materialized.

The world of iGaming is potentially facing its most exciting time ever during which affiliation and performance marketing will play an absolute key role. With this in mind, and with confidence from our strong organic growth, recent acquisitions, our operational efficiency, scalable tech and our geographically well-positioned asset portfolio, I am very much looking forward to accelerating growth investments to ensure we maximize the opportunity. Short, mid, and long term.

The full Interim Report is available on https://raketech.com/investors/