The news was reported in a very short press release from Better Collective stating that the company is satisfied with its investment and does not wish to comment on it any further.
The Start of a Collaboration Between Fierce Rivals
It is interesting to see how the two companies will collaborate. Up to now, they were major rivals as both Better Collective and Catena Media aim to drive traffic to online casinos and sports betting through their own platforms.
In the US, Better Collective and Catena Media have been competing fiercely in the market since the repeal of PASPA federal laws in 2018, both striving to become the market’s top affiliate publishing network. Both companies have adopted aggressive M&A strategies, expanding their US portfolios.
Catena Media’s North American operations include affiliate websites like LegalSportsReport.com, TheLines.com, Lineups.com, GamingToday.com, PlayNY.com, and NYSportsDay.com.
Better Collective operates the assets of Action Network, VegasInsider.com, and RotoGrinders.com, and has a wider network of brands that includes Bettingexpert.com, Irishracing.com, SpilXperten, Speltips.se, Wettbasis, Betarades, and PariuriX.
When asked about the ownership and purchase of shares in the company, Catena Media’s chairman Göran Blomberg declined to comment, stating that the company was in the midst of a strategic review. He emphasized that their focus was on establishing the right structure within the company and making the right strategic moves.
The majority shareholder in Catena Media is a fund company called Alcur Fonder, holding 9.9% of the company’s capital and voting power. Closely following is Investment AB Öresund owned by Mats Qviberg, which possesses 7.5% of Catena Media’s capital.
A recent development saw Gaming Innovation Group (GiG) successfully acquire Catena’s AskGamblers.com site for €45 million ($49.4 million) after terms were first agreed upon in December.
Catena Media has stated that it views this agreement as a crucial step towards its goal of prioritizing online sports betting and casino affiliation in thriving, regulated markets in the Americas.
The company has been shifting its focus to North America, with a 31% increase in Q4 revenue from the region, accounting for 78% of the company’s overall revenue of €27.4 million ($30 million).
Despite this, the company is downsizing and has informed investors that they can expect lower profits in 2022 due to the write-down of European media assets. The firm has stated that it has been in talks with third parties who have expressed interest in acquiring certain assets. Catena has partnered with Carnegie Investment Bank to assist with any potential sell-offs.