Genius Sports has reported Q4 results, showing that group revenue increased by $65 million to $240.5 million, a 31% year-on-year rise.Revenue in Betting Technology,...
iGaming Quarterly Report: Affiliate Performance in Q4 2025
Our newest iGaming Q4 2025 affiliate report is here, breaking down how the industry’s top players, Catena Media, Better Collective, Gentoo Media, and Raketech, handled the last quarter’s challenges. Each affiliate took its own approach to development, which led to an interesting difference in results and gave us insights about what 2026 will bring.
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iGaming affiliate industry in Q4 2025
Continuing the Q3 trend, the last quarter showed that regulatory pressure is still there, as we saw Google really hitting affiliates with its changes in policy, which removed sweepstakes casinos from being classified as ads for social casino games and banned the promotion of horse racing gambling. Many markets started enforcing advertising rules much stricter than ever before, which forced affiliates to rethink their traffic strategies and pushed operators to choose high-quality and performance-based partnerships instead of traffic volumes. But at the same time, affiliates continued to invest in data analytics, AI tools, and platforms to improve player acquisition and retention. Expansion into emerging markets, such as Latin America, of course, also became an important strategic step in the iGaming industry.
Top iGaming affiliates in Q4 2025
Our iGaming Q3 affiliate report revealed that the market was finally starting to show signs of stabilization. Was it really?
The answer depends on the affiliate. We know that traditionally, iGaming Q4 is considered an active period for the industry, as big sports events, increased player activity, and higher marketing spend boost affiliate performance, but reality showed something else. At least the Q4 iGaming affiliate revenues tell us that the strengthening regulatory frameworks and changes in operator acquisition hit some companies harder than others. To understand this better, take a quick look at Q4 2025 revenue results for the top iGaming affiliates:
| Affiliate | Q4 revenue | Year-on-year growth |
| Catena Media | $18M | 53% |
| Better Collective | $109M | -2% |
| Gentoo Media | $29.6M | -16% |
| Raketech | $6.6M | -45.5% |
Catena Media
It’s logical to begin with Catena Media, as it was the only affiliate to record a strong recovery during iGaming Q4 2025. Despite the fact that a long-standing member of the affiliate’s board of directors, Stephen Taylor-Matthews, stepped down in January 2026 and left the company with 4 non-executive directors until the next yearly general meeting, Catena’s restructuring efforts still delivered positive results.
Revenue increased by 53% year-on-year to reach $18 million, compared to the $11.8 million in 2024, with most of the growth coming from North America, where revenue rose by 71% to $17.6 million during the last quarter. Adjusted EBITDA grew by a huge 211%, reaching $5.4 million and representing a margin of around 30%.
New depositing customer numbers also greatly increased, rising by 56% year-on-year from continuing operations to reach 40,364. Just like in Q3, the company reported that online casinos were the main revenue driver and generated $16 million compared to Q3’s $11.5 million. However, the sports segment saw a quarterly 33% decline in revenue.
To celebrate the growth, CEO Manuel Stan stated that iGaming Q4 represented the company’s strongest operating performance since the mid-2024 organizational reset, when structural changes were implemented during 2025, and Catena focused mostly on high-potential markets while cutting underperforming initiatives.
Better Collective
Although the difference in iGaming Q4 revenue is drastic between Catena Media and Better Collective, which closed the quarter with $109 million in revenue, the affiliate still suffered a small year-on-year decline of 2%, but despite the revenue dip, the company achieved its highest quarterly EBITDA before special items, comprising $42.8 million, which was a 39% margin.
Adjusted operating profit for iGaming Q4 reached $29.7 million, producing an adjusted operating margin of 27.3%. Profit before taxes totalled $22.3 million, and profit after tax came in at $15 million, a 13.3% decrease compared to 2024. Cash flow from operating activities during the last quarter amounted to $20.6 million.
Going back to adjusted EBITDA for a second, the record number was the result of the $57.8 million cost-efficiency program and strong performance in North America, as the market had a $19.7 million revenue share for the full year 2025. Notably, North America was responsible for revenue shares doubling and increasing by $4.6 million in Q3 as well, which shows that the region plays an important role in Better Collective’s operations. On the downside, the regulatory changes and restrictions in Brazil led to a negative impact of around $3.5 million on Q4 revenue.
As stated by Better Collective, iGaming Q4 actually marked a return to underlying growth when adjusted for constant currencies, as the quarter was also affected by unusually customer-friendly sports outcomes, which reduced operator margins during both Q3 and Q4.
The co-founder and CEO of the affiliate, Jesper Søgaard, described 2025 as a transformational year for Better Collective, during which the company invested in new AI-driven initiatives like Playbook and FanReach.
Gentoo Media
iGaming Q4 2025 was somewhat challenging for Gentoo Media, as the company suffered a 16% revenue decline year-on-year and generated $29.6 million, which was connected to lower sports margins and slower seasonal uplift.
Adjusted EBITDA stood at $17.2 million, a notable increase from 2024’s $11.7 million, while operating cash flow came at $12 million. To have something to compare with, net cash flow in Q3 was $9.9 million.
The company stressed that 2025 was the first full year of operating independently after splitting from Gaming Innovation Group (GiG) in 2024, and according to the results, Gentoo was able to reach an optimal operating performance level, with record end-user deposits that exceeded $231 million for partner operators in iGaming Q4.
The results are the reflection of a 2025 review of cost structure and media strategy, which led the company to shut down low-value media channels in Europe while preparing for expansion in Brazil.
Jonas Warrer, the CEO of Gentoo Media, mentioned that the affiliate has strengthened its margins, improved cash conversion, and the quality of the commercial engine as it plans to enter 2026 as a stable cash-generative business.
Raketech
At last, Q4 2025 was the most challenging iGaming quarter for Raketech, as the company faced huge revenue declines despite improving operational efficiency, and is soon to see its chief financial officer, Måns Svalborn, departing from his position.
Quarterly revenue fell by 45.5% year-on-year, decreasing from 2024’s $12.2 million to $6.6 million, with reported EBITDA dropping by 44.1% and adjusted EBITDA by 37.7%. Looking from a quarterly perspective, the picture still shows declines, as Q3 revenue generated $7.2 million.
On the bright side, the affiliate was able to cut operating losses almost fully, reaching $45,000 compared to $54.4 million in 2024.
A change in revenue structure was also noted for Raketech, as the revenue share agreement increased from 33.3% to 50%, while upfront payments accounted for 23.6% and flat-fee agreements for 26.4%. Affiliate marketing revenue declined by 17.4% to $4.5 million, and subaffiliation operations suffered a much greater drop of 64.7%, falling to $2 million.
Casino products generated 63% of the company’s iGaming Q4 revenue, totalling $4.2 million, and sports accounted for 37% of the revenue with $8.3 million. For context, full-year results weren’t too different, as revenue declined by 47.4% and adjusted EBITDA decreased by 30.1%.
CEO Johan Svensson commented that Raketech has been improving its strategic focus by strengthening its platform-first model and performance in important Nordic assets. The company is also investing in its organic publisher network and developing its AffiliationCloud platform.
What’s next for iGaming affiliates in 2026?
iGaming Q4 2025 was still on shaky ground for affiliates, as the industry seemed to sway in favor of those who were able to combine strategic investments with regulatory compliance. Companies like Catena Media, which prioritized platform development, geographic expansion, and strategic restructuring, have started to show stronger margins, while others like Raketech are still under revenue pressure caused by changing acquisition strategies and market conditions.
And with that, we can wrap up 2025, as we await future iGaming industry developments to share with you in 2026!
Looking ahead, there are trends that will surely be prevalent in the affiliate sector in 2026. The integration of AI in iGaming, performance-based marketing models, and expansion into newly emerging markets will continue to influence how affiliates generate traffic and build lasting partnerships with operators.
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