In a recent interview with AffPapa, Jesper Søgaard, Co-founder & Co-CEO at Better Collective, shared his insights on managing multiple brands, preparations for the 2026...
iGaming Quarterly Report: Top Affiliate Rankings for Q3 2025
In Q3 2025, the industry’s biggest affiliates — Better Collective, Raketech, Gentoo Media and Catena Media — showed sharply different approaches to growth in the changing iGaming market. The quarter heated up the competition among leading iGaming affiliates, giving us a clearer look at how each company plans to close out 2025.
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iGaming affiliate market in Q3 2025
As covered in our iGaming Q2 affiliate report, the iGaming affiliate market went through quite a turbulent first half. Q3 2025, however, started showing signs of stabilization. The push toward regulated markets is a consistent main theme. The UK imposed stricter rules and Italy implemented tighter oversight, both forcing affiliates to reconsider their partnerships with operators and place regulatory standards as a top priority, directing their efforts at higher-quality traffic.
The Q3 2025 takeaway is: Compliance-first affiliates are the ones in control of the next market phase.
Inside the Q3 2025 iGaming affiliate report
Most affiliates didn’t see huge jumps in Q3 revenue, with revenues mixed across the board. However, they did manage to stabilize after the volatility earlier in the year. Here’s a quick look at Q3 revenue for the leading iGaming affiliates in 2025:
| COMPANY | Q3 2025 REVENUE | YOY GROWTH | EBITDA |
| Better Collective | €78M | -4% | €21M |
| Raketech | €6.2M | -42% | €1.2M |
| Gentoo Media | €22.7M | -23% | €9.3M |
| Catena Media | €11.6M | +9% | €2.9M |
Better Collective
Better Collective’s Q3 2025 results painted an ultimately reassuring picture. The group reported €78 million in revenue and €21 million in EBITDA, both weighed down by an unusually low sports win margin. At first glance it looks like a softer quarter, if we strip out the margin effect, we’ll see the company’s underlying momentum remains firmly intact.
Brazil proved to be a challenging region for the affiliate, continuing the pattern seen in the first half of the year. Regulatory changes and a quieter period for new deposits slightly slowed things, and yet, the market still managed to deliver above internal expectations. North America, on the other hand, was the clear highlight of Q3 2025. Revenue share almost doubled year-on-year, with player activity also staying strong and total deposits reaching €726 million, up 2% from last year.
Cost control was one of Better Collective’s biggest wins in Q3, with operating expenses 18% below the Q2 2024 high, keeping EBITDA margins stable despite sports margin pressures. Product development advanced with the September launch of Playbook, an AI-powered betting tool that turns fan content into one-click betslips to boost engagement. Recurring revenue, over 75% of total revenue, continues to provide a stable foundation, while free cash flow stayed within guidance and shareholder buybacks remain on track, showing the company is returning value even with margin pressures.
Jesper Søgaard is already giving a vote of confidence in Better Collective’s path. Jesper attributes the company’s biggest transformation yet and the foothold it has taken on the future to the team’s focus, creativity, and adaptability.
Raketech
Unlike Better Collective, Raketech faced tougher Q3 revenue numbers, experiencing a drop in revenue when compared to the same quarter of the previous year. However, the expansion of the company’s main affiliation business and the establishment of strategic alliances demonstrate that the company is not off the track and is gradually evolving. Group revenue from continuing operations, excluding Casumba, came in at €6.2 million, down from €10.7 million in the same quarter last year. Adjusted EBITDA remained stable at €1.2 million; a reflection of consistent performance in the core Affiliation Marketing business and growth within the Organic Publisher Network.
Operational discipline has always been a clear priority for the affiliate, and remained that throughout Q3 2025. Raketech completed the sale of Casumba assets at the end of September for €12 million (fair valued at €7.2 million), a one-off non-cash loss of €10 million that does not affect cash flow or the underlying business. The move gives an opportunity to the company to shift the resources at its disposal toward its main strengths, among which is Affiliation Cloud, also reinforcing a more focused structure across the group.
The Q3 2025 fully reflected Raketech’s strategy of having less distractions, more concentration, and a solid base. The company’s decision to focus on platform-led growth and exclusive partnerships has put it on the path of a strong finish for 2025, and even more so for the future, especially in high-value markets such as the US ahead of the 2026 World Cup.
In the words of CEO Johan Svensson, the company’s priorities are well defined, and Raketech is now better equipped to carry out its platform-first strategy in the last quarter of the year. He stressed that the firm still targets exclusive partnerships expansions, strengthening of AffiliationCloud, and maintaining disciplined capital allocation to deliver sustainable, long-term value.
Gentoo Media
Gentoo Media spent Q3 2025 getting its house in order, dedicating its efforts to making operations more stable, and keeping growth scalable. The quarter brought in €22.7 million in revenue; down 23% from Q3 revenue in 2024. The main contributing factors to this decline were lower sports margins in September and some adjustments from portfolio optimization. Nevertheless, the company seems set up for a steadier path forward.
EBITDA maintained its strength at €9.3 million, representing 41% of revenues, while the net profit was €1.0 million, showing that the company’s operational discipline and a more defined structure allowed it to remain profitable in the face of challenges.
Looking at the end of the year, the affiliate’s early post-quarter performance so far has been encouraging, with October revenue higher by 15% compared to September, putting foundation for strong Q4.
Gentoo Media’s leadership highlighted the benefits of operational discipline and portfolio optimization, emphasizing that the company is well-positioned for sustainable growth and strong Q4 performance, with the strategic focus on efficiency, high-quality revenue, and platform scalability.
Catena Media
Catena Media came into Q3 2025 and delivered the kind of stabilization it has been chasing all year. Q3 revenue from continuing operations increased, reaching €11.6 million, up 9% year-over-year and 22% compared to the company’s Q2 2025 results. Adjusted EBITDA more than doubled to €2.9 million, pushing margins up to 25%, nearly twice last year’s 13%. This was the first full quarter showing the impact of Catena’s leaner structure after personnel and operating cost cuts, with total costs down 6.9% YoY despite higher direct costs tied to growing subaffiliation activity.
Operationally, Q3 was defined by diversification. Subaffiliation and CRM hit new revenue highs, and September’s launch of MRKTPLAYS, Catena’s new subaffiliation platform, marked a key step in reducing dependency on SEO alone. Organic search performance held steady after the June Google update, with all top-tier products passing Core Web Vitals and keyword rankings reaching their best levels in six months. At the same time, the company continued migrating brands to its central tech platform and prepared for the December launch of online sports betting in Missouri.
Segment-wise, casino remained dominant at 85% of revenue, increasing by 20% YoY and reaching €9.9 million, while sports betting continued to struggle, down 28% YoY to €1.8 million despite a small QoQ rise from the NFL season start..
Profitability improved, but not without write-downs. Long-term underperformance in legacy US sports and Asia-Pacific casino assets led to a €16.5 million impairment, and the company continued deferring interest on its hybrid capital securities, with €2.5 million in accumulated deferred interest as of October.
Catena finished Q3 2025 in better shape than it started. CEO Manuel Stan said the quarter showed real progress, with tighter cost control, improving search rankings, and more diversified revenue helping the company operate more steadily, adding that the upcoming Missouri launch and continued tech consolidation will be main focus areas going into Q4.
Q3 2025 summary and future outlook
The affiliate market was still finding its footing throughout Q3 2025. Catena Media finally showed the payoff from cost cuts and sub-affiliation growth, Raketech kept building its platform-first approach, selling off Casumba to focus on core partnerships, while Gentoo Media leaned into efficiency with tighter cost control, and Better Collective stayed steady despite sports margin pressure.
The last quarter of 2025 will show how effectively these strategies translate into year-end performance. If the current patterns persist, the Q4 of the year will reward the affiliates that have invested in stable markets, smart cost control, and product-led growth.
Want to see who finishes 2025 on top? Our Q4 2025 report will have all the answers!
Raketech has shared its Q3 2025 report, announcing steady performance across its core Affiliation Marketing portfolio and continued progress in shifting towards a more...
