Investment case

Market position
We have been a leader in North American online casino and sports affiliation for a more than a decade, dating back to when the first states legalised online casino gaming and sports betting. As of early 2026, our North American footprint extends to 27 states and provinces. The region remains dynamic, offering high innovative capacity and attractive long-term growth opportunities for affiliation frontrunners like Catena Media.
Strategic flexibility
A lean and agile organisation enables us to adapt swiftly to the changing industry dynamics – and to pivot quickly as new opportunities arise. In 2026, we opened a new North American hub in Miami to complement our Malta headquarters. In 2025, we adopted three key strategic pillars: People, Product and Profit. Together, these provide our foundation for sustained adaptability, innovation and success.


Effective cost management
Efficiency and profitability are front and centre throughout the business. A strategic transformation initiated in 2024 has strengthened our product-led structure around a cluster of top-tier brands. A strategic use of asset sale proceeds has reduced debt and enhanced financial flexibility. From 2026, we have significantly reduced costs and improved profitability. The result: a business that is well-positioned to deliver positive sustainable growth going forward.
Well positioned for North America’s rollout
The North American market is growing and evolving as legal online casino gaming and sports betting spreads to more states and provinces. The US and Canada are firmly on course to become the world’s largest regulated iGaming market. We are well positioned for new launches thanks to our teams of market experts and content specialists. Their efforts have established a strong track record of getting up and running as legalisation happens, giving us a strong early-mover advantage.
