What Acroud does

Acroud AB is a publicly traded Swedish iGaming affiliation company (Nasdaq First North Growth Market Premier: ACROUD) operating two business pillars: an Affiliate segment running 30+ owned comparison and news sites across Poker, Sports Betting, and Casino verticals, and a SaaS segment providing B2B data collection and business intelligence services through the Voonix platform. Sub-brands include PokerListings (since 2003), CasinoTop10, CasinoGuide, AceBettingSites, MaxFreeBets, BettingCode, CompareCasino, CasinoGuideNJ, GameOasis, and the influencer community The Gambling Cabin. The company also operates The Festival Series, a mixed-games live event format bridging digital affiliation with land-based gaming. Acroud was founded in 2003 as Net Gaming Europe AB, listed on Nasdaq First North Growth Market in June 2018, and rebranded following a series of mergers in 2020-2021 that brought in PMG and other affiliates.

The revenue model combines affiliate commissions from referred players (CPA, revenue share, and hybrid deals with iGaming operators) with recurring B2B SaaS subscriptions from other affiliates and influencer-driven community affiliation. The Affiliate business monetizes organic SEO traffic across a portfolio of regionally segmented domains, while the SaaS business provides affiliates with technology infrastructure, campaign access, and data tools via a Network Model that connects content creators to operators. Acroud operates from its headquarters in Birkirkara, Malta, with additional offices in Denmark, the United Kingdom, and Sweden, and employs 75+ people across 25 nationalities. Geographic reach spans Sweden, the UK, Denmark, Malta, the United States, and Brazil.

Acroud completed a comprehensive restructuring in February 2025 that reduced debt by approximately SEK 70 million through equity conversion, issued SEK 65.3 million in Super Senior Bonds (ISIN SE0023615661), and acquired full ownership of Acroud Media Ltd from RIAE Media Ltd for EUR 12 million. RIAE Media subsequently increased its stake to approximately 42.80% via a directed set-off share issue in December 2025, making it the largest shareholder. Post-restructuring results show strong recovery: Q3 2025 revenue of EUR 13.0 million (+41% YoY) with adjusted EBITDA up 75% YoY to EUR 1.4 million, Q4 2025 revenue of EUR 12.6 million (+22% YoY), and Q1 2026 revenue of EUR 11.6 million (+18% YoY). Mikael Strunge was appointed CEO in July 2025, succeeding Robert Andersson.

Name

Acroud

Legal name

ACROUD AB

Website

https://acroud.com

Company type

Public

Founded year

2003

Operating status

Operating

Headcount range

51–100 employees

Short description

Acroud AB is a publicly traded Swedish iGaming affiliation company operating 30+ owned comparison sites (PokerListings, CasinoTop10, CasinoGuide) and the Voonix B2B SaaS platform, serving iGaming operators and other affiliates with SEO-driven traffic, business intelligence, and influencer community monetization.

Ownership category

akta.pro rank

Product category

iGaming Affiliate & SaaS Services

akta.pro primary industry

Poker Affiliate & Community Sites (MPAEAMAC)

akta.pro secondary industries

Sportsbook Affiliate & Comparison Sites (MPAEAMAA), Casino/iCasino Affiliate & Review Sites (MPAEAMAB), SEO/Content Publishing Networks for Betting Leads (MPAEAMAG)

Keywords

• IGaming affiliate services
• Comparison websites
• SaaS affiliation platform
• Online casino comparison
• Affiliate business intelligence

Headquarters

HQ city

Stockholm

HQ country

Sweden

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Others

Revenue model

1. Affiliate Revenue: Revenue from operating comparison and news sites that drive high-quality users to iGaming operators in Poker, Sports Betting and Casino verticals. Earns commissions/referral fees for referred players.
2. SaaS Solutions: B2B software solutions provided to other affiliates to increase their growth and profit with Acroud's technology base. Provides data collection and business intelligence services.
3. Social/Community-based Affiliation: Revenue from referring players to operators via streaming and social media platforms through The Gambling Cabin community of ambassadors.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels6 records

Core offering

Acroud owns, operates and develops 30+ high-quality comparison and news sites in the iGaming vertical (poker, sports betting, casino), driving organic user traffic to operators via SEO and earning affiliate commissions. The company also provides a B2B SaaS platform (Voonix and Network Model) offering data collection, business intelligence and campaign access to other affiliate companies.

Product overview

Acroud is a software-based iGaming affiliation company with two main segments: SaaS and Affiliate. The SaaS segment provides industry-leading B2B data collection and business intelligence services including a Network Model for content creators. The Affiliate segment operates 30+ comparison and news sites under strong digital brands including CasinoTop10 (UK, Japan, Brazil), CasinoGuide (UK, Germany), AceBettingSites, MaxFreeBets, BettingCode, PokerListings, CompareCasino, and The Gambling Cabin (influencer community brand). The company also runs The Festival Series gaming events and provides streaming services. All products are offered under the Acroud umbrella as part of a unified B2B SaaS and affiliate marketing platform connecting content creators with iGaming operators.

Differentiator

Problem solved

Functional benefit

Brands

• CasinoTop10: Comparison site for online casinos operating in multiple markets including .net, .jp, .com.br, and other regional versions
• CasinoGuide
• AceBettingSites
• MaxFreeBets
• BettingCode
• The Gambling Cabin
• Voonix
• The Festival Series
• Pokerlistings
• CompareCasino
• CasinoGuideNJ
• GameOasis

Products and services

• Acroud SaaS Platform (Voonix) B2B SaaS platform providing industry-leading data collection and business intelligence services for the affiliate industry. Includes a Network Model that gives content creators access to a large client base and campaigns pool that would otherwise be out of their reach.
• Acroud Affiliate Network SEO-based affiliation operation managing 30+ comparison and news sites across poker, sports betting, and casino verticals, delivering high-quality content and user traffic to iGaming operators in exchange for affiliate commissions.
• PokerListings Poker comparison and news site, the company's most traffic-generating brand; expanded to include casino and sports betting verticals.
• CasinoTop10 Comparison and news site for online casino services operating in multiple markets including UK, Japan, and Brazil.
• CasinoGuide Casino comparison and guide site operating in UK and Germany markets.
• AceBettingSites Sports betting comparison site for UK market.
• MaxFreeBets Betting comparison and bonus offers site for UK market.
• BettingCode Betting bonus and promotional code site for UK market.
• CompareCasino USA-focused casino brand with unique features including Jackpot-Tracker (real-time jackpot status monitoring) and personalized player experience.
• CasinoGuideNJ.com Localized casino comparison site for the New Jersey, USA market.
• The Gambling Cabin Community and ambassador-based affiliation brand featuring a trusted team of influencers and content creators who drive player referrals to operators via streaming and social media platforms.
• The Festival Series Mixed-games format gaming event combining live/physical events with digital affiliation, bridging land-based gaming and the digital business.

Quantifiable outcome

• 41% YoY revenue increase to EUR 13,033,000 in Q3 2025
• +2 more outcomes

Named customers2 records

Segments3 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Five partnerships are on record, tiered core.

• FNCA Sweden ABcoreOthersCertified Adviser to Acroud AB. Contact details: Box 5807, SE-102 49 Stockholm, Phone: +46 8 528 00 399.
• Gernandt & Danielsson Advokatbyrå KBcoreImplementation/ SI/ Consulting PartnerLegal advisor to Acroud during restructuring process.
• Nordic Trustee & Agency ABcoreOthersBond trustee/agent representing bondholders under outstanding bond loans (ISIN SE0017562481 and ISIN SE0023615661).
• BDO Mälardalen ABcoreOthersCompany auditor with partners Carl-Johan Kjellman and HannaSewén.
• The Gambling CabincoreChannel Partner/ Reseller/ DistributorCommunity of trusted ambassadors/influencers who drive player referrals to operators via streaming and social media platforms. Key channel for social and community-based affiliation.

Scale indicators7 records

Recent moves10 records

Expansion highlights6 records

Emerging players

• Fast Track: iGaming CRM and affiliate management SaaS provider — an emerging B2B platform serving the same affiliate-operate-operator workflow that Acroud's Voonix/Network Model targets.

Direct peers

• Better Collective: Danish-listed iGaming affiliate operator with the largest SEO-driven sports betting and casino comparison portfolio globally. Directly comparable business model, vertical mix, and European listing profile.
• Gambling.com Group: US-listed iGaming affiliate operator (NASDAQ: GAMB) running a portfolio of owned comparison sites — same owned-media affiliate model as Acroud, with comparable verticals (casino, sports, poker) and operator referral economics.
• Catena Media: Listed Nordic iGaming lead-generation / affiliate business with similar casino, sports betting, and finance comparison portfolios. Notably, Acroud's former CEO Robert Andersson previously led Catena Media, underscoring direct executive and operating-model overlap.
• Raketech Group: Maltese-listed iGaming affiliate operator with strong Nordic and emerging-market focus. Closely matches Acroud in sub-vertical mix (casino, sports, poker) and operator-referral revenue model.
• XLMedia: Performance-marketing and affiliate business with significant iGaming exposure (now integrated with Gambling.com). Provides a comparable business model of SEO/affiliate monetization in gambling and personal finance.
• Oddschecker: UK-based sports betting odds and comparison platform (PE-backed) — directly comparable to Acroud's UK sports-betting brands (AceBettingSites, MaxFreeBets, BettingCode) in audience and SEO play.

Broad incumbents

• Better World Holdings (formerly known as Betgenius / Genius Sports affiliates): Larger sports data/affiliate-adjacent platform serving global sportsbooks and media, providing a broader-incumbent comparison point for Acroud's sports betting affiliate assets.

Others

• Income Access (Paysafe): Affiliate marketing software and analytics platform serving iGaming operators and affiliates. Most directly comparable to Acroud's SaaS / Voonix BI offering for affiliate performance tracking.
• Affilka by SOFTSWISS: Affiliate tracking and management SaaS for iGaming operators and super-affiliates. Closely comparable to Acroud's B2B SaaS technology layer in the same value chain.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/weareacroud
• Facebookfacebook.com/acroud
• LinkedInlinkedin.com/company/acroud
• Instagraminstagram.com/weareacroud

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries4 records

Funding overview

Funding rounds2 records

Investors5 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Acroud