Catena Media

What Catena Media does

Catena Media plc is a Malta-domiciled, Nasdaq Stockholm-listed online lead generation and affiliate marketing company focused on the regulated North American online casino and sports betting market. The company operates a portfolio of content-rich branded websites, including Bonus.com, LegalSportsReport.com, PlayUSA.com, Lineups.com, and GamingToday.com, plus regional brands for key state markets, collectively spanning 27 US states and Canadian provinces. Traffic is primarily driven through search engine optimisation and content marketing, with the company monetising visitor attention via commercial integrations with online casino and sportsbook operators. North America contributed 95-98 percent of group revenue in Q4 2025 and Q1 2026.

The company's product portfolio extends beyond owned content sites to include the MRKTPLAYS subaffiliation marketplace (launched in Q3 2025, expanded to MRKTPLAYS+ in January 2026), which connects content publishers with operators via automated onboarding and reporting. Adjacent services include email promos, pay-per-click, triggered pop-ups, social media marketing across TikTok/Discord/X, and sports podcasts. In January 2026, Catena Media launched PlayPerks, a customer loyalty programme intended to build first-party data assets and reduce reliance on organic search.

Catena Media monetises through three revenue streams: cost-per-acquisition (CPA, the largest stream), revenue sharing with operators (the second stream, growing in North America), and hybrid/fixed-fee/subscription arrangements that act as outsourced marketing agency engagements. Major operator partners include DraftKings, Bet365, Fanatics Betting & Gaming, and Seminole Hard Rock. Following a 2025 restructuring that reduced headcount by approximately 25 percent and fully redeemed the company's bond debt, the executive team was largely refreshed in 2024 (new CEO Manuel Stan and Chairman Erik Flinck), and a Miami hub was opened in 2026 to complement the Malta headquarters, narrowing the operating footprint to two principal hubs. Reported FY2025 revenue from continuing operations was EUR 46.6 million with EUR 9.9 million of adjusted EBITDA, and Q1 2026 revenue grew 26 percent year-over-year to EUR 12.3 million.

Name

Catena Media

Legal name

Catena Media plc

Website

https://www.catenamedia.com/

Company type

Public

Founded year

2010

Operating status

Operating

Headcount range

101–250 employees

Short description

Catena Media is a Malta-listed online lead generation and affiliate marketing company that operates branded content websites (Bonus.com, LegalSportsReport.com, PlayUSA.com) and the MRKTPLAYS subaffiliation marketplace to deliver qualified players and traffic to online casino and sportsbook operators across regulated North American markets.

Ownership category

akta.pro rank

Product category

iGaming Affiliate Marketing & Lead Generation

NAICS

Media Representatives (541840), Media Buying Agencies (541830)

SIC

Services-Advertising (7310)

akta.pro primary industry

Sportsbook Affiliate & Comparison Sites (MPAEAMAA)

akta.pro secondary industries

Affiliate, Media Buying & Performance Marketing for Sports Betting (MPAEACAH), SEO/Content Publishing Networks for Betting Leads (MPAEAMAG)

Keywords

• Affiliate marketing
• Lead generation
• Online casino marketing
• Sports betting affiliation
• Performance marketing

Headquarters

HQ city

Sliema

HQ country

Malta

HQ region

Europe

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Cost-per-Acquisition (CPA): Most important revenue source. Platform operator pays a fixed sum when a user performs a specific, pre-agreed action such as accepting an introductory offer, placing a bet, or making a financial transaction. Common when entering new markets such as newly regulated states in North America.
2. Revenue Sharing: Second most important revenue source. When a lead converts into a user, operator pays an agreed portion of the net revenue the user generates. Historically more common in European markets but importance growing in North America.
3. Fixed Fees, Hybrid and Subscription Revenue Deals: Hybrid arrangements containing mix of revenue sharing and CPA. Fixed fees and subscription deals are usually event-driven, one-time arrangements acting as outside marketing agency for operators.

Go-to-market motion3 records

Distribution channels3 records

Marketing channels8 records

Core offering

Catena Media generates high-quality leads for online casino and sports betting operators by operating a portfolio of content-rich, SEO-optimized branded websites (such as Bonus.com and LegalSportsReport.com) and a subaffiliation marketplace (MRKTPLAYS) that connects third-party publishers with operators across North America. The company monetizes this audience through Cost-per-Acquisition (CPA), revenue sharing, and hybrid/subscription deals, complemented by marketing services such as email campaigns, pay-per-click, triggered pop-ups, content creation, social media promotions, and sports podcasts.

Product overview

Catena Media operates as an affiliate marketing platform for online sports betting and casino gaming. The company offers a portfolio of branded websites including six top-tier brands (Bonus.com, PlayUSA.com, Lineups.com, GamingToday.com, LegalSportsReport.com) and three regional US brands for key state markets. The product portfolio is complemented by MRKTPLAYS.com, a subaffiliation marketplace connecting content publishers with operators, and MRKTPLAYS+, an expanded platform offering operational services to publishers. The company generates revenue through cost-per-acquisition (CPA), revenue sharing, and hybrid/subscription models. Additional services include email promos, content creation, pay-per-click advertising, triggered pop-ups, social media marketing, and sports podcasts. The company also launched PlayPerks loyalty programme in January 2026 to enhance customer engagement. North America accounts for virtually all group revenue.

Differentiator

Problem solved

Functional benefit

Brands

• Bonus.com: Casino-oriented brand and one of the company's two largest brands
• LegalSportsReport.com
• PlayUSA.com
• GamingToday.com
• Lineups.com
• MRKTPLAYS.com
• MRKTPLAYS+
• PlayPerks

Products and services

• Bonus.com Casino-oriented branded website providing attractive and informed content, insight and offers for slots, poker, blackjack and other casino games, connecting users with selected online casino platform operators. One of Catena Media's two largest flagship brands.
• LegalSportsReport.com Sports-focused branded website delivering information on sports teams, lineups, individuals and fixtures to inform and guide sports and fantasy sports betting enthusiasts toward offers from online operators. One of Catena Media's two largest flagship brands.
• PlayUSA.com Top-tier branded website providing content for sports bettors and casino players across North American markets, particularly in the Michigan, Pennsylvania and New Jersey state markets.
• Lineups.com Top-tier branded website in the portfolio serving sports and fantasy sports betting enthusiasts across North American markets, acquired in 2021.
• GamingToday.com Top-tier branded website providing casino gaming content across North American markets, serving as one of the largest casino brands in the portfolio.
• MRKTPLAYS Subaffiliation marketplace connecting content publishers with online casino and sports betting operators across North America. Automation handles onboarding and reporting, enabling rapid scaling without proportional increases in overhead.
• MRKTPLAYS+ Expanded subaffiliation platform that selectively supports promising publishers with operational services including conversion optimization, lifecycle marketing, and potential investment capital collaboration.
• PlayPerks Customer loyalty programme launched January 2026 to enhance customer engagement and retention, supporting first-party data capabilities and diversification beyond traditional affiliate revenue.
• Customized Marketing Campaigns for Operators Customized multi-channel marketing campaigns sold to operator partners, combining email promos, content creation, pay-per-click advertising, triggered pop-ups, organic and paid social media, and sports podcasts to drive audience reach and conversion.

Quantifiable outcome

• Q4 2025 revenue increased 53% year-over-year to EUR 15.6 million
• +4 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles2 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Seven partnerships are on record, tiered core and key.

• MetaBetcoreTechnology or Integration · 11 February 2026Expanded partnership building on several successful years of collaboration. Catena Media refers customers seeking sports betting widgets, odds feeds, and fan engagement tools to MetaBet. MetaBet routes customers seeking sub-affiliate and performance marketing solutions to Catena Media's MRKTPLAYS marketplace. Both aim to build smarter acquisition funnels and more effective engagement experiences for sportsbook audiences in regulated North American online casino and sports betting industry.
• MRKTPLAYS Subaffiliation PartnerscoreChannel Partner/ Reseller/ Distributor · 16 January 2025Network of content publishers onboarded to MRKTPLAYS platform, connecting publishers with operators for lead generation. Platform enables rapid scaling without proportional overhead increases through automated onboarding and reporting.
• The Sporting NewscoreStrategic or Co-development Partner · 1 August 2023Three-year content and commercial media partnership established in August 2023. The Sporting News partnership expanded Catena Media's content reach and brand visibility in sports media sector.
• DraftKingskeyGTM or Marketing PartnerMajor online sports betting and casino operator partner. Referenced in SBC Summit Americas speaker lineup as one of Catena Media's key operator relationships in North American market.
• Bet365keyGTM or Marketing PartnerMajor online sports betting operator partner. Referenced in SBC Summit Americas speaker lineup as one of Catena Media's key operator relationships.
• Fanatics Betting & GamingkeyGTM or Marketing PartnerMajor online sports betting operator partner. Referenced in SBC Summit Americas speaker lineup as one of Catena Media's key operator relationships.
• Seminole Hard RockkeyGTM or Marketing PartnerMajor casino and sports betting operator partner. Referenced in SBC Summit Americas speaker lineup as one of Catena Media's key operator relationships.

Scale indicators18 records

Recent moves7 records

Expansion highlights6 records

Broad incumbents

• Sportradar: Sportradar is a global sports technology and data company providing odds, content, and affiliate/marketing services to sports betting operators. It is a broad incumbent overlapping with Catena Media in sportsbook content and marketing services and increasingly active in affiliate/lead-generation tier.
• Stats Perform (Sportradar-owned): Stats Perform (now majority-owned by Sportradar) provides sports data, content, and AI-driven affiliate/streaming solutions to sports betting operators and media companies. It is a broad incumbent in sports-betting content infrastructure and partners/competes with affiliates like Catena Media for premium sports content feeding lead-generation funnels.
• Flutter Media (within Flutter Entertainment): Flutter Entertainment operates sports betting and casino brands such as FanDuel and PokerStars. As a major operator that has also historically acquired affiliate media (e.g., Sisal, Snai, Adjarabet), Flutter is a broad incumbent whose owned-and-operated affiliate/media assets increasingly compete with third-party affiliates like Catena Media.

Direct peers

• Spotlight Sports Group: Spotlight Sports Group operates sports betting affiliates and content sites (e.g., SBK, Completesports.com, FreeSuperTips). It is a direct affiliate/lead-gen competitor with overlapping CPA/rev-share economics and shares Catena Media's reliance on sports-betting SEO content for lead generation.
• OddsChecker: OddsChecker is one of the longest-running sports betting odds-comparison and affiliate sites globally. It is a direct competitor in sportsbook comparison/affiliate lead generation and competes head-on with Catena Media's LegalSportsReport.com, Lineups.com, and PlayUSA.com for SEO-driven sportsbook referrals.
• Better Collective: Better Collective is one of the largest publicly listed sports betting affiliate and lead generation groups globally, operating a portfolio of comparison/affiliate sites. It is the most direct strategic competitor to Catena Media, with overlapping North American and European sportsbook affiliate footprint and similar CPA/rev-share revenue models.
• Sportnco: Sportnco is a French-founded sports betting affiliate and digital marketing specialist providing lead generation, branding, and traffic-acquisition services to operators. It is a direct peer to Catena Media in B2B affiliate lead generation for sportsbooks, especially active in European and emerging markets.
• Raketech Group Holding: Raketech is a publicly listed affiliate marketing and iGaming comparison/lead-generation operator with presence in Europe, the US, and Latin America. It is a direct competitor in sports betting and casino affiliation, and Catena Media's COO Pierre Cadena previously served as US Committee Chair and Director at Raketech.

Regional players

• MLG (Metro Latin Gaming): MLG operates digital sports media and betting affiliate brands across Latin America with a comparable sportsbook affiliate business model to Catena Media. It serves Latin American regulated markets rather than competing directly in North America, making it a regional peer with similar mechanics.

Emerging players

• Wondr Gaming: Wondr Gaming is an emerging player in sports and iGaming affiliate/lead generation operating social-media-driven sports communities and content publishers. It overlaps with Catena Media in the betting-affiliate model but skews newer-channel (TikTok, Discord) and is at a smaller scale, making it an emerging peer rather than a direct competitor at scale.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/catenamedia
• Facebookfacebook.com/catenamedia
• LinkedInlinkedin.com/company/catenamedia

Revenue estimate

Valuation estimate

Number of profiles

Profiles11 records

Funding overview

Funding rounds

Investors

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

M&A17 records

Investments

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

Frequently asked questions about Catena Media