iGaming operator report for Q2 2025 showed that the quarter was full of adjustments. Likewise, Affiliates also used the time to refine and reposition themselves. Regulation, market changes, and rising compliance demands shaped how Better Collective, Raketech, Gentoo Media, and Catena Media navigated the quarter and prepared for what’s next. Q2 2025: iGaming industry breakdown Adaptability
iGaming operator report for Q2 2025 showed that the quarter was full of adjustments. Likewise, Affiliates also used the time to refine and reposition themselves. Regulation, market changes, and rising compliance demands shaped how Better Collective, Raketech, Gentoo Media, and Catena Media navigated the quarter and prepared for what’s next.
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Q2 2025: iGaming industry breakdown
Adaptability under pressure was the leading theme all throughout Q2 2025. Brazil’s ever-changing regulations slowed growth for a few, while North America stayed a strong revenue driver, especially for Catena and Better Collective. In Europe, on the other hand, the story was split—certain markets performed well, others were held back by all the compliance demands.
Between LatAm’s new laws, changes in the U.S. market, and shifts in global search and advertising, affiliates across the globe had to rethink how they drive traffic and come up with compliance-friendly strategies.
Performance snapshot: iGaming affiliates in Q2 2025
The takeaway from Q2 2025 is that affiliates can’t just focus on volume anymore: they need to double down on quality, transparency, and building long-term value in regulated markets. Despite the difficulties, the performance reports for the biggest affiliates in Q2 2025 highlight a landscape that’s surely expanding. Here’s a quick look at the performance of the top affiliates in Q2 2025:
| COMPANY | Q2 2025 REVENUE | YOY GROWTH | EBITDA MARGIN |
| Better Collective | €82M | -18% | 28% |
| Raketech | €7.8M | ~-50% | 27% |
| Gentoo Media | €24.4M | -19% | 31% |
| Catena Media | €9.6M | -25% | 23% |
Better Collective
Better Collective’s Q2 2025 landed largely in line with expectations, though headline numbers show the weight of regulation. Revenue went down to €82 million, decreasing 18% from last year, and EBITDA dipped to €23 million with a 28% margin. On paper, that’s a step back—but the company calls this quarter a transition phase, reshaping itself to be ready for a busier second half of the year.
The toughest drag came from Brazil. New regulations like the welcome bonus ban, cut new customer sign-ups nearly in half compared to last year. Still, Better Collective showed it can do more with less—sending fewer players but with higher lifetime value. North America showed a decrease as well, mainly from the lack of last year’s state launches, though recurring revenue from Rev Share agreements showed stability with a 7% increase.
However, it wasn’t all grey skies. Bright spots included a €4 million income in Paid Media, growing esports momentum (now broken out as its own segment with €5m revenue in Q2 2025), and continued M&A benefits like the AceOdds acquisition. And behind the scenes, Better Collective’s cost-cutting drive delivered €50m in savings.
And for shareholders, another round of share buybacks is on the way, with €20m lined up.
CEO Jesper Søgaard called the quarter a turning point, with eyes already on the big prize—the 2026 FIFA World Cup.
Raketech
For Raketech, Q2 2025 revenue dropped to €7.8 million, less than half of what they pulled in the same quarter last year, but much of that fall came from two things: underperforming Casumba assets and the Paid Publisher side of SubAffiliation. If we strip those out, the core Affiliation Marketing arm actually grew 5% quarter-over-quarter, so their engine is still running strong.
The headline move this quarter was Raketech’s exit from U.S. tipster and subscription assets—a divestment that should help profitability going forward. With the U.S. factored in, adjusted EBITDA was €2.1 million—without it, €2.6m. In other words, the overall topline got smaller, but what’s left on the table is sharper and more sustainable.
Operationally, Raketech showed discipline with 35% cost savings versus last year. Instead of over-reliance on paid traffic that’s increasingly hard to scale in Google’s changing ecosystem, the SubAffiliation pipeline is being rebuilt the smart way—through exclusive operator deals and organic publishers.
CEO Johan Svensson kept the message clear: the future is platform-first, with AffiliationCloud at the center and SubAffiliation as the growth lever. After Q2 2025, Raketech is trying to prove that less can be more—fewer distractions, more focus, and a stronger base to build from.
Gentoo Media
Gentoo Media’s Q2 2025 was a reset quarter. Unlike Better Collective or Raketech, the affiliate’s quarter was more about steadying the ship, with revenue falling to €24.4 million, down 19% year-on-year but flat from Q1. EBITDA before special items also saw a drop to €7.5 million (31% margin), yet cost reductions and efficiency measures brought margins back above 40% by June. On the brightside, cash flow from operations rose to €7.7 million.
The big story for Q2 2025 was the completion of Gentoo’s strategic realignment. Marketing investments boosted player intake 43% quarter-over-quarter, and deposit values climbed to €195 million, proving the company can still generate strong underlying growth even when headline revenue is not at its strongest. With M&A and demerger costs largely behind them, Gentoo enters H2 2025 with sharper operation, optimized across Publishing and Paid Media, and ready to grab the opportunities from Brazil and seasonal sports events.
CEO Jonas Warrer framed it simply: the company is now focused, agile, and poised for long-term value creation—less noise, more traction, and a cleaner foundation for growth in the second half of the year.
Catena Media
While everyone was busy dealing with regulatory changes, divesting non-core assets, or realigning operations, Catena Media doubled down on efficiency: cutting workforce by 25% and exiting the esports market entirely. Naturally, revenues took a hit, but margins started telling a different story, so Catena is betting that a smaller, smarter operation will pay off in steadier growth and higher margins in the months ahead.
Catena Media’s Q2 2025 revenue fell to €9.6 million, down 25% year-over-year, with North America still dominating at €8.7 million, even though that’s 23% lower than last year. New depositing customers also had a big decline, dropping 36% to 20,000.
And yet, the company’s profitability painted a much more encouraging picture. Adjusted EBITDA rose to €1.4 million, doubling from last year, while the total EBITDA nearly fivefolded to €2.2 million, transforming losses into a healthy 23% margin.
CEO Manuel Stan highlighted June as the turning point—the most profitable month of Q2 2025—and set the tone for the future, which involves investing in long-term growth, growing their core brands, adapting content for generative AI search, and building CRM and loyalty tools for stronger customer engagement.
iGaming affiliate trends 2025
The second half of 2025 is going to be less about survival and more about proving results. Affiliates have spent Q2 cutting down expenses, adjusting to new rules, and finding solid ground; now it is time to shift the focus to scaling in smarter ways. Regulations in Brazil will likely stay unpredictable for a while, but the World Cup on the horizon is the main revenue driver that no one wants to miss. The affiliates that can balance efficiency with creativity will be the ones setting the pace for the rest of the year.
The bottom line
Q2 2025 was a quarter of groundwork, but who handled it best? The boldest turnaround came from Catena Media. However, Gentoo Media looked the most balanced: even with revenue down, the affiliate increased player intake, deposits, and efficiency.
Better Collective called it a transition, Raketech went back to the essentials, Gentoo Media finished its reset, and Catena Media relied on efficiency to turn margins in the right direction. With everyone taking a different path, the theme remained the same: adapt now, grow later.