Copenhagen
Better Collective
The largest listed gambling affiliate, which has moved from comparison sites into owning sports media outright.
Catena Media
A Malta-based affiliate group that concentrated on the United States as European search traffic became harder to hold.
What the company does
Catena Media grew rapidly during the 2010s by acquiring affiliate websites across Europe, and later refocused heavily on North America as American states opened to online betting, selling European assets to fund it. The bet was that a newly legal market with no incumbent comparison sites would reward an established operator of them.
The company's trajectory illustrates the structural fragility of the model. Affiliate revenue depends on search visibility, on operator commission terms and on the number of new customers a market still has to acquire. All three move, and a market that matures, tightens its advertising rules or changes its commission structure can reduce an affiliate's revenue sharply without any change in the quality of its sites.
Where this sits in the supply chain
Publishers that send players to operators and are paid by results, through revenue share, a fee per acquired customer, or a mixture of the two. In several markets they are now licensed in their own right.
Questions about Catena Media
Also in affiliate and media
Dublin
Gambling.com Group
A listed affiliate group built around a small number of high-value domains.