What Affiliates Really Earn: Reading the Books of Better Collective, Grandstand, Catena Media and Raketech

Four publicly traded affiliate companies reported their results for the second quarter of 2026. Better Collective generated €89.1 million in revenue and grew by 9%. Catena Media generated 97% of its revenue in North America, with nearly all of it coming from CPA. Gambling.com Group changed its name to Grandstand and is shifting its focus from SEO to data. Raketech saw a 17.6% decline and is selling off assets. We’ll break down what these figures reveal about how much an affiliate actually earns and what factors influence that.

Key Takeaways

• Scale determines margins. Better Collective generated €89.1 million in revenue in Q2 2026 while maintaining a 30% EBITDA margin. Catena Media, with €9.5 million in revenue, reported a 13% margin. Grandstand, with $37.8 million in revenue, recorded a 20% margin, down from 35% a year earlier;
• Revenue Share provides a cushion; CPA delivers speed. At Better Collective, 49% of revenue comes from Revenue Share, while 70% of new players are acquired through revenue-sharing agreements. At Catena Media, CPA accounts for 88% of revenue. The first model offers stability; the second enables rapid growth but also exposes the business to sharp declines;
• Google organic traffic is no longer free. Grandstand, Catena Media, and Raketech all identified search-related risks in their Q2 2026 reports. At Grandstand, two-thirds of marketing revenue now comes from sources other than SEO. Catena is building a marketplace platform. Raketech is reducing its workforce from 87 to 54 employees.

Four companies – four models

There are few public affiliates in the iGaming industry, and they vary widely. Direct comparisons between them can only be made with some caveats. But that is precisely why their financial reports are useful: they provide four answers to a single question – how to monetize player acquisition as organic traffic becomes more expensive.

Better Collective (Copenhagen, Nasdaq Stockholm) is no longer so much an affiliate as it is a sports media group. It has its own network of websites, paid traffic, esports (HLTV, FUTBIN), and talent-led media in the U.S. Revenue for Q2 2026 was €89.1 million.

Grandstand is the new name for Gambling.com Group as of July 23, 2026. Its Nasdaq ticker symbol has changed from GAMB to GRSD. The Gambling.com website itself has kept its name, but the company now markets itself as a provider of sports data (OddsJam, OpticOdds, RotoWire). Revenue for Q2 2026 was $37.8 million.

Catena Media (Malta, Nasdaq Stockholm) is now almost entirely a U.S.-based affiliate, following the sale of its European assets. Revenue for Q2 2026 was €9.5 million.

Raketech (Malta, Nasdaq First North) is a Nordic publisher with its own websites and a network of third-party partners (SubAffiliation). Revenue for Q2 2026 was €5.6 million.

Six metrics in a single table

Below are the key metrics for the second quarter of 2026. All figures are taken from company reports. We calculated the NDC revenue ourselves: quarterly revenue divided by the number of new depositing players in that same quarter.

Table 1. Sources: Companies’ Q2 2026 reports (Sources 1, 3, 6, 8). Margins: Better Collective – EBITDA before special items; Grandstand, Catena Media, and Raketech – adjusted EBITDA. Revenue per NDC calculated by 15M. Currencies have not been converted.

Better Collective: Revenue Share as the Foundation

Better Collective was the only one of the four to report both revenue growth and margin growth in the second quarter of 2026. Revenue was €89.1 million, up 9% from €81.5 million a year earlier. EBITDA before special items was €27.0 million, +20%. The margin was 30%, up from 28%.

The key figure is the revenue breakdown. Revenue Share accounted for €43.6 million, or 49%. CPA accounted for €19.5 million (22%). Sponsorship totaled €15.7 million (18%) and grew by 39%. The recurring revenue – €53.5 million, 60% of the total.

There were 373,000 new depositing players, a 24% increase from the previous year. The company attributes this growth to the 2026 FIFA World Cup. 70% of these players came through Revenue-Share agreements. This means that most of the summer influx will begin generating revenue not now, but in the coming quarters. The value of deposits from RevShare players for the quarter reached a record €836 million, up 17%.

Growth came from North America. RevShare revenue in the region rose by 49%, to €6 million. CPA in North America increased by 50%, to €5 million, primarily driven by prediction markets. The region’s EBITDA margin rose from 5% to 26%. This is precisely what co-CEO and co-founder Jesper Søgaard refers to when he writes in a letter to shareholders: “The second quarter was a strong one for Better Collective.” He explicitly names North America as the main driver.

Here’s the breakdown by segment. Publishing (own websites, primarily organic and direct traffic) – €57.5 million, margin 29%. Paid Media (traffic acquisition via search, social media, and third-party media) – €26.5 million, margin 26%. Esports – €5.1 million, margin 63%. The difference between SEO publishing and paid traffic at Better Collective is just 3 percentage points. The company explains that while Paid Media has a lower gross margin, it requires significantly less investment on the balance sheet.

The tax hike in the UK also impacted the affiliate. The increase in the Remote Gaming Duty from 21% to 40%, effective April 1, 2026, cost Better Collective approximately €2 million in revenue for the quarter. Another €2 million or so is due to regulatory changes in Brazil. For the full year 2026, the company estimates the impact from the UK and Brazil at €8 million in terms of EBITDA. The full-year forecast remains unchanged: organic growth of 7–12%, EBITDA growth of 8–18%.

Grandstand: Moving Away from SEO

As recently as the second quarter of 2025, Gambling.com Group’s EBITDA margin was 35%. In 2026, the picture changed. Revenue for Q2 was $37.8 million, down 5%. Adjusted EBITDA was $7.7 million, down 44%. The margin fell from 35% to 20%.

Marketing revenue (i.e., traditional affiliate business) – $26.5 million, −10%. The company attributes the decline to “lower revenue from organic search channels.” Data revenue – $11.2 million, +12%. By monetization type: performance marketing (CPA, Revenue Share, and hybrids) – $23.2 million, or 61%; subscriptions – 30%; advertising – 9%. Recurring revenue – about 50%.

CEO and co-founder Kevin McCrystle cites a key figure in the press release: “In our marketing business, non-SEO revenue accounts for two-thirds of total revenue.” In other words, even for a company with a domain like Gambling.com, organic Google traffic is already in the minority. Diversification comes at the cost of margins: cost of sales rose by 119% to $5.9 million – these are expenses related to new traffic sources.

The geographic breakdown has also shifted. North America: $26.3 million, +38%, accounting for 70% of revenue. The United Kingdom and Ireland: $6.4 million, −42%. Rest of Europe: −46%. Back in May, the company lowered its 2026 forecast to $165–170 million in revenue and $45–50 million in EBITDA. The reasons cited in the Q1 earnings release were “weak organic search performance,” a tax increase in the UK, and new regulations in Finland. At that time, the company also announced a 25% workforce reduction, resulting in annual savings of $13 million.

Grandstand did not disclose its NDC figures for the second quarter. For the first quarter of 2026, the figure was 140,000. Therefore, we are not including NDC revenue in our calculations for Q2.

Catena Media: Focusing on U.S. CPA

Catena Media is an example of the opposite strategy. In 2022–2023, the company conducted a strategic review and sold off nearly all of its assets outside North America. AskGamblers was sold for €45 million, the Italian assets for €19.8 million, and the British and Australian assets for €6 million. The total came to about €76 million. In 2025, the company also sold its esports websites.

Results are in the Q2 2026 report. Revenue: €9.5 million, −1%. Of this, €9.2 million, or 97%, came from North America. CPA accounted for 88% of revenue, Revenue Share for just 6% (down from 12% a year earlier), and fixed payments for 6%. Adjusted EBITDA was €1.2 million, with a margin of 13%.

At the same time, volume is growing. NDC: 24,781, +23%. For the first half of the year: 59,354, +41%, while revenue for the half-year rose by 12%. In the casino segment, NDCs rose by 35% and revenue by 8%. In sports, revenue fell by 43%. The company deliberately did not optimize its sports products for the FIFA World Cup and is preparing for the NFL season, when prediction markets will be widely available for the first time.

However, revenue fell by approximately 23% quarter-over-quarter: in the first quarter, it was about €12.3 million (first half minus the second quarter). CEO Manuel Stan explains this directly: “Traditional affiliate marketing remains closely tied to the changing dynamics of organic search.” The company is investing in an automated marketplace designed to connect publishers and advertisers. The commercial launch is scheduled for the first half of 2027. Already, its proprietary platform, MRKTPLAYS, accounts for more than a third of the group’s revenue.

A note for investors: Catena has offered to repurchase its perpetual hybrid securities at 20% of face value. The issue’s face value is €43.7 million, with accrued interest of €5.4 million as of June 30. Cash on hand is €13.0 million.

Raketech: Shrinking and Selling Off

Raketech is the smallest and most troubled of the four. Revenue for Q2 2026 was €5.6 million, down 17.6% from €6.8 million a year earlier. Adjusted EBITDA was €1.3 million, and the margin rose to 24.0% from 21.2%. However, the margin is rising not because of growth, but because of cutbacks: the workforce fell from 87 to 54 employees.

The company is selling assets. In the third quarter of 2025, Raketech divested Casumba and recorded a loss of €10.1 million on the transaction. Proceeds from the sale totaled just €0.9 million. In the second quarter of 2025, the company sold its U.S. tipster assets. Separately, the company is winding down the Paid Publisher Network – the paid portion of SubAffiliation.

Interestingly, NDCs barely declined: 15,674, −1.2%. Raketech attributes the drop in revenue to “a shift in the product mix, rather than a decline in the number of clients.” Revenue breakdown: 44% RevShare, 22% CPA (upfront), and 33% flat fee; the share of fixed payments increased by 9 percentage points over the year. Debt is high: net debt stands at €19.3 million, which is 3.55 times adjusted EBITDA for the past 12 months.

The focus is on the Nordics, which accounts for 75% of revenue, and on the company’s own media products. Revenue from the U.S. for the quarter totaled just €0.24 million, down 48.9%. CEO Johan Svensson is cautious in the report: “We believe that Raketech is entering the second half of the year with a stronger foundation for gradual improvement.”

Why NDC Revenue Is Misleading

At first glance, the table seems strange: Better Collective receives €239 per player, while the smaller Catena receives €382. This is a misreading, and it’s worth breaking down.

At Catena, 88% of revenue comes from CPA. The company receives a one-time payment for each new player. Therefore, its NDC revenue is close to the average CPA price plus fixed payments. At Better Collective, half of the revenue comes from Revenue Share, which is generated by players acquired in previous years. Another 18% comes from sponsorships, which have nothing to do with NDC at all. If we consider only Revenue Share and CPA, the figure comes to €169 per NDC. But even that isn’t the player acquisition cost: the 373,000 NDCs from the summer – 70% of which are Revenue Share – won’t start generating revenue until the following quarters.

Conclusion for comparison: NDC revenue can only be accurately compared among companies with a similar mix. For revenue-share businesses, look at the Value of Deposits and recurring revenue. For CPA businesses, look at the number of NDCs and the average CPA price.

Geography and Balance

Table 2. Sources: Company Q2 2026 reports (Sources 1, 3, 6, 8), Gambling.com Group’s Q1 2026 press release (Source 4), and Catena Media’s press release dated November 21, 2023 (Source 7).

The table shows the overall trend. All four companies are moving out of the UK and Europe to markets where the regulated sector is growing – namely, the U.S. and Canada. Better Collective launched in Alberta on July 13, 2026, on the day the regulated market opened. The difference lies in what each company brings to the table. Better Collective has a revenue-share base and media assets. Catena has CPA and its own platform. Grandstand has data. Raketech has not yet seen growth in the U.S. market.

What does that mean?

To affiliates. The scale of public companies is out of reach, but their model can be replicated. First: RevShare is an affiliate’s retirement fund. At Better Collective, 60% of revenue is recurring, and that’s what allows them to maintain a 30% margin per quarter even with tax burdens. Second: CPA provides immediate revenue but doesn’t build a customer base. Catena, with 88% CPA, lost about 23% of its revenue in a single quarter when its search rankings dropped. Third: if more than half your traffic comes from Google, you face the same risk as Grandstand and Raketech. Two-thirds of Grandstand’s marketing revenue no longer comes from SEO; that’s a benchmark. Fourth: the operator’s tax is your tax. The increase in the UK tax to 40% costs Better Collective about €2 million per quarter via RevShare.

To operators and affiliate managers. Major partners are switching to Revenue Share in the U.S. and to CPA in new verticals like prediction markets. Better Collective increased its CPA in North America by 50% specifically through this approach. Expect major affiliates to demand hybrid deals and fixed payments: at Raketech, flat fees already account for one-third of revenue. Small SEO partners will disappear or be sold off, which means the value of direct media partnerships and proprietary loyalty programs, such as Catena’s PlayPerks, is on the rise.

To investors. Don’t focus on revenue; instead, look at these three metrics: the percentage of recurring revenue, reliance on organic search, and debt-to-EBITDA ratio. Based on them, Better Collective (60%, diversified, 2.31×) and Raketech (44% Revenue Share, Nordic SEO, 3.55×) represent different risk classes despite similar margins.

Methodology

The most recent quarterly reports as of October 13, 2026 – for the second quarter of 2026 (published August 11–20, 2026) – were used. All metrics are for continuing operations, as reported by the companies. EBITDA margins are calculated differently for each company: Better Collective reports its margin before special items, while the others report an adjusted margin. Revenue per NDC is calculated by 15M: quarterly revenue divided by the NDC for the same quarter; this is not a reported metric. Grandstand’s NDC for Q2 has not been disclosed, so this metric has not been calculated. Currencies have not been converted. This article is updated after each earnings season; the next edition will follow the Q3 2026 earnings reports.

Sources

1. Better Collective A/S, Q2 2026 Report (August 20, 2026) – revenue of €89,120 thousand, recurring revenue of €53,467 thousand, Revenue Share of €43,608 thousand, CPA revenue of €19,489 thousand, sponsorship revenue of €15,654 thousand, EBITDA before special items of €26,977 thousand (30% margin), 373,000 new depositing customers (NDCs), value of deposits (VoD) of €836 million, segment margins of 29% for Publishing, 26% for Paid Media, and 63% for Esports, North American Revenue Share +49% to €6 million, North American CPA revenue +50% to €5 million, approximately €2 million impact from RGD, 2026 financial guidance, and net debt of €252.7 million (2.31× leverage). https://bettercollective.com/wp-content/uploads/2026/08/Q2-2026-Report-Better-Collective-1.pdf
2. Better Collective, “Better Collective reports Q2 2026” – press release published via Inderes. https://www.inderes.fi/en/releases/better-collective-reports-q2-2026
3. Grandstand Limited (formerly Gambling.com Group), “Grandstand Reports Second Quarter Results and Reiterates 2026 Full-Year Guidance,” Form 6-K (August 13, 2026) – revenue of $37,764 thousand, adjusted EBITDA of $7,654 thousand (20% margin), marketing revenue of $26.5 million, data revenue of $11.2 million, North American revenue of $26,324 thousand, UK & Ireland revenue of $6,413 thousand, performance marketing accounting for 61%, recurring revenue approximately 50%, and a quote from Kevin McCrystle. https://www.sec.gov/Archives/edgar/data/1839799/000183979926000138/gamb-q22026xpressrelease.htm
4. Gambling.com Group, Q1 2026 Earnings Press Release, Form 6-K (May 14, 2026) – 140,000 new depositing customers (NDCs), financial guidance of $165–170 million in revenue and $45–50 million in adjusted EBITDA, a 25% workforce reduction and $13 million in cost savings, and underlying factors including search traffic, the UK market, and Finland. https://www.sec.gov/Archives/edgar/data/0001839799/000183979926000099/gamb-q12026xpressrelease.htm
5. Grandstand, Rebranding Press Release, Form 6-K (July 22, 2026) – corporate name change to Grandstand Limited and new ticker symbol GRSD, effective July 23, 2026. https://www.sec.gov/Archives/edgar/data/0001839799/000183979926000128/exhibit991-pressreleasexgr.htm
6. Catena Media plc, Interim Report January–June 2026 (August 11, 2026) – revenue of €9,460 thousand, North America accounting for 97%, 24,781 new depositing customers (NDCs), adjusted EBITDA of €1,229 thousand (13% margin), revenue model breakdown of 88% CPA / 6% Revenue Share / 6% fixed fees, Casino and Sports segments, MRKTPLAYS, €43.7 million in hybrid capital, cash balance of €13.0 million, and a quote from Manuel Stan. https://cdn.borzamalta.com.mt/download/announcements/CAM195.pdf
7. Catena Media, “Catena Media completes strategic review” (November 21, 2023) – sale of Italian assets for €19.8 million and total divestments of approximately €76 million, including AskGamblers (€45.0 million) and UK/Australian assets (€6.0 million). https://www.inderes.se/en/releases/catena-media-completes-strategic-review
8. Raketech Group Holding P.L.C., Q2 2026 Interim Report – revenue of €5,617 thousand, organic growth of −16.1%, adjusted EBITDA of €1,347 thousand (24.0% margin), 15,674 new depositing customers (NDCs), revenue model breakdown of 44.4% Revenue Share / 22.3% upfront payments / 33.3% flat fees, Affiliation Marketing accounting for 71.8%, Nordic markets accounting for 75.2%, U.S. revenue of €243 thousand, 54 full-time equivalent employees (FTEs), net debt of €19,265 thousand (3.55× leverage), a €10.1 million loss on the sale of Casumba, and a quote from Johan Svensson. https://storage.mfn.se/0f6920e9-610a-4260-8b6d-ed031701b70b/q2-2026-continued-ebitda-improvement-highlighted-by-the-largest-sports-campaign-to-date.pdf
9. Raketech, “Q2 2026: Continued EBITDA improvement, highlighted by the largest sports campaign to date” – press release published via MFN, reporting €0.9 million in proceeds from the sale of Casumba. https://mfn.se/a/raketech/q2-2026-continued-ebitda-improvement-highlighted-by-the-largest-sports-campaign-to-date