Igaming partner Catena Media has released a trading statement detailing the second quarter of 2020’s expected result, showing high sales and profits.
The company cited a substantial rise in its US market as one of the key factors that culminated in Q2 sales valued at $31.6 m (Q2 2019: $27 m). EBITDA has been estimated to range from $16.6 m to $16.9 m
The key drivers for this success , the company said, were the casino market, with AskGamblers and the Japanese sector having their own all-time highs for sales. But Catena’s US company saw a large increase compared with last year’s same duration and recorded its best quarter ever.
The update noted: “With all land-based casinos closed in the US during most of the quarter and sports non-existent, online casinos experienced tremendous growth rates, supported by an increased interest in social casino.
“A major Google update to its search and ranking algorithms at the beginning of May negatively impacted traffic numbers for some brands while others, for example Catena Media’s US brands, saw a positive impact.”
However, conversion rates and revenues were not automatically hit in the same way for those brands which experienced a negative effect, as reflected in the quarter’s total revenues. New depositing customers (NDCs) for the second quarter stood at 104,000, a 13 percent decrease compared to the first quarter and a 4 percent increase compared to the same period last year.
A decline in NDCs was expected as compared to the first quarter due to Covid-19’s impact on the sports business.
Chief Executive Officer Per Hellberg told investors: “Given the extraordinary global circumstances, Q2 was a very challenging quarter, so we are happy to report that the measures taken by the company helped us achieve the best quarter ever in the history of the company.”