An iGaming affiliate group based in Malta has reported a pretty big drop in revenue for the first three months of 2025. They brought in €9.8 million, which is quite a bit less than the €19 million they made during the same time last year.
Part of the previous year’s earnings came from a consulting side of the business that’s now been sold off. The dip seems to be because the company is trying to rely less on just SEO.
Their adjusted earnings also took a hit, falling from €5.1 million to €2.4 million. Net earnings went down too, from €4.3 million to €2.1 million.
A few things contributed to the downturn:
- Their Japanese Casumba business isn’t doing so hot.
- They’re having trouble with their Paid Publisher Network.
- Some of their U.S. affiliate sites that offer paid tips and subscriptions are losing money.
So, what’s the company doing about it?
- They’ve restructured things.
- They’ve cut operating costs (not counting traffic) by a good chunk.
- They managed to generate some free cash flow.
Focusing on Platform Growth
The company is really pushing its AffiliationCloud platform, which brings together their own content sites, affiliate projects, and a network of publishers. Right now, about half of their revenue from the main marketing part of the business comes from working with outside SEO teams and content creators. They started a bunch of these partnerships in March, and they’re hoping they’ll make a bigger difference in the coming months.
Casumba Deal Changed
Back in May, they changed the terms of their Casumba acquisition. The final payment got pushed back to 2028, and they got rid of the option to pay with shares. They’ve already paid some of it and plan to pay a bit more soon.
Organic Traffic Up, Paid Traffic Down
The SubAffiliation network brought in some decent money, but the paid traffic side took a hit in March because of things like algorithm changes. They don’t expect that to bounce back quickly. On the bright side, the organic side of the network is growing, with more active publishers and some new exclusive deals.
The company is trying to build traffic that lasts by working with partners and focusing on organic growth. They’re also getting into things like sports TV guides to be less reliant on SEO trends.
Even with the current situation, they’re still optimistic about bouncing back and growing through new platform ideas and stronger relationships with affiliates.
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