Catena saw an overall drop in its Q1 2023 results. Excluding assets such as sold brand AskGamblers, the betting company reported figures including and excluding its discontinued operations.
Income from continuing operations was €35m ($37.9m), down 5% year-on-year, although income including discontinued operations increased to €36.2m – still a 20% drop in percentage.
EBITDA from continued operations was 20.5 million euros, a decrease of 7% compared to the first quarter of 2022, and EBITDA including discontinued operations was 19.4 million euros, a decrease of 24%.
Net income for the period from continuing operations was €11.6 million, down 35% from last year. Net income for the quarter, including discontinued operations, was €22.9 million, reflecting an increase of 10%.
Catena & Better Collective: Q1 results comparison – excluding discontinued operations:
Catena & Better Collective: Q1 Results Comparison – Including Discontinued Operations:
Compared to rival Better Collective, Catena was able to record less revenue, however its net income, including discontinued operations, would have been higher than Better Collective’s and EBITDA is 41% lower.
Catena Media CEO Michael Daly said: “As expected, year-over-year group revenue declined slightly due to the challenging benchmarks created by the launch of online sports betting in New York in Q1 2022 and the launch in Louisiana in the same quarter”.
“The big market highlight during the quarter was the January 1 legalization of online sports betting in Ohio. Our North American team’s dedicated efforts to maximize momentum in the run-up to February’s Super Bowl led to one of our all-time best releases, albeit slightly behind New York in terms of gross receipts,” added Daly.
