RAKENasdaq StockholmAdvertising AgenciesIFRS · SEK

Raketech Group Holding

Raketech Group Holding P.L.C. is a Malta-based marketing technology company focused on the iGaming industry. It operates a platform-first model that connects betting and casino operators, publishers, and audiences through owned media assets, external publisher partnerships, and data-driven commercial tools.

Revenue27.0m SEK
−55.8 %y/y
Operating profit (EBIT)0.0m SEK
EBIT margin0.0%
Net income0.0m SEK
+100.1 %y/y

Fiscal year 2025 · change from previous year

Development 2021–2025

020406080m SEK20212022: 0.14 m SEK202220232024: 61 m SEK20242025: 27 m SEK2025: EBIT 0.00 m SEK2025270.00
RevenueOperating profit (EBIT)

Business

Share of revenue
Affiliation Marketing45 %

Owned publishing assets that generate traffic and leads for iGaming partners.

SubAffiliation25 %

External publisher partnerships coordinated through Raketech's network.

AffiliationCloud10 %

Commercial platform that connects operators, publishers, and audiences.

Sports Content and Data10 %

Sports media, insights, analytics, and prediction products for users and partners.

Advertising Space and Lead Generation10 %

Targeted ad inventory and performance-based lead generation services.

Customers

Raketech sells primarily to online betting and casino operators that need qualified traffic, leads, and advertising inventory. It also serves sports streaming providers and game studios, while end users are audiences interested in sports, casino, and betting content. The business depends on partners that value measurable acquisition, audience targeting, and compliance-aware distribution.

International betting and casino operators

Buy performance marketing, lead generation, and advertising space to acquire players.

Sports streaming providers

Buy targeted media placements and audience access to reach sports-focused users.

Game studios

Buy promotional inventory and traffic to support user acquisition and awareness.

External publishers and partners

Supply traffic and content inventory into the SubAffiliation network.

Sports and betting audiences

Consume content and tools that drive traffic monetization for Raketech's partners.

Strategy

Raketech's strategy is to strengthen its Nordic affiliation marketing base while scaling successful media and sports content concepts into additional markets and products. It also aims to improve execution within the Organic Publisher Network and use AffiliationCloud to coordinate owned and external publishers more efficiently. The strategy supports a platform model that can bundle traffic, deepen operator relationships, and broaden monetization across iGaming verticals.

Strengthen Nordic Affiliation MarketingShort term

The Nordic base is a core source of traffic, relationships, and operating know-how.

Scale content concepts into new markets and productsMedium term

Replicating proven media formats can broaden reach without rebuilding the model from scratch.

Improve Organic Publisher Network executionShort term

Better network performance can increase traffic quality and monetization efficiency.

Expand platform coordination through AffiliationCloudMedium term

A unified platform can improve commercial coordination, data use, and scalability.

Geography

Raketech is rooted in the Nordic market and describes that region as a core part of its portfolio. It also operates across Europe and monitors regulatory developments in North America, South America, and Asia, reflecting a business that can scale across multiple jurisdictions but faces different local marketing rules. Geography matters because search, affiliate marketing, and iGaming regulation are highly country-specific and can affect where traffic can be monetized.

Risks

Raketech is exposed to regulatory risk because iGaming marketing rules vary by country and can change quickly across Europe and other regions. Its performance-marketing model also depends on search engine algorithms, content quality, and digital security, so traffic generation can be disrupted by platform changes, cyber incidents, or fraud. The business is also exposed to customer and counterparty risk because it serves regulated online gaming operators and relies on partner networks.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Regulatory change in iGaming markets1Search engine algorithm changes2Counterparty and customer regulatory exposure3
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Regulatory change in iGaming marketsImpact: HighLikelihood: High

    The company markets gambling-related products across multiple jurisdictions with different rules.

    ExposureEuropeNorth AmericaSouth AmericaAsia
  2. Search engine algorithm changesImpact: HighLikelihood: High

    Organic traffic and lead generation depend on search visibility and ranking structures.

    Exposure: Owned publishers and SEO-driven assets

  3. Counterparty and customer regulatory exposureImpact: MediumLikelihood: Medium

    Actions against online gaming operators can affect Raketech's commercial relationships.

    Exposure: Operator customers and third-party partners

  4. Information security and fraudImpact: Medium

    The platform operates digitally and handles commercial relationships and data flows.

    Exposure: AffiliationCloud and publisher network

Accounting

Judgemental items
Impairment of intangible assets

The business relies on acquired and internally developed digital assets that may need write-downs if traffic or monetization weakens.

Impact: Can materially affect asset values and operating profit

Fair value of deferred consideration

The Casumba-related liability uses discounted cash flow assumptions and credit-risk estimates.

Impact: Can change liabilities and future profit or loss

Trade receivable expected credit losses

Counterparty collections depend on operator quality and payment behavior.

Impact: Affects provisions and reported earnings

Revenue timing and campaign seasonality

Affiliate and performance-marketing revenue can vary with traffic, campaigns, and sporting calendars.

Impact: Can create quarter-to-quarter volatility

Publicly listed companies with a comparable business focus.

Last updated: 24/09/2026

Raketech Group Holding (XSTO) – Advertising Agencies | Financial Analysis – Clarifo