Catena Media, an online lead generation company for the iGaming sector which is in the midst of a full-scale pivot to the North American and Latin American markets, has released its interim financial statements for the first half of 2023.

These show a 16 per cent decrease in North American revenues, as the sports calendar is historically slow in the second quarter of the year.

Catena, which is listed on the Malta Stock Exchange and has offices in Gzira, “capitalised on the annual interlude in the North American sports calendar to undertake significant operational and financial streamlining measures”, said CEO Michael Daly in a statement.

The company reported a North American earnings before interest, tax, depreciation and amortisation margin of 41 per cent for the period, despite te negative revenue impact of reduced marketing spend.

During the period, the company signed an agreement to provide online sports betting and casino content to Lee Enterprises Inc., a major US newspaper publisher, while a similar collaboration was signed with The Sporting News, a leading US-based publisher of sports media content, in August, following the close of the reporting period.

Mr Daly lauded such partnerships, including the successful deal with NJ.com, for diversifying Catena’s market footprint, allowing it to reach “farther and deeper” into the online sports bettor and casino gamer audience.

These partnerships “will form an important part of our toolbox going forward,” said Mr Daly.

Catena also continued its share buyback and bond repurchase programmes, which it says are meant to increase shareholder value and optimise the capital structure.

“The steps taken align with our target to become net cash positive during the second half of this year as we reduce financial risk and promote long-term flexibility in our financial planning.”

The team is now preparing for the launch of licensed sports betting in Kentucky at the end of September.

“With an adult population of 3.5 million, Kentucky is a relatively small state that we expect to deliver a moderate revenue boost this fall,” said the company.

“Elsewhere, we are anticipating healthy inflows from Ohio and Massachusetts in particular, as both states will be entering their first full National Football League season post-regulation.”

Going forward, Catena said it intends to continue to leverage new state launches in North America and the favourable regulation trend in Latin America to drive revenue higher., while “rigorously” controlling costs to ensure high profitability and a rightsized, agile organisation.