Last week, Catena Media announced significant progress in its US operations for their Q2 update for the period ending June 2020.
The company has said that its US business, with its key markets being Pennsylvania and New Jersey, saw its best-ever quarter.
Without land-based casinos to bet at, players took to the world of online instead
Catena Media CEO Per Hellberg told investors the following.
“Our US business, with its key markets Pennsylvania and New Jersey, saw its best-ever quarter, with casino and social casino turning into key drivers during the COVID-19 shutdown. For the first time ever in the history of the US, all 900-plus land-based casinos were closed, which provided an additional push for their online counterparts.”
The firm’s overall performance in the quarter revealed operating revenue to be ahead by 17% to $33.2m, versus $28.3m year-on-year. It also had an adjusted EBITDA which increased by 56% to $18.8m, up from $11.3m year-on-year.
Hellberg stated that the company originally thought the pandemic might negatively impact their state regulatory process. However, they witnessed the opposite – with Tennessee and Michigan also preparing to launch their online gaming markets.
Investing in the future
Catena Media has been building its footprint across the Atlantic for a while. In January, it announced a deal with investment company i15Media to further drive this growth.
The CEO continued by stating that: ” We have continued to transform our business and invested in future growth regions such as the US, Latin America, and Asia. This quarter we launched our sports brand BettingPro in Latin America, with very encouraging early results in traffic.”
In the report, the firm noted that their performance, more than offset the decrease in sports activity, partly due to much higher player values derived in casino and a strong performance in social casino which mitigated the lack of sports betting offers as well as the support of influencers and other media channels.