Online affiliate and content marketing company, Raketech, has attributed its 78.2 per cent growth in total revenues for Q1 to its presence in the Swedish market for the three month period ending March 31.
The Stockholm-listed group noted that its revenues had jumped to €8.7m, however this included a €2.2m waived liability with an undisclosed party which is recognised as other income within the consolidated statement of comprehensive income. Revenues without the inclusion of the waiver are recorded as having increased by 31.6 per cent.
“The beginning of the year has been characterised by the ongoing stabilisation phase in the Swedish gaming market, following the introduction of the new gambling legislation in January 2019,” said Raketech CEO Michael Holmberg.
“I am therefore happy to announce that we are delivering a good quarter and that we maintain our focus on organic growth and geographical expansion.
“While maintaining our position as a market leader in Sweden, we are simultaneously increasing our focus on geographical expansion.
“We have global ambitions and prioritise markets that are important to our partners, the gaming operators. As such, we are further strengthening our organisation for future expansion, both in terms of employees and technical platforms.”
As a result of higher traffic volumes for its casino products and TV sports guides, organic growth for Raketech has jumped to 21.5 per cent, while profits for Q1 have totalled €4.7m.
Holmberg added: “We are committed to creating sustainable growth across all of our markets – current as well as future markets. I am confident in our ability to continue strengthening Raketech’s position as a leading affiliate with innovative and responsible services high on the agenda.”
Raketech, which currently holds 20 flagship brands, has stated that its number of new depositing customers (NDCs) has rocketed by 76.1 per cent to 26,607. The affiliate has attributed this as a contribution to its recent growth.