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Founded
2012-01-01 in Malta
Headquarters
271, Quantum Place, Triq il‑Wied, Gzira GZR 1030, Malta
Email
info@catenamedia.com
Phone
+356 213 103 25

Catena Media is a publicly-traded online gambling affiliation marketing company headquartered in Gzira, Malta. Founded in 2012, the group specialises in creating content‑rich websites that direct users to licensed online casino and sports‑betting operators, predominantly in the North American market. Over the course of a decade, Catena Media has grown from a small start‑up into one of the region’s leading affiliate networks, employing approximately 150–200 people across offices in Malta, the United Kingdom, Sweden, and other locations. The company’s core business model is performance‑based: it earns revenue on a cost‑per‑acquisition (CPA) basis or through revenue‑share agreements when its websites generate depositing players for partner operators. Catena Media’s portfolio includes owned‑and‑operated brands such as Bonus.com, a major casino‑comparison site, and MRKTPLAYS.com, a proprietary sub‑affiliation platform that connects affiliates with operators. In its 2025 annual report, the company reported EUR 15.6 m in Q4 revenue, a 53 % year‑on‑year increase, and adjusted EBITDA of EUR 4.7 m, more than triple the prior year’s figure. Listed on the Nasdaq First North Growth Market (ticker: CTTM), Catena Media operates under Maltese regulatory oversight and has placed a strategic focus on three pillars: People, Product, and Profit. Recent leadership changes, including the appointment of Manuel Stan as CEO and Edward Midolo as CTO, signal a renewed emphasis on product innovation and operational efficiency.

Detailed Review

History and Founding

Catena Media was founded in 2012 by a small team of entrepreneurs, including Erik Bergman, who later left the company to focus on his non‑profit organisation Great.com. The business quickly established itself in the European iGaming affiliate space before pivoting decisively toward the nascent US market following the 2018 repeal of PASPA, which allowed states to legalise sports betting.

Acquisition and Growth

During the 2018–2021 period, Catena Media pursued an aggressive acquisition strategy, buying up established affiliate sites such as PlayUSA, Casinos.com, and several sports‑betting domains. This expansion drove rapid revenue growth but also led to increased debt and operational complexity. In 2023–2024, the company undertook a strategic refocus, divesting non‑core assets, reducing headcount, and streamlining its portfolio to concentrate on high‑margin North American brands.

Current Portfolio and Business Model

Today, Catena Media’s core asset is Bonus.com, the group’s flagship casino comparison site. The company also operates MRKTPLAYS.com, a sub‑affiliation marketplace launched in 2025 that allows third‑party affiliates to access premium operator deals through the company’s infrastructure. Other owned brands cover sports‑betting guides, horse‑racing content, and general online casino information. The company earns revenue on a cost‑per‑acquisition (CPA) basis or through revenue‑share agreements when its websites generate depositing players for partner operators.

Financial Performance and Leadership

Financially, the company returned to growth in late 2025 after a period of restructuring. The year‑end report for 2025 showed revenue from continuing operations of EUR 15.6 m (Q4), with adjusted EBITDA of EUR 4.7 m. The group’s executive team has been reshaped: Manuel Stan, formerly of a major iGaming operator, became CEO in early 2025; Michael Gerrow joined as CFO in April 2024; Pierre Cadena was appointed COO in July 2024; and Edward Midolo took the CTO role in April 2025.

Geographic Focus and Listing

Geographically, the company remains heavily exposed to the US and Canada, where state‑by‑state regulation continues to create opportunities for affiliate marketing. Catena Media also maintains a presence in Europe and Latin America, but North America accounts for the vast majority of revenue. The company’s headquarters remain in Gzira, Malta, with staff hubs in the UK, Sweden, Poland, and the Philippines. Catena Media is listed on the Nasdaq First North Growth Market under the ticker CTTM.F. Its board is chaired by Erick Flinck.

Key Products

  • AskGamblers.com

    Player complaints resolution service and comprehensive casino reviews. Returns disputed funds to players.

  • Bonus.com

    Portal for online casino bonus offers, promotions, and free spins.

  • JohnSlots.com

    Slot game comparison site with reviews, ratings, and game data.

  • SBAT.com

    Sports statistics and betting tips website.

  • CasinoUK.com

    UK-focused online casino guide.

  • LeapRate.com

    Premium forex industry news and analysis website.

  • MRKTPLAYS.com

    Proprietary sub-affiliation platform connecting affiliates with operators.

  • MRKTPLAYS+

    Expanded partnership programme offering marketing advisory, content support, and working capital.

  • Catena Connect

    Internal central system that organises and connects all sales tools and data within the Catena Media ecosystem.

  • thelines.com

    Sports betting and casino comparison site providing lines, odds, and reviews.

  • LINEUPS

    Fantasy sports lineup and analysis resource.

  • PlayUSA

    Guide to legal U.S. online gambling, including casino and sportsbook reviews.

  • CasinoBonus

    Casino bonus and promotion comparison platform.

  • esports.net

    Esports news, betting tips, and tournament coverage.

  • Niche affiliate content websites

    A portfolio of niche sites covering sports betting, casino games, and esports, each optimised for organic search traffic.

  • Performance‑based marketing services

    Data‑driven lead‑generation solutions for iGaming operators, including CPA and revenue‑share models.

Offices & Headcount

175 employees (approx.)

Key Persons

Notable past members

Exhibition History

Related Companies

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