Better Collective has confirmed its latest investment as the firm acquired a five per cent stake in its main rival Catena Media.
Following the expenditure, the sports betting media group affirmed that it informed Stockholm-listed Catena of the new shareholding and expressed it was “satisfied with the position and will not comment any further on the matter”.
The news comes off the back of GiG’s completion of its acquisition of Catena’s AskGamblers.com site at the end of January for a total consideration of €45m, with terms first agreed in December.
Catena is currently seeking to refocus on North American activities and less on Europe, with Q4 revenue from the region increasing by 31 per cent to €21.5m (Q4 2021: €16.4m) to account for 78 per cent of group revenues of €27.4m (€23.8m).
January also saw Catena inform its investors that the firm will continue to downsize its business, stating it would generate lower 2022 profits due to the write down of European media assets.
The firm had previously stated that it has been engaging with third parties “that have shown interest in acquiring certain assets, including all the remaining assets of the group”, and partnered with Carnegie Investment Bank to assist with any potential sell-offs earlier this year.
In North America, the group operates the affiliate websites of LegalSportsReport.com; TheLines.com; Lineups.com; GamingToday.com; PlayNY.com and NYSportsDay.com.
Since the repeal of PASPA federal laws in 2018, Better Collective and Catena have been market rivals within the US, with both seeking to become the market’s number-one affiliate publishing network.
Undertaking aggressive M&A strategies, both publishers have expanded their US portfolios, which sees Better Collective operate the assets of: Action Network, VegasInsider.com and RotoGrinders.com.
Better Collective’s wider network of brands includes tipster community Bettingexpert.com, Irishracing.com, Danish media site SpilXperten, Swedish tipping service Speltips.se, Germany-focused Wettbasis, Greece’s Betarades and Romania’s PariuriX.
