Revenue share agreements brought in 41.8% of the total revenue, and upfront payment agreements also brought in 41.8%. Flat fee agreements generated 15.3% of the total revenue, while subscription model products generated 1.1%.
The majority of revenue, 83.5%, came from the casino vertical, while sport brought in 16.0% and other verticals generated 0.5%.
Geographically, Nordic markets accounted for 60.5% of the revenue, with other markets bringing in the remainder.
The business had 42,726 new depositing customers (NDCs) during the quarter, 18.4% lower than the 52,344 NDCs in Q3 2020.
Raketech said this reduction was caused by its strategy of actively targeting fewer, but higher value, leads.
Adjusted EBITDA for the quarter totalled €4.4m, up from €2.9m in 2020, giving an EBITDA margin of 46.0%, up from 39.8%.
Raketech said the increase in EBITDA margin was driven by strong operational efficiency combined with a favourable sales mix, and further contribution from acquired high-margin assets.
Total operating expenses for the quarter came to €7.2m, consisting of €2.7m in direct costs relating to fixed fees and commission revenue, €1.2m in employee benefit expenses, €1.7m in depreciation amortisation and impairment, and €1.6m in other operating expenses.This left the business with an operating profit of €2.4m. After finance costs of €356,000, Raketech generated a profit before tax of €2.0m, and after paying taxes of €151,000, declared a total comprehensive income of €1.9m.
For the year-to-date, this brings total revenue to €26.7m, total operating expenses to €21.1m, and total comprehensive income to €4.3m.
The business completed two acquisitions during the quarter – sports-focused P&P Vegas Group and all assets from QM Media AB, as well as Spain-based casino affiliate marketing business Infinileads S.L.
Raketech said the acquisitions further strengthened its footprint in the US, Spain, Italy and India.
Following the end of the quarter, on 9 November, Raketech also announced the acquisition of a US tipster asset providing tailored pre-game insights for sports, in a deal worth €13.4m.
Looking to the future, Q4 has started with a total of €3.8m in revenue generated in October, at an EBITDA margin of 45%, the business said.
With the anticipated lifting of gambling restrictions in Sweden, Raketech Group CEO Oskar Mühlbach said he expects a positive impact upon the market as a result.
“The world of iGaming is potentially facing its most exciting time ever during which affiliation and performance marketing will play an absolute key role,” said Mühlbach.
“With this in mind, and with confidence from our strong organic growth, recent acquisitions, our operational efficiency, scalable tech and our geographically well positioned asset portfolio, I am very much looking forward to accelerating growth investments to ensure we maximise the opportunity. Short, mid, and long term,” he concluded.
