Launched in May this year, Catena is currently reviewing the possibility of selling some of its divisions, including its AskGamblers brand, in response to third-party interest in acquiring certain assets. The review, which initially focused on specific assets, has expanded to include Catena’s entire European online betting and casino business. As part of the review, Catena has entered into a consultation process related to redundancies in the UK and Malta. The company originally expected to complete the review by September, but an update published on October 7 states that although the review is expected to conclude “in the near future,” no specific end-date can be provided at this point. Catena continues to explore various options for certain parts of its business and will communicate the results of the review once it is finalized. The company’s primary focus is on seizing opportunities in North America and other high growth markets to maximize value for its shareholders.
In response to the challenging global economic conditions, Catena took measures to reduce expenditures and scaled back strategic investments in the second quarter. These conditions adversely affected trading in multiple markets, impacting Catena’s online sports betting and casino operations. Additionally, the company incurred extra costs to support new market launches and product upgrades. To offset these challenges, Catena decreased strategic investments from planned levels. Although this had some initial impact in Q2, it was not sufficient to fully compensate for lower margins. In the three months ending June 30, 2022, Catena’s revenue amounted to €28.9m, representing a 4.9% decrease from €30.4m in the second quarter of the company’s 2021 financial year.
