MARKET
A leader in North America's stable and regulated markets
Catena Media is a leading provider of high-value leads for operators of online casino and sports betting platforms in North America. We focus on regulated markets that demonstrate stronger predictability and clear compliance requirements, a model we believe is best placed to deliver sustained value creation over time. Our growth story is poised to unfold further as we expand more broadly across these regions and deepen our penetration of national and regional markets through our established brands and new strategic offerings.
Catena Media is a growth company
Casino
In the online casino gaming segment, we provide attractive and informed content, insight and offers that connect people interested in slots, poker, blackjack and other casino games with selected platform operators.
Sports betting
Our online sports betting content delivers information on sports teams, lineups, individuals and fixtures to inform and guide sports and fantasy sports betting enthusiasts towards the right offers from online operators.
WHERE WE OPERATE
Catena Media has been a leader in online casino and sports affiliation in the US and Canada for almost a decade, dating back to when the first states began legalising online betting and gaming. Over the years we have expanded steadily as new states have come on stream, while also diversifying our offering to end-users and our operator clients. North America today accounts for virtually all group revenue.
The underlying market is fundamentally strong and growing. Industry data monitor Eilers & Krejcik projects that the US online sports betting and casino sector will generate gross revenue of USD 27.1 billion by 2027, up from USD 14.9 billion in 2023.
Market penetration in North America
The charts above display the current percentages of the total adult population based on management’s assessment (for Canada, only Ontario) in North America with access to legalised online sports betting or casino. These figures highlight the substantial untapped potential in the market, as many states have yet to legalise these activities, indicating significant long-term growth opportunities.
Projected US online gross gaming revenue 2023-2027
Data from Eilers & Krejcik Gaming Estimates January 2023. Projections in 2023 USD.
A GROWING FOOTPRINT IN NORTH AMERICA
North America
North America is Catena Media’s primary market, accounting for virtually all group revenue in 2025. Almost half of all US states have legalised online sports betting and a smaller number also regulate casino gaming. Our two largest brands are the casino-oriented Bonus.com and the sports-focused LegalSportsReport.com. Supporting them are a cluster of top-tier brands that include PlayUSA.com, Lineups.com, GamingToday.com and our subaffiliation brand MRKTPLAYS.com.
In the US, the largest state markets by revenue are Michigan, Pennsylvania and New Jersey. We have strong regional brands in each of these three states. In Canada, we also have a significant footprint in Ontario. We provide content for sports bettors and casino and poker players across these four markets.
The three most populous US states – California, Texas and Florida – have yet to approve online sports betting or casino gaming legislation. Industry insiders expect the Canadian province of Alberta to regulate online sports betting and casino gaming in 2026. New state launches always provide a welcome initial boost, followed by a longer-term revenue opportunity. We strongly emphasise organic revenue growth in established states and provinces.
