A prominent online gaming enterprise, Catena Media, has declared robust revenue expansion for the initial quarter of 2020, counteracting the adverse effects of the COVID-19 outbreak.
The firm disclosed a 2% rise in revenue compared to the previous year, attaining €26.7 million (roughly $29 million). This surge was primarily fueled by a robust showing in their casino gaming division, which now constitutes a substantial portion of their earnings. Notably, while the pandemic resulted in the postponement of significant sporting competitions, affecting their sports wagering vertical, Catena Media observed a rise in active users, counterbalancing any potential setbacks.
Chief Executive Officer Per Hellberg conveyed contentment with the company’s adaptability and emphasized their effective shift to a telecommuting setup. He also noted that April demonstrated sustained positive momentum, building upon the 6% year-over-year revenue growth observed in January and February. This implies that Catena Media has effectively navigated the obstacles presented by the pandemic by modifying its approaches and capitalizing on prospects in other sectors of the internet gambling market.