In a strategic maneuver to strengthen its footprint in the Italian betting market, Catena Media has finalized the sale of its Italian operations, including the prominent betting affiliate SuperScommesse, for an impressive sum of €19.8m, which equates to roughly $21.5m or £17.2m. The announcement made on Tuesday revealed that these operations generated a robust €7.8m in revenue and achieved an EBITDA of €3.4m within the 12 months leading to September 2023.
Following the acquisition, Oddschecker, now the new proprietor of SuperScommesse, has laid out its ambitious plans for its Italian ventures, while keeping silent on the exact figure paid to seal the deal. The acquisition positions Oddschecker as the dominant force in Italy’s sports betting advertising landscape. SuperScommesse, a trusted name in Italy, will further enhance Oddschecker’s impressive portfolio of media partnerships, which includes ties with significant players like Gazzetta and DAZN, tapping into tens of millions of unique users.
In a published statement, Oddschecker praised SuperScommesse for its strong local expertise, boasting a team credited with driving substantial and sustained market growth. The acquisition also brings technological synergy, with SuperScommesse’s tech stack expected to enhance network efficiencies across Oddschecker’s global brand portfolio. Conversely, Oddschecker’s proprietary technology is set to uplift SuperScommesse’s customer engagement and service quality.
Owned by Bruin Capital, Oddschecker emphasized that the SuperScommesse inclusion is a strategic enhancement to its recently unveiled Confido Network, an affiliate partnership network encompassing agreements with over 200 global operators.
Stuart Simms, the Chief Executive Officer of Oddschecker Media Group, expressed optimism about the integration of SuperScommesse into their Italian operations. He recognized Italy’s avid sports culture and the nation’s escalating interest in betting as significant opportunities for business growth. Simms envisions a harmonious integration of SuperScommesse’s local market expertise with the globally recognized Oddschecker brand, poised to capitalize on Italy’s rising online and cashless betting landscape.
The CEO further emphasized the natural synergies between the two entities, highlighting the crucial service of odds comparison that Oddschecker offers, which dovetails perfectly with the preferences of the Italian market.
This sale comes as part of a broader strategic overhaul for Catena Media, which commenced 18 months ago with a strategic review. The review’s purpose was to refocus the company’s efforts on more stable and growth-oriented markets, with a particular emphasis on the Americas. Since this review inception, Catena Media has divested assets totaling €76.0m. This includes the significant sale of AskGamblers to GiG in December 2022 for €45.0m.
Through these divestitures, Catena Media aims at streamlining operations, improving business focus, and strengthening financials, with sale proceeds primarily directed towards debt repayment and leverage ratio reduction.
Signaling a complete withdrawal from the Italian market, Catena Media remarked that these transactions represent the fulfillment of their strategic plan, initiated in May 2022. With one deal completed and the other expected to close before the end of 2023, Catena’s strategic transition demonstrates a dedicated effort to optimize its business portfolio and maintain financial health in a competitive digital landscape.
