How Better Collective and Catena Media are scaling in 2026
In early February, leading global affiliate Better Collective launched the FanReach data platform. This audience data aggregator includes approximately 50 million bettor profiles in the United States. The company can now sell targeted profiles to operators and external platforms. The project is the first element of the broader AdVantage data ecosystem.
Its main competitor, Catena Media, announced the MRKTPLAYS+ strategic partnership model for verified partners in January. It offers content and marketing consulting, working capital assistance, and potential minority investments with a focus on North America.
These plans come at a time when both companies have seen significant changes in revenue and cost structure. In the second quarter of 2025, Better Collective made €82 million, in the third quarter €78 million, and its total earnings before interest, taxes, depreciation and amortisation (EBITDA) were €21 million. In the last three months of the year, Redeye’s experts expect the company to generate €93 million and have a profit of around €34 million.
Against this backdrop, the launch of FanReach appears to be an attempt by Better Collective to diversify its revenue streams and strengthen RevShare in key regions, while Catena’s MRKTPLAYS+ is in line with its strategy of accelerated scaling of its affiliate network. These launches, as well as the forecasts of company directors in their comments on last year’s financial reports, will be decisive for the development of the affiliate marketing sector this year.
Fourth quarter for Better Collective
Ahead of Better Collective’s quarterly report on 25 February, Redeye analysts expect a strong end to the year, supported by seasonal growth. The company is expected to confirm its forecast of a return to organic growth in 2026. Forecasts have been lowered due to uncertainty over sportswin margins following mixed results from operators. Nevertheless, Q4 is expected to be the strongest quarter of the year with positive momentum in Europe and North America.
Analysts cite improved sportswin margins in the Publishing segment compared to an abnormally weak Q3 2025, support from Paid Media due to seasonal demand in North America, and the launch of betting in Missouri in the CPA model as drivers for the quarter. The results are also influenced by the traditionally strong end of the year in esports due to Futbin activity and the release of EA Sports FC 26.
Redeye has adjusted its forecasts for 2026 due to the increase in online gambling tax in the UK, expecting revenue of around €360 million and EBITDA of approximately €115 million. According to analysts’ estimates, this still implies organic growth of around 7% this year. Expected growth drivers include the 2026 FIFA World Cup and further RevShare growth in North America. Monetisation of Playbook and FanReach products could increase CPM revenues.
If the company confirms its updated guidance indicating a return to organic growth, this could trigger a revaluation. Its shares are currently trading at historically low multiples. In addition, the recent acquisition of Legend by Genius Sports, another competitor of Better Collective, could improve investor sentiment in the sports betting media and affiliate segment.
Fourth quarter for Catena Media
”Q4 was our best operating quarter since the restructuring that began in mid-2024,” said CEO Manuel Stan, commenting on the company’s results. Revenue and adjusted EBITDA grew both year-on-year and quarter-on-quarter. The growth was the result of disciplined execution of the strategy and structural changes implemented in the first half of 2025.
Adjusted EBITDA reached its highest level since the first quarter of 2023, with margins increasing to 30% thanks to simultaneous growth in all revenue streams and strict cost control.
Revenue amounted to €46.6 million, down 6% year-on-year. RevShare revenues accounted for 9% of total revenue, CPA revenues for 89%, and fixed fees for 2%. Adjusted EBITDA for the quarter increased by 84% to €9.9 million, corresponding to an adjusted EBITDA margin of 21%.
Total operating expenses amounted to €55.8 million. Direct expenses increased to €12.4 million due to a strategic shift towards sub-affiliation and lifecycle marketing. By comparison, the company’s direct expenses in 2024 mainly consisted of media partnership costs.
Personnel expenses decreased by 27% to €17.4 million. The decrease is due to organisational changes at all levels aimed at reducing the cost base and simplifying the structure to increase flexibility and operational efficiency.
2026 wrap-up
In the fourth quarter, Catena Media continued to diversify its revenue streams. The sub-affiliate business scaled up, including through the MRKTPLAYS platform, and in January, an expanded version of MRKTPLAYS+ was launched for deeper commercial partnerships. The CRM vertical more than doubled compared to Q3, increasing user engagement and long-term monetisation.
In mid-January, PlayUSA.com launched Catena Media’s first loyalty programme, PlayPerks, and the company plans to expand it to other brands. Investments are also being made in promising verticals, including prediction markets.
Better Collective’s priorities for 2026 are to focus on and optimise key products, diversify revenue and strengthen financial stability. The company plans to implement a new operating model for more efficient resource allocation and rapid market launch of priority products. It also plans to continue developing flagship solutions, including CRM and loyalty programmes. It will also scale new audience monetisation channels, in particular the FanReach data platform and the broader AdVantage ecosystem.
Analysts expect Better Collective’s Q4 report to confirm the recovery of the business and set the stage for a return to organic growth in 2026, although short-term risks remain in the form of sportswin margin volatility and changes in the tax burden in key markets.
Both companies are increasing their focus on casino verticals and lifecycle marketing. Better Collective is scaling Playbook and CRM to increase retention and LTV. Catena is expanding MRKTPLAYS and launching PlayPerks loyalty programmes to increase repeat sessions. Both players are investing in prediction markets and other new verticals.
This article was first published in Russian on 13 February 2026.
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