Raketech's Strategic Divestment of Casumba Assets: Capital Reallocation and Sector Positioning in High-Growth iGaming Markets

Raketech's decision to divest its Casumba assets in September 2025 marks a pivotal strategic recalibration, driven by regulatory pressures, underperformance, and a broader commitment to capital efficiency in the high-growth iGaming affiliate sector. By shedding non-core operations and redirecting resources to its platform-first model, the company aims to position itself as a resilient player in an increasingly competitive and regulated market.

Rationale for Divestment: Regulatory Risk and Performance Challenges

The Casumba divestment, valued at EUR 12 million to be paid in monthly installments through December 2029, was necessitated by declining performance and regulatory uncertainties in Japan, where the asset operates. According to a report by Gambling Insider, Casumba's new depositing customers fell by 67.7% compared to Q1 2024, signaling a sharp deterioration in market relevance Raketech Q2 revenue down 54% amid US divestment and paid …^[5]. Compounding this, evolving regulatory frameworks in key jurisdictions—such as stricter compliance requirements for responsible gaming and age verification—heightened operational risks, prompting Raketech to prioritize core markets Affiliate Marketing Trends in iGaming – What’s Working in 2025^[1].

Under IFRS 9 accounting standards, the deferred consideration was measured at a fair value of EUR 7 million at closing, with the EUR 5 million difference attributed to credit risk and the extended payment schedule iGaming Quarterly Report: Top Affiliates Q4 Revealed^[6]. While the company recorded a non-cash loss of EUR 10 million in Q3 2025, this move aligns with its long-term strategy to eliminate regulatory exposure and focus on sustainable growth iGaming Quarterly Report: Top Affiliates Q4 Revealed^[6].

Capital Reallocation: Platform-First Strategy and Core Market Focus

Raketech's divestment of Casumba and its non-core U.S. Tipster and Subscription assets (completed in June 2025 for a net gain of EUR 200,000) Raketech Announces Divestment of Casumba Assets 2025-09-24^[3] has enabled a strategic reallocation of capital toward its AffiliationCloud platform. This centralized system integrates in-house and partner-driven affiliate assets, aiming to enhance scalability, transparency, and operational efficiency Raketech Q2 revenue down 54% amid US divestment and paid …^[5]. The shift is paying dividends: in Q2 2025, the core Affiliation Marketing portfolio grew 5% quarter-over-quarter, driven by entrepreneurial partnerships that now account for 63% of revenue in this segment Raketech Announces Divestment of Casumba Assets 2025-09-24^[3].

A key pillar of this strategy is the expansion of exclusive commercial agreements with operators, including a new partnership with a large Nordic TV and streaming operator, which broadens Raketech's distribution network Raketech Announces Divestment of Casumba Assets 2025-09-24^[3]. Additionally, the company has prioritized organic traffic over paid publisher channels, with its Organic Publisher Network growing to over 80 active revenue-generating publishers by Q2 2025 Q2 2025: Stable Core, Strategic Divestment, and Strengthened ...^[4]. This pivot reflects a broader industry trend toward cost-effective, quality-driven traffic acquisition, as highlighted in Affiverse Media's analysis of 2025 iGaming market predictions iGaming Market Predictions for 2025: What Affiliates and Affiliate Managers Need to Know^[2].

Sector Positioning: Navigating a High-Growth, High-Risk Landscape

The iGaming affiliate sector is projected to grow from $97 billion in 2024 to $132–$161 billion by 2029–2030, driven by technological innovation and geographic expansion Raketech Announces Divestment of Casumba Assets 2025-09-24^[3]. However, this growth is tempered by intensifying regulatory scrutiny in markets like the UK, Australia, and the Netherlands, where non-compliant affiliates face penalties or blacklisting Affiliate Marketing Trends in iGaming – What’s Working in 2025^[1]. Raketech's platform-first approach, which emphasizes AI-driven marketing, compliance-focused strategies, and first-party data collection, positions it to navigate these challenges while capitalizing on emerging opportunities Affiliate Marketing Trends in iGaming – What’s Working in 2025^[1].

Cost-cutting measures further underscore the company's financial discipline. Operating expenses dropped by 35% in Q2 2025 compared to Q1 2024 (excluding publisher costs), and the company reported a positive free cash flow of €1.7 million before debt servicing in Q1 2025 Q2 2025: Stable Core, Strategic Divestment, and Strengthened ...^[4]. CEO Johan Svensson has emphasized that these efficiencies, combined with a focus on AffiliationCloud and strategic partnerships, will drive long-term value creation Raketech Q2 revenue down 54% amid US divestment and paid …^[5].

Financial Implications and Investor Considerations

While Raketech's Q2 2025 revenue fell 54% year-on-year to €7.8 million, this decline was largely attributable to the divestment of underperforming assets and challenges in its Paid Publisher Network Raketech Announces Divestment of Casumba Assets 2025-09-24^[3]. Excluding these segments, the core Affiliation Marketing business demonstrated resilience, reflecting the potential of Raketech's reallocated capital. For investors, the key question is whether the company can sustain this momentum amid sector-wide volatility.

Competitors like Gentoo Media and Gambling.com Group have reported robust Q4 2024 results, with EBITDA margins exceeding 40% iGaming Quarterly Report: Top Affiliates Q4 Revealed^[6], underscoring the competitive nature of the iGaming affiliate space. Raketech's success will depend on its ability to scale AffiliationCloud, deepen entrepreneurial partnerships, and maintain cost discipline while adapting to regulatory shifts.

Conclusion

Raketech's divestment of Casumba and U.S. assets represents a calculated move to streamline operations, mitigate regulatory risks, and redirect capital toward high-growth opportunities in the iGaming affiliate sector. By leveraging its platform-first strategy, expanding organic publisher networks, and fostering entrepreneurial partnerships, the company is positioning itself to thrive in a market characterized by rapid innovation and stringent compliance demands. While short-term revenue declines pose challenges, the long-term trajectory suggests a commitment to sustainable growth—a critical factor for investors evaluating Raketech's evolving value proposition.