Catena Media plc has expanded a strategic review to cover its entire European online betting and casino affiliation business. As of today, it has begun a review of its European product portfolio and cost base, entering into a formal consultation process for layoffs of staff based from Malta and the UK.
In a statement issued on Wednesday, Catena Media said the European business, consisting of online sports betting and casino affiliation assets acquired prior to mid-2018, has faced challenges in recent years.
These relate to regulatory changes in markets including the UK, Sweden, Germany and, most recently, the Netherlands. “They also reflect general market developments in Europe, which have affected casino operations in particular,” the company said.
The expanded strategic review seeks to identify efficiencies in Catena Media’s European operations and to increase the group’s focus on higher margin opportunities within the region.
“The intention is to free up resources to capitalise on growth opportunities in the fast-growing North American business and in the Asia-Pacific and Latin American regions, thus creating maximum value for the company and its shareholders going forward.”
With this in mind, Catena announced that the group is aiming to make annual savings of “at least” €5 million in operational and capital expenditures.
It initially announced a review back in May, covering specific segments of the business, such as its flagship brand AskGamblers and its financial trading segment. It has now expanded this review, and aims to provide an update on its results in September.
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