Ulrik Bengtsson to step down as Chairman at Malta-based Raketech

Raketech, the Malta-headquartered iGaming affiliate company, has announced that Chairman Ulrik Bengtsson will be stepping down later this year after accepting a full-time CEO position elsewhere.

Mr Bengtsson, who has been a pivotal figure on Raketech’s board since May 2021, will remain in his role until 30th July to ensure a smooth transition.

Despite his departure, he will be available for re-election at Raketech’s annual general meeting (AGM) in May, demonstrating his commitment to the company during this transitional phase.

The nomination committee has already begun the search for a suitable replacement, with further updates expected in the coming months.

The company, which is based in St Julian's, said the new board member may also take on the role of Non-Executive Chair, continuing Raketech's strategic vision.

Reflecting on his time at Raketech, Mr Bengtsson expressed confidence in the company's future.

“Stepping back into a full-time CEO role feels like the right professional move for me, and the opportunity I have been presented with is compelling,” he said.

“I am confident that the entire Raketech board and executive team remain dedicated to strengthening the balance sheet and shaping an exciting strategy that I expect will be unveiled to investors in the coming months."

Mr Bengtsson's career has spanned someof the biggest names in the industry, having served as Group CEO at William Hill, where he also held the position of Chief Digital Officer. as well as Group CEO and President at Betsson.

He concluded: “I firmly believe Raketech has the potential to be a key player in the global iGaming ecosystem, both now and in the future, and that the company is well-positioned to generate substantial returns for all shareholders over time.”

Raketech has faced financial challenges in recent quarters, with Q2 2024 revenue declining 3.4 per cent year-on-year to €17 million, partly due to the impact of a Google algorithm update on its Casumba assets.

Despite these setbacks, the company has adjusted its full-year guidance, now forecasting an adjusted EBITDA between €17 million and €19 million.

Additionally, Raketech completed the sale of its non-core US advisory business in July 2024, taking a €10.5m impairment charge as part of the divestment. This strategic move allows the company to focus on its core strengths and drive future growth.

As Raketech navigates this leadership transition, the company remains steadfast in its commitment to innovation and excellence in the iGaming sector, continuing to operate from its strategic base in Malta.