iGaming affiliate results split sharply in the first quarter of 2026: Catena Media returned to double-digit growth, Better Collective pushed further into recurring revenue, and Gambling.com Group reported a 43% drop in adjusted EBITDA amid restructuring. The quarter showed an industry sorting itself by model rather than moving as a block.
Catena Media posted the fastest revenue growth of the major affiliates, with continuing-operations revenue up 26% to 12.3 million euros and adjusted EBITDA up 191% to 2.7 million euros, per Tribuna. North America generated 95% of its revenue, with casino alone accounting for 88% of the group total.
Better Collective reported revenue of 86 million euros and EBITDA before special items of 25 million euros, with organic growth of 5%, or 9% in constant currencies. Recurring revenue rose to 50 million euros as the company shifted North American operations toward revenue-share deals, with North American revenue-share income up 46% year on year, as covered by SIGMA.
The contrast is the story. The affiliates leaning into recurring revenue-share income are trading short-term upfront payments for steadier long-term cash flow, which reads as weaker on a single quarter but stronger over a market cycle. Those still dependent on one-off CPA deals look more exposed when any single market softens.
For operators choosing affiliate partners, the model matters as much as the traffic. A partner built on revenue share has its incentives aligned with player quality and retention. One built on CPA volume does not. The Q1 split makes that distinction commercial reality rather than theory.