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Catena Media runs websites that review online sportsbooks and casinos, earning a commission when readers sign up and play.
Catena Media is a marketing company for the online gambling industry. It does not take bets or run a casino itself. Instead, it builds websites where people compare and review sportsbooks and online casinos, then earns money when those readers click through and sign up with a betting operator.
The business works on what the industry calls affiliate marketing. A person searching for the best betting site lands on one of Catena's pages, reads a review, and follows a link to an operator like a big sportsbook. If that person registers and starts playing, the operator pays Catena a fee — either a one-time payment or a share of the money that player loses over time. That recurring share is the prize, because it keeps paying as long as the customer stays active. Catena's focus is North and Latin America, markets where online betting has been opening up state by state and country by country. That shift from gray-market to regulated betting is the company's big tailwind: as more places legalize and license operators, those operators need customers, and Catena sells them leads. The flip side is that the business depends heavily on search engines like Alphabet for traffic, so a change in how Google ranks or displays gambling sites can hit revenue hard.
The company is small and its fortunes swing with the gambling cycle and with regulation in the markets it covers. It has spent years paying down debt and reshaping its portfolio of websites toward the Americas, betting that regulated growth there will outweigh the mature, crowded European market.
Saved answer · last researched 15 Nov 2026