A difficult year continues for Gentoo Media as an uplift in player activity during the World Cup failed to translate into meaningful revenue growth for the media group.
Group revenue declined 9% year-over-year during Q2 to €22.9m (£19.6m) from €25m the year prior, following a 5% YoY decline during the first quarter.
This was despite an increase in player intake and player activity during the quarter. Player intake hit 101,900 first-time deposits, with the total value of these deposits exceeding €200m for the third consecutive quarter.
Gentoo’s statement noted disappointment, stating that the World Cup “did not generate the anticipated revenue uplift” and that the increase in player activity “did not translate into a corresponding revenue uplift in Q2”.
The decline in revenue was attributed to the ongoing simplification of Gentoo’s portfolio, a process initiated in 2025. The firm has been undergoing a structural review and reorganisation for over a year, a response to headwinds encountered in 2025.
The group retains five digital media assets – AskGamblers, time2play, casinotops online, WSN and Casinomeister – alongside the Sitebee B2B brand management platform, and a marketing services division.
Gentoo closed 2025 stating that it was in a much stronger position following last year’s restructuring, with the firm better establishing itself on the affiliate stage following its creation via the 2024 divestment of Gaming Innovation Group’s (GiG) media division.
This year has thrown more challenges in the Malta-headquartered group’s way, however.
The new tax regime in the UK, which has led to a number of operators cutting marketing budgets including affiliate spend, was cited as one particular reason.
However, there may be some light towards the end of the tunnel – EBITDA. Q2 2026 EBITDA rose 5% to €8.9m (Q2 2025: €8.4m), following on from a record EBITDA figure declared for full year 2025 trading.
The firm also remains confident that it is making progress on debt refinancing, with a €120m refinancing scheme launched in January 2026. Progress made on operating cash flow during this time hit a hurdle, however, down 13% YoY to €6.4m in Q2.
Jonas Warrer, Chief Executive Officer of Gentoo Media, remarked that the firm had demonstrated “continued operational progress despite revenue coming in below our expectations” during the quarter.
“Player intake increased quarterly, deposits reached a record level and our structurally lower cost base supported a 39% EBITDA margin,” he said.
“Our priority for the second half is clear: converting stronger player activity into revenue growth while continuing to deleverage and de-risk the business.”
The firm expects to close 2026 with revenue of €97m-€100m, EBITDA before special items of €44-€54m and operating cash flow of €32-€36m.
