Investment case

Acroud operates in a market that has historically shown long-term, stable growth. The outlook for iGaming affiliation appears positive and is expected to continue to show good, sustainable growth for many years to come.

Financially flexible and prepared
Acroud’s operations will be conducted at low financial risk over time by continuously reducing net debt and maintaining good liquidity. Prioritising a good financial position and strong liquidity gives the Company flexibility and ensures it is ready to grasp opportunities and deal with future challenges.

Operations excellence
With over 15 years of experience and knowledge of SEO and high-quality content for our digital brands, we reduce the underlying SEO risk while increasing user value. In most cases, our users find our websites through search engines. For many years, we have gathered experience and knowledge of what our users want, which means that we develop our brands according to the user’s actual needs and expectations.

Strong market position in growth sector
Acroud has a strong position in iGaming affiliation and is one of the leading companies in the sector. According to H2GC (March 2020), the industry is expected to show global annual growth of 6-7 percent in the period 2020-2025. We have established long-term and strong customer relationships during more than 15 years in the industry, which gives us a head start against many of our competitors and the market as a whole.

Scalable business model
We have a scalable business model, which enables us to quickly and easily expand existing or new brands to new geographic markets or expand into new verticals. We have a proprietary technical platform, allowing us to quickly develop our products and our offering to end consumers. This enables us to further scale our operations and achieve high margins and strong cash flows.

Fast-growing Sports betting vertical
Sports betting accounts for about 50 percent of iGaming’s total global revenue. Acroud generates the majority of its revenue from casino and, to a lesser extent, also from poker. Acroud also launched a Sports betting vertical in 2018 and the vertical was further developed in 2019. This resulted in the Sports betting vertical accounting for just over 10 percent of revenue in Q4 2019. Through Sports betting, we can launch new brands to a new user group in Europe as well as in the US. The aim of the vertical expansion to Sports betting is to add further long-term organic growth to our already existing operations.

Strong position in North America
Since the foundation of PokerListings.com in 2003, the company has built many years of experience and solid knowledge of the US market. PokerListings.com is a very strong brand and also helps drive traffic to non-Poker verticals. A casino section was launched on Pokerlistings in Q4 2019 and a Sports betting section was launched in 2020. With other strong brands such as Casinoguide.com and CT10.net in combination with local brands for selected states, Acroud has a strong position in the North American market.

Management team and Board with long experience
Both Acroud’s management team and its Board have broad and long experience in iGaming and highgrowth companies within iGaming affiliation.