Online gambling is one of the most lucrative corners of the global entertainment industry and the casino operators are not the only ones profiting.

Behind every major betting site sits an entire ecosystem of media companies whose purpose is to connect players with operators — and obviously to collect a commission for every player they deliver.

These companies are known as iGaming affiliates, and in 2026 the largest of them are publicly traded, institutionally owned, and generating massive revenues.

The business model requires no gaming license, no customer funds, and no exposure to the risk of players hitting a jackpot. The main assets are content, data, and search engine authority.

On paper the economics are exceptional. When executed well, margins can exceed 40 to 50 percent, a figure most industries can only envy. In practice, however, the space is brutally competitive.

Every market has its own dominant players. In Finland, for example, the market leader is Kasinoseta.com, which lists the most reliable Finnish casinos without registration – reviewing each casino individually.

The same pattern repeats across every regulated market: local affiliates with deep language expertise and established search authority tend to outperform global generalists. This is one reason why the largest publicly traded companies grow as much through acquisition as through organic expansion.

Better Collective (BETCO.ST)

Better Collective is one of the largest iGaming affiliates by market capitalization and the most geographically diversified. The Copenhagen-headquartered company has repositioned itself as a “Digital Sports Media Group”.

Key acquisitions, including Action Network in the United States and Playmaker Capital in Canada and Latin America have given Better Collective a foothold in markets that most European competitors are still trying to enter.

The company also invests heavily in AdTech infrastructure and AI-driven content localization, which allows it to produce and distribute content across multiple languages and markets without scaling headcount.

After a volatile 2025 Better Collective has returned to steady organic growth in 2026. For investors the company represents the most defensive option in the sector: diversified revenue streams, strong brand recognition, and a track record of executing acquisitions.

The trade-off is valuation. Better Collective typically trades at a premium to its peers, meaning the upside is more moderate for new investors entering at current prices.

Gentoo Media (GENTOO.ST)

Gentoo Media was formerly known as the media division of Gaming Innovation Group, but it rebranded and spun off as an independent company in 2024.

The logic behind the spin-off was to separate the high-margin affiliate business from the B2B platform operations allowed each entity to attract the right type of investor and management focus.

Gentoo Media focuses especially on high-value traffic rather than spreading across lower-margin verticals. The result is a cost structure that is lean relative to revenue.

In 2026, Gentoo Media is targeting revenues in the €100 million range with EBITDA margins that frequently exceed 45 percent.

For investors seeking pure-play exposure to casino affiliate economics without the complexity of platform or B2B businesses, Gentoo Media is the most one of the focused option in the peer group.

Gambling.com Group (GAMB)

Gambling.com Group occupies a unique position in the sector: it is the only major iGaming affiliate listed on a US exchange, trading on NASDAQ under the ticker GAMB.

Listing reflects the company’s strategy of positioning itself as the primary vehicle for US-focused iGaming investment.

The company has built its US presence state by state, launching localized content and comparison websites each time a new state has legalized sports betting or online casino gambling.

Beyond traditional affiliate traffic, Gambling.com has diversified into subscription-based sports data services through its acquisitions of OddsJam and OpticOdds, which provide real-time odds data and analytics tools for bettors.

After strong 2025 growth driven by new state launches, 2026 strategy has shifted toward traffic quality over volume. For investors, Gambling.com is the clearest expression of a bet on continued US iGaming regulation expansion.

Raketech (RAKE.ST)

Raketech is a mid-tier affiliate that spent much of 2024 and 2025 restructuring its portfolio. The company exited several low-margin businesses, including sub-affiliation networks where it acted as an intermediary between other affiliates and operators.

The remaining core consists of owned media assets in the Nordics and the United States, combined with the AffiliationCloud platform, which provides tools to smaller independent affiliates.

AffiliationCloud is an attempt to generate B2B revenue from the affiliate ecosystem itself rather than relying entirely on player acquisition commissions.

2026 is what management has described as a reset year: the divestments are behind them, the cost base has been reduced, and organic growth is the primary objective.

Raketech now represents a value play, as the share price reflects the difficult recent history rather than the potential of the restructured business.

Catena Media (CTM.ST)

Catena Media was once the dominant name in iGaming affiliation. A period of aggressive acquisition between 2017 and 2021 was followed by years of painful restructuring as the company divested non-core assets, cut costs, and exited markets where it lacked competitive scale.

The 2026 picture looks meaningfully different from 2024. Catena has concentrated its remaining operations on North America, where it operates sports betting and casino comparison platforms with a mobile-first product approach.

The MRKTPLAYS+ platform represents the company’s attempt to build a proprietary technological advantage rather than competing on content volume alone.

Early 2026 data suggests the operational trough has passed. Margins are improving as the cost-cutting program flows through to the bottom line, and the share price has responded after years of stagnation.

Catena remains the highest-risk name in the peer group, but also carries the most potential for a valuation rerating if the North American strategy continues to gain traction.