Affiliate Leaders shines a spotlight on North Star Network’s recent acquisition of Bojoko, and how this takeover could signal a new dawn for the wider affiliate space.
The Valentine’s Day acquisition of Bojoko by North Star Network (NSN) wasn’t exactly the box of chocolates and roses that the iGaming affiliate world expected to receive that morning. But it was a surprise that certainly sent a clear message to the wider industry: consolidation is the name of the game.
Forget whispering sweet nothings and secret admirers; for the iGaming sector, it’s all about making your intentions known with strategic takeovers and expanding empires.
For those of us working in the gambling space, this most recent takeover wasn’t just another press release in your inbox that gets moved to your spam folder. Delve a bit deeper and you might have noticed the flashing neon signs pointing at a significant shift in how the affiliate space is changing, and more importantly, how they are valued.
A bold move
NSN had previously made its name as a major player within the sports media space. This M&A activity is a bold step into the world of online casino – rather than dipping their toes in, they’ve cannonballed into the pool, a move that has sent a tidal wave across the affiliation space.
Bojoko has established its position as a user-centric platform. But its commitment to building a community of players where people could source genuine, reliable views of casino games certainly sets them apart from other affiliate sites.
From NSN’s perspective, that level of authenticity is worth its weight in gold – especially in an industry where transparency and reliability is key.
So, why did NSN, a company primarily known for its sports content, decide to make its foray into the casino space and snap up Bojoko? The answer, as always, lies in diversification and strategic growth.
Boasting a 30 million-strong network, NSN understands the importance of audience engagement, and more specifically, how to sway public opinion.
At the time, Julien Josset, Co-Founder and CEO of North Star Network, expressed his enthusiasm about the deal.
“This acquisition aligns perfectly with our vision to expand our influence in the iGaming industry, giving us an immediate foothold in the casino vertical,” he said.
“Bojoko’s casino knowledge is almost unparalleled, and we could not be more excited about the future. Together, we plan to expand Bojoko’s reach internationally, creating even more value for players and partners alike.”
It’s clear that the sports network identified a glimmer of future opportunity within Bojoko’s success, particularly within the Canadian market. This acquisition presents a clear opportunity for NSN to expand its reach and tap into a lucrative new market at a time when the gambling space is becoming even more exciting.
A long-term vision for growth
The financial details of the acquisition have been shrouded in secrecy, although that is to be expected at this point in time. The 3.0-4.5x 2025 EBITDA earnout structure suggests NSN isn’t just buying a domain name; they’re investing in a future growth trajectory.
NSN is undoubtedly betting on Bojoko’s ability to scale, emulate its previous successes in new markets – and ultimately become a force in the global iGaming affiliate space. With new markets around the world looking to embrace online gambling regulations, it seems on the surface that this was a very calculated, clever move.
But what does it mean for everyone else?
Similar to Sportradar’s recent entry into the global affiliate space with its acquisition of XL Media, it signals a marked shift towards industry consolidation.
As many predicted in their ‘what to expect in 2025’ articles at the start of the year, it’s likely that we’ll see many more acquisitions, mergers and big players emerge – with smaller affiliates likely to be targets for takeover.
While this might set alarm bells ringing, it isn’t necessarily a bad thing. If anything, consolidation and new acquisitions will bring much-needed investment and technical innovation to many affiliate brands within our industry. After all, shaking things up every so often can weed out any homogenised brands.
This acquisition also highlights the growing importance of community and user engagement. It’s a trend we’ve seen sweep the sports betting and casino industries with the incorporation of more social betting and gamification. It was only a matter of time before it made its way into affiliation.
Bojoko’s success wasn’t built on SEO wizardry alone; it was built on trust, transparency and a commitment to providing insightful reviews to players. So, in an era of increasing regulatory scrutiny and heightened player awareness, these values are more important than ever.
For NSN, the acquisition also marks a desire for diversification. As the adage goes, you can’t put all your eggs in one basket. NSN’s move into the casino vertical will open up new revenue streams, giving it even more tools to weather the storms that the iGaming industry will inevitably face.
Perhaps most interestingly is that the takeover of Bojoko could be the dawn of a new era of affiliate valuation, where brands are valued much more on their values and growth potential, rather than simply on traditional metrics of traffic and revenue. If that is the case, it’ll be an interesting few months.
One thing is for certain, though. NSN’s acquisition of Bojoko is a wake-up call for the gambling industry. It’s a clear demonstration that the sector is evolving and that the rules for success are changing. Those who adapt will be the ones who survive, prosper and potentially be acquired by a major player.
Now might be a good idea to sharpen your pencils, dust off your strategic plans and start thinking about your own exit strategy. Or, if you’re feeling particularly bold, start thinking about your own acquisition strategy. After all, in the wild west of the affiliate world, it’s all about who’s doing the buying, and who’s being bought.
