Good morning, everyone, and welcome to this Q3 report of Acroud. Today we will be taking a look at our last quarter where we've had strong NDC growth and we'll also have an outlook on the Dutch market. Today's agenda, we will have a summary, we will have an overview and financial details as well as a closing comment of course. My name is Robert Andersson, I'm the CEO. With me here today I have Ruben Gräve, who is our CEO for affiliates, and he will be explaining to us all a little bit about the Dutch market.
Moving on, as I said, we've had a strong quarter-over-quarter NDC growth, and we will go into the Dutch reopening of the market. Look at some figures to start with from the quarter. Our revenue amounted to a whole EUR 6.5 million. As you can see, that's up quite a bit over last year. EBITDA amounted to EUR 1.2 million, and profit was almost EUR 600,000. NDC hit the record level of 40,000, and our cash flow was about EUR 1.2 million. We move on and look at the period for the year. Our revenue has totaled almost EUR 18 million, where EBITDA has been almost EUR 4 million.
Profit is EUR 1 million and NDCs are over 100,000. Cash flow has been a solid EUR 3.5 million. With that we move on to overview of some events. We did return to the live scene. Acroud has previously had live events, but we have now restarted that with The Festival, which is a series of events that will be ongoing. The idea behind this is of course that we are creating a lot of good content to use on our affiliate website. This is gonna be a bridge between offline and online events.
Of course, while we will make money on the actual event, it's also a content generator and a brand builder, and it's the first of its kind where it's a series not only involving poker, but also involving competitive sports betting, roulette, et cetera. We have what we have talked about a lot, which is the Dutch market reopening, and Ruben, who is with me, he will talk about that shortly. We have recently appointed a new CFO and a new CTO.
Roderick has been with us for some time already as head of finance, and I'm really happy to welcome him as CFO. It's gonna be a great addition to my management team. We have with us also Axel, who is gonna be the CTO of affiliates, and he comes with us from GiG before. With this I feel that we have a really strong team going forward. I did want to highlight a little bit about our SaaS segment in this report as well. First of all, now we are not segment reporting BaaS and SaaS separately, but we only report the SaaS segment now.
What we are seeing is it's showing really strong growth, and it's been growing 30% year-on-year, which is really nice. In the SaaS segment, we have our little gem called Voonix. Voonix has been growing really solidly. Voonix is a software that is solving a big problem for a lot of affiliates, which is how to track your revenue. Because if you're an affiliate, you are connected to several hundred different operators that show you the revenue in different ways.
With Voonix software, you can go to one place and connect to all of these operators, and it also has the ability to actually track all kinds of revenue models, which is hybrid models, you can track rev share or CPA only, and this is a one of a kind. What we are seeing is that this software is becoming increasingly popular. It's taking on larger and larger corporations or enterprises.
In its history, it was a lot of small affiliates that's using this, but we are seeing that we're having a lot of our larger affiliates actually now also wanting to use this software, so we're very confident with this. With that, I hand over to Ruben to talk a bit about the Dutch market.
A short but important update on the Dutch market. Since 2013, it's been one of the largest markets for Acroud, and we have always had a strong presence and a local team base with a lot of knowledge. We have adapted our product offering to the new legal framework and are ready to do business with all the operators. So far, Acroud has been continuing building on our strong position in Dutch sites, ensuring the right rankings for the keywords that are important.
We have been partnering up with the largest media house in the Netherlands, ensuring from the get-go a large exposure in traditional media, as well as we have been working on the Dutch affiliate network together with Matching Visions. I would like to touch on our four strategic pillars. One is, of course, affiliate. It's ever more geared towards software-based affiliation services, ensuring high-quality content, SEO and cutting-edge technology delivered to our affiliate assets.
We have the SaaS segment, which is what Robert just explained, our industry-leading data collection and business intelligence service. We have our live events, which started now in September with The Festival, and Acroud is trying to bridge the gap between land-based and digital space. Finally, we have content, and we are diversifying our traffic source with rich content. Through the acquisition of The Gambling Cabin, we are now setting a new standard in the streaming and podcast industry and iGaming.
All right. Now over to some financial details, and this is the first time that I will try and present the financial details myself as we don't have our new CTO with us here. Bear with me if I get anything wrong, it's entirely gonna be my fault. If we look at it on a group level revenue, we say that we have grown significantly over the last year. That's because the addition of the SaaS segment, so we almost hit EUR 6.5 million in revenue.
I think also what is very impressive if you look at this slide is that you can see how much more volume we've managed to build through these acquisitions and through building this. We are now sending almost 40,000 new players through our systems to our partners. If we look how this has been bridged, how did we go from EUR 2.4 million in revenue to almost EUR 6.5 million in revenues? Well, as you can see here, the SaaS segment is a very important milestone for us to add to the company group.
We did increase revenues in poker as well as increase in sports betting revenues. However, we had a decrease in the casino revenues and decrease in some other areas, but still then totaling almost EUR 6.5 million. If we do the same bridge over cost, it's only relevant to do over last quarter as we one year ago didn't have the SaaS segment, right? Last quarter, we had the cost base of EUR 4.7 million, and we can say that the largest increase we have seen is the payout from the SaaS segment.
That is basically Matching Visions, paying out commissions, which means obviously that they have grown. In general, it's not necessarily a bad cost that's increased. What you can see also is that we have our strong cost control, so we have a decrease in personnel cost. What we have also done is increase investment in external investment such as content and link building, et cetera. We have increased some capitalized work, but not much.
Looking at the EBITDA level, I mean, the obvious here is that you can say that the EBITDA level has been decreasing over the last three quarters. This is something that has happened because we are taking aggressive investments to get EBITDA levels back to growth in 2021. We needed to really turn the ship around and keep having the guts to invest heavy in order to really get the explosive growth that we are aiming for next year. Looking at the iGaming segment here, you can see it broken down.
Casino is our largest revenue maker, while poker is a very good second, and then you have sports betting. If you look at the NDC development, it's really nice to say that we actually broke a record, and we reached over 18,000 NDCs in the affiliate segment. If we look how this is split, we say that we have 53% on rev share, and we have 26% on others and 21% on CPA. Obviously NDCs on rev share takes longer time to recuperate. What we see is the more NDCs we build up now on rev share, the revenue will come later, obviously.
The investment is taken now, and the revenue comes later. If we look at it by market, we have 68% in Europe, and we have 21% in North America, and we have 11% from other markets. Looking at EBITDA development in affiliation, you can see the same trend as here. It has been going down while investment's going up. You can also see that the personnel cost has been going down and investment in external other costs have been going up.
This is simply because we need to invest ourselves back to growth. I'm really happy with the progress that we have made so far. I am not at all concerned with these graphs. It's just gonna be a lot more fun next year. In the SaaS segment, you can see that our revenue development remains really strong. Our NDC also remains very strong. Nice solid growth on both sides. You can see the same trend here, is that we have invested in future growth, and we are doing so.
If you watch instead the RGUs in the SaaS segment, you also see that they keep growing, which is very nice. To round things off a little bit, we have a few more slides. The financing and cash flow, we can see that we have been reducing our net debt, or our gross debt, I mean. We are down to EUR 20 million, and this is because obviously we are amortizing our bond, but we have also historically been buying back our bond. Our net debt to adjusted EBITDA is around three and has been stable around three for a while now.
Lastly, just looking at the cash flow development a little bit. As you can see, we have an operating cash flow of EUR 664,000. It is though really important to note here that we had a tax payment of EUR 566,000. That's a one-off payment, whereas five-sixths will be paid back by the Maltese government later. In total, the adjusted cash flow would be EUR 1.2 million, and that gives us a very strong cash conversion of 93%. With that, we do some closing comments.
What we are seeing in the way we work and the way we adapt our organization is that we are moving towards a much more modern organization, which is flexible, talent comes from everywhere, and adjusting to the new normal, very much so. We keep cost efficiency and focus around personnel and office, etc., but we are not scared of investing in our future growth at all. When we do something that is successful, we duplicate success internally.
Of course, since we have done those acquisitions in the past, we are working with synergies and duplicating what works in one company into the other one, and we are seeing good effects from that. Always with shareholder focus, and value for the shareholders in focus. With that, I think we open up for questions and answers. Thank you.
Thank you. Ladies and gentlemen, if you do have an audio question for the speakers, please press zero one on your telephone keypad, and you will enter a queue. Once again, it is zero one on your telephone keypad to register. Our first question comes from the line of Johan Beisset from Nordic Investments. Please go ahead, your line is open.
Yeah, good morning, and thanks for the presentation. I have two questions. One is your own bonds. How many bonds do you hold today, and have you reduced your holdings since last quarter? What are your thoughts about the refinancing?
I do not know by heart how much bonds we own ourselves. I think the outstanding bond to start with was EUR 375 million or something like that. I mean, we have a gross debt of EUR 20 million now. Exactly how many bonds we have in our possession, I have to get back to you with. In terms of refinancing, that's obviously something that we will work on, but not something that I can comment now.
Thank you.
Thank you. Once again, for any questions, it's 01 on your telephone keypad to register. As there are no more questions registered, I hand back to our speakers.
Okay. Well, if there are no more questions, I'd like to thank Ruben for coming by and talking a little bit about the Dutch market, and I hope to see you all again at the Q4 presentation. Thank you very much.
Thank you.