Better Collective, a digital sports media group, has strategically acquired AceOdds, a sports betting media brand, for a total consideration of €42 million (£36 million/US$45.5 million). This acquisition aims to strengthen Better Collective’s foothold in the UK and aligns with its vision of expanding influence beyond the UK borders.
The transaction, valued at €42 million on a net cash/debt-free basis, was completed by Better Collective to enhance its presence in the UK market. AceOdds, established in 2008, offers a comprehensive range of betting tools, odds comparisons, reviews, and streaming schedules through its web and app platforms. This acquisition will enable Better Collective to leverage AceOdds’s established UK market presence and scale the brand globally.
AceOdds brings significant recurring revenue to Better Collective. The acquisition will help Better Collective expand its global network of sportsbooks into relevant geographies, including the US. Better Collective plans to utilize its SEO competencies to grow AceOdds’s audience and invest in further product enhancements. The AceOdds app will provide valuable zero and first-party data for segmentation and targeting on Better Collective’s AdTech platform, AdVantage.
The purchase price for AceOdds will be financed with €40 million in cash, and the remainder through Better Collective shares. Over the past 12 months, AceOdds achieved operational earnings (EBIT) of approximately €10 million, with the purchase price implying a last 12 months EBITDA multiple of 4x. Better Collective plans to reinvest a portion of this profitability into improving product and user experience, which may moderately reduce short- to mid-term profitability.
Following the acquisition, Better Collective has revised its 2024 full-year financial targets: Revenue upgraded to €395-425 million (previously €390-420 million), implying a growth rate of 21-30%. EBITDA upgraded to €130-140 million (previously €125-135 million), implying a growth rate of 17-26%. Net Debt to EBITDA target remains at <3x.
The acquisition of AceOdds marks a significant milestone for Better Collective, enhancing its UK presence and supporting its broader growth strategy.
Ian Bowden, Senior Director UK & Ireland, Better Collective: “I am thrilled to announce the addition of AceOdds to the Better Collective group. This strategic acquisition brings us a robust owned and operated sports betting media brand in the UK market, poised for global scalability. Aligned perfectly with Better Collective’s overarching strategy of acquiring leading sports media brands across various niches, the AceOdds brand fills a crucial gap by offering a vital sports betting affiliation brand in a pivotal growth market for the Better Collective group, along with an app benefiting from hundreds of thousands installs to further increase the reach we can provide our partners”.
