Leading iGaming media outfit Better Collective has reported an impressive 27 percent increase in revenue for its Q2, ending June 30, hitting €99 million (£84.07m).
This growth aligns with the Copenhagen, Denmark-based, company’s updated financial targets following their acquisition of AceOdds, with projections for full-year revenue of between €395 million to €425 million (£335.48m-£360.96m) and EBITDA of €130 million to €140 million (£110.42m-£118.91m).
Recurring revenue reached €62 million (£52.65m), up 26 percent, driven by a strong performance in revenue share income and an above-expected sports win margin.
Better Collective’s recurring revenue now constitutes 62 percent of total group revenue.
While group EBITDA remained flat at €29 million (£24.62m) in the financial quarter, with a 29 percent margin, this was in line with expectations.
Contributions, hitherto limited, from recent acquisitions–such as Playmaker Capital and Playmaker HQ–is expected to grow in the second half of the year.
The increase in costs in North America is attributed to these acquisitions, which came with overhead costs and underperformance — but are anticipated to deliver improved results in H2.
Team Effort
With the successful rollout of AI-driven platform AdVantage across its network, Better Collective also made strides in its technical advancements.
The acquisition of UK sports betting media AceOdds for €43 million (£36.51m) also led to an upgrade in Better Collective’s financial targets for 2024. The integration of AceOdds, benefiting from improved search rankings, has been silky smooth and outperformed expectations.
Despite the impact of Google’s new policy on third-party content, Better Collective’s diversified business strategy has allowed the company to fully mitigate any negative effects, Better Collective argued in its Q2 report.
And The group remains confident in the continued growth of its media partnership business, both in Europe and North America, asserted Jesper Søgaard, Better Collective Co-founder and CEO (pictured above).
Looking ahead, Better Collective is focused on future growth through its share buyback program of up to €20 million (£16.98m) and its re-established financing agreement with major banks, securing a total committed facility of €319 million (£270.92m) with a new €100 million (£84.93m) accordion option.
Said Søgaard: “Thanks to a great team effort, we managed to deliver a strong Q2 in a time of changing market conditions.
“Our existing business is back to organic growth, and I am pleased to see that our diversified strategy has performed as envisioned.”
