Better Collective has reported revenue of €78 million for Q3 2025, a 4% year-on-year decline primarily attributed to a lower sports win margin and regulatory changes in Brazil. The company’s full-year guidance remains unchanged, with management citing solid underlying iGaming business performance despite short-term headwinds.
Recurring revenue totalled €50 million, representing 64% of total revenue and a 5% decline from the same period last year. The company noted that lower revenue share from sportsbook partners, particularly in Brazil, and player-friendly sports outcomes in September reduced overall margins by approximately €10 million compared to Q3 2024.
Revenue share income from North America doubled during the quarter, driven by the ongoing transition from upfront payments to recurring revenue models initiated in 2022. Better Collective stated that the change is creating a stronger long-term foundation for sustainable revenue across regulated markets. Organic growth was supported by Paid Media, Sports Media, and Talent-led Media divisions, contributing roughly €9 million in additional revenue.
Operating costs decreased by 2% year-on-year, reflecting the impact of the company’s €50 million cost-efficiency programme launched in 2024, which delivered approximately €8 million in savings. EBITDA before special items stood at €21 million, down 8% from last year, with an EBITDA margin of 26%. Free cash flow reached €11 million in Q3 and €32 million year-to-date, aligning with the company’s projected full-year range of €55–75 million.
During the quarter, Better Collective secured a new three-year €319 million committed club facility with Nordea and Nykredit, along with an €80 million accordion option, extending its financial flexibility through 2028. The group ended September with €88 million in capital reserves, including €23 million in cash and €65 million in unused credit lines.
In product developments, the company launched Playbook, an AI-powered betting tool designed to integrate betting activity into fan engagement platforms. Additionally, a new content partnership with BetMGM was announced, including sponsorship of Playmaker HQ’s Roommates Show and the launch of No Limit, a new casino-focused series.
Better Collective also completed a €10 million share buyback programme in August and initiated a further €20 million buyback scheduled to run until March 2026. In total, the company has repurchased approximately 2.9% of its outstanding shares this year, with an additional 6% authorised under the latest programme.
Value of Deposits, which tracks the total deposits of referred users, increased 2% year-on-year to €726 million, reflecting steady growth in player quality and engagement. The number of new depositing customers reached 279,000 during the quarter, with 81% on revenue share contracts.
The company said that while the Brazilian market transition and sports results temporarily impacted quarterly performance, its iGaming operations remain well-positioned for recurring revenue growth, particularly in North America.
Jesper Søgaard, Co-founder & Co-CEO of Better Collective, comments: “I’m pleased to see that, when adjusting for the unusually low sports win margin of the quarter, Better Collective is back to organic revenue growth. It’s a clear sign of the strength and resilience of our diversified business model and the solid execution across our organization. The launch of Playbook marks the next evolution of Better Collective as the digital home of sports fans – expanding our focus from customer acquisition to retention. Playbook is already generating millions of bets with our partners, showing strong early traction and user adoption. Thanks to all my colleagues for your hard work, innovation, and commitment to pushing us forward.”
