Better Collective has published its annual report for 2024, highlighting a year defined by strategic acquisitions, cost optimisation, and a shift toward long-term profitability driven by recurring revenue.
The Copenhagen and Stockholm-listed iGaming media group reported full-year revenue of €371.5 million, representing a 14% year-on-year increase. Recurring revenue grew by 21% to €230.7 million, accounting for 62% of total revenue. However, organic revenue growth declined by 2% following platform policy changes and transitional shifts in key markets.
EBITDA before special items rose 2% to €113.4 million, with Q4 margin performance improving to 35%—largely due to higher-end revenue delivery and accelerated cost-efficiency measures introduced in Q3. This included a group-wide restructuring that led to the reduction of over 300 roles and operating cost reductions exceeding €50 million.
Better Collective’s acquisition activity remained a central theme throughout the year. The integration of Playmaker Capital and AceOdds strengthened its North American and UK market positions, respectively. The group’s performance marketing operations also received a boost from Google’s decision to delay the phase-out of third-party cookies, offering continuity in tracking and further enabling the development of its in-house AdTech platform, AdVantage.
Despite challenges in North America, where partner activity slowed and revenue recognition shifted to revenue-share models, the group noted growing Customer Lifetime Value (CLV) and expects to recognise €10–15 million in pure revenue-share income from the region in 2025. Better Collective estimates its current CLV database in the US to be worth over €155 million, with €120 million still to be realised.
In Brazil, the company generated €70 million in annualised revenue—19% of group total—prior to the introduction of local gambling regulation on 1 January 2025. With the new 26% tax on GGR and player re-verification requirements, Better Collective anticipates a €35–50 million revenue impact this year. Nonetheless, it has built an on-the-ground team of over 100 employees to navigate Brazil’s regulatory environment and remains optimistic about the long-term potential in the market.
From a balance sheet perspective, equity increased to €685.9 million, while net interest-bearing debt rose slightly to €239 million. Liquidity was bolstered by a renewed €319 million financing agreement and an extended €100 million accordion facility. A new €10 million share buyback was launched following the cancellation of 1.8% of share capital.
Elsewhere, the group’s esports asset HLTV saw continued success. Its annual CS2-focused awards show achieved record engagement, attracting 280,000 peak viewers and 4.3 million total views—an increase of over 250% year-on-year.
Looking ahead, Better Collective remains committed to its updated 2023–2027 financial targets: a 20%+ revenue CAGR and a 35–40% EBITDA margin before special items. Management reiterated a long-term focus on sustainable revenue-share models, operational efficiency, and market-leading technology as it continues to scale its global media footprint within the iGaming sector.
As part of the report, Jens Bager, Chair of Better Collective and Jesper Søgaard, Co-founder & CEO of Better Collective had these words for shareholders:
“As we reflect on 2024, we recognize it as a year of both challenges and resilience. While the first half of the year delivered strong results, the second half brought significant external headwinds, particularly with changes in the digital search landscape, the evolving regulatory environment in Brazil, and shifting dynamics in the US market. However, through our proactive approach and operational discipline, Better Collective remains well-positioned to return to growth and long-term value creation.
“Our vision remains clear: to become the leading digital sports media group. In 2024, we further solidified our position despite facing an evolving market landscape. We made significant strides in audience growth, technology development, and business diversification. Our ability to reach over 450 million monthly visits across our House of Brands is a testament to our efforts to expand our global presence and deliver high-quality sports content.
“A key milestone of the year was the continued integration of Playmaker Capital, which we acquired in early 2024. Playmaker’s strong portfolio of sports media brands, including Futbol Sites, Yardbarker, and The Nation Network, has strengthened our foothold across North and South America. Additionally, despite initial commercial challenges, Playmaker HQ has become a key part of our broader media strategy, particularly in social and podcast-driven sports content for strong partner activations. Lastly, the acquisition of AceOdds has been great in delivering reliable recurring revenue, adding brand value to our UK reach, as well as strengthening our position in one of the most mature sports betting markets globally.
“One of our primary goals has been increasing the share of high-quality recurring revenues. In 2024, recurring revenue grew by 21% to reach 231 mEUR, further enhancing the predictability and sustainability of our revenue streams. Our transition to revenue share agreements in North America continued, aligning us with long-term industry trends that prioritize sustainable revenue over one-time commissions.
“Brazil has been a key driver of our growth over the past 3-4 years, expanding organically from an insignificant revenue contributor to a business generating over 70 mEUR in 2024. The strong cash flow from this growth enabled us to acquire Playmaker Capital, which has further strengthened our market-leading position in South and North America. Through this acquisition, we are well-positioned to support advertisers broadly in enhancing brand awareness and sportsbooks, specifically in acquiring customers throughout the region.
“While the transition of Brazil’s sports betting and iGaming regulation temporarily slowed sportsbook marketing activity, we remain highly optimistic about the long-term potential of a regulated market. 2025 will see a rebasing of the Brazilian business, impacting the recurring revenue share income, however, is expected to grow from 2026 onwards. Encouragingly, all our media inventory in Brazil is fully booked for the launch of the Brazilian market, highlighting the strong demand for our sports media assets.
“To align with shifting market conditions, we took decisive action in 2024 to optimize our cost structure, reducing operational expenses by 50 mEUR. While these measures resulted in a leaner organization, they also ensure that we remain agile and financially resilient.
“Our M&A-driven growth strategy has been a key pillar of our expansion, and we continue to see attractive opportunities in the market. However, in the near term, our focus will shift toward driving organic growth, harvesting synergies across the group, share buybacks, and reducing debt to enhance shareholder value.
“The global iGaming market is still in its youth, with numerous major markets still to regulate online sports betting in the coming years. We are strategically positioned to capitalize on these opportunities, leveraging our Group’s expertise to enter and expand into these markets as they become regulated, thereby increasing our addressable market.
“As we move into 2025, the focus will be on the rebasing of the Brazilian business in a regulatory environment, paving the way for returning to growth in 2026. Despite short-term challenges, the long-term outlook for Better Collective remains strong. We are confident in our ability to continue leading the sports media and betting media industries through innovation, strategic investments, and operational excellence. Our market-leading brands, combined with a robust financial position and a highly skilled team, provide a solid foundation for the future.
“This year has been a tough match, with unexpected hurdles and a demanding playing field. Our team has been the most important player behind every win, overcoming challenges and showing the heart and grit of true champions. The road was not easy—regulatory changes, shifting market dynamics, and other external headwinds tested our endurance—but our team played through the setbacks, adjusted the strategy, and kept their eyes on the goal. Just like in sports, where setbacks can change the course of a game, our team has shown resilience when facing challenges, and we are ready for our comeback!
“We also extend our gratitude to our shareholders, partners, and stakeholders, who have stood by us as loyal supporters in this journey. Your trust and commitment fuel our drive to keep evolving. We are stepping into 2025 with a strengthened game plan, ready to seize opportunities and continue building a business that delivers long-term value for all.”
