It Just Gets Better And Better For Better Collective In Q3
It just gets better and better for super media Affiliate Better Collective as the Nordic-origin company took a massive stride towards overall profit in Q3, reporting a big increase in both revenue and EBITDA.
Revenue in the quarter, ending September 30, was up 26 percent, year-on-year, to €75 million (£65.62m); while EBITDA grew 35 percent. Net gaming revenue grew 41 percent, compared to Q3 2022, reaching €43.2 million (£37.8m).
In specific markets, revenue in Mexico was €18.8 million (£16.45m), a 63 percent year-on-year increase, and Spanish revenue rose 27 percent to €18.9 million (£16.53m).
Although the company reported a net loss of €1.8 million (£1.57m) for the quarter–a massive improvement on the net loss of €11.6 million (£10.15m) in Q3 2022–, Better Collective remains strongly on track to achieve positive Adjusted EBITDA and cash flow next year.
And the company, co-founded by CEO Jesper Søgaard in Denmark in 2004, is now pushing ahead with listing on the Copenhagen Nasdaq later this month.
Better Collective is maintaining an ambitious programme of expansion and acquisition, which featured buying Playmaker Capital in Q3, strengthening its position in South America and enhancing its presence in North America.
The company has launched a share buyback program and formed partnerships with Mindway AI and the German Sports Betting Association to promote Responsible Gambling.
“In Q3 we saw continued strong performance across the group working towards sustainable future growth for Better Collective,” underlined CEO Søgaard.
“I am especially pleased to see that the transition into recurring revenue with our North American partners is moving faster than expected, which will provide strong value in the long run.
“Throughout the quarter we continued our global expansion acquiring leading national sports media across four markets and following the close of Q3 we made a transformational acquisition of Playmaker Capital that will further accelerate our journey towards becoming the leading digital sports media group.
“I am pleased to see that the entire team at Better Collective continues to execute strongly on our strategy,” said Søgaard.