Better Collective Sets Ambitious Revenue Growth Targets and Invests in Future Expansion
Better Collective has released its interim report for the final quarter of 2023, showcasing a year of strategic advancement and solid financial performance. The company has notably surpassed its revenue target for 2023, achieving a revenue of €85 million (£72.8 million/US$92.2 million) in Q4 and a total of €327 million for the year, marking a 21% increase from the previous year. This growth is built on a foundation of recurring revenue, which saw a 47% increase, amounting to €189 million.
Despite a 16% decrease in EBITDA before special items to €30 million in Q4, resulting in a 35% margin, Better Collective has successfully met its financial objectives for the year. January saw a 27% decrease in revenue to €27 million, attributed to high benchmarks set by the previous year’s successful launch of sports betting in Ohio.
The full year of 2023 was pivotal for Better Collective, with key achievements including the launch of 10 new products and significant progress in regulatory reforms across several states, aiming for a level playing field in the betting industry. The company’s strategic investments in technology and product development, particularly in the US market, have positioned it for continued growth and competitiveness.
A major highlight was the acquisition of Playmaker Capital for €176 million, a digital sports media group that enhances Better Collective’s footprint in North and South America. This acquisition, closed in early 2024, is expected to significantly contribute to the company’s future growth.
Better Collective also announced a partnership with the National Council on Problem Gambling (NCPG) in the US, emphasizing its commitment to responsible gaming. Additionally, the company’s dual listing on Nasdaq Copenhagen alongside Nasdaq Stockholm in November 2023 marks a significant step in its growth strategy.
Looking ahead to 2024, Better Collective has set ambitious financial targets, aiming for a revenue between €390 million and €420 million and an EBITDA between 125 and €135 million. These targets reflect the company’s confidence in its growth trajectory and its commitment to investing in future expansions, including the development of its AdTech platform and AI projects.
Better Collective’s strategic initiatives, coupled with its focus on sustainable growth and responsible gaming, underscore its leading position in the iGaming industry and its vision for the future.
Co-founder & CEO of Better Collective, Jesper Søgaard comments: “In 2023, a great team effort across the group secured a prosperous year marked by profitable growth, all while continuing our strategic investments to lay the foundation for the future. It brings me great satisfaction to witness the ongoing development of engaging sports content and the expansion of our audiences across our sports media brands, all while consistently providing value to our partners. 2023 stands out as a year where we made significant progress towards our vision of becoming the leading digital sports media group”.
