Better Collective has announced its financial results for the fourth quarter and full year 2024, showing significant growth — despite some challenges in key markets, notably Brazil.
Q4
For Q4, the company reported revenue of €96 million (£79.45m), marking a 13 percent increase compared to the same period in 2023.
Recurring revenue grew by 28 percent, reaching €63 million (£52.14m), driven by strong organic growth and recent acquisitions, including Playmaker Capital and AceOdds.
EBITDA–before special items–was €34 million (£28.14m), a 14 percent increase on 2023, and featured a 35 percent margin for Q4 — ahead of guidance and boosted by “the faster-than-expected implementation of a cost efficiency program”, which featured the loss of 300 jobs, some 15 percent of their workforce, after poor results in Q3.
The program generated a partial effect of €10 million (£8.27m) in Q4 2024, said Better Collective, with one-off savings of some €5 million (£4.13m), contributing to an improved EBITDA of €15 million (£12.41m).
FY24
For Full Year 2024, the Danish-origin affiliate, founded in 2004 by current CEO Jesper Søgaard, reported revenue of €371 million (£307.06m), a 14 percent increase, year-over-year.
Recurring revenue hit €231 million (£191.18m), with EBITDA–before special items–of €113 million (£93.52m), up two percent on 2023, and reflecting a margin of 31 percent.
Better Collective has now projected revenue of between €320m-€350m for FY25 (£264.84m-£289.67m).
Although Brazil revenue totalled some €70 million (£57.93m) in 2024, accounting for 19 percent of total group revenues in the financial year, new regulations–including a local tax on gambling revenue and the reactivation of player accounts–are expected to result in a negative revenue impact of up to €50 million in 2025 (£41.38m).
2026
But despite these challenges, Better Collective remains optimistic about the long-term potential of the Brazilian market, which is expected to return to growth by 2026.
“In just a few years, Brazil and the U.S. have emerged as key growth drivers for our business, now representing more than half of our 2024 Group revenues,” affirmed Søgaard.
“We have strategically leveraged our strong organic and inorganic growth performance to secure leading positions in these growing markets for Better Collective.
“Despite the unforeseen challenges which arose in the second half of 2024 in those markets, our confidence in the long-term potential remains strong. I am pleased with the growth we saw over the year in key areas, including our Europe, Canada, and South American businesses.
“Supported by our exceptional team and our leading House of Brands, we are well-positioned to seize the many opportunities ahead.”
