Better Collective Q1 revenue up 8 percent year-over-year

May 21, 2024 7:18 PM
Photo: Better Collective (courtesy)
  • Mia Doyle, Special to CDC Gaming Reports
May 21, 2024 7:18 PM
  • Mia Doyle, Special to CDC Gaming Reports

Digital sports media group Better Collective reported €95 million ($103 million) in first quarter revenues, up 8 percent year over year. Recurring revenue for the period was also up 14 percent to €53 million ($57.5 million).

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“Thanks to a fantastic team performance, we had a good start to 2024 with strong revenue performance and growth in recurring revenue,” said Jesper Søgaard, co-founder and CEO of Better Collective.

Despite a 13 percent decrease in group EBITDA, performance remained robust. EBITDA reached €29 million ($31.5 million) with a 31 percent margin. First quarter also saw more than 450,000 new depositing customers, 77 percent of whom were acquired through revenue share contracts, thus potentially earning the company more sustainable revenue streams over the future.

After the close of the quarter, Better Collective announced the acquisition of sports betting brand AceOdds for €42 million ($45.6 million), which will supply data for the U.K. market and its AdVantage AdTech platform. After the acquisition, Better Collective updated its 2024 financial targets, increasing revenue and EBITDA by €5 million.

“Looking forward, I am excited for the summer with many major sports events ahead of us,” Søgaard said. Company executives will provide more details and a financial outlook during an earnings call that is scheduled for Wednesday to be covered by CDC Gaming Reports.