Better Collective revenue up 93%
Better Collective, the online gaming industry educational platform developer, grew its revenue 93% year-on-year to €9.7m ($11.4m) in Q2 .
Acquisitions and the Fifa World Cup helped to buoy the Swedish-based company’s results, as it begins to turn its focus to the US market.
EBITA before special items, such as IPO-cost and M&A cost, increased 90% to €3.8m.
Cash flow from operations before special items grew 70%, reaching €3.7m.
The half-year results were similarly positive, with revenue growing 68% to €17.2m, EBITA increasing before special items by 30% to €5.9m, and cash flow improving by 72% before special items to €6.2m.
Better Collective’s results were also bolstered by the fact that there were 66,000 new depositing customers during Q2, a new company record.
However, acquisitions including Danish affiliate SpilXperten and Austrian-based Bola Webinformation GmbH for a combined transactional value of over €42m, of which €33m was paid upon closing, meant cash flow actually declined 29% year-over-year to €1.6m in Q2 2018.
Jesper Søgaard, CEO of Better Collective, said: “Q2 2018 not only turned out to be the best performing quarter in the company’s history. It also saw Better Collective’s entry on the Nasdaq Stockholm stock exchange, our largest M&A deal to date, and a breakthrough in sports betting legislation in the US.”
Better Collective was listed on the Nasdaq Stockholm main market in June, completing an IPO predominantly through the sale of newly-issued shares.
The IPO is said to have brought in “net cash proceeds to the company of approximately €65m net of cash settlement of employee warrants of €2.4m.”
The strong financial results have also ensured the company’s focus remains on expansion, through acquisitions and strengthening its position in regulated markets where it already has a presence.
Søgaard added: “We have reached a size and a financial platform where we can take the company to the next level and reinforce our position as the leading sports betting affiliate. We will do so by still pursuing growth in the markets where we are established, but also explore the new opportunities that have opened in the US.”
Better Collective has already begun to increase its presence in the US with the creation of an American facing platform in May; Bookies.com.
The company has also secured €40m through arrangement with Nordea bank and Danske Adelskasssers bank to help further their expansion aims.
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