Better Collective Q2 revenue down 4%; June revenue up as sport returns
Better Collective generated revenue of €15.3m($18m) for Q2 2020, a drop of 4% year-on-year.
The sports betting media company attributed the decline to the halt of major sports events from mid-March as a result of the COVID-19 pandemic.
EBITA for Q2 also fell 7% to €6.3m, while cash flow from operations actually increased by 57% to €10.4m.
The number of new depositing customers fell by 36% to 71,000 for the period.
Positive revenue growth returned in June with the return of sports – the month saw a 20% increase in revenue to €6.1m.
For the first half of 2020, Better Collective’s revenue grew by 18% to €36.2m, while EBITA also increased by 12% to €14.9m.
According to the affiliate, financial targets for the year remain unchanged despite the effects of the pandemic on revenue. The company expects full year revenue growth of 15-25% for 2020.
For 2021, Better Collective expects to capitalise on the normal sports schedule in addition to a postponed European Football Championships.
Jesper Søgaard, CEO of Better Collective, said: “We have demonstrated the flexibility to withstand a period of low sports activity.
“I am very proud that we could maintain our financial earning target both for Q2 isolated and the full half year.”
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