Better Collective has reported revenue of €38.8m ($47m) for the first quarter of 2021, an 86% rise from the same period in 2020.

The revenue split was 61% from Publishing and 39% from Paid Media. EBITDA increased 46% to €13.2m, while cash flow from operations increased 70% to €16.1m.

The group highlighted its increase in ownership to 90% of the shares in Mindway AI, and its strengthened position in the Swedish sports betting market through the acquisition of online sports betting media platform Rekatochklart.com for €3.8m.

Better Collective also highlighted notable announcements after the closure of the period, namely reporting record revenue of €13.1m for April, and in May the acquisition of 100% of the shares in The Action Network, Inc. for €198m to gain “clear market leadership within sports betting media in the US.”

“Q1 was another strong quarter for us with significant revenue growth and an increase in the number of New Depositing Customers of more than 50%,” said Jesper Søgaard, Co-Founder & CEO of Better Collective.

“We have continued to strengthen our global market position with the addition of Swedish sports betting media platform, Rekatochklart, and most recently, US sports betting media market leader, Action Network, while also increasing our ownership of Mindway AI to 90% to further expand our initiatives within responsible gambling. We are very pleased with these accomplishments.”