Better Collective sees US business drive 148% revenue growth in Q3 2021
Better Collective saw group revenue grow by 148% year-on-year in the third quarter of 2021, climbing to €45.4m ($51.3m).
September’s revenue reached an all-time monthly high at €20.3m, helping to mitigate low sports margin wins in July and August to round out a mostly strong quarter. According to Better Collective, its sports margin wins were negatively impacted by stiff competition from larger operators accelerating their marketing campaigns.
Better Collective’s impressive showing in September was supported by a solid performance from its American business segments, with monthly revenue from this area jumping to €8.9m, Meanwhile, US third-quarter revenue as a whole experienced more than fivefold growth year-on-year.
The company credited this bump to September colliding with the start of the high season for US sports, as well as Arizona opening up to online sports betting. Further driving its US performance was the recent acquisition of Action Network, a sports betting media platform.
“Q3 was a great quarter closing with an all-time high monthly revenue in September. This was partially the result of strong performance across all our US assets, including our recent acquisition, Action Network,” said Jesper Søgaard, Better Collective’s Co-founder and CEO.
“September was also the beginning of the high season for US sports, which is expected to fully materialise in the Q4 results.”
In Germany, a long-awaited gambling regulation came into force on 1 July, with market development meeting Better Collective’s exepctations. As a result, revenue in September was on par with the monthly average for the first half of the year.
Elsewhere in Europe, Better Collective expanded into the newly regulated Dutch online gambling market with the acquisition of Soccernews.nl and Voetbalwedden.net. Combined, these two sites have more than 2.5 million monthly visitors and revenue from Better Collective Netherlands is expected to exceed €3m in the first full fiscal year of 2022.
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