Quarterly EBITDA was down 3% year-on-year to €12.2m, with an EBITDA margin of 22%. Cash flow from operations more than doubled year-on-year to €22.5m, while new depositing customers grew 93% year-on-year to 387,000.
The group made its second-largest acquisition ever in the period, acquiring Futbin and related domains for a total price of up to €105m. It also established a new media partnership with the Philadelphia Inquirer to deliver “engaging sports betting content, data and statistics to the publication’s readership of approx. 10 million monthly visitors,” with the partnership co-branded with Action Network.
Also taking place in the quarter was the appointment of Mikkel Munch-Jacobsgaard as Director of Investor Relations, with the executive bringing “insight and network in the international capital markets through long experience from a role as Institutional Equity Sales at both Danske Bank and SEB.”
For the first six months of 2022, revenue grew by 57% to €123.4m, with EBITDA growing 37% year-on-year to €35.3m. Cash flow from operations grew 31% to €35.6m, with new depositing customers doubling from 371,000 to 737,000.
“Q2 was a productive quarter,” said Better Collective Co-Founder & CEO Jesper Søgaard. “Our geographical diversification really proved its worth as the Europe & RoW Publishing business continued its strong momentum for both revenue and earnings.
“Our US business showed 90% topline growth and a negative EBITDA, which runs in line with our strategy to continue large scale investments in what rapidly has become our largest single market.”
Better Collective has also announced a partnership with Boston Globe Media’s Boston.com, to provide its readers with betting odds and tips for upcoming games, along with analysis of teams and players, and direct links to sports betting platforms.
The partnership will be co-branded with Better Collective subsidiary VegasInsider, and is expected to be operational before the end of August.
Boston Globe Media Chief Commercial Officer Kayvan Salmanpour commented: “We are thrilled to partner with Better Collective to provide Boston.com’s millions of readers with a holistic one-stop resource for all the data and information they crave as some of the world’s most passionate sports fans.
“Boston.com provides readers with the best in class content, data and statistics through its award-winning sports coverage and now will be a hub for information on the exciting world of sports betting.”