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FinancialResults

Better Collective Q3 revenue up 32%

Better Collective has reported revenue of €59.7m ($61.9m) for the third quarter of 2022, a 32% increase from the prior-year period.

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EBITDA for the period was €14.6m, representing a 7% year-on-year increase, with New Depositing Customers growing 73% to >354,000. Revenue share income was at an all-time high of €25m, a 73% year-on-year rise.

The group noted that Europe and ROW revenue grew 38%, driven by LATAM and media partnerships, while US revenue grew 17%, signalling the seasonally low quarter, the move to revenue share and a decreasing ad spend from the sportsbooks.

Cash flow from operations was up 25% to €13.2m, with Better Collective noting that it signed three new media partnerships in the period with the Chicago Tribune, Boston.com and Sport1 in a bid to bring engaging sports betting content to the publications.

“Q3 delivered strong growth for the group, where we continued our good developments despite the turbulent macroeconomic environment,” said Better Collective Co-Founder & CEO Jesper Søgaard.

“The most exciting trends for the quarter were the move to revenue share in the US, which has been fast forwarded, and the group revenue share income continuing to break all-time highs.”

Better Collective also reported its financial results for the first nine months of 2022, with revenue growing 47% to €183.2m, and EBITDA growing 27% to €49.9m.

Cash flow from operations increased 30% year-on-year to €48.8m, with New Depositing Customers reaching 1.1 million, reflecting growth of 90%.

Søgaard added: “We continue our efforts in building strong sports media brands and communities with reliable and cutting-edge content. Monthly, our sports media and communities are visited by 130 million users, and when including our media partnerships, we monthly reach 260 million sports fans.

“As such we funnel an extensive number of returning sport fans who rely on our news, content, data insights, betting tips and educational tools to place more enlightened bets and enhance their iGaming experience.”

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