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Better Collective posts 44% increase in EBITDA for Q1 2023

The company’s revenue grew 30% annually, with organic growth hitting 23% and net profit also up.

better collective 2023 q1
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Better Collective has posted its Q1 report for 2023, which showed that the affiliate made €88m ($95m) in group revenue – with a net profit of €20.9m, up from €13.7m.

Meanwhile, its EBITDA totalled €33m – 44% up on last year, which saw it make €23m. Furthermore, its recurring revenue was 75% higher than in Q1 2022, finishing at €41m.

Better Collective also highlighted its performance post-Q1 2023, with the affiliate stating that it had made €27m in April – indicating 40% growth year-on-year.

Below is a breakdown of Better Collective’s EBITDA performance in 2022 and 2023 so far, which saw it record its second-highest figure during the 15-month period in Q1 2023.

It also stated that it believes the UK Government’s White Paper review of the gambling industry in the country will have a 'zero to limited' financial impact on the group.

Commenting on the results, CEO and Co-Founder Jesper Søgaard stated: “In Q1 we continued last year’s strong momentum. Revenue grew 30%, while operational leverage proved its worth as EBITDA grew 44%.

"In itself, this growth is impressive, yet even more impressive when considering the strong growth, we saw last year. Additionally, last year’s US revenue was positively impacted by one-time payments (CPA), while this year we are continuing the transition towards recurring revenue share.

“At our Capital Markets Day (CMD), it was highlighted that 63% of all NDCs sent during February were on revenue share. I am happy to inform you that this trend has continued. I am especially proud that we yet again delivered a record quarter with the North American market contributing with 19% growth while absorbing the revenue share transition.”

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