Affiliate Better Collective has updated its financial targets for the year following the acquisition of sports betting brand AceOdds for €42m ($45.6m).
Better Collective will hope AceOdds’ established presence within the UK market will enable the company to strengthen its brand awareness in the region, while in turn expanding AceOdds’ global footprint outside of the UK. The agreed-upon price of the acquisition implies a previous 12-month EBITDA multiple of 4x.
Following this latest development, Better Collective has re-evaluated its financial targets for the remainder of 2024. Regarding revenue, its new target now sits at €395m – €425m, which implies 21-30% growth when compared to the previous target of €390m – €420m. Updated EBITDA targets have been adjusted at a similar rate.
Over the course of 2023, Better Collective reported revenue growth at a rate of 21%, while adjusted EBITDA grew 31% year-on-year. Despite a positive full-year report, EBITDA fell by 16% in the final quarter of 2023. Better Collective’s Q1 2024 results have not yet been released.
Senior Director UK & Ireland, Better Collective, Ian Bowden, commented on these latest developments, saying: "I am thrilled to announce the addition of AceOdds to the Better Collective group. This strategic acquisition brings us a robust owned and operated sports betting media brand in the UK market, poised for global scalability.
"Aligned perfectly with Better Collective’s overarching strategy of acquiring leading sports media brands across various niches, the AceOdds brand fills a crucial gap by offering a vital sports betting affiliation brand in a pivotal growth market for the Better Collective group.”
