Affiliate Better Collective has released its financial figures for the first quarter of 2024, showing revenue growth of 8% year-on-year to €95m ($103.12m). Recurring revenue during the quarter was €53.3m, a rise of 14% from the same period last year.
EBITDA was valued at €29m, which was a decrease of 13% from the figure in Q1 2023, though the company has pointed to last year being particularly strong performance-wise, so it was expected to take a dip.
Profit after tax was €7.6m, down from the €20.9m seen last year.
Better Collective Co-Founder and CEO Jesper Søgaard gave some thoughts on the results, stating: “Despite these circumstances, Q1 marked another strong quarter for Better Collective with revenue increasing by 8% to €95m. It is worth noting that our recurring revenue grew 14% to €53m, now including significant audience-driven revenue from Playmaker Capital, hence signaling another quarter of higher quality. EBITDA for the quarter was €29m, reflecting an expected 13% decrease due to the extraordinary performance last year.
“In Q1, we saw good performance across all markets. Europe & ROW showed outstanding performance with an impressive 20% growth of which 5% was organic. This achievement was fueled by a widespread impact across markets, facilitated by our owned and operated channels alongside strategic media partnerships.
“Turning attention to the North American market, we are delighted with the progress made in Q1. Our commercial position has never been stronger with active partnerships established across all major players in the region.”
Towards the end of last week, Better Collective confirmed the acquisition of sports betting brand AceOdds for €42m.
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