Affiliate Better Collective has posted its quarterly revenue figures for Q2 2024, revealing a 27% year-on-year rise in revenue to €99m ($110.3m) with recurring revenue also increasing by 26% to €62m.
Following the acquisition of sports betting brand AceOdds in May for a total sum of €42m, the affiliate released updated financial targets for 2024 – which remain unchanged following these latest Q2 results.
EBITDA met company expectations by settling at €29m during the year’s second quarter, with a margin of 29%. Despite representing an EBITDA margin decrease of 8% compared to results from Q2 2023, the company states that a slight decrease was predicted due to the recent acquisitions of Playmaker Capital and Playmaker HQ.
Revenue also rose by €4m when compared to the figure of €95m recorded in the initial quarter of 2024. Moreover, after recording an EBITDA decrease in Q1 2024, the affiliate organisation will be pleased to have met expectations in the latest quarter.
Additional highlights from the quarter include the announcement of a share buyback programme, which is set to run between June 2024 and September 2025 and has been initiated to cover future acquisition and LTI program-related obligations.
Co-Founder & CEO of Better Collective, Jesper Søgaard, commented: “Thanks to a great team effort, we managed to deliver a strong Q2 in a time of changing market conditions. Our existing business is back to organic growth and I am pleased to see that our diversified strategy has performed as envisioned.”
