Better Collective has reported a 40% year-on-year revenue growth for Q1 2020, with its sports vertical performing strongly until the suspension of major sport in mid-March due to the coronavirus pandemic.

Revenue for the first three months until 31 March was up to €20.9m ($22.6m), while organic growth for the affiliate was 21%.

EBITDA before special items rose 32% to €8.6m, while cash flow from operations before special items increased 25% to €9.4m. The end of Q1 saw capital reserves stand at €70.4m.

New depositing customers stayed the same as last year at 116,000, which the affiliate puts down to a significant drop from mid-March, because of the suspension of major sport.

As a result, April revenue dropped 17% to €4.6m, with Q2 performance expected to show "flat to negative revenue growth."

Better Collective also announced its share buyback program for up to €5m, to be carried out between 19 March and 30 June, has €1.6m left to be purchased.

Better Collective CEO Jesper Søgaard said: "In Q1, the business has shown strong performance at record levels up until mid-March.

"COVID-19 has halted most sports events, which will have a significant impact on Q2, but we are adjusting operations accordingly and we stay optimistic normal sports betting activity levels will be restored in the second half of 2020."