The Danish sports betting group will secure the outstanding 40% of shares in Nashville-based network RotoGrinders for the sum of €33m ($38m), to be delivered no later than 31 December 2021. Of the sum, €22m will be paid in cash while the further €11m can be paid in either cash or shares.

With this move, Better Collective will have acquired RotoGrinders for a total of €55m, equivalent to 7.5 times the company’s expected EBITDA for 2021. However, the final purchase price of the outstanding shares is still dependent on RotoGrinders’ full-year financial performance.

“Joining Better Collective a few years back helped us fully unlock the potential of the RotoGrinders Network. We’re proud to announce that our significant growth has led to an accelerated acquisition and that our team of 50+ will be fully integrated into Better Collective US going forward,” said Cal Spears, RotoGrinders’ CEO.

“All seven of the original RotoGrinders Network shareholders and co-founders are now assuming full time or advisory roles. Better Collective is perfectly positioned for US growth, and we’re excited to help realise its potential.”

RotoGrinders, a sports betting and daily fantasy sports business, was founded in 2010, and has grown significantly over the past decade. This prompted Better Collective to acquire its initial 60% stake in the company, which has only increased its rate of growth ever since.

RotoGrinders’ revenue for 2021 is more than double that of 2019, while its EBITDA is 4.4 times higher, increasing at a compound annual growth rate of 109%. As a result, the Danish media group has made the decision to buy 100% of RotoGrinders’ shares earlier than expected.

Marc Pedersen, the CEO of Better Collective US, commented: “We are pleased to settle the full acquisition of the RotoGrinders Network earlier than originally planned. Since the initial acquisition, we have been impressed with the RotoGrinders team and we are excited to now welcome them to the broader Better Collective family and pursue all synergies to the fullest.”