Better Collective, a leading provider of sports betting content and community platforms, announced its financial results for the third quarter of 2022. The company experienced significant growth in various key metrics, including revenue, EBITDA, and new depositing customers.
Revenue and EBITDA Growth:
During Q3 2022, Better Collective achieved a year-on-year increase in EBITDA, reaching €14.6 million, representing a 7% growth. This positive performance was driven by the company’s focus on revenue share, resulting in an all-time high revenue share income of €25 million, marking a substantial 73% rise compared to the previous year. These results underscore Better Collective’s commitment to sustainable and profitable growth.
New Depositing Customers and User Engagement:
Better Collective experienced remarkable growth in new depositing customers, with a staggering 73% increase to over 354,000. This surge in customer acquisition can be attributed to the company’s efforts to provide engaging sports betting content. By signing three new media partnerships with reputable publications, including the Chicago Tribune, Boston.com, and Sport1, Better Collective aimed to offer compelling sports betting experiences to a broader audience. These partnerships align with the company’s strategy to build strong sports media brands and communities that cater to the needs of millions of sports fans.
Regional Performance:
Better Collective’s revenue growth in Europe and the Rest of the World (ROW) outpaced the overall average, with a notable increase of 38%. This growth was primarily fueled by the company’s successful expansion into the LATAM market and its media partnerships. In the United States, revenue witnessed a 17% increase, which can be attributed to the seasonal nature of the quarter, a shift towards revenue share models, and a decrease in ad spend from sportsbooks. These regional achievements reflect Better Collective’s ability to adapt to different market dynamics and capitalize on emerging opportunities.
Cash Flow and Operational Efficiency:
Better Collective demonstrated robust cash flow from operations, recording a 25% increase to €13.2 million during the quarter. This positive performance underscores the company’s financial strength and operational efficiency. The significant growth in cash flow was supported by Better Collective’s successful business model, which focuses on delivering reliable sports betting content, data insights, and educational tools. By enhancing their offerings, the company aims to provide sport fans with valuable resources to make informed betting decisions and elevate their iGaming experience.
Nine-Month Financial Results:
Better Collective’s strong financial performance extended beyond the third quarter, with revenue growing by an impressive 47% to €183.2 million in the first nine months of 2022. EBITDA also experienced significant growth, increasing by 27% to €49.9 million during the same period. Furthermore, the company achieved a remarkable 90% growth in new depositing customers, reaching 1.1 million. These results reflect Better Collective’s ability to consistently attract and retain a large user base while driving sustainable revenue growth.
Better Collective’s third-quarter financial results for 2022 showcase a period of substantial growth across various key performance indicators. The company’s focus on revenue share, strategic media partnerships, and expansion into new regions has yielded positive results. By providing engaging sports betting content, Better Collective continues to build strong sports media brands and communities, serving millions of users and delivering reliable information and educational resources to enhance their betting experiences. The company’s commitment to sustainable growth positions it as a key player in the ever-evolving sports betting industry.