Better Collective, a prominent player in the iGaming industry, has released its quarterly report showcasing significant developments in revenue, acquisitions, and strategic partnerships.
Financial Performance:
In the latest quarter, Better Collective witnessed a slight dip in Quarterly EBITDA, down by 3% year-on-year to €12.2 million. However, the EBITDA margin remained steady at 22%. Despite this, cash flow from operations more than doubled, soaring to €22.5 million. A notable surge in new depositing customers, growing by an impressive 93% year-on-year to reach 387,000, underscores the company’s growing market reach and customer base.
Acquisitions:
A significant highlight of the period was Better Collective’s strategic acquisition of Futbin and related domains, marking its second-largest acquisition ever, with a total price tag of up to €105 million. This acquisition underscores Better Collective’s commitment to expanding its portfolio and enhancing its market position.
Strategic Partnerships:
Better Collective forged a new media partnership with the Philadelphia Inquirer, aimed at delivering engaging sports betting content, data, and statistics to the publication’s vast readership of approximately 10 million monthly visitors. Additionally, a partnership with Boston Globe Media’s Boston.com further solidifies Better Collective’s foothold in the US market, providing readers with comprehensive betting odds, tips, and analysis.
Executive Appointment:
The appointment of Mikkel Munch-Jacobsgaard as Director of Investor Relations brings extensive experience and insights from his tenure at Danske Bank and SEB. This strategic addition is poised to strengthen Better Collective’s engagement with international capital markets, reflecting its commitment to transparent communication and investor relations.
Financial Overview (First Six Months of 2022):
In the first half of 2022, Better Collective demonstrated robust financial performance, with revenue surging by 57% to €123.4 million. EBITDA also witnessed significant growth, climbing 37% year-on-year to €35.3 million. Moreover, cash flow from operations increased by 31%, reaching €35.6 million. The doubling of new depositing customers further accentuates Better Collective’s momentum and market expansion efforts.
CEO Commentary:
Jesper Søgaard, Co-Founder & CEO of Better Collective, highlighted the productivity of the second quarter, emphasizing the strong performance of the Europe & RoW Publishing business and the rapid growth in the US market. Søgaard reiterated the company’s strategic focus on large-scale investments in the US, recognizing it as their largest single market.
Better Collective’s quarterly report underscores its continued growth trajectory, propelled by strategic acquisitions, partnerships, and robust financial performance. With a steadfast focus on expanding its global footprint and enhancing its product offerings, Better Collective remains poised for sustained success in the dynamic iGaming industry.