Better Collective Raises Financial Outlook Following Strong Q3 Performance
A prominent sports wagering media enterprise, Better Collective, recently unveiled its Q3 financial performance and adjusted its fiscal projections for the current year. Surpassing its own initial targets, the company now anticipates even more robust expansion in the coming months.
Throughout the third quarter, Better Collective generated €59.7 million ($61.9 million) in revenue. This signifies a substantial 32% surge in comparison to the corresponding period in the preceding year. Looking towards the fourth quarter, the company projects earnings of roughly €86.1 million. Should this materialize, it would represent an impressive 63% rise compared to Q4 2021.
Better Collective also witnessed a 115% year-on-year leap in its earnings before interest, taxes, depreciation, and amortization (EBITDA), reaching €35.2 million for the quarter.
Grounded in these favorable outcomes and its Q4 anticipations, Better Collective has elevated its full-year revenue projection to €269 million, a 52% increase relative to 2021. The company further expects its EBITDA to approach €85.1 million, a 53% year-on-year expansion.
This modified outlook is particularly significant given Better Collective’s preliminary forecast of 20% to 30% organic revenue growth for the year. The company now anticipates a 34% rise.
A primary catalyst for this triumph is the company’s revenue-sharing income, which achieved a record €25 million during the quarter, signifying a 73% year-on-year surge.
Jesper Søgaard, CEO and co-founder of Better Collective, remarked on the results, emphasizing the company’s robust growth despite the volatile macroeconomic environment. He specifically noted the promising trend of the US market transitioning towards revenue-sharing models, a shift that has greatly benefited Better Collective.
This announcement follows Better Collective’s recent purchase of a stake surpassing 5% in its rival, Catena Media.
These major players have established themselves as dominant forces within the online gaming industry. Through numerous acquisitions, they have gained significant control over the rapidly expanding US digital gambling market.
Despite the circumstances, Better Collective remains tight-lipped and refuses to provide further comment.