Better Collective Reports Soaring Q2 Earnings and Continued US Expansion

A prominent sports wagering media enterprise, Better Collective, reported an outstanding second quarter, with earnings surging by 64% compared to the previous year, reaching €9.6 million (roughly $10.7 million). This exceptional outcome brought their cumulative revenue for the initial half of 2023 to €30.7 million, a noteworthy 79% surge contrasted with the corresponding period last year.

A primary catalyst for this triumph was the remarkable expansion in fresh depositing clients, which propelled an 18% natural revenue upswing. Basically, a greater number of individuals are enrolling and utilizing their platform than at any time before. This surge in users resulted in a 77% leap in adjusted EBITDA, attaining €6.7 million for the second quarter. Their adjusted operating cash flow also witnessed a substantial boost, reaching $6.6 million, signifying a 77% increase.

Better Collective announced securing a controlling interest (60%) in the RotoGrinders Network for $21 million, with intentions to procure the residual shares over the ensuing years. This calculated maneuver enables them to access the enthusiastic fantasy sports demographic and further reinforce their standing in the U.S. market.

Further solidifying their U.S. presence, Better Collective obtained authorization from the New Jersey Division of Gaming Enforcement to function within the state, unlocking profitable revenue-sharing prospects. They also procured the assets of Florida-based Vegasinsider.com and Scoresandodds.com, two well-known sports betting data websites, for a combined sum of $20 million.

Jesper Søgaard, Chief Executive Officer of Better Collective, conveyed assurance in their U.S. expansion approach, affirming that these acquisitions and alliances have solidly positioned the company within the flourishing U.S. sports wagering sector. He projects the U.S. operations to be the principal growth driver for the foreseeable future.

This favorable momentum is evident in their natural revenue, which has expanded by an impressive 28% year-on-year in the initial six months of 2023. Better Collective is well-situated for sustained triumph as they leverage the expanding global sports betting market.

The firm experienced a substantial 124% increase in its primary profit (EBITDA, less non-recurring expenses), attaining €13 million. This notable accomplishment was reflected in the cash flow derived from its activities (excluding extraordinary items), which soared by 127% to reach €14.1 million.

This triumph is driven by a worldwide growth plan, with fresh locations established in the United States, Great Britain, and Poland. This expanded presence has resulted in a 95% rise in new client acquisitions, totaling 228,000.