Better Collective Expands UK Foothold with €42M AceOdds Acquisition

The digital sports media group, Better Collective, announced it successfully completed the acquisition of AceOdds, a leading UK sports betting media brand. The group confirmed that the acquisition with a price tag of €42 million ($45.5 million) was completed Thursday.

The price tag of the acquisition represents a 4x premium on the last 12 months’ EBITDA. Ultimately, by acquiring AceOdds, Better Collective anticipates further expansion and growth in the UK.

Besides solidifying Better Collective’s position in the country, which is one of the most important markets across the globe and on the Old Continent, the takeover is expected to propel AceOdds’ growth into the international vertical. The brand is expected to grow beyond the UK and become a go-to sports media brand with a far-reaching presence.

Better Collective said that the €42 million ($45.5 million) acquisition will be financed with €40 million ($43.4 million) in cash. The outstanding sum will be settled with Better Collective shares “based on the volume weighted average share price as traded on Nasdaq Copenhagen in the period starting five trading days prior and ending five trading days after closing.”

The Company Upgraded Its 2024 Financial Targets

Considering the acquisition of AceOdds, Better Collective confirmed an upgrade for its 2024 full-year financial targets. The company amended its outlook for the year, implying a 21% to 30% growth in revenue. As a result, the new expectations for Better Collective for the 2024 full-year revenue would be between €395 million ($428.4 million) and €425 million ($460.9 million). Previously, the leading digital sports media group expected revenue between €390 million ($422.9 million) and €420 million ($455.5 million).

Additionally, the company changed its EBITDA financial target for the year. Following the takeover of AceOdds, Better Collective said it expects EBITDA before special items between €130 million ($141 million) and €140 million ($151.8 million) or a growth in the range of 17% to 26%.

“Aligned perfectly with Better Collective’s overarching strategy of acquiring leading sports media brands across various niches, the AceOdds brand fills a crucial gap by offering a vital sports betting affiliation brand in a pivotal growth market for the Better Collective group, along with an app benefiting from hundreds of thousands installs to further increase the reach we can provide our partners.“

Ian Bowden, senior director UK and Ireland at Better Collective

Ian Bowden, Better Collective’s senior director UK and Ireland, revealed that the company is delighted to see the addition of AceOdds to the group. “This strategic acquisition brings us a robust owned and operated sports betting media brand in the UK market, poised for global scalability,” he added. Finally, Bowden said that the acquisition perfectly matches Better Collective’s growth strategy and reaffirms its dedication to providing exceptional services to its growing portfolio of partners.