Better Collective Holds Steady According to Q2 2025 Interim Report

Leading digital sports media group, Better Collective, has published its interim report for the second quarter of 2025, showing results in line with expectations, despite revenue declining year-on-year as the group continues to tackle regulatory changes in primary markets.

18% Revenue Drop In Q2 2025

Revenue reached EUR 82 million (USD 95.5 million), signaling an 18% decrease compared to the same quarter in 2024, while organic growth fell 19%. 

At the same time, recurring revenue represented 64% of the total at EUR 52 million (USD 60 million). 

EBITDA before special items was EUR 23 million (USD 26.8 million), corresponding to a 28% margin, while free cash flow reached EUR 13 million (USD 15 million), bringing the year-to-date total to EUR 21 million (USD 24 million).

Co-founder and co-chief executive officer Jesper Søgaard deems the business well-prepared for the remainder of the year.

“The first half of the year was a transition period”, he explained, with drivers like “structural changes in key markets such as Brazil” on top of the list. Now, with the group finally finishing its business restructuring, it is ready to “capture the opportunities of a sports-rich second half of the year”, with preparations for the FIFA World Cup 2026 well underway. 

North America and Brazil Results

Revenue in Brazil was EUR 8 million (USD 9.3 million) lower than last year as a result of the fresh regulatory frameworks in place. However, retention and wagering levels maintained a stronger-than-anticipated trend. 

In North America, revenue was down EUR 8 million in Q2 2025 compared to the same quarter last year, a decline partly explained by currency effects and the fact that Q2 2024 benefited from a one-off lift tied to the North Carolina market launch. On the brighter side, revenue share income in the region grew 7%, reflecting the continued strength of long-term partnerships.

The absence of major football tournaments also weighed on comparisons, with last year’s UEFA EURO and Copa América estimated to have boosted Q2 2024 figures by EUR 5 million (5.8 USD million). On the positive side, Paid Media grew by EUR 4 million (USD 4.4 million), while Esports and the AceOdds acquisition contributed further momentum.

Cost Savings of EUR 50 Million  

The company’s cost efficiency program, launched toward the end of last year, has delivered total annualized savings of EUR 50 million (USD 58 million). Group costs were also effectively cut by EUR 12 million (USD 14 million) in the quarter compared to 2024, with changes noticed mainly in the Publishing segment.

The group’s full-year financial guidance has remained unchanged, with revenue at EUR 320-350 million, EBITDA before special items of EUR 100-120 million, free cash flow of EUR 55-75 million, and net debt to EBITDA below 3x. 

Better Collective has also confirmed plans to launch a new EUR 20 million (USD 23 million) share buyback program once the current program is completed, further reiterating its commitment to disciplined capital allocation.

“We will continue to scale the levers with the highest long-term impact, while maintaining strong control of costs and capital.”, explained Søgaard.