Better Collective, the leading developer of educational platforms within the iGaming industry, enjoys a steady business. It is one of several companies in the industry to score record-high revenues in Q1 2022.
Better Collective Kicks 2022 off with Record-High Revenues
Better Collective posted its financial results for the first three months of the year. The figures show that it earned almost $71 million for the quarter. This revenue represents a 74% increase compared to the same period last year and is an all-time record for the company. Profit after tax jumped to $14.4 million, or 65% up from Q1 2021.
Furthermore, the company’s EBITDA experienced a 60% year-on-year increase and was sitting at $22.4 million. Meanwhile, Better Collective’s EBITDA margin dropped by 2% and was 32%. Cash flow from operations decreased and was $13.7 million at the end of the quarter.
Lastly, Better Collective reported a dramatic increase in depositing customers. According to its results, customers now number over 360,000 people. This shows that the company’s active customer base is almost two times higher than in Q1 2021.
Better Collective Is Doing Great in the US
Jesper Søgaard, Better Collective’s founder and chief executive officer, is delighted by the “flying start” of the year. He is glad to see the company’s business grow and attributed the record revenue to the increase in depositing customers and an all-time high gross gaming revenue share accounts.
Although Better Collective’s main market is Europe, the company’s US operations are quickly catching up. Thanks to the unprecedented growth in the US, the developer managed to reap significant financial successes. According to Better Collective’s results, it earned about $31.5 million of its revenues thanks to its activities in the US. This is a whopping five times more than it earned from the region for the same period in 2021.
Better Collective’s US operations were supported by the legalization of mobile sports betting in New York. The state launched its mobile market in January and it quickly proved to be a resounding success. Better Collective was one of the first companies to enter the market, thanks to an agreement with the New York Post.
Better Collective has now begun to consider the US as its biggest market and expects it to reach and maybe even surpass Europe in terms of profitability. To capitalize on its momentum, the company recently acquired Futbin, the biggest esports site for soccer. In April, the company reinforced its team with the addition of Mikkel Munch-Jacorbsgaard as director of investor relations.