Better Collective Reports Robust Q1 Performance amidst Strategic Expansion

Better Collective, a leading sports betting media group, has reported robust performance in the first quarter of 2024, with significant growth in revenue and strategic acquisitions driving the company’s success. The recent acquisition of AceOdds and the following share buyback program further cement Better Collective’s commitment to diversifying its business and future-proofing its operations.

Most Metrics Recorded Substantial Growth

The group’s revenue increased 8% to €95 million ($103.14 million), up from €88 million ($95.54 million) in the first quarter of 2023. Despite a 6% decline in organic growth, this positive trajectory exceeded last year’s extraordinary performance, which included the launch of online sports betting in two US states, opening significant new possibilities.

Recurring revenue saw a 14% rise, reaching €53 million ($57.54 million) and accounting for 56% of total group revenue. This result indicates impressive quality growth, achieved despite a lower sports win margin and a reduction in soccer league games compared to the previous year. Group EBITDA before special items was €29 million ($31.49 million), down from €33 million ($35.83 million) in Q1 2023, as anticipated due to last year’s exceptional performance.

Cash flow from operations before special items was €22 million ($23.89 million), down from €33 million in Q1 2023, with a cash conversion rate of 73%. By the end of Q1, capital reserves were €164 million ($178.05 million), including €61 million in cash, €6 million in other current financial assets, and €97 million in unused credit facilities. The company also reported over 450,000 new depositing customers, with 77% on revenue share contracts.

The Company Bolstered Its Strategic Position

Better Collective recently announced the initiation of a share buyback program, set to run from 22 May 2024 to 3 July 2024. This strategic move, valued at up to €2.4 million ($2.61 million), aims to cover share delivery obligations related to the acquisition of AceOdds. The authorization permits the company to acquire up to 6,289,950 shares of nominally EUR 0.01 each of its share capital until the next annual general meeting in 2025.

Jesper Søgaard, co-founder & CEO of Better Collective, was optimistic about the company’s latest developments. He lauded the team for delivering a stellar Q1 performance and remained confident that Better Collective would maintain its momentum in the following quarters. Søgaard added that the company’s recent initiatives would help diversify revenue streams, helping the organization become a leading digital sports media group.

We had a good start to 2024 with strong revenue performance and growth. Looking forward, I am excited for the summer with many major sports events ahead of us.

Jesper Søgaard, Better Collective co-founder & CEO

A significant event post-Q1 includes the impact of a new Google policy, which affected some of Better Collective’s media partnerships. The company is successfully addressing these changes and has seen improved traffic and rankings for its owned and operated sports media portfolio. Despite such short-term challenges, the company remains well-positioned for continued growth and expansion in the digital sports media landscape.