Better Collective Q1 revenues rise 97% on NDC activity

Better Collective has enjoyed a strong start to 2019 after reporting a first quarter revenue rise of 97%, with total revenue reaching just shy of €15m.

Revenue hit €14.9m, while organic revenue growth in Q1 shot up by 41% from the same period last year. EBITDA rose by 212% to €6.5m.

Better Collective CEO Jesper Søgaard attributed the strong performance to a major increase in new depositing customers (NDCs), with 116,000 registered during the period – a rise of 147%.

Helped by the 2018 acquisition of Ribacka Group, Better Collective also managed to avoid troubles in the re-regulated Swedish market, where other operators and affiliates have faltered during Q1.

“While there have been reports on decreased activity of online gambling generally affecting the sector, the performance of our Swedish business has been satisfactory,” said Søgaard.

“We expect that the market will continue to find a new balance, and in the long run, we expect Sweden to be an important and valuable market for online sports betting,” he added.

Q1 costs excluding special items and amortisations amounted to €8.4m as personnel costs rose to €4.2m after the firm launched new subsidiaries in the UK and Poland. Headcount increased to 268.

While revenue from the UK amounted to approximately a third of total revenue during 2018, Søgaard says dependency on the UK is expected to decline due to recent acquisitions.