Better Collective posts record revenue of €45.4m for Q3

Better Collective has posted a 148% year-on-year (YoY) rise in revenue for Q3 2021 as its US operations continue to drive the business. The affiliate recorded a quarterly revenue of €45.4m, up from the €18.3m posted in Q3 2020 with an organic revenue growth of 29%. The group’s US businesses delivered a 463% YoY revenue rise from €2.6m in Q3 2020 to €14.4m in Q3 2021 thanks in part to the $240m acquisition of Action Network in May 2021. Better Collective also operates the VegasInsider, Scores&Odds and RotoGrinders sites in the US. Elsewhere, the rest of the world business segment posted a 97% YoY rise from €15.7m in Q3 2020 to €31m in Q3 2021. Breaking down the firm’s revenue into its publishing and paid media arms, the former returned €31.3m while paid media posted €14.1m. Better Collective also recorded a YoY increase of 63% in EBITDA with the figure jumping from €8.3m in Q3 2020 to €13.6m in Q3 2021. The Danish affiliate noted there were more than 200,000 new depositing customers during the quarter, representing an implied 110% YoY growth and a new quarterly record. Speaking on the results, Better Collective CEO Jesper Søgaard reflected on a positive three months and looked forward to returns from future markets. Søgaard said: “We are very satisfied with the development in the quarter, even though sports win margins have worked against us short term partly due to our own success in sending new customers at a much larger scale than ever before. The US business, which is one of our core growth drivers, performed strongly with revenue for September. The US business outperformed our expectations both in terms of NDCs and revenue,” he added. Søgaard touched on the New York sports betting market and what the future holds for the firm in the Netherlands. He said: “I am excited about the upcoming sports betting regulation in the state of New York which we expect will become the largest sports betting market in the US. Even with the significant tax burden of 51%, we expect a competitive marketplace with the opportunity for Better Collective to generate significant revenues.” Better Collective acquired two Dutch affiliates in September in the shape of Soccernews.nl and Voetbalwedden.net which Søgaard said would give the company a “strong position” in the country. He added: “The revenue in Better Collective Netherlands is expected to exceed €3m in the first full fiscal year of 2022, and I see great potential for high growth.”