Better Collective acquires mybettingsites.co.uk
Better Collective has completed an acquisition of the shares of the company owning and operating the site mybettingsites.co.uk for up to 2.2 million GBP (2.4 million EUR).Strengthening Better Collective’s position as sports betting affiliate in the UK market.
Founded in 2015 in the UK, the company has successfully built and run the sports betting site mybettingsite.co.uk, one of the most visited sites in the UK for learning how betting odds work. In 2018, the operation generated revenues of approx 400,000 GBP (440,000 tEUR), with an EBITDA of approx. 300,000 GBP (330,000 tEUR).
Current 2019 run rate is approx. double the 2018 performance. Adding the site to Better Collective’s portfolio is supportive of the overall mission, to educate online bettors and providing transparency. Also, it strengthens the company’s position in the important UK market as well as adding local SEO knowledge that will be leveraged across products in the Group. The founder and CEO, Mr. Ian Bowden, will stay on and join Better Collective, bringing valuable market insight and specialist skills.
Better Collective is already operating several products targeting the UK market, which is a top 3 market in terms of the Group’s revenue generation. Earlier this year, Better Collective established local presence through establishing a UK office and generally, this large and growing betting market remains as one of the key strategic markets.
The purchase price has been agreed to amount up to 2.2 million GBP (2.4 million EUR), of which 1.5 million GBP (1.6 million EUR) will be paid in cash at closing, and shares of Better Collective A/S with an approx. market value of 350,000 GBP (385.000 EUR) to be issued no later than September 16, 2019. The share price of 84.91 SEK has been determined as a weighted average over 10 trading days prior to closing. The remaining 350,000 GBP (385,000 EUR) will be paid in 2020 and 2021 pending certain agreed performance criteria.
Jesper Søgaard, CEO of Better Collective: “We are excited about the acquisition of mybettingsites.co.uk, as it is a well-established site with many visitors in a market that is one of our key strategic markets. The acquisition is not large; however, it fits all our key criteria for integration into the Better Collective Group, and the founder, Mr. Ian Bowden, adds significant competences within UK sports betting, that we believe we can utilize across other assets.”