Better Collective first-quarter revenue up 8% to €95m

Finance News

Better Collective first-quarter group revenue increased by 8% to 95 mEUR (Q1 2023: 88 mEUR) with organic growth down 6%.

The growth was attained despite extraordinary performance last year, which included the launch of online sports betting in two major US states.

These state launches operated on a CPA-based model, resulting in significant one-off upfront revenues. The state launch in North Carolina during this quarter entailed a blend of recurring revenue share and CPA. 

Recurring revenue was 53 mEUR, posting 14% growth, implying higher quality revenue. Recurring revenue makes up 56% of total group revenue.

This was achieved while the sports win margin was lower than last year. Additionally, during Q1, our core revenue share markets (Europe & South America) saw a reduction of over 10% in the number of soccer games in major leagues compared to last year. 

Co-founder & CEO of Better Collective, Jesper Søgaard comments: “Thanks to a fantastic team performance, we had a good start to 2024 with strong revenue performance and growth in recurring revenue. Organic revenue was down due to the extraordinary delivery during Q1 last year. We continued diversifying our revenue streams to future proof our business while investing in our Adtech platform, AdVantage and AI projects, which will support us in our journey towards becoming the leading digital sports media group. Looking forward, I am excited for the Summer with many major sports events ahead of us.”