Better Collective has posted a 27% increase in revenue to 99 mEUR of which 5% was organic growth. The growth comes on top of extraordinary performance last year with 37% growth of which 29% was organic growth during Q2.

Recurring revenue was 62 mEUR, up 26% implying higher quality revenue. Recurring revenue makes up 62% of total group revenue. The recurring revenue growth comes from a good development in revenue share income, an above expected sports win margin, as well as acquisitions adding recurring advertising revenue. During the quarter, there was a boost in June due to the European Championship. However, with clubs taking an earlier break ahead of the tournament and the 2022 World Cup shifting games into early 2023, more than 20% fewer matches were played in major European leagues during Q2 2024.

Group EBITDA before special items was 29 mEUR, with a margin of 29%. This is as expected given the recent acquisitions of Playmaker Capital and Playmaker HQ with limited near-term contribution. Furthermore, there has been an increase in investments into building out adtech competencies and sales competencies for AdVantage as well as other AI investments. This compares to EBITDA growth of 135% and a margin of 37% last year, aided by the extraordinary performance from North America including heavy upfront payments both for CPA and hybrid contracts. The sports win margin was above expectations for Q2 this year, just like last year.

The increase in costs in North America stems from the acquisitions of Playmaker Capital and Playmaker HQ. Playmaker Capital is known for its backend loaded seasonality, hence the EBITDA contribution during the first half has expectedly been low. The margin contribution will increase during the second half of the year. Further, the acquisition came with overhead costs in Canada, all of which has been incorporated in the North American cost base. Additionally, the Playmaker HQ acquisition came with additional costs as well as underperformance. Excluding the two acquisitions, costs are down versus last year for North America.

Co-founder & CEO of Better Collective, Jesper Søgaard comments: “Thanks to a great team effort, we managed to deliver a strong Q2 in a time of changing market conditions. Our existing business is back to organic growth, and I am pleased to see that our diversified strategy has performed as envisioned”.