A prominent sports wagering media conglomerate, Better Collective, announced robust Q1 2024 financial results, achieving €95 million ($103.12 million) in income, representing an 8% year-over-year rise. This expansion was propelled by a 14% surge in consistent income, reaching €53.3 million. Although earnings before interest, taxes, depreciation, and amortization (EBITDA) contracted by 13% to €29 million, the firm stressed that this was anticipated due to an exceptionally strong showing in the corresponding period last year.
Jesper Søgaard, Co-founder and Chief Executive Officer of Better Collective, emphasized the favorable aspects of the quarter, remarking, “Q1 was a solid quarter for Better Collective with 8% top-line expansion to €95 million. Particularly satisfying is the 14% growth in recurring revenue to €53 million, encompassing substantial user-driven revenue from Playmaker Capital, signifying another high-quality quarter.”
He further acknowledged the projected EBITDA decrease, stating, “EBITDA for the quarter reached €29 million, a 13% decline year-on-year, reflecting the anticipated stabilization following an extraordinary performance in the previous year.”
Søgaard also highlighted the strong performance across all regions, particularly in Europe and internationally, which experienced a 20% growth, with 5% being organic. This achievement was attributed to the company’s broadened presence in various markets, driven by both owned and operated channels and strategic media collaborations.
We were extremely pleased with our first quarter results in the North American region, as it represents a crucial area for our business. A solid base has been established there, and we enjoy excellent partnerships with all the industry leaders.”
This favorable trend comes on the heels of Better Collective’s latest purchase of the sports wagering platform AceOdds for €42 million just days ago.
