The first quarter has proven a good one for the company which brought in €88 million ($95.57 million), representing a growth of 30%, and an organic growth of 23%. Recurring revenue stood at €41 million ($44.5 million), the company said, which was a growth of 75.
Better Collective’s Success Continues in Q1 2023
EBITDA before special items were posted at €33 million ($35.82 million), another growth of 44% and April’s trading update already saw the revenue hit €27 million ($29.32 million), or a 40% increase. All of this positions Better Collective in a very good position to continue driving strong performance across the board in its focus markets.
The company reported that new depositing customers reached 488,000 people in the quarter, or a gain of 35%. The New Depositing Customers sent on revenue share contracts were reported as 71% in the company’s update. Better Collective has also been able to complete the share buyback program which originally started in November last year and was finally completed in the first quarter of this year on January 20.
Meanwhile, Better Collective was working hard on securing other prominent milestones, including the signage of its first global media partnership. The company signed with the digital soccer platform Goal and also established a Polish news portal by the name of Wirtualna Polska. The company pursued another media partnership during the quarter, specifically with PUNCH, a leading Nigerian news outlet.
Both Ohio and Massachusetts’ sports betting launches were a good thing from the company’s point of view, as those events added to the number of depositing customers and the potential for future growth and scale. Another share buyback program began on February 21, 2023, and is expected to conclude by April 24, 2023.
Change Towards a Collective of Businesses
Better Collective co-founder & CEO Jesper Søgaard has hailed the impressive results the company posted and spoke about the significance of what has been achieved. In a letter, he spoke at length about the achievements as well as what has led to this.
“A core strength of Better Collective is its ability to employ performance-based marketing when referring new customers to sportsbooks through SEO and CRO expertise to maximize traffic and conversion rates,” Søgaard noted speaking of the technological specifics of what has been achieved on a company level.
He noted that Better Collective can no longer be seen as a business, but an “integrated collective of businesses.” He also spoke about the massive diversification of revenue that has got underway with the bulk of revenue – 85% – generated in Europe only five years ago. In 2022, 40% of all group revenue came from the United States, which was indicative of Better Collective’s broader risk diversification statement.