Leading developer of educational platforms for the iGaming industry Better Collective, released its unaudited results for the fourth quarter and 2022, reporting strong growth in revenue. The company reported €269.3 million ($290 million) in revenue for 2022. This result marked 52% year-over-year growth and according to the company, 34% of it was organic.
Moreover, Better Collective reported 102% year-over-year growth to €100.3 million ($108 million) in revenue from its US-facing operations. Judging by the latest report, the company’s 2022 EBITDA before special items hit €85.1 million ($91.7 million), representing an increase of 53% when compared to 2021.
Besides strong yearly results, Better Collective enjoyed a strong quarter as well. The new report reveals that the company’s Q4 2022 revenue hit €86.1 million ($92.7 million). This result, when compared to the same period in 2021 marked an increase of 63%. Better Collective explained that 44% of that growth was organic.
On the other hand, Q4 2022 US revenue increased by 71% year-over-year to €33.9 million ($36.5 million). According to Better Collective, for the fourth quarter, EBITDA soared to €35.2 million ($37.9 million). This result marked a significant 115% growth.
Exceptional Growth Boosts 2022 Guidance
In light of the unaudited figures, Better Collective updated its guidance for 2022. Previously, the company expected organic revenue growth of 20% to 30% in 2022. However, per the updated guidance, the organic revenue growth increased to 34%. According to Better Collective, the company enjoyed a record-breaking fourth quarter that was primarily “driven by a strong and broadly based performance combined with an extraordinarily well performing men’s soccer World Cup and a solid launch of regulated sports betting in the US state, Maryland.”
Additionally, the company explained that the 2022 EBITDA before special items was in line with the expected €85 million ($91.5 million). Better Collective said that the “Net debt to EBITDA before special items ended below 3 as guided.” The company outlined that the results confirm that there is less seasonality which opens the path for further growth and long-term partnerships.
Finally Better Collective acknowledged that its US-facing revenue exceeding €100 million ($107.7 million) in 2022 comes after in Q4, the revenue from this segment increased by 71%. What’s more, the company said that the strong US performance comes after in 2021, the revenue for the market soared by 370% when compared to 2020.