The leading digital sports media group, Better Collective, released Thursday its 2022 annual report. The company highlighted strategic achievements and significant growth within regulated markets it has seen last year. At the same time, the new report hinted plans for further expansion and financial targets for the future.
In 2022, Better Collective enjoyed strong growth in EBITDA and revenue, resulting in the breaking of all records. The company said that new market launches, sports events and partnerships helped supercharge that process, resulting in outstanding results.
At the start of 2022, Better Collective acknowledged the launch of the regulated mobile sports betting market in New York. According to the company, competition in the state was fierce which combined with the high taxes created issues for some of the operators.
Still, Better did not rule out the possibility of reducing taxes which, in turn, can result in an increase in the number of New York sportsbooks. Despite the difficulties, the company acknowledged that it has seen significant growth in the state and observed thousands of visits of its sports media brands from sports fans daily.
Besides New York, Better acknowledged the positive impact of the FIFA World Cup near the end of 2022. The sports media company pointed out that the famous soccer tournament in November and December was one of the most successful events in the company’s history.
The Company Enjoys US Growth, Plans to Continue to Invest
Last year proved to be successful for Better’s US-facing operations. Back in 2021, when the company acquired Action Network, it set an ambitious goal to reach $100 million in revenue during 2022. After seeing its financial performance, the company said: “We are very satisfied that we managed to deliver on this.” What’s more, Better pointed out that with strong sports media brands in the US, it now holds a leadership position in the market.
In addition to the growth observed in 2022, the company said that it remains focused on building and investing in its future. Better outlined that last year marked a record for new depositing customers (NDCs) with its partners after reaching 1.7 million. “This bodes well for our future recurring revenue and decreases seasonality,” explained the company.
Besides its achievements in 2022, Better shed some light on its financial targets for the 2023-2027 period. The company planned revenue CAGR growth of 20%, as well as EBITDA margin before special items of 30% to 40%. Finally, Better pointed out that it plans to continue to deliver value for its shareholders on its way to expanding further.