Better Collective, a global leader in sports betting media and affiliate marketing, has recently released its financial results for the second quarter of 2024. The company reported a significant 27% year-on-year increase in revenue, reaching €99 million ($110.3 million). This growth reflects the organization’s strategic acquisitions, organic growth, and robust business model, which have positioned it well in a dynamic and competitive market.
Better Collective Reports Strong Q2 2024 Results: Revenue Growth and Strategic Expansion
Revenue Growth Driven by Strategic Acquisitions and Strong Market Performance
The notable 27% rise in revenue during Q2 2024 underscores Better Collective’s success in expanding its market presence and leveraging its recent acquisitions. The company’s recurring revenue also saw a significant increase of 26%, amounting to €62 million. These figures highlight the effectiveness of Better Collective’s diversified strategy, which continues to drive sustainable growth across its portfolio.
A key factor contributing to this growth was the acquisition of the sports betting brand AceOdds in May 2024 for €42 million. This strategic move not only expanded Better Collective’s reach in the sports betting sector but also strengthened its overall market position. The acquisition’s impact is evident in the company’s improved financial performance, as reflected in the latest quarterly results.
EBITDA Performance and Margins: Meeting Expectations Amid Market Changes
Better Collective’s EBITDA for Q2 2024 met company expectations, settling at €29 million, with a margin of 29%. While this represents an 8% decrease in the EBITDA margin compared to Q2 2023, the company had anticipated this slight decline due to the recent acquisitions of Playmaker Capital and Playmaker HQ. These acquisitions, although contributing to a temporary margin contraction, are expected to provide long-term growth opportunities and enhance Better Collective’s competitive edge.
Despite the margin decrease, the company’s ability to meet its EBITDA target reflects the resilience of its business model and its capacity to adapt to changing market conditions. The €4 million increase in revenue compared to the €95 million recorded in Q1 2024 further demonstrates the positive trajectory of Better Collective’s financial performance.
Strategic Share Buyback Programme: A Commitment to Growth and Value Creation
In addition to its solid financial performance, Better Collective has also announced a strategic share buyback programme, set to run from June 2024 to September 2025. This programme is designed to cover future acquisition-related obligations and long-term incentive (LTI) programs. By repurchasing shares, Better Collective aims to enhance shareholder value while maintaining the flexibility to pursue strategic opportunities in the market.
The initiation of this share buyback programme reflects the company’s confidence in its future growth prospects and its commitment to delivering value to its shareholders. This strategic move is aligned with Better Collective’s long-term vision of sustainable growth and market leadership.
CEO’s Commentary: A Strong Quarter Amidst Changing Market Conditions
Jesper Søgaard, Co-Founder and CEO of Better Collective, expressed his satisfaction with the company’s performance in Q2 2024. He emphasized the importance of the team’s collective effort in delivering strong results during a period of changing market conditions. Søgaard noted that the company’s diversified strategy has been instrumental in achieving organic growth, further solidifying Better Collective’s position in the market.
Søgaard’s comments underscore the company’s focus on leveraging its diversified portfolio to navigate market challenges and capitalize on emerging opportunities. As Better Collective continues to expand its global footprint, the company remains committed to innovation, strategic acquisitions, and operational excellence.
Looking Ahead: Better Collective’s Future Growth Prospects
As Better Collective moves forward, the company is well-positioned to continue its growth trajectory. The recent acquisitions and the ongoing share buyback programme are expected to play a crucial role in driving future growth and enhancing the company’s competitive position in the market. With a strong foundation and a clear strategic vision, Better Collective is poised to capitalize on new opportunities and deliver sustained value to its stakeholders.
FAQs About Better Collective Reports Strong Q2 2024 Results: Revenue Growth and Strategic Expansion
1. How much did Better Collective’s revenue grow in Q2 2024?
Better Collective’s revenue increased by 27% year-on-year in Q2 2024, reaching €99 million ($110.3 million).
2. What was the impact of the AceOdds acquisition on Better Collective’s performance?
The acquisition of sports betting brand AceOdds for €42 million in May 2024 contributed to Better Collective’s revenue growth and strengthened its market position. This strategic move was a key factor in the company’s positive financial performance in Q2 2024.
3. How did Better Collective’s EBITDA perform in Q2 2024?
Better Collective’s EBITDA for Q2 2024 was €29 million with a margin of 29%. Although the EBITDA margin decreased by 8% compared to Q2 2023, the company met its expectations, attributing the decline to recent acquisitions.
4. What are the details of Better Collective’s share buyback programme?
Better Collective announced a share buyback programme running from June 2024 to September 2025. The programme aims to cover future acquisition-related obligations and long-term incentive (LTI) programs, enhancing shareholder value and supporting the company’s strategic growth.
5. What did Better Collective’s CEO say about the company’s Q2 2024 performance?
Jesper Søgaard, Co-Founder and CEO of Better Collective, praised the team’s effort in delivering strong Q2 2024 results amidst changing market conditions. He highlighted the success of the company’s diversified strategy in achieving organic growth and solidifying its market position.
6. What were the key financial highlights for Better Collective in Q2 2024?
Key financial highlights include a 27% increase in revenue, a 26% rise in recurring revenue to €62 million, and meeting the EBITDA target of €29 million despite a slight decrease in the EBITDA margin.
7. How does Better Collective plan to use the funds from the share buyback programme?
The funds from the share buyback programme are intended to cover obligations related to future acquisitions and long-term incentive programs, supporting the company’s strategic initiatives and value creation goals.
8. What future growth prospects does Better Collective see?
Better Collective is well-positioned for continued growth through strategic acquisitions, innovation, and market expansion. The company’s diversified strategy and ongoing share buyback programme are expected to drive future growth and enhance its competitive position.
9. How did Better Collective’s revenue in Q2 2024 compare to Q1 2024?
Better Collective’s revenue in Q2 2024 increased by €4 million compared to the €95 million recorded in Q1 2024, indicating a positive upward trend.
10. What factors contributed to the slight decrease in EBITDA margin?
The 8% decrease in the EBITDA margin compared to Q2 2023 was primarily due to the recent acquisitions of Playmaker Capital and Playmaker HQ, which, while causing a temporary margin contraction, are expected to provide long-term growth opportunities.
