Better Collective reports 8% year-over-year revenue growth for Q1 2024
Company announced the acquisition of UK sports betting media company AceOdds after Q1 for €42m.
Better Collective has released the financial results of its first quarter performance for 2024, seeing an 8% growth from the comparable quarter in total revenue after reporting a total of €95m (US$103.1m). Better Collective announced the completion of its Playmaker Capital acquisition, making it the second-largest acquisition to date as well as the post-Q1 purchase of AceOdds, a sports betting media company.
“Thanks to a fantastic team performance, we had a good start to 2024 with strong revenue performance and growth in recurring revenue. Organic revenue was down due to the extraordinary delivery during Q1 last year,” Better Collective Co-Founder and CEO Jesper Søgaard said.
“We continued diversifying our revenue streams to future proof our business while investing in our Adtech platform, AdVantage and AI projects, which will support us in our journey towards becoming the leading digital sports media group. Looking forward, I am excited for the Summer with many major sports events ahead of us.”
While organic growth was down 6% for Q1, Better Collective’s recurring revenue reached €53m, a 14% growth the company cites came mainly from sports win margins being lower than the comparable quarter.
Group EBITDA was down 13%, being reported at €29m, a decrease the company says came from the recent acquisitions as well as the high performance from Q1 2023.
Better Collective also updated its financial targets for 2024 after the acquisition of AceOdds, increasing expected revenue from €390-420m to €395-425m, implying a growth of 21-30%.
EBITDA was also updated, increasing from €125-135m to €130-140m, implying 17-26% of growth from 2023.
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