Better Collective reports 12% increase for North American Q2 revenue

Better Collective has released the company’s financial performance from the second quarter of 2024, including 12% growth year-over-year in North American revenue. The region reported €25.8m ($28.7m) throughout the quarter for a 26% share of total group revenue. 

“North America, comprising the US and Canada, has recently begun regulating sports betting and iGaming in specific states and provinces. Since both markets are relatively new from a regulatory standpoint, the bulk of the revenues thus far have been derived from one-time payments (CPA),” Better Collective stated in its report. 

“However, there is a gradual transition towards revenue sharing. Our North American sports brands include Action Network, Yardbarker, The Nation Network and Playmaker HQ among others.”

In November 2023, Better Collective announced it had acquired Playmaker Capital for €176m, as well as purchasing Playmaker HQ in July of the same year. The two transactions led to an increase in costs reported for the North American group during the second quarter of 2024. 

“This combination of investing in more revenue share partners, plus tilting our new NDCs more toward the partners that have the largest long-term upside for Better Collective, led to a decrease in revenue share earnings versus Q2 2023,” the company said. 

“However, it lays a solid foundation for future growth via long-term recurring revenue share income. Better Collective has been working with revenue share for decades in Europe & RoW and remains confident in this strategy to maximize revenue per NDC and continue to win in North America for the long haul.”

North American costs were reported to be €23.9m for Q2 2024, a 55% increase year-over-year and representing a 34% share of costs between all groups. The group’s EBITDA margin for Q2 2024 was reported to be 0% compared to reaching 32% for the second quarter of 2023. 

In overall revenue, Better Collective reported a 27% year-over-year increase to €99m during the second quarter of 2024, with recurring revenue also increased by 26% to €62m for Q2 2024.

“Thanks to a great team effort, we managed to deliver a strong Q2 in a time of changing market conditions. Our existing business is back to organic growth, and I am pleased to see that our diversified strategy has performed as envisioned,” Better Collective Co-Founder and CEO Jesper Søgaard said. 

Kirk Geller

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