Better Collective revenue falls 13% to $94.1m for Q1 2025
On May 21, 2025, Better Collective announced the initiation of a new buyback of up to $11.3m to be executed before August 26 or until the transaction is completed.
Key Points
- Recurring revenue declined by 8% year-over-year, as revenue share decreased by 13% from the prior year period as a “natural consequence” of the new Brazilian regulation
- The company’s North American business performed in line with expectations during the first quarter of 2025 despite declining by nearly $12.5m from the prior year period
Better Collective has released its financial results from the first quarter of 2025, including a decline in revenue of 13% from the prior year period for a total of $94.1m, with organic growth down an additional 18% year-over-year.
The company’s operations in the newly regulated Brazil market delivered $11.3m in revenue during Q1, with regulatory developments in the market impacting revenue and adjusted EBITDA by 39.8% compared to Q1 2024. Recurring revenue declined by 8% year-over-year, as revenue share decreased by 13% from the prior year period as a “natural consequence” of the new Brazilian regulation.
Better Collective also reportedly experienced higher-than-anticipated player migration and wagering activity in Brazil throughout the first quarter of 2025, meaning lower churn and better player retention for the company.
As a result, efforts are currently focused on expanding brand inventory and strengthening local market presence, as Better Collective stated its Brazilian operations are expected to return to growth by 2026.
“Overall, our Q1 results landed in line with our expectations. As we are now building the ‘New BC,’ we are setting the stage for future growth by focusing on global scalability and streamlining our House of Brands. This marks the beginning of an exciting new chapter for Better Collective. Thanks to all my colleagues for your continued support as we continue navigating market changes,” Better Collective Co-Founder and CEO Jesper Søgaard said.
Good to know: After the AGA reported $1.5bn in wagers were placed in the US for Super Bowl LIX, Better Collective stated that the media company helped bettors place more than 8m wagers on the big game
In North America, business performed in line with expectations during the first quarter according to Better Collective, following an “organizational rebasing” throughout October 2024. North American revenue declined by nearly $12.5m from what had been generated for Q1 2024, with approximately $6.2m of loss attributable to the North Carolina state launch last year.
For the full year 2025, Better Collective maintained its expectations of revenue share for North American operations to contribute approximately $11.3m-$17m of total revenue for the period. As these deferred earnings materialize over time, the North American business is expected to become “progressively more stable, supported by a growing recurring revenue base.”
On May 21, 2025, Better Collective announced the initiation of a new buyback of up to $11.3m to be executed before August 26 or until the transaction is completed.
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