US assets fuel 29% growth for Better Collective in Q3
Revenue shot to $51.3m for the third quarter of 2021.
Better Collective has today announced its financial results for the period ending September 30, 2021. The company saw group revenue grow by 148%, reaching $51.3m.
This increase has been attributed, in part, due to a period of growth and acquisitions in the United States. Monthly revenue for the region grew to $10.06m while Q3 revenue for the US increased fivefold, boosted by a high season in US sports and the launch of sports betting in Arizona.
Jesper Søgaard (pictured), Co-founder & CEO of Better Collective, commented: “Q3 was a great quarter closing with an all time high monthly revenue in September.
“This was partially the result of strong performance across all our US assets, including our recent acquisition, Action Network. September was also the beginning of the high season for US sports, which is expected to fully materialize in the Q4 results. ”
Cash flow also grew by 26% during the period, while adjusted EBITDA before special items grew to approximately $15.3m.
Q3 saw Better Collective expand its US influence, acquiring the sports betting media platform Action Network.
Within the company’s financial statement it highlighted the importance of New York’s recent decision to grant nine operators sports betting licenses.
The company added: “Projected to become the single largest online betting market in the US, New York presents a big opportunity for Better Collective and for our operator partners now licensed.”
It is expected that betting will commence in January 2022, in time for the Super Bowl.
Better Collective is a sports betting media group headquartered in Copenhagen and listed on the Nasdaq Stockholm.
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