Better Collective reflected increases in all of its key segments, with total revenue, EBITDA and net profit on the increase, with North America also reflecting strong percentage rises for Q1 2023.
Total revenue year-over-year is up 30% to €88m ($94.5m) and, in North America, revenue grew 19% – increasing to €37m.
Operating profit before depreciation and amortization (EBITDA) was up 44% and, in North America, EBITDA rose 27% to €14.6m.
Overall net profit also increased by 34%, up to €20.9m. Earnings per share also rose, from €0.25 to €0.38.
Both Ohio and Massachusetts have legalized regulated sports betting, which was a large factor for the increases across the board.
As the above graph shows, evenue fluctuated throughout the quarters but, annually, there was an undeniable increase of 30% from Q1 2022 to Q1 2023; despite the large dip in Q2 2022, the company brought it back in Q4 with an increase of 54%.
CEO Jesper Søgaard said: “During the Ohio launch in January, our US business did extremely well, and from a regulatory framework and operational perspective it was a perfect state launch.
"The Massachusetts launch in March also generated good activity; however, due to regulatory wavering and the NFL season being over, this was not as strong as Ohio’s.
“As seen in the past quarters, Latin America continued its strong growth trajectory during Q1, and we have strengthened our presence and efforts in the region significantly."
