Better Collective updates 2023 financial targets
The affiliate has upgraded targets based on ‘strong momentum’ and ‘record-breaking’ Q1 figures.
Better Collective has announced new, elevated financial targets for 2023. Though the affiliate is headquartered in Denmark, the company pointed to success within the Americas as part of its reasoning for updating yearly targets.
Media partnerships and sports win margin were also part of Better Collective’s improved Q1 results in 2023. In that report, the company posted a 52.5% rise in net profit, a 44% increase in EBITDA, a 30% increase in revenue and a rise in organic growth of 23%.
Better Collective brands include: global sports betting social network, Bettingexpert.com; US sports betting tip site, Action Network; global CS:GO ranking resource, HLTV.org; US daily fantasy sports site, RotoGrinders; and US sports betting analysis platform, Vegas Insider.
April trading update figures showed 40% growth for the company approaching Q2, while in May Better Collective also continued to exceed company expectations.
The new yearly revenue target for the affiliate has been updated from €305m – €315m (US$333.2m – $344.2m) to €315m – €325m, which indicates a potential for 17-21% year-on-year growth. Q1 already generated revenue of €88m.
Q1 EBITDA totalled €33m and Better Collective has updated its yearly target (before special items) from €95m – €105m to €105m – €115m. This would represent a 24-35% growth from 2022’s results. The net debt to EBITDA target remains unchanged at <2.0.
Better Collective also announced Terrence Gargantini as new Country Director for Brazil earlier this month, with plans to expand the company’s presence within South America.
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