Leading betting company information, iGaming community, and digital platform developer for betting tips, Better Collective, has announced its Q2 2024 revenue figures, showing a 27% year-over-year increase to 99 million euros ($110.3 million), with recurring revenues also up by 26% to 62 million euros.
Following the acquisition of the sports betting brand AceOdds in May for a total of 42 million euros, the company has released its latest financial targets for 2024—these remain unchanged based on the latest Q2 results.
EBITDA was in line with company expectations, stabilizing at 29 million euros for this quarter, with a profit margin of 29%. Although the EBITDA margin decreased by 8% compared to Q2 2023, the company noted that a slight decline in profit margins was expected due to recent acquisitions of Playmaker Capital and Playmaker HQ.
Revenue also increased by 4 million euros compared to Q1 2024, which was 95 million euros. Additionally, after recording a decline in EBITDA in Q1 2024, the company was pleased to meet expectations in the latest quarter.
Other highlights of the quarter include the announcement of a stock buyback program, which will be implemented from June 2024 to September 2025, aimed at covering obligations related to future acquisitions and the LTI plan.
Better Collective's co-founder and CEO Jesper Søgaard stated: "Thanks to the collective effort of our team, we have successfully achieved strong Q2 performance amidst rapidly changing market conditions. Our existing business has resumed organic growth, and I am pleased to see our diversified strategy yielding the expected results."
