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.
Compared to 95 million euros in Q1 2024, revenue also increased by 4 million euros. Moreover, after a decline in EBITDA in Q1 2024, the subsidiary organization is pleased to have met expectations in the latest quarter.
Other highlights of this quarter include the announcement of a stock buyback program, to be implemented from June 2024 to September 2025, aimed at covering obligations related to future acquisitions and the LTI plan.
Better Collective co-founder and CEO Jesper Søgaard stated: "Thanks to the collective effort of our team, we have successfully achieved strong Q2 performance amidst the rapidly changing market environment. Our existing business has resumed organic growth, and I am pleased to see our diversified strategy yielding the expected results."
