Better Collective has released its Q2 report which states that the company’s revenue has increased by 40% YoY. According to the report, revenue reached €56 million ($55.6 million). Organic revenue growth was 22% and the revenue share income reached a record-breaking number – €22 million ($21.85 million).
New Depositing Customers Increased by Whopping 93%
In the second quarter of 2022, the number of new depositing customers (NDCs) was over 387,000, which is a 93% increase YoY. Cash flow from operations before special items increased by more than twice YoY as it reached €22.5 million ($22.3 million). Compared to Q2 in 2021, the cash flow was €11.1 million ($11 million).
Quarterly EBITDA decreased by 3% YoY as it reached €12.2 million ($12.1 million). The EBITDA margin before special items was 22%. Paid Media was 12% and publishing was 26%.
Several developments led to the company’s fantastic Q2 results. First, Better Collective acquired FUTBIN for a price of €105 million ($104.2 million). As a way to deliver new and unique sports betting content, Better Collective also signed deal with the Philadelphia Inquirer.
Just before the launch of the regulated online gambling market in Ontario in April, Better Collective acquired Canada Sports Betting. It also signed partnership with the Chicago Tribune. Finally, the company was ranked first at EGR Power Affiliate 2022, marking the 5th consecutive year where Better Collective achieved this milestone.
Jesper Søgaard, Better Collective’s CEO and co-founder shared a few thoughts on the quarter. He said that the period was extremely productive. He praised the company’s growth in the US as this branch recorded a 90% growth and negative EBITDA.
Better Collective Signed a Partnership With Boston.com
The second quarter of 2022 followed up on the success of Q1 and Better Collective showed that it does not plan on stopping. Most recently, the company partnered with Boston.com.
Thanks to this partnership, the readers at Boston.com will be provided with betting odds and useful tips on upcoming games, as well as a team and player analysis. To make the process of sports betting simpler, Better Collective will also place direct links to sports betting platforms.
VegasInsider, a Better Collective subsidiary, will co-brand the partnership, which is set to be operational before the end of August, just in time for the start of the NFL season.
Kayvan Salmanpour, Boston Globe Media’s CCO, stated that Boston.com is thrilled to partner with Better Collective and provide millions of readers with unique and engaging content. He added that Boston.com’s award-winning sports coverage will now be boosted with extra information from the world of sports betting.
Marc Pedersen, Better Collective US CEO and SVP, also commented on the partnership. He stated that Boston is the home to many sports teams and a huge number of “enthusiastic fans.”
He also added that Better Collective expects Massachusetts to become one of the biggest sports betting markets in the country and Better Collective is happy to provide fans in this region with information that will help them learn more about their favorite sports.