Better Collective Expects Strong Fourth Quarter and 2022 Results
Better Collective announced an update for its 2022 financial targets after enjoying a record-breaking fourth quarter
Leading developer of educational platforms for the iGaming industry Better Collective, released its unaudited results for the fourth quarter and 2022, reporting strong growth in revenue. The company reported €269.3 million ($290 million) in revenue for 2022. This result marked 52% year-over-year growth and according to the company, 34% of it was organic.
Moreover, Better Collective reported 102% year-over-year growth to €100.3 million ($108 million) in revenue from its US-facing operations. Judging by the latest report, the company’s 2022 EBITDA before special items hit €85.1 million ($91.7 million), representing an increase of 53% when compared to 2021.
Besides strong yearly results, Better Collective enjoyed a strong quarter as well. The new report reveals that the company’s Q4 2022 revenue hit €86.1 million ($92.7 million). This result, when compared to the same period in 2021 marked an increase of 63%. Better Collective explained that 44% of that growth was organic.
On the other hand, Q4 2022 US revenue increased by 71% year-over-year to €33.9 million ($36.5 million). According to Better Collective, for the fourth quarter, EBITDA soared to €35.2 million ($37.9 million). This result marked a significant 115% growth.
Exceptional Growth Boosts 2022 Guidance
In light of the unaudited figures, Better Collective updated its guidance for 2022. Previously, the company expected organic revenue growth of 20% to 30% in 2022. However, per the updated guidance, the organic revenue growth increased to 34%. According to Better Collective, the company enjoyed a record-breaking fourth quarter that was primarily “driven by a strong and broadly based performance combined with an extraordinarily well performing men’s soccer World Cup and a solid launch of regulated sports betting in the US state, Maryland.”
Additionally, the company explained that the 2022 EBITDA before special items was in line with the expected €85 million ($91.5 million). Better Collective said that the “Net debt to EBITDA before special items ended below 3 as guided.” The company outlined that the results confirm that there is less seasonality which opens the path for further growth and long-term partnerships.
Finally Better Collective acknowledged that its US-facing revenue exceeding €100 million ($107.7 million) in 2022 comes after in Q4, the revenue from this segment increased by 71%. What’s more, the company said that the strong US performance comes after in 2021, the revenue for the market soared by 370% when compared to 2020.
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