Better Collective sets record €67m revenue for Q1, 2022

The leading sports media group that makes iGaming entertainment engaging and fun, Better Collective, released its financial results for the first quarter of 2022. Today, the company said that its group revenue for the quarter ended March 31, 2022, hit €67.4 million. This result marked a solid 74% growth or 44% organic growth when compared to the €38.8 million in revenue for the same period in 2021.

Additionally, the group's EBITDA before special items in Q1, 2022 hit €23.1 million, marking a 75% increase when compared to the €13.2 million from the same period the prior year. On the other hand, cash flow from operations before special items decreased during the first quarter this year. In Q1, 2021, cash flow from operations before special items was €16.1 million, while for the same period this year it halted at €13.1 million, down 18%.

According to Better Collective's latest report, Q1, 2022 saw an increase in the new depositing customers (NDCs). As a result, for the quarter, NDCs increased by 95% to more than 360,000.

Better Collective explained that key media partnerships boosted its revenue during the first quarter. Moreover, the company's LatAm markets played a key role in Q1, 2022.

In the first quarter this year, the Better Collective's US-facing operation contributed significantly to the revenue. The company's US business delivered 46% of the revenue for the quarter. This marked a five times increase when compared to the revenue from the US business operations during Q1, 2021.

Without any doubt, the launch of the mobile betting market in New York contributed positively to the company's revenue. In fact, since its launch in January, the market in New York broke the previous records set for largest betting handle. Further complementing its growth in the US, Better Collective inked a commercial partnership with the New York Post in January.

During the first quarter, Better Collective also acquired the assets of Canada Sports Betting (CSB). The company explained that it "expects that the Canadian activities will generate revenue in excess of €5 million during the financial year 2022."

In a statement released today, Better Collective's CEO and co-founder, Jesper Søgaard, said: "2022 got off to a flying start with significant growth across business areas. Q1 showed very strong organic growth and a record quarterly revenue of €67 million which was driven by a record intake of new depositing customers and an all-time high gross gaming on revenue share accounts."

Coinciding with the release of its financial results, Better Collective updated its financial targets for 2022. The company outlined that it expects to reach €85 million in EBITDA for the full year 2022, up from the previously set target of €75 million.

Image credit: GlobeNewswire