Better Collective reported revenue of €56 million ($55.5 million) for the second quarter of 2022, a 40% increase over the same period last year.
Quarterly EBITDA was down 3% year on year to €12.2 million, with a 22% EBITDA margin. Cash flow from operations more than doubled year on year to €22.5 million, while new depositing customers increased 93% to 387,000.
During the period, the company made its second-largest acquisition, acquiring Futbin and related domains for up to €105 million. It also formed a new media partnership with the Philadelphia Inquirer to provide “engaging sports betting content, data, and statistics to the publication’s readership of approximately 10 million monthly visitors,” with the partnership being co-branded with Action Network.
Also during the quarter, Mikkel Munch-Jacobsgaard was appointed Director of Investor Relations, bringing “insight and network in the international capital markets through long experience as Institutional Equity Sales at both Danske Bank and SEB.”
Revenue increased by 57% to €123.4m in the first six months of 2022, while EBITDA increased by 37% to €35.3m. Cash flow from operations increased 31% to €35.6 million, with the number of new depositing customers doubling from 371,000 to 737,000.
Better Collective Co-Founder & CEO Jesper Sgaard stated, “Q2 was a productive quarter.” “Our geographic diversification really paid off as the Europe & RoW Publishing business maintained its strong revenue and earnings momentum.”
“Our US business showed 90% topline growth and a negative EBITDA, which is consistent with our strategy of continuing large-scale investments in what is quickly becoming our largest single market.”
Better Collective has also announced a collaboration with Boston Globe Media’s Boston.com to provide its readers with betting odds and tips for upcoming games, as well as team and player analysis and direct links to sports betting platforms.
The collaboration will be co-branded with Better Collective subsidiary VegasInsider and is expected to go live by the end of August.
“We are thrilled to partner with Better Collective to provide Boston.com’s millions of readers with a holistic one-stop resource for all the data and information they crave as some of the world’s most passionate sports fans,” Boston Globe Media Chief Commercial Officer Kayvan Salmanpour said.
“Through its award-winning sports coverage, Boston.com provides readers with best-in-class content, data, and statistics, and now will be a hub for information on the exciting world of sports betting.”