Better Collective welcomes first US revenues
Published 23rd November 2018
Better Collective welcomed its first revenue from the US as it experienced a surge in revenues and earnings in Q3.
The affiliate marketing group, which includes BettingExpert, saw Q3 revenue grow by 68% to €11.1m, up from €6.6m last year. Of that organic revenue grew by 15%.
During the quarter Better Collective finalised the acquisition of Austrian sports betting affiliate Bola Webinformation, strengthening its position in German-speaking markets. It also acquired Thessaloniki-based affiliate WBS and Malta-based KAPA, giving it a market-leading position in Greece.
Q3 EBITA before special items increased 69% to €4.8m. The EBITA-margin before special items increased from 40% in Q2 to 43%.
Cash Flow from operations before special items was €3.5m, an increase of 11%. The cash conversion rate adjusted for special items was 71%. The cash flow was negatively impacted from increased working capital in the quarter.
New depositing customers (NDCs) exceeded 67,000 in the quarter, which was up by 102%.
On July 31, 2018, the leading Greek sports betting affiliate was taken over, at a price of up to €4.4m, net of cash and working capital adjustment.
Jesper Søgaard, CEO of Better Collective, said: “In Q3, we continued to recognise significant and profitable growth, where we, once again, managed to increase the operational earnings-margin, while at the same time launching a number of new US focused products. We are also very pleased with the significant growth in NDCs (new depositing customers) and with the first revenue streams coming from the US”.
In the first nine months of 2018, revenue grew by 68% to €28.3m, with EBITA increasing 45% to €10.7m.