Revenue and profit growth for Better Collective in first half
Published 14th August 2019
Revenue for the six months to June 30, 2019 hit €30.7m (£28.5m/$34.3m), up by 79% on €17.2m last year.
New depositing customers stood at 228,000, representing an implied growth of 95% on last year, while sports betting volume was up significantly in the period.
Total costs were up from €11.3m to €17.4m, but with revenue growth so high, Better Collective saw profit for the period hit €7.4m, compared to a loss of €123,000 last year.
Profit before tax jumped from €996,000 to €9.8m, while operating profit was up from €1.2m to €10.6m.
Chief executive Jesper Søgaard cited growth in the US as a major driver behind its finance increase in the first half, highlight the acquisition of Rotogrinders and the purchase of a stake in both Vegasinsider.com and Scoresandodds.com.
“Better Collective has had US-focused products up and running for some time, leading to revenue streams from online sports betting since last year,” he said.
“Building a presence and taking part in this new big market opportunity was boosted by the acquisition of the RotoGrinders Network in Q2, adding strong products and dedicated people with insight into the US market.
“I am confident that we, by way of these acquisitions, have put Better Collective in pole position for a market leading position in the US states where online sports betting will be regulated and available.”
He added: “I am very proud of the growth and development of Better Collective during the past year, and not least our ability to acquire and integrate new companies with fast pace,” he said.
“The idea behind the IPO last year was to establish the foundation for growth as we consider this pivotal for becoming a successful market leader; I believe we have demonstrated that this was the right strategy.”