Better Collective Q2 revenue increased by 40%

Better Collective Q2 revenue increased by 40%

Better Collective reported revenue of 56 million for the second quarter of 2022, a 40% increase from the prior-year period.

The company’s quarterly earnings were down 3% year-on-year to 12.2m, with an earnings margin of 22%. Cash flow from operations more than doubled year-on-year to 22.50m, while new depositing customers more than doubled year-on-year to 387,000.

Futbin and related domains were acquired by the group for a total price of up to 105m, making it the second- largest acquisition in the period. It established a new media partnership with the Philadelphia Inquirer to deliver engaging sports betting content, data and statistics to the publication’s readership. The partnership with Action Network has 10 million monthly visitors.

The director of investor relations at Danske Bank and SEB was appointed in the quarter, with the executive bringing insight and network in the international capital markets through a long experience from a role as Institutional Equity Sales at both Danske Bank and SEB.

In the first six months of the year, revenue grew by over 50% to 123.4m and earnings increased by over 30% to 35.3m. New depositing customers doubled from 371,000 to 737,000, with cash flow from operations growing 31%.

The Better Collective Co-Founder & CEO said that the second quarter was a productive one. The Europe & RoW Publishing business continued its strong momentum for both revenue and earnings as a result of their geographical diversification.

Our strategy to continue large scale investments in what rapidly has become our largest single market is reflected in the fact that our US business has shown 90% topline growth and a negative EBITDA.

Better Collective has formed a partnership with Boston Globe Media’s Boston.com to provide its readers with betting odds and tips for upcoming games, along with analysis of teams and players, and direct links to sports betting platforms.

It is expected that the partnership will be operational before the end of August.

Boston Globe Media is thrilled to partner with Better Collective to provide Boston.com’s millions of readers with a one-stop resource for all the data and information they crave as some of the world’s most passionate sports fans.

With its award-winning sports coverage, Boston.com offers readers the best in class content, data, and analytics. Boston.com will now serve as a central location for information on the fascinating world of sports betting.

Summary:

The Better Collective reported revenue of 56 million for the second quarter of 2022, a 40% increase from the prior-year period. The earnings were down 3% year-on-year to 12.2 million with an earnings margin of 22%. Cash flow from operations more than doubled year-on-year to 22.5 million, while new depositing customers more than doubled to 387,000.