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Affiliate Monitor Company-by-company Q1 results analysis
Better Collective The big regroup
Despite the considerable disruption surrounding Better Collective’ s profit warning in October and the subsequent shedding of around 300 staff, the company delivered resilient results in a year marked by significant external headwinds, notably from regulatory changes in Brazil, a Google policy update and subdued US market activity.
Group revenue grew 14 % year-on-year for the full year 2024, driven mainly by M & A and strong regional performance in Europe, Canada and esports while further quarter revenue was up 13 %. EBITDA before special items increased 2 % year-onyear to € 113 million, with fourth quarter EBITDA up 14 %, aided by cost efficiencies.
The company’ s key metric of recurring revenue rose 21 % in full year 2024 and 28 % in the fourth quarter alone, which the management team said reflected a growing emphasis on sustainable earnings.
NDCs for the full year came in at 1.8 million with 81 % or 1.5 million on revenue share contracts. Chief executive Jesper Søgaard noted:“ This implies that we have built significant long-term value towards the future.”
WHAT WENT WRONG
The key area accounting for the profit stumble in 2024 was the impact of the new regulations in Brazil, which took full effect on 1 January 2025, presenting both near-term challenges and longterm strategic opportunities.
Full-year 2024 revenue from Brazil exceeded € 70 million or nearly 20 % of group revenue. But the new regulation imposes a 26 % cost on net gaming revenue, and sportsbooks must reregister players.
Søgaard warned:“ We anticipate extraordinary customer churn within our revenue share databases
Chart 2: Better Collective revenue and adjusted EBITDA Q123-Q424(€ m)
120 110 100 90 80 70 60 50 40 30 20 10 0
88.0
33.0
78.1
28.7
75.0
20.0
85.2
29.5
95.0
29.0
99.0
29.0
81.0
22.0
98.2
26.1
Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424
Revenue(€ m) Adj. EBITDA(€ m)
Source: company reports
iGB Affiliate Monitor