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“ We continue to build significant deferred revenue share value on top of the reported performance”
FLEMMING PEDERSEN, BETTER COLLECTIVE deals include casino components by default:“ A state where we have been sending sports betting players on revenue share – if that state decides to regulate online casinos, we will also take part in that.”
Casino audience acquisition is also underway.“ Our paid media activities in the US also include acquiring an audience within the casino segment.” Playmaker HQ also produces casinothemed content, reinforcing the affiliate loop.
The company considers casino an embedded strategic aggregate, not a separate business line:“ We really see online casinos as a very complementary product,” said Søgaard. We have activities solely focused on producing online casino content.”
Esports continues to be a highgrowth pillar. HLTV Awards 2024 reached record attendance while esports revenue exceeded € 20 million in 2024, nearly all from advertising and sponsorships.“ Our esports and gaming media portfolio reaches approximately 100 million monthly visits and is a key growth area,” said Søgaard.
GUIDANCE
Revenue for 2025 is now guided to between € 320 million and € 350 million which represents a decline on 2024. EBITDA before special items of € 100 million- € 120 million is in line with 2024. Free cash flow is guided to € 55 million- € 75 million while the target for net debt / EBITDA is below three times.
Explaining the EBITDA guidance, Pedersen said that there were € 20 million of year-on-year headwinds from a strong first half of 2024, including the launch of North Carolina and in Europe the Euro
2024 tournament. There is also the continuing € 35 million- € 50 million impact from Brazilian regulation.
On the plus side, however, the company is expected to benefit from a further € 50 million in cost savings from the efficiency programme to partly offset headwinds, while it expects € 20 million –€ 40 million of EBITDA uplift from growth in esports, Europe and Canada.
Pedersen said organic growth is expected to return in 2026, following Brazil’ s market rebasing. In response, M & A has been deprioritised for now in favour of debt reduction and share buybacks.
The current buyback programme is set at € 10 million, with potential for more later in the year. Søgaard stated:“ We believe this is the right step to take in terms of optimising our capital structure.”
April 2025