Digital sports media company Better Collective is poised to take on a range of established and emerging markets in 2024 after a strong financial performance across the board.
Publishing its 2023 financial results, the Danish multinational revealed revenues of €327m (FY2022: €269m) and EBITDA of €110m (FY2022: €85m), marking respective growth rates of 21% and 31%.
This also demonstrated a significant overperformance against revised financial targets laid out in June 2023 of revenue between €315m to €325m and an EBITDA result of €105m to €110m, with operating profits of €80m (FY2022: €70m).
Better Collective has set its sights on becoming the world’s leading digital sports media publisher, and attributed the diverse media portfolio it has accumulated over recent years as the main driving factor behind 2023 growth.
Jesper Søgaard, Group CEO, said: “In 2023, a great team effort across the group secured a prosperous year marked by profitable growth, all while continuing our strategic investments to lay the foundation for the future.
“It brings me great satisfaction to witness the ongoing development of engaging sports content and the expansion of our audiences across our sports media brands, all while consistently providing value to our partners.
“2023 stands out as a year where we made significant progress towards our vision of becoming the leading digital sports media group.”
Notable developments for Better Collective last year saw the company consolidate its position in Latin American sports betting media via a series of acquisitions. With Brazil betting now regulated, this will take on heightened importance for the company.
Significant transactions included the acquisition of Brazilian sports media platform Torcedores.com in September, and perhaps most significantly, the takeover of Playmaker Capital in November which was finalised in February this year.
Paid media operations proved significant to the company last year, with this segment more than doubling its contribution to operating profits from €13.5m to €30m.
Trading faced tougher conditions in Q4 however, with revenues stagnating at €85m and North America – which has also become a core area of interest for the group – seeing EBITDA drop 15% to €30m.
“The North American contractual transition towards revenue share continues at a fast pace,” the group’s FY2023 statement explained. “In terms of NDCs, Better Collective sent 483,000 NDCs during the quarter, with 115,000 sent in the US, where 55% of those were on revenue share contracts. This equals growth in North American revenue share NDCs of 66%.”
Regardless, Better Collective is confident in its future prospects. Søgaard is confident about the group’s 2024 financial outlook.
He said: “I am excited to share our bold 2024 financial targets, expecting revenue of €390m to €420m, implying 19-29% growth, and EBITDA of €125m to €135m, implying 13-22% growth, with net debt to EBITDA to stay below 3x. We will thereby maintain strong operational earnings while confidently continuing our investments in the future.
“All of this could only be achieved with a talented and dedicated group, and therefore I would like to thank all my colleagues at Better Collective for their outstanding efforts. I also welcome our new colleagues who have become part of the Better Collective group during the past year.”
