Better Collective A/S

BETCO

Equity

ISIN DK0060952240 / Valor 41903231

NASDAQ Nordic Exchange Stockholm, Equities (2026-09-09)

SEK 118.00-1.01%

Better Collective A/S
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About company

Better Collective A/S, founded in Denmark in 2004 by Jesper Søgaard and Christian Kirk-Rasmussen, has evolved into a prominent digital sports media group. The company has experienced significant growth through strategic acquisitions, aiming to establish itself as the leading entity in the digital sports media sector. With its headquarters in Copenhagen and operations extending through more than 20 offices globally, Better Collective has diversified its business model to include performance-based marketing within the sports betting industry, strategic partnerships, premium subscriptions, advertising, and sponsorship deals. This multifaceted approach allows the company to generate revenue through various streams, including commissions from advertising sportsbooks and fixed fees for customer acquisitions. Better Collective's portfolio encompasses a wide array of sports, from popular leagues like the Premier League and the NFL to more niche competitions, engaging fans through exclusive videos, podcasts, editorial news, and expert commentary. The company's mission is to excite sports fans and foster passionate communities worldwide, leveraging its national and international sports media brands to achieve this goal.

Summarized from source with an LLMView SourceSector: Business Services

Top-line and margin

Revenue: EUR 89.1m (+9% y/y). EBITDA before special items: EUR 26.98m (+20% y/y) and EBITDA margin before special items of 30% (up 2 percentage points vs Q2 2025). Operating profit (EBIT) before special items was EUR 15.7m.

Cash generation and balance sheet

Cash flow from operations before special items: EUR 29.9m (Q2 2025: EUR 18.8m), cash conversion 111%. Cash and unused credit: capital reserves of EUR 80m (cash EUR 25m + unused bank facilities EUR 55m). Net interest‑bearing debt EUR 252.7m (net debt/EBITDA 2.31x).

Regional and product drivers

North America was a primary growth engine: revenue‑share increased 49% (to ~EUR 6m) and North American EBITDA before special items rose from EUR 1m to EUR 6m, lifting the regional margin from 5% to 26%. Growth was also supported by talent‑led media, Paid Media and prediction markets.

Customer KPIs and commercial momentum

Value of Deposits (VoD) reached an all‑time high of EUR 836m (+17% y/y). New Depositing Customers (NDCs) were 373k (+24% y/y; 70% generated via revenue share). CPA revenue grew 11% to EUR 19.5m (North America CPA +50% to EUR 5m).

Costs, investments and cash deployment

Total costs rose 5% to EUR 62.1m, driven by a EUR 3m increase in direct costs tied to tournament and event activity and Paid Media. Staff costs declined. Better Collective completed EUR 8m of share buybacks in Q2 (EUR 14m in H1) and reiterates a board target of EUR 40m annual buybacks.

Regulatory headwinds and impacts

Management flagged regulatory headwinds: an approximately EUR 2m negative impact in the quarter from the UK Remote Gaming Duty increase (21%→40%), and ~EUR 2m from regulatory changes in Brazil; the report also notes a combined expected negative impact on 2026 EBITDA before special items of ~EUR 8m.

Guidance and strategic initiatives

Full‑year 2026 guidance maintained: organic revenue growth 7–12% and EBITDA before special items growth 8–18% (guidance in constant currencies). Strategic moves include AI initiatives (Playbook expansion, AI content tools) and CMS/technology consolidation to scale operations and efficiency.

Summarized from source with an LLMView Source

Key figures

-1.01%1Y

-56.7%3Y

-36.6%5Y

Performance

31.6%1Y

49.5%3Y

47.4%5Y

Volatility