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Better Collective reports Q3 2025
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Flash Q3 2025 highlights:
- Revenue of 78 mEUR, impacted negatively by 10 mEUR versus last year due to lower sports win margin following player-friendly results
- Recurring revenue of 50 mEUR, 64% of total revenue
- Revenue share income from the North American market doubled versus last year
- EBITDA before special items of 21 mEUR, 26% margin
- Successful launch of AI betting solution, Playbook, sending millions of bets to partners
- Full-year guidance remains unchanged
Jesper Søgaard, Co-founder & Co-CEO of Better Collective, comments:
“I’m pleased to see that, when adjusting for the unusually low sports win margin of the quarter, Better Collective is back to organic revenue growth. It’s a clear sign of the strength and resilience of our diversified business model and the solid execution across our organization. The launch of Playbook marks the next evolution of Better Collective as the digital home of sports fans – expanding our focus from customer acquisition to retention. Playbook is already generating millions of bets with our partners, showing strong early traction and user adoption. Thanks to all my colleagues for your hard work, innovation, and commitment to pushing us forward.”
Highlights Q3, 2025:
The financial guidance for full-year 2025 remains unchanged.
Revenue decreased by 4% to 78 mEUR, with organic growth reflecting the same development. The performance was in line with expectations when adjusting for the impact of an unusually low sports win margin. The main year-over-year drivers impacting performance during the quarter were as follows:
- Sports win margin: Player-friendly results in September led to a record-low sports win margin for the month, negatively impacting Q3 revenue by approximately 10 mEUR compared to the same period last year.
- The Brazilian market: Revenue share income from the Brazilian market continued to develop ahead of expectations, yet the ongoing regulatory transition had a negative impact of around 4 mEUR.
- Foreign exchange:Â FX movements negatively affected revenue by approximately 2 mEUR during the quarter.
- North American revenue share:Â North American revenue share doubled and thus, increased by 4 mEUR, driven by the substantial unrecognized revenue share accumulated since Q3 2022, when the US transition from upfront payments to recurring revenues began.
- Growth: Underlying business performance was strong, with several areas contributing to solid growth of approximately 9 mEUR. The main drivers were Paid Media, Sports Media, and Talent-led Media.
Recurring revenue declined by 5% YoY to 50 mEUR, primarily driven by lower revenue share stemming from the unfavorable sports win margin and the ongoing regulatory transition in Brazil.
Since Q3 2022, Better Collective has been transitioning towards revenue share agreements in the North American market. While this shift has temporarily impacted reported revenue, it has built a strong foundation for future recurring revenue to be recognized in the coming quarters and years. During Q3, revenue share income in North America began to ramp up, doubling compared to the same period last year. Management expects revenue share income in North America to continue growing steadily, ultimately providing a more stable recurring revenue base, similar to the Group’s established model in the rest of the world.
CPM-based revenues remained flat during the quarter, reflecting market rates returning to normal levels after a weak H1. Better Collective sees early positive impact of several internal initiatives within AdVantage, which are expected to drive incremental growth in the coming quarters.
Costs decreased by 2% year-over-year, remaining broadly in line with Q3 2024. It is important to note the following factors for year-over-year comparison:
- The comparable quarter last year benefited from several one-off cost reductions of around 6 mEUR, including variable pay reversals and more.
- Furthermore, given the strong performance in the Paid Media business, it has increased the spend by 2 mEUR.
- The cost reduction this year reflects the execution of the 50 mEUR cost-efficiency program initiated in 2024, resulting in approximately 8 mEUR in cost reductions.
Following these factors, EBITDA before special items amounted to 21 mEUR, representing a decrease of 8% year-over-year, corresponding to an EBITDA margin before special items of 26%. Profitability was negatively affected by the record-low sports win margin and the ongoing regulatory transition in Brazil.
Free cash flow amounted to 11 mEUR in Q3 and 32 mEUR year-to-date 2025, in line with expectations and the full-year guidance range of 55–75 mEUR.
Cash flow from operations before special items was 35 mEUR with a cash conversion of 168% in Q3 2025. Previously delayed customer payments in Brazil positively impacted the cash flow this quarter.
On 30 September, Better Collective entered into a new three-year committed club facility of 319 mEUR and an 80 mEUR higher accordion option with Nordea and Nykredit. The new club facility is set to expire in October 2028, with an option to extend for one additional year.
By the end of September 2025, capital reserves stood at 88 mEUR, consisting of cash of 23 mEUR and unused bank credit facilities of 65 mEUR.
On September 12th, 2025, Better Collective launched Playbook, an AI-powered betting solution transforming how fans place bets by fitting seamlessly into the way they already engage. Find out more about Playbook in the CEO letter.
On September 16th, 2025, Better Collective announced a content partnership with BetMGM, making BetMGM the presenting sponsor of Playmaker HQ’s “Roommates Show” as well as debuting a new casino show called “No Limit”.
On August 27th, 2025, Better Collective completed its share buyback program, buying back approximately 10 mEUR since May 22nd, 2025. Furthermore, Better Collective’s Board of Directors decided to initiate a buyback of up to 20 mEUR running until March 4th, 2026. So far in 2025, Better Collective has repurchased 978,362 shares in the first buy-back program and 807,900 shares in the second program, equal to approximately 2.9% of the company’s 61,958,870 shares outstanding. Including the newly initiated 20 mEUR program, based on the current share price, this corresponds to approximately 6% of shares outstanding. Furthermore, at the Annual General Meeting earlier in 2025, the company cancelled 1.8% of its share capital.
NDCs developed in line with expectations when excluding the impact of the Brazilian regulatory transition. For the quarter, the total number of NDCs was 279,000, of which 81% were on revenue share contracts. Activity levels remained affected by the situation in Brazil, where the prohibition of welcome bonuses has redirected many new players to offshore sportsbooks. In addition, the conclusion of EURO 2024 in July created a challenging comparison base for the quarter.
Introduced in Q2 2025, Value of Deposits (VoD) measures the total amount deposited by referred users across partner platforms over time. This KPI provides a clear indication of traffic quality and player value. The continued positive development underscores Better Collective’s ability to deliver high-quality traffic, as referred players demonstrate increasing lifetime value – even amid lower NDC volumes. This reflects the Group’s strategic focus on attracting higher-value customers for its partners.
During Q3, Value of Deposits reached 726 mEUR, representing 2% year-over-year growth. This performance shows that the company has effectively offset the impact from the Brazilian regulatory transition and indicates a healthy underlying development of the revenue share base.
The post Better Collective reports Q3 2025 appeared first on European Gaming Industry News.
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HIPTHER’s European Gaming Congress 2025 Marks Record Attendance and Announces Marek Plota as Ambassador of the HIPTHER Warsaw Summit
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The 2025 edition of the European Gaming Congress (EGC) closed its doors in Warsaw with record-breaking attendance, a strengthened industry footprint, and an announcement that marks a new chapter for HIPTHER’s European expansion: in 2026, EGC officially evolves into the HIPTHER Warsaw Summit with renowned legal expert Marek Plota appointed as its first Ambassador.
Held across two content-rich stages – the Compliance & Operations Lad and the TechXperience Stage – alongside the hands-on HIPTHER Academy Workshops, EGC 2025 delivered its most ambitious program to date. Attendance has now tripled compared to its reintroduction in 2023, establishing Warsaw as one of the most dynamic conversation hubs for gaming, compliance, and tech in Europe.
A European Outlook With Global Relevance
The Compliance & Operations Lab brought together regulators, lawyers, and industry specialists for a panoramic review of the evolving European ecosystem. Discussions spanned the Polish market’s legal framework, cross-border compliance from Paris to Berlin, key CEE territories, the Czech Republic and Romania, and an outlook on emerging priorities in the Baltics. Experts also explored global trends with a timely update on several LATAM jurisdictions.
A highlight of the Agenda was the IMGL Masterclass – “Regulators, Legislators, and the Power of One Voice: A Legal Strategy for Industry Unity” – which explored the future of collaborative governance and harmonization.
Fintech, taxation, licensing, and responsible gaming standards added essential layers to a program designed to help operators and suppliers navigate an increasingly interconnected regulatory landscape.
Tech, Innovation, and the Human Factor
On the TechXperience Stage, conversations shifted to the future:
– AI for competitive advantage
– The evolution of esports and startup innovation
– AEO & SEO trends redefining discoverability
– Personalization and the new player journey
– Cyber resilience in iGaming
– Strategic Event Preparation in B2B PR, Marketing & BizDev
These sessions brought together marketing leaders, technologists, founders, and innovators across iGaming, fintech, digital entertainment, and cybersecurity, underlining Warsaw’s emerging status as a cross-industry meeting point in Europe.
A Key Voice: Marek Plota’s Impactful Participation
Throughout the Congress, Marek Plota – Founding Attorney at RM Legal & Gaming in Poland – played a leading role as both moderator and speaker. His contributions spanned Poland’s gambling framework, European lessons for CEE markets, and strategic taxation and licensing standards. He also brought legal depth to the IMGL Masterclass, adding critical clarity to one of the most pressing topics for operators in the region.
Marek’s widely respected presence across national and international gaming markets, combined with his years-long collaboration with HIPTHER as panelist, moderator, sponsor, and advisor, made this year’s Congress a natural moment to formalize the partnership.
Introducing the Ambassador of the HIPTHER Warsaw Summit
HIPTHER is proud to announce Marek Plota as the Ambassador of the HIPTHER Warsaw Summit, beginning with the 2026 edition.
In his own words: “It’s a real honor to serve as an ambassador for the Hipther Warsaw Summit and the European Gaming Congress. My collaboration with Zoltan Tundik and the Hipther team goes back many years as a panelist, moderator, sponsor, and above all, as a friend. These events are truly unique in the global gaming and gambling conference calendar — intimate, insightful, and refreshingly personal. Unlike the vast expos, Hipther events give people a genuine chance to meet, talk, and exchange ideas without walking 50,000 steps from one meeting to another. We are already looking forward to the next editions and to working together to make these conferences a true must-have for everyone in the industry.”
Marek is a founder and a head of the legal team at RM Legal Law Firm and Gaming In Poland, jointly providing multidisciplinary and multijurisdictional support for leading international gambling operators in the Polish, European Union, and African markets. His gambling practice includes regulatory support at the pre and post-licensing stage, IT, and taxation services, as well as the unique service of performing a function of a gambling representative. RM Legal is the only law firm in Poland representing offshore companies operating legally in the Polish gambling market. Apart from gambling Marek specializes in corporate commercial law and international investment projects.
A New Era for Warsaw, Europe, and the Global Market
The transition from EGC to the HIPTHER Warsaw Summit marks a strategic evolution with HIPTHER enhancing the region’s growing importance: Poland now stands as a crossroads of regulatory influence, iGaming innovation, and international market expansion – connecting Western Europe, CEE, and fast-emerging global markets, from Africa to LATAM.
In 2026, the HIPTHER Warsaw Summit will continue shaping the conversations and connections that define the future of gaming and tech.
HIPTHER looks forward to welcoming the industry back to Warsaw next year for an even bigger, more influential, and more globally connected event – assisted by the expertise and vision of its new Ambassador.
The post HIPTHER’s European Gaming Congress 2025 Marks Record Attendance and Announces Marek Plota as Ambassador of the HIPTHER Warsaw Summit appeared first on European Gaming Industry News.
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The Malta Gaming Authority (MGA) has officially recognized Asensi Technologies as a System and Compliance Audit Service Provider, thereby granting the company authorization to conduct technical audits (System Audits) and regulatory compliance reviews (Compliance Audits) on online gaming systems operating under Maltese jurisdiction.
Following a rigorous accreditation process, Asensi Technologies expands its international presence and demonstrates its ability to meet the demands of a sector that is constantly growing and evolving.
“Malta, one of the leading international hubs for the online gaming industry, represents a strategic step in the company’s global expansion,” states Teté Asensi, CEO of the company.
“This recognition is particularly gratifying as it strengthens our position as a specialized laboratory for the evaluation and certification of online gaming systems in a key market such as Malta, and reflects further confidence in our work,” she adds.
Since its accreditation in 2017 by the DirecciĂłn General de OrdenaciĂłn del Juego (DGOJ) as an authorized laboratory in Spain, Asensi Technologies has maintained a strong commitment to technical excellence and regulatory compliance, earning recognition on numerous occasions as one of the best service providers in the sector within the country.
Over the past year, the company has embarked on an international expansion process, achieving official accreditation from MINCETUR to operate in Peru, recognition from the Kahnawake Gaming Commission in Kahnawake, and now this milestone in Malta, where it expects to replicate the positive results already recorded in the three jurisdictions where it currently operates.
CEO Teté Asensi highlights the significance of obtaining these accreditations and international recognition for a company like Asensi Technologies: “We are extremely proud of this new achievement. We are a boutique laboratory undergoing rapid expansion thanks to a highly qualified and committed team capable of offering a close and personalized approach to our clients, accompanying them throughout their processes with tailored solutions that meet their needs. This milestone reflects and acknowledges all our effort and dedication,” she concludes.
The post Asensi Technologies Obtains Accreditation as an Online Gaming Laboratory in Malta appeared first on European Gaming Industry News.
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Max Level, a leading marketing and PR agency built by gamers, has been appointed as the official PR and communications partner for LVL Zero, a first-of-its-kind incubator program spearheaded by ChimeraVC in partnership with MIXI Global Investments and Nazara Technologies. The initiative aims to accelerate the growth of early-stage gaming startups in India through a 100-day structured program combining mentorship, product acceleration and capital access.
LVL Zero offers an equity-free grant pool worth USD 100,000, open to all startups across the gaming ecosystem. Each cohort will see 10 startups receive a USD 10,000 equity-free grant. The program is designed to help startups accelerate product development through targeted mentorship, access to funding opportunities, and connections with publishing networks. Over the next five years, LVL Zero aims to empower more than 100 promising startups to build sustainable businesses and compete globally.
Speaking on the partnership, Krish Anurag, Managing Partner at ChimeraVC and Founding Partner at LVL Zero said: “LVL Zero is our commitment to catalysing the next generation of gaming founders from India and Asia. We’re thrilled to have Max Level on board as our communications partner. Their deep understanding of the gaming ecosystem, narrative expertise, and proven network within the media landscape make them the ideal agency to help us amplify this initiative and the founders who will shape the future of gaming.”
As the PR and communications partner for LVL Zero, Max Level will lead the initiative’s storytelling and thought leadership strategy, spotlighting the success stories emerging from each cohort to highlight the program’s impact on the gaming startup ecosystem. With a proven track record as the communications partner for some of India’s leading gaming and esports brands, including NODWIN Gaming, S8UL Esports, Riot Games, and CyberPowerPC India, Max Level brings deep industry insight, strategic narrative expertise, and an authentic understanding of the gaming community to help LVL Zero achieve its vision and amplify its influence across the region.
Siddharth Nayyar, Co-Founder and Chief Executive Officer at Max Level, added: “LVL Zero is an incredible incubator program for gaming startups in India, and we’re excited to help tell its story. The program is perfectly aligned with our mission to support the growth of India’s gaming and creator economy, and we look forward to driving awareness around the founders, ideas, and innovations emerging from LVL Zero’s cohorts.”
In addition to PR and communications, Max Level provides gaming and esports brands with an array of services, including campaign management, brand building, production, video editing, social media marketing, influencer programs, and consultancy. The agency’s portfolio spans leading names such as NODWIN Gaming, S8UL, Riot Games India and South Asia, CyberPowerPC India, KRAFTON, the Saudi Esports Federation, ESL FACEIT Group, The Esports World Cup, ASUS ROG, Jio Games, TVS, and HyperX, among others.
This partnership marks another milestone in Max Level’s mission to power narratives that elevate India’s gaming, esports, and tech ecosystem globally.
The post Max Level wins PR & Communications mandate for LVL Zero Gaming Incubator appeared first on European Gaming Industry News.
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