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Better Collective increases organic revenue by 29 percent; strong growth across US assets and media partnerships
Interim report January 1 – September 30, 2021
Highlights third quarter 2021
- Group Revenue grew by 148% to 45,413 tEUR (Q3 2020: 18,298 tEUR). Organic revenue growth was 29%. September reached a new monthly revenue record of 20,285 tEUR, equal to 45% of the total quarterly revenue.
- The quarter showed strong underlying growth on all major KPIs, however, revenue was impacted downwards by very low sports win margins in July and August. The sports win margins were negatively affected by larger operators accelerating marketing campaigns (free-bets, retention-bonuses etc.), as well as continued strong NDC performance, where new depositors receive sign-up bonuses.
- The US business performed strongly with Q3 2021 revenue of >5x compared to Q3 2020 revenue. Revenue for September jumped to 8.9 mEUR (>10 mUSD) reflecting a strong start of the high season for US sports and the state of Arizona opening for online sports betting. Strong performance across all US assets including the newly acquired Action Network.
- In Germany, a long-awaited new gambling regulation came into force from July 1. The market development has been in line with our expectations; for Better Collective, September revenue from the German market was on par with the monthly average in H1. Based on the current performance in Germany, revenue for the full year 2021 is expected to exceed prior years 2019 and 2020, respectively, with expected continued revenue growth in 2022.
- Media partnerships continued with strong performance with almost 45,000 NDCs. More media partnerships are expected to be established in various countries.
- Group EBITDA before special items increased 63% to 13,583 tEUR (Q3 2020: 8,326 tEUR). The EBITDA-margin before special items was 30% (Publishing 40% and Paid Media 9%).
- Special Items in Q3 2021 amounted to a cost of 11,588 tEUR vs. an income of 44 tEUR in Q3 2020. It includes an 11,487 tEUR adjustment of the contingent liability related to the 2019 acquisition of Rical LLC, treated as a P/L item under IFRS.
- EBITDA after special items amounted to 1,995 tEUR, a decrease of 6,375 tEUR vs. 8,370 tEUR in Q3 2020.
- Cash Flow from operations before special items was 10,498 tEUR (Q3 2020: 8,359 tEUR), an increase of 26%. The cash conversion was 76%, and was impacted by a significant increase in revenue for September vs. June driving increased trade receivables from Q2 2021. End of Q3, capital reserves stood at 64.1 mEUR including cash of 35.4 mEUR and unused bank credit facilities of 28.7 mEUR.
- New Depositing Customers (NDCs) were >200,000 in the quarter with an implied growth of 110% and a new quarterly record despite July and August being the low season for major sports.
- Better Collective acquired Soccernews.nl and Voetbalwedden.net for total 5.9 mEUR upfront payments plus deferred and earn-out payments of up to 3.75 mEUR, to gain a leading position in the newly regulated Dutch online sports betting market.
- Better Collective resolved on a directed share issue of 6.9 million shares, raising proceeds of 145 mEUR to maintain financial flexibility.
- For the fourth consecutive year, Better Collective topped the prestigious EGR Global’s Power Affiliates 2021 ranking.
Financial highlights first nine months 2021
- In the first nine months of 2021, revenue grew by 128% to 124,257 tEUR (YTD 2020: 54,472 tEUR).
- In the first nine months of 2021, EBITDA before special items increased 64% to 39,439 tEUR (YTD 2020: 24,044 tEUR). The EBITDA-margin before special items was 32%.
- Special Items amounted to a cost of 17,006 tEUR vs. an income of 252 tEUR YTD 2020. It includes an 11,487 tEUR adjustment of the contingent liability related to the 2019 acquisition of Rical LLC, treated as a P/L item under IFRS, in addition to 5,784 tEUR related to M&A transactions, primarily the acquisition of Action Network in May, 2021.
- EBITDA after special items amounted to 22,433 tEUR YTD, a decrease of 1,863 tEUR vs. 24,296 tEUR YTD 2020.
- Cash Flow from operations before special items was 37,670 tEUR (YTD 2020: 28,173 tEUR), an increase of 34%. The cash conversion rate before special items was 97%. End of Q3 2021, cash and unused credit facilities amounted to 64.1 mEUR.
- New Depositing Customers exceeded 575,000 in the first nine months of 2021 (growth of 103%).
- Better Collective acquired leading US sports betting media platform, Action Network, for 196 mEUR (240 mUSD), gaining market leadership within sports betting media in the US.
- On May 26, 2021, the Board of Directors resolved on a directed share issue of 6.9 million shares, raising proceeds of 145 mEUR to maintain financial flexibility.
Significant events after the closure of the period
- October revenue reached 16.8 mEUR, with organic growth of 17% and a total growth of 34% vs. last year. The growth is achieved despite an all time low sports win margin in October.
- On November 4, the completion of the acquisition of the remaining 40% of Rotogrinders Network was announced. Since the initial share acquisition Rotogrinders has shown strong performance with expected 2021 revenue more than doubling since 2019, with a 47% compound annual growth rate. Expected 2021 EBITDA is 4.4x higher than 2019, growing at a 109% compound annual growth rate.
- In the state of New York, nine operators were recently awarded sports betting licenses. Projected to become the single largest online betting market in the US, New York presents a big opportunity for Better Collective and for our operator partners now licensed. Betting is expected to commence in January 2022, in time for the Super Bowl.
- Better Collective received an award for its efforts within compliance at the Vixio Global Regulatory Award. At the same show, Better Collective’s subsidiary, Mindway AI, received two awards for its efforts within responsible gambling.
Financial targets
The full-year financial targets for 2021 for the group remain unchanged. Growth in the Publishing business exceeds prior expectations whereas Paid Media sees lower growth than anticipated, which is reflected in an adjustment of the detailed segment targets.
Jesper Søgaard, Co-founder & CEO of Better Collective, commented:
“Q3 was a great quarter closing with an all time high monthly revenue in September. This was partially the result of strong performance across all our US assets, including our recent acquisition, Action Network. September was also the beginning of the high season for US sports, which is expected to fully materialise in the Q4 results. “
Conference call
A telephone conference will be held at 10.00 a.m. CET today by CEO Jesper Søgaard and CFO Flemming Pedersen. The presentation will simultaneously be webcasted, and both the telephone conference and the webcast offer an opportunity to ask questions.

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Slotozilla Data Report: Unveiling 2024’s Gaming Statistics
Slotozilla is an industry-leading online casino and slot review platform. Since its inception, the company has published refreshed analyses covering iGaming operators and software – with the intent to provide accurate, informative data for all users.
Throughout 2024, Slotozilla collected relevant data pertaining to player usage of the platform. These insights unveiled clear illustrations of player preferences, gender distribution, age-related data and other appropriate gaming behaviour. The report outlines significant findings laid bare by Slotozilla’s year-long study.
Explosive Global Favourites: The Demo Slots That Dominated 2024
Clear regional preferences were brought to light during Slotozilla’s 2024 analysis, as Book of Ra dominated the European industry. Where’s the Gold represented Australia’s favourite slot, while Plinko, Wolf Run and Sizzling Hot garnered significant attention from a worldwide player base.
Sizzling Hot Deluxe earned plaudits within the French gaming arena – attaining nearly one-quarter of the nation’s demo playtime. Industry developers and operators should expect these slots to influence the iGaming scene in 2025 and beyond.
Beyond the Numbers: Surprising Engagement and Demographic Shifts Revealed
The previous year detailed a clear shift towards all-encompassing domination by particular titles and demographics. For example, Columbus proved a major hit among USA bettors – racking up an average playtime of 194.8 minutes. That figure sits far ahead of the next game in line, King of Atlantis, which garnered 72.5 minutes per average session from French users.
Similar lob-sided statistics exist when comparing gender-based play, as male German players form 73.91% of the nation’s users—potentially guiding marketing efforts.
Modern Industry Impact
Data collected by SlotoZilla evidences various marked industry shifts spanning several key demographics. The report’s holistic view of the modern iGaming industry highlights the increasing necessity for targeted marketing campaigns, relevant themes and boundary-pushing features.
Users located in Australia, Poland and Canada are notable in this regard – as players from all three vital nations tend to access online slots from the age of 25 onward. Strategies around this data are central to maintaining a robust industry.
The post Slotozilla Data Report: Unveiling 2024’s Gaming Statistics appeared first on European Gaming Industry News.
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BGC Raises Concerns About Potential Negative Impact of Further Tax Hike on the Gambling Industry
The Betting and Gaming Council (BGC) has warned against further new tax rises on members, as it was confirmed Levy payments to the Horseracing Betting Levy Board are expected to increase for the fourth year in a row.
BGC members are expected to contribute a record £108m in Levy payments to the HBLB for last year, new figures reveal.
The figure, provided by the independent HBLB, is an increase of £3m on the previous year.
It is the fourth year in a row that Levy contributions have increased, from £97m in 2021/22, to £100m in 2022/2023, £105m in 2023/2024 and £108m in 2024/2025.
This increased contribution came despite a concerning fall in betting turnover, and amid threats of a further new tax hike on online sports betting.
The independent HBLB said average turnover per race was down by about 8% on 2023/24, representing a 15% fall on 2022/23 and 19% drop on 2021/22.
Meanwhile, earlier this month the Treasury announced a new tax consultation, proposing replacing the three current online betting and gaming tax rates, with a single new one, sparking fears for sports like racing.
Betting and Gaming Council CEO Grainne Hurst said: “For the fourth year running Levy contributions have increased to record levels, demonstrating the growing, long-term investment regulated betting provides British horseracing.
“But it is concerning to see once more that despite record Levy contributions, racing continues to struggle, both as a sport and as a betting product, with betting turnover down again year on year.
“BGC members remain committed fans of racing and recognise better than most the huge economic impact it makes in communities across the country.
“It’s now more important than ever this vital contribution is not undermined by further new tax rises through the creation of a single tax for online betting, which risks driving punters away from the sport, or into the arms of the growing, unsafe gambling black market.
“These parasite operators don’t pay tax, don’t care about safer gambling, and do not contribute a penny to the Levy. The BGC wants sustainable growth, for our members and for racing, but any new taxes would halt investment, hurt punters and harm racing.”
This fourth annual increase is a new record since the Levy collection reforms of 2017/18.
The post BGC Raises Concerns About Potential Negative Impact of Further Tax Hike on the Gambling Industry appeared first on European Gaming Industry News.
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Are No Deposit Free Spins Worth It? A Chat With Paul Puolakka, CMO of Mr. Gamble
No deposit free spins are one of the hottest bonuses in online casinos. Players love them, but some casino operators aren’t so sure.
Are they really valuable, or do they just attract people who never plan to deposit? To get some real insight, we caught up with Paul Puolakka, CMO of Mr. Gamble, to break down the truth behind no deposit free spins and how casinos can use them to their advantage.
Paul’s been in the iGaming industry since 2014, bringing over a decade of experience across major brands like Betsson, ComeOn!, and Ninja Casino. Over the years, he has consulted a range of iGaming companies on everything from affiliate marketing and localization to optimizing sales funnels.
Since 2020, Paul has been active on the affiliate side, running his own successful projects before joining Mr. Gamble, where he has served as CMO for the past two years. His well-rounded expertise gives him a unique perspective on both the operator and affiliate sides of the business.
Paul, no deposit free spins seem risky for casinos. Why should they offer them at all?
Yeah, I get why some casinos are skeptical. Giving away free spins with no deposit sounds like a recipe for attracting players who just grab the bonus and run. Some do, sure. But casinos that dismiss these bonuses are missing the bigger picture.
When a player claims free spins no deposit offers, the casino gets something just as valuable as money: data. They collect the player’s email, name, birthday, and other demographic details. That’s marketing gold. Even if the player doesn’t deposit immediately, a well-structured CRM funnel can bring them back later. So, instead of seeing free spins as a loss, casinos should see them as an investment in long-term customer acquisition.
If these players aren’t depositing upfront, how can casinos turn them into paying customers?
It all comes down to smart retention strategies. Too many casinos focus only on First Time Depositors (FTDs) and ignore long-term potential. Just because someone doesn’t deposit on day one doesn’t mean they won’t deposit later.
Here’s how casinos can convert no deposit players. First, send a special deposit offer a few days after they claim their free spins. Then, give them a VIP loyalty boost to make them feel special. Lastly, use personalized retargeting ads based on their game preferences.
Casinos that overlook CRM and loyalty tactics are throwing away a huge opportunity. The best ones know how to nurture these players and turn them into long-term customers.
Are there certain markets where no deposit free spins work better?
Definitely. We see big success with no deposit casino bonuses in Nordic countries, Canada, and parts of Europe. Players in these regions tend to be more cautious with their money, they want to test a casino first before making a deposit.
Also, in markets with strict advertising regulations, no deposit free spins are a smart way to attract new players. If a casino can’t run aggressive marketing campaigns, offering free spins gives players a reason to check them out organically.
What are the biggest mistakes casinos make with no deposit bonuses?
The biggest mistake? Focusing only on FTDs. Many casinos judge success only by how many players deposit right away. But that’s short-term thinking.
Instead, they should track how well their CRM funnel converts no deposit players, the percentage of these players who deposit later, and how loyalty programs keep them engaged.
Another major mistake is making withdrawal conditions too harsh. If a player wins from free spins but sees impossible wagering requirements, they’ll get frustrated and leave forever. A better approach would be to offer reasonable terms so players stay engaged and are more likely to deposit.
Should casinos rethink how they value no deposit players?
Of course! Too many operators dismiss these players as low value, but that’s the wrong mindset. In such a competitive industry, even getting a player’s contact information is a win.
If casinos invest in a strong CRM strategy, a well-optimized loyalty program, and easy payment methods, they can turn freebie hunters into loyal, depositing players. No deposit bonuses aren’t just giveaways. When used correctly, they’re one of the best acquisition tools.
The post Are No Deposit Free Spins Worth It? A Chat With Paul Puolakka, CMO of Mr. Gamble appeared first on European Gaming Industry News.
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