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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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Play’n GO invites players to traverse a realm shaped by sin and consequence in Divina Commedia I Nove Cerchi, a slot rooted in Dante Alighieri’s legendary Divine Comedy.
The game opens in shadow. Dante stands at the edge of the inferno, blocked by monstrous figures – embodiments of human vice. But salvation appears in the form of Virgil, a poet from antiquity, sent to lead him through the Nine Circles of Hell. This slot doesn’t just reference a classic; it captures its essence. Players follow Dante deeper into the abyss, through torment and trial, with each spin echoing a step through divine judgement.
The narrative structure drives the game. Lucifer watches from above, Souls flicker across the reels, and Lanterns illuminate the path below. As Dante descends, so too do players – not aimlessly, but with a guide, a goal, and a chance to witness redemption emerge from ruin.
Visually, the slot is an infernal tapestry. From scorched gates to flickering flames and horned demons, every frame is steeped in lore. Rather than lean on familiar mechanics, the game’s features serve the story – Souls that evolve, Lanterns that unlock progress, and a climactic Hold & Win moment that pits players against the Prince of Darkness himself.
Those who’ve explored mythic worlds in titles like House of Doom or Gates of Troy will recognise the depth of storytelling here – though Divina Commedia I Nove Cerchi carves its own path through the fire.
Magnus Wallentin, Games Ambassador at Play’n GO, said: “We’ve taken one of literature’s most iconic texts and given it new life on the reels. This is a narrative-first experience where every symbol, scene and feature plays into the descent.”
Divina Commedia I Nove Cerchi offers more than gameplay – it offers a reckoning.
The post Descend into the dark with Divina Commedia I Nove Cerchi appeared first on European Gaming Industry News.
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Kambi Group plc (“Kambi”), the home of premium sports betting solutions, has signed a multi-year agreement with Holland Gaming Technology Ltd to provide its full Turnkey Sportsbook solution to the operator in the Netherlands.
As part of the agreement, Holland Gaming Technology via its Holland Power Gaming subsidiary will gain access to Kambi’s revenue-driving sportsbook solution, combining advanced trading capabilities, a powerful open platform and award-winning Bet Builder product to deliver an engaging sports betting experience for its players. The solution also includes a range of player engagement features and operator control tools designed to help partners differentiate and scale effectively.
The partnership follows Holland Gaming Technology’s successful sports betting licensure from the Dutch regulator, Kansspelautoriteit (KSA), and represents a significant step forward in the company’s growth strategy. Already a recognised name in the Dutch online casino space, Holland Gaming Technology will now extend its offering to include sports betting for the first time, powered by Kambi’s world-leading end-to-end sportsbook.
Werner Becher, CEO of Kambi, said: “We’re excited to partner with Holland Gaming Technology as they expand into sports betting for the first time. Their strong marketing and deep industry expertise make them an ideal fit for our Turnkey Sportsbook solution and, together, we look forward to delivering a high-performance product tailored to the Dutch market.”
Eddy Hultermans, director of Holland Gaming Technology Ltd, added: “Launching a sportsbook is a natural evolution for the business, and partnering with Kambi gives us the confidence to do so with a best-in-class product. Our team brings decades of experience in gaming, and with Kambi’s technology and support, we’re ready to deliver a compelling and engaging sports betting experience for our growing customer base.”
The post Kambi Group plc partners with Holland Gaming Technology in the Netherlands appeared first on European Gaming Industry News.
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The International Esports Federation (IESF) has officially announced that its 2025 Presidential and Board Elections will take place on December 6, 2025, in Kuala Lumpur, Malaysia, during the 17th IESF General Assembly.
Marking the 10th Presidential Election in IESF’s history, this milestone represents a defining moment in the federation’s mission to unite and elevate the global esports community under one inclusive and transparent framework.
As the only International Federation recognized for upholding the governance principles and regulatory standards of the international sports system, IESF continues to lead efforts to strengthen integrity, accountability, and sustainable development within esports.
The election will determine the next IESF President and Board, who will guide the federation through a new era focused on unity, transparency, and sustainable development.
“IESF sets the standard of world esports governance — one built on trust, collaboration, and accountability,” said Boban Totovski, IESF General Secretary. “With the upcoming elections, the Secretariat and the Board will once again ensure a fair and democratic process that reflects the highest standards of integrity and professionalism. Our mission is to safeguard the credibility of esports governance and to guarantee that every member federation has an equal and respected voice in shaping the federation’s future.”
The Candidates
The official candidates for the IESF Presidential and Board Elections 2025 are as follows:
For IESF President:
Vlad Marinescu, who guided IESF through a period of transformation from 2020 to 2023, stands as a candidate for the 2025 Presidential Election, reaffirming his vision for a united and recognized world of esports.
Samart Benjamin Assarasakorn, current board member of IESF since 2023, will also stand for the role of President, committed to transforming IESF into a world-class federation that empowers every member nation.
For IESF Board:
- Duane Mutu – New Zeland
- Hayder Alkaales – Iraq
- Clint Kennedy – United States
- Flip De Bruyn – Namibia
- Constantine Surkont – Argentina
- Lokesh Suji – India
- Afiq Fadhli Bin Narawi – Malaysia
- Filip Soc – Montenegro
- Kaung Myat San – Myanmar
- Daniel Paulus – Germany
- HRH Prince Omar Bin Faisal – Jordan
- Yoav Sochen – Israel
- Elin Yoojung Moen – Norway
- Doniyor Djuraev – Uzbekistan
IESF continues to unite national federations and empower the next generation of esports leaders. The 2025 elections reaffirm the federation’s commitment to building a recognized and inclusive future for esports, one that transcends borders, connects cultures, and inspires unity through competition.
The results will be announced during the IESF 2025 General Assembly, where member federations will cast their votes to shape the next era of global esports leadership.
This 10th Presidential Election marks not only a milestone in IESF’s history but the beginning of a new era of governance, unity, and excellence in esports.
The post IESF Announces 10th Presidential and Board Elections appeared first on European Gaming Industry News.
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