Unaudited Annual Report for Fiscal Year 2023 Released by Better Collective
In a year marked by impressive growth and strategic moves, Better Collective, a leading digital sports media group, has surpassed its financial targets and solidified its position in the industry.
The Danish company reported a significant year-on-year increase in EBITDA, reaching €111 million ($119.7 million), a 31% rise from the previous year. This growth was accompanied by a 21% increase in revenues, which reached €327 million ($352.5 million) for the full year.
One of the key events in 2023 was the acquisition of Playmaker Capital, another leading digital sports group. This strategic move was aimed at further developing Better Collective's business and was expected to have a beneficial effect on its operations. Following the completion of the deal, Better Collective updated its long-term financial targets, aiming to achieve annual revenues of €300 million and an EBITDA margin of around 30%.
The acquisition of Playmaker Capital was not the only significant event for Better Collective in 2023. The company also joined the Responsible Gambling Affiliate Association (RGAA), a body founded to help affiliate companies serve the online gambling market responsibly. Other members of the RGAA include Catena Media, Gambling.com, Oddschecker Global Media, Spotlight Sports Group, and XLMedia.
Throughout the year, Better Collective consistently surpassed its financial targets, requiring two updates to its guidance. The first guidance for 2023 targeted revenues between €290 and 300 million, and EBITDA between €90-100 million. However, the updated guidance targeted revenues of €315-325 million and EBITDA of 105-115 million.
The company's net debt to EBITDA before special items was reported below 2.0, in line with Better Collective's target. This financial discipline is a testament to the company's commitment to responsible growth and long-term sustainability.
As the year comes to a close, Better Collective's goal remains the same: to engage fans and foster passionate communities worldwide. The company's official Q4 and FY 2023 report will go live on February 21, after market close. Until then, Better Collective continues to strengthen its position as the leading digital sports media group.
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