Better Collective has upgraded its 2022 financial targets following a “record breaking” fourth quarter driven by the FIFA World Cup and the launch of sports betting in Maryland.
Publishing its Q4 financial report, Better Collective has upgraded its 2022 organic revenue growth, which was 20-30 per cent, to 34 per cent after it reported a revenue of €86.1m. This represented a 63 per cent year-on-year growth, of which 44 per cent was organic.
The company’s fourth quarter EBITDA, before special items, stood at €35.2m, a growth rate of 115 per cent and a margin of 41 per cent.
Furthermore, the firm revealed that its US-based revenue witnessed a 71 per cent YoY, totalling €33.9m and for the full year US revenues grew 102 per cent, which ends full year revenue at $100.3m.
Better Collective also noted that its US growth came on top of a “very strong” revenue growth of 370 per cent from 2020 to 2021.
The firm linked its Q4 figures to a “strong and broadly based” performance combined with an “extraordinarily well performing” World Cup, which took place in Qatar from November 20 to December 18, 2022, and a “solid launch” of regulated sports betting in the US state of Maryland.
Upon releasing the original 2022 financial targets, it was assumed that the US would only consist of upfront payments. However, during Q4 Better Collective experienced a full year impact of €14.7m, up from over €10m as guided in Q3.
Moving forward, the group stated it remains “excited” about the shift from one-time payments to recurring revenues, expressing that it implies “future growth, less seasonality and letter long term sportsbook partnerships”.
In connection with the 2021 acquisition of Action Network in the US, Better Collective indicated a revenue estimate of “exceeding $100m” in 2022.
Better Collective also noted that its US growth came on top of a “very strong” revenue growth of 370 per cent from 2020 to 2021.
The company will announce its audited Q4 numbers on February 21 after market close.