Better Collective’s financial situation is secured amid COVID-19
Although COVID-19 hit hard for the businesses around the world, Better Collective is self-assured for its secured financial situation maintained throughout this year.
For the rest of 2020 and 2021 Better Collective is looking forward to an increase in the betting events which will allow the sports betting media group to realize its full-year milestones.
As figures show the Q3 revenue for the company increased to €18.3 million making a difference for up 7% in comparison to €17.1 million from the same period in the previous year.
Better Collective has also seen an upsurge of newly depositing customers (NDCs) totaling to 97,000 or 13% growth in comparison to the last year. Notwithstanding the decrease of 3% in organic growth the media group has largely returned to pre-pandemic results.
The top management at Better Collective is satisfied with the market developments that meets their forecasts done back in March. It was at this time the company opted for an extraordinary business update to face COVID-19 situation. Jesper Søgaard, Co-founder and CEO, is delighted with the results of their successful management during the challenges of the COVID-19 that let them to maintain “full year financial guidance”.
At Better Collective the expectations are ‘cautiously’ high for the rest of 2020 and 2021 waiting for large volumes of betting activities and the company considers itself to be ‘well positioned’ in the revitalizing global market.
In terms of figures, if back in 2019 the Operational earnings (EBITA) amounted to €6.8 million in Q3, Better collective recorded increase of 18% to €8 million for the same period in 2020.
As noted, Better Collective’s home market in Denmark will see increase on gross gaming revenue (GGR) from 20% to 28%, nevertheless the company is optimistic that this will have ‘minor impact’ on their performance.
For Better Collective’s Q4 operations Virginia, Michigan and Tennessee are seen as the key destinations continuing its strategy of expanding to the US market adopted in Q3.