The company’s revenue grew 30% annually, with organic growth hitting 23% and net profit also up.
Better Collective released its first-quarter 2023 report, which showed the affiliate earned 88 million euros ($95 million) from group earnings, with net profit rising from 13.7 million euros to 20.9 million euros.
Meanwhile, EBITDA totaled EUR 33 million, up 44% from last year to EUR 23 million. It also closed at 41 million euros, up 75% from the first quarter of 2022.
Better Collective also highlighted its post-Q1 2023 performance, with the affiliate reporting a 40% year-over-year growth of 27 million euros in April.
Below is an analysis of Better Collective’s 2022 and 2023 EBITDA performance, which marked the second-highest figure in 15 months in the first quarter of 2023.
It also stated that it believes the UK Government’s White Paper review of the gambling industry in the country will have a ‘zero to limited’ financial impact on the group.
Commenting on the results, CEO and Co-Founder Jesper Søgaard stated: “In Q1 we continued last year’s strong momentum. Revenue grew 30%, while operational leverage proved its worth as EBITDA grew 44%.
“In itself, this growth is impressive, yet even more impressive when considering the strong growth, we saw last year. Additionally, last year’s US revenue was positively impacted by one-time payments (CPA), while this year we are continuing the transition towards recurring revenue share.
“At our Capital Markets Day (CMD), it was highlighted that 63% of all NDCs sent during February were on revenue share. I am happy to inform you that this trend has continued. I am especially proud that we yet again delivered a record quarter with the North American market contributing with 19% growth while absorbing the revenue share transition.”
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