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Better Collective released its Q1 financial results, underscored by a 13% year-over-year revenue decline to €83 million and an 18% organic revenue decline. 

The company cited the launch of the newly regulated Brazilian market and tough US comparisons as primary factors for the dip.

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• Revenue: €83 million (-13% YoY, -18% organic)
• EBITDA (pre-specials): €22 million (-24% YoY)
• EBITDA Margin: 27%
• NDCs: 316,000 (-30% YoY)
• Brazil Revenue: €10 million
• User Traffic: 450+ million monthly visits (+10% in 6 months)
• Stock Buyback: €10 million program initiated

The Danish-based affiliate media group stated that the Brazil launch caused a negative €7 million financial impact on quarterly results. Another factor was the tough US comparison to Q1 2024, highlighted by the North Carolina sports betting market launch.

New depositing customers (NDCs) were 316,000, a 30% decline year over year. However, 80% of those are on revenue-sharing agreements, meaning future quarters could rebound without big market launches. Still, the total monthly visitors increased by over 10% to 450 million, signaling that the company’s global reach is rising.

Notably, the company preserved a healthy 27% EBITDA margin and reaffirmed full-year guidance of €320 – €350 million in revenue and €100 – €120 million in EBITDA. The unchanged guidance, paired with an announcement of an additional €10 million share buyback, signals management’s confidence in the ongoing company restructuring and cost-cutting initiatives.

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Brazil was a highlight in Better Collective’s Q1 dip. However, it is also part of the company’s long-term strategy. Co-CEO Jesper Søgaard framed it concisely:

“Short-term pain in Brazil, long-term gain as the ‘New BC’ scales globally.”

The company generated €10 million in the first regulated quarter of the market. However, it absorbed a negative €7 million financial impact on revenue and EBITDA. Holidays, the start of the Serie A soccer league at the end of the quarter, and temporary welcome bonus restrictions impacted the dip. That led to fewer NDCs and slower user acquisition.

Despite that, Better Collective experienced higher-than-anticipated player migration and wagering activity. That translated to higher player retention rates.

As a result, the company is focusing on expanding brand inventory and strengthening market presence. It expects the Brazilian market to grow by 2026.

Better Collective is not alone in betting on Brazil. While various research organizations disagree on the size of Brazil’s gambling market, they all agree that it will grow substantially in the next several years and take a leading spot in the global scene.

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Despite the revenue decline, the EBITDA margin was at a healthy 27% in Q1, primarily due to the impact of the €50 million cost-efficiency plan announced by the company in November 2024. The program includes reducing staff by about 300 employees, office closures, and centralized SEO and paid media “Academies.”

That plan has helped Better Collective to reduce operating costs by €5 million, or 8%, despite the lower revenue in Q1. After the positive cost-efficiency results, management expects to hit the €50 million goal by the end of the year.

At the end of April, the Better Collective board approved a co-CEO leadership structure. The move is intended to ensure the company meets its cost-efficiency and restructuring goals and signal to investors that management focuses on stability and execution.

Co-founder Christian Kirk Rasmussen moved from COO to co-CEO with Jesper Søgaard. Rasmussen will focus on innovation, business development, and operational execution. Meanwhile, Søgaard will continue to lead external strategic initiatives and engage with stakeholders.

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After years of high-profile acquisitions, Better Collective may signal a new era of consolidation over conquest.

As part of the Q1 release, the company announced it had initiated an additional €10 million buyback, which it expects to be executed before August 26. This follows the completion of a €10 million buyback on April 22, resulting in 3.3% of shares being held in treasury.

The announcement’s timing indicates that management believes the company’s restructuring is on track and that the stock, down 55% year over year, is undervalued.

In the past, Better Collective’s rise was fueled by several notable acquisitions:

• Jul 2019: VegasInsider + ScoresAndOdds ($20M) — stock crosses SEK 100
• Oct 2020: Atemi Group (€44M) — IPO momentum builds
• May 2021: Action Network ($240M) — stock rallies over SEK 200
• Apr 2022: FUTBIN (≤€105M) — peaks at SEK 250
• Feb 2024: Playmaker Capital (~€176M) — hits SEK 315 peak

The SEK 315 peak coincided with the acquisition of Playmaker Capital and the launch of North Carolina sports betting. However, by April 2025, the share price had plummeted 70% to SEK 95. Some factors, including Brazil’s overall slowdown and changes in taxation, contributed to the significant decline.

Since the low point, the share price has slightly rebounded. At closing on the day of the Q1 interim report release, the price stood at SEK 126.6. The following day, it reached SEK 130, signaling investor confidence.