etter Collective shared August 24 its interim results for the first six months of the year, reporting record quarter revenue in second quarter, as well as strong growth in US business and media partnerships.
Highlights for Q2 2021 include a revenue growth of 162% to €40 million ($46 million) from €15 million ($17 million) in Q2 2020. The global sports betting media group also saw EBITDA before special items increased 90% to €12 million ($14 million) from €6 million ($7 million) in the same period last year.
Financial highlights for the first six months include a revenue growth of 118% to €78 million ($91 million), from €36 million ($42 million) in the first half of 2020. EBITDA before special items increased 64% to €25 million ($29 million) up from €15 million ($17 million) same period last year.
Moreover, throughout the second quarter, the US business performed strongly “even before inclusion of Action Network”, by recording NDC performance and revenue on par with a strong Q1, despite Q2 being low season.
The acquisition of betting media platform Action Network was first announced on April, for a €198 million ($240 million) settled in a cash payment and a $12 million issuance of new Better Collective shares to Action.
By having secured the agreement, Better Collective expects to increase its US revenues to more than $100 million by 2022, and aims at “gaining market leadership within sports betting media” in the country.
Media partnerships saw breakthrough performance in the second quarter, delivering more than 38,000 New Depositing Customers (NDCs), and three new media partnerships were signed in this period. NDCs were 197,000 in the quarter, with an implied growth of 179%, establishing a new quarterly record.
Jesper Søgaard, Co-founder & CEO of Better Collective, commented: “We continue to record strong profitability and cash flows. The strong performance is especially driven by the US business, and by our media partnerships that saw breakthrough performance during Q2.”
— The Action Network (@ActionNetworkHQ) May 3, 2021
The CEO describes the Action Network acquisition, the largest to date, as a “game changer” that consolidates the betting media position the group has in the US.
As a result of these positive results shown in the first six months, the full-year financial targets of Better Collective remain unchanged.
Since the closure of the six months period, July revenue reached €12 million ($14 million), more than double of July 2020, with an organic growth of 13%, despite the negative impact of an extraordinarily low sports win margin due to the finalization of EURO 2020, an event that acted as a key factor during the first half of the year.