Better Collective, despite facing severe headwinds as a result of COVID-19, is assured of sustaining its full year financial guidance.
The sports betting media company released its Q3 results and stated that it ‘cautiously’ expects the remainder of 2020 and 2021 to be packed with sports and increased betting activity, helping it to stay on track to achieve its full-year goals.
Q3 revenues amounted to EUR 18,3 million , up 7 percent from the EUR 17,1 million posted in the previous year’s corresponding period.
Better Collective reported that the number of newly deposited customers (NDCs) was approximately 97,000 amid a 3 percent decrease in organic growth, corresponding to a growth of 13 percent compared to last year. This, the corporation added, marks a return to pre-COVID levels.
Jesper Søgaard, Co-founder and CEO of Better Collective, commenting on the findings, said: “In general, the market development has so far been in line with the assumptions we made mid-March when we decided to provide an extraordinary business update based on this unprecedented COVID-19 situation.
“I am very proud of the way we are steering the business during these difficult times, and that we can maintain our full year financial guidance considering these unusual circumstances.
“Cautiously expecting that the remainder of 2020 and 2021 will be filled with sports activities and high levels of betting activity, we believe that we are well positioned to take our part of a global market that is getting back on the growth track.”
Earnings before special items from activities (EBITA) rose 18 percent to EUR 8 million, up from EUR 6,8 million in Q3 2019.
Better Collective discussed the shifting tax rates in its home market of Denmark in its declaration. Though taxes on gross gaming revenue (GGR) will rise from 20 percent to 28 percent, Better Collective has remained optimistic that this will have a ‘minor effect’ on its operations.
With plans in place to expand into Virginia, Michigan and Tennessee during Q4, the US remained a key priority for Better Collective during Q3.