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Better Collective A/S

Better Collective A/S is a Denmark-based digital performance marketing group focused on online acquisition for the sports betting and gaming industry. The group operates a portfolio of web brands and media properties that attract users and connect them with betting and gaming operators across multiple markets.

Liikevaihto337milj. EUR
−9,4 %v/v
Liikevoitto (EBIT)51,0milj. EUR
−17,0 %v/v
EBIT-marginaali15,1%
−1,4 %-yks.v/v
Nettotulos23,6milj. EUR
−30,6 %v/v
Vapaa kassavirta50,8milj. EUR
+11,6 %v/v

Tilikausi 2025 · muutos edellisvuodesta

Kehitys 2021–2025

0100200300400milj. EUR2021: 177 milj. EUR2021: EBIT 29 milj. EUR20212022: 269 milj. EUR2022: EBIT 70 milj. EUR20222023: 327 milj. EUR2023: EBIT 81 milj. EUR20232024: 371 milj. EUR2024: EBIT 61 milj. EUR20242025: 337 milj. EUR2025: EBIT 51 milj. EUR202512 kk 2026: 348 milj. EUR12 kk 2026: EBIT 58 milj. EUR12 kk34858
LiikevaihtoLiikevoitto (EBIT)12 kk = viimeiset 12 kuukautta, ei kokonainen tilikausi

Liiketoiminta

Osuus liikevaihdosta
Performance marketing50 %

Traffic acquisition and lead generation services for betting and gaming operators.

Publishing brands30 %

Owned and operated websites that publish betting, gaming, and sports content.

Media partnerships15 %

Commercial partnerships that monetize digital audiences through operator relationships.

Esports content5 %

Digital content and acquisition assets focused on esports audiences and operators.

Asiakkaat

Better Collective sells primarily to online sports betting and gaming operators that need scalable customer acquisition. Its content and media assets are designed to convert sports audiences into operator sign-ups and active bettors, making the buyers performance-marketing teams rather than end consumers. The company also serves users indirectly through its websites and digital brands, which create the traffic base that advertisers monetize.

Sports betting operators

They buy acquisition traffic and user referrals to grow registrations and wagering activity.

Online gaming operators

They use the company's media properties and partnerships to acquire customers in casino and gaming.

Advertising and media partners

They use Better Collective's audience and publishing assets for monetization and distribution.

Sports content users

They consume betting news, guides, and community content that supports traffic generation.

Strategia

Better Collective's strategy centers on building and monetizing digital audiences in sports betting and gaming through owned media, SEO, and partnerships. The company emphasizes regional brands and localized content so it can operate in regulated markets and maintain relevance with users and operators. Its portfolio structure also allows it to diversify acquisition sources and reduce reliance on any single website or market.

Grow owned digital audiencesKeskipitkä aikaväli

Owned traffic improves control over acquisition economics and reduces reliance on third parties.

Localize for regulated marketsLyhyt aikaväli

Sports betting regulation and user behavior vary by country, so local relevance supports conversion.

Build esports as a distinct segmentKeskipitkä aikaväli

Esports can broaden the audience base and reduce dependence on traditional sports betting traffic.

Maantiede

Better Collective operates internationally, with regional brands tailored to local regulations, betting behavior, and language. Its business depends on the geographic mix of regulated sports betting markets, because customer acquisition performance and compliance requirements differ by country.

Riskit

The business is exposed to regulation in online betting and gaming, because changes in licensing, advertising rules, or affiliate restrictions can reduce traffic monetization. It also depends on search engine rankings and digital audience behavior, making it vulnerable to algorithm changes and shifts in user acquisition costs. As a media and performance-marketing group, it faces integration risk from acquired assets and accounting judgment around intangible assets, earn-outs, and impairments.

Järjestetty vakavuuden mukaan
MatalaKohtalainenKorkeaMatalaKohtalainenKorkeaVaikutus →Todennäköisyys →Regulatory changes in online betting1Search engine and platform dependence2Goodwill and intangible asset impairment3Customer concentration with betting operators4
Vaikutus on riskin vakavuus ja todennäköisyys sen toteutumisen todennäköisyys lähivuosina, molemmat arvioitu yhtiön raporttien perusteella. Numerot vastaavat listaa.
  1. Regulatory changes in online bettingVaikutus: KorkeaTodennäköisyys: Korkea

    The business monetizes regulated betting traffic, so licensing and advertising rules directly affect revenue opportunities.

    Kohdistuu: Europe and other regulated markets

  2. Search engine and platform dependenceVaikutus: KorkeaTodennäköisyys: Korkea

    Traffic generation depends heavily on search visibility and digital distribution algorithms.

    Kohdistuu: Owned media and publishing brands

  3. Goodwill and intangible asset impairmentVaikutus: KorkeaTodennäköisyys: Kohtalainen

    The model relies on acquired digital brands and media assets that may lose value if traffic or monetization weakens.

    Kohdistuu: Acquired publishing and media assets

  4. Customer concentration with betting operatorsVaikutus: KeskitasoTodennäköisyys: Kohtalainen

    A limited set of operator customers can materially affect referral economics and contract terms.

    Kohdistuu: Affiliate and media partnerships

Kirjanpito

Harkinnanvaraiset erät
IFRS 15 revenue recognition

Performance-based contracts can require judgment over when services are satisfied and revenue is earned.

Vaikutus: Affects timing and comparability of reported revenue

Acquired intangible assets

Media partnerships, publishing brands, and development projects are capitalized and amortized over time.

Vaikutus: Affects amortization expense and impairment risk

Earn-out liabilities

Acquisition-related contingent payments are remeasured as assumptions change.

Vaikutus: Can create volatility in other financial items

Fair value of derivatives

Interest-rate risk management uses derivative instruments measured at fair value.

Vaikutus: Affects financial income, equity reserves, and cash flow hedge accounting

Lease accounting

Lease contract termination costs and right-of-use assets can affect operating and financing presentation.

Vaikutus: Affects EBITDA-style metrics and reported lease liabilities

Julkisesti listattuja yhtiöitä, joilla on samankaltainen liiketoiminta.

Päivitetty: 24.10.2026