The leading developer of education platforms in the iGaming industry, Better Collective, released its latest trading update Thursday.
Better Collective Releases Q3 Results
The company unveiled details regarding its financial performance for the third quarter and the first nine months of 2022. Judging by the recent data, the company’s revenue in Q3 hit €59.7 million ($61.9 million). When compared to the €45.4 million ($47.1 million) result from the corresponding period in 2021, an increase of 32% was observed.
Revenue share income for the period reported growth of 73% year-over-year hitting €25 million ($25.9 million), while EBITDA before special items marked 7% growth year-over-year to €15 million ($15.6 million). The company’s profit before tax in Q3 hit €9 million ($9.3 million), while profit after tax was €6.9 million ($7.2 million).
The Company Reported Increase in New Depositing Customers
Besides strong growth in Q3, Better Collective reported an increase for the first nine months of the year. In total, the company’s revenue for the first nine months this year hit €183.2 million ($190 million). This result marked a significant increase of 47% when compared to the €124.3 million ($128.9 million) reported for the corresponding period in 2021. EBITDA before special items increased as well. For the first nine months in 2021, EBITDA before special items hit €39.4 million ($40.8 million), while this year, it increased to €49.9 million ($51.7 million).
Focusing on new depositing customers, Better Collective reported strong growth for the third quarter. The company’s depositing customers surpassed 354,000 in Q3, representing a 73% increase when compared to Q3 last year. On the other hand, for the first nine months of 2022, the number of new depositing customers hit 1.1 million, marking a strong growth of 90%.
Strong Growth Observed Despite Difficulties
Jesper Søgaard, Better Collective’s CEO and co-founder, acknowledged that the company performed well in the third quarter despite the slow summer months and economic uncertainties. The most important and exciting trend in Q3, according to the company’s CEO was the “move to revenue share in the US, which has been fast forwarded.” Søgaard explained that this resulted in continuously growing revenue and new records.
“Q3 delivered strong growth for the Group, where we continued our good developments despite the turbulent macroeconomic environment.“
The company’s CEO and co-founder acknowledged that the performance in the US was impacted by two slow months but then received a boost from the start of the NFL in September. As a result, Søgaard pointed out that most of the revenue was collected in September. On the other hand, he acknowledged that the Rest of the World and the European region also reported strong growth in Q3.
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