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Better Collective increases organic revenue by 29 percent; strong growth across US assets and media partnerships

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Interim report January 1 – September 30, 2021

Highlights third quarter 2021

  • Group Revenue grew by 148% to 45,413 tEUR (Q3 2020: 18,298 tEUR). Organic revenue growth was 29%. September reached a new monthly revenue record of 20,285 tEUR, equal to 45% of the total quarterly revenue.
    • The quarter showed strong underlying growth on all major KPIs, however, revenue was impacted downwards by very low sports win margins in July and August. The sports win margins were negatively affected by larger operators accelerating marketing campaigns (free-bets, retention-bonuses etc.), as well as continued strong NDC performance, where new depositors receive sign-up bonuses.
    • The US business performed strongly with Q3 2021 revenue of >5x compared to Q3 2020 revenue. Revenue for September jumped to 8.9 mEUR (>10 mUSD) reflecting a strong start of the high season for US sports and the state of Arizona opening for online sports betting. Strong performance across all US assets including the newly acquired Action Network.
    • In Germany, a long-awaited new gambling regulation came into force from July 1. The market development has been in line with our expectations; for Better Collective, September revenue from the German market was on par with the monthly average in H1. Based on the current performance in Germany, revenue for the full year 2021 is expected to exceed prior years 2019 and 2020, respectively, with expected continued revenue growth in 2022.
    • Media partnerships continued with strong performance with almost 45,000 NDCs. More media partnerships are expected to be established in various countries.
  • Group EBITDA before special items increased 63% to 13,583 tEUR (Q3 2020: 8,326 tEUR). The EBITDA-margin before special items was 30% (Publishing 40% and Paid Media 9%).
  • Special Items in Q3 2021 amounted to a cost of 11,588 tEUR vs. an income of 44 tEUR in Q3 2020. It includes an 11,487 tEUR adjustment of the contingent liability related to the 2019 acquisition of Rical LLC, treated as a P/L item under IFRS.
  • EBITDA after special items amounted to 1,995 tEUR, a decrease of 6,375 tEUR vs. 8,370 tEUR in Q3 2020.
  • Cash Flow from operations before special items was 10,498 tEUR (Q3 2020: 8,359 tEUR), an increase of 26%. The cash conversion was 76%, and was impacted by a significant increase in revenue for September vs. June driving increased trade receivables from Q2 2021. End of Q3, capital reserves stood at 64.1 mEUR including cash of 35.4 mEUR and unused bank credit facilities of 28.7 mEUR.
  • New Depositing Customers (NDCs) were >200,000 in the quarter with an implied growth of 110% and a new quarterly record despite July and August being the low season for major sports.
  • Better Collective acquired Soccernews.nl and Voetbalwedden.net for total 5.9 mEUR upfront payments plus deferred and earn-out payments of up to 3.75 mEUR, to gain a leading position in the newly regulated Dutch online sports betting market.
  • Better Collective resolved on a directed share issue of 6.9 million shares, raising proceeds of 145 mEUR to maintain financial flexibility.
  • For the fourth consecutive year, Better Collective topped the prestigious EGR Global’s Power Affiliates 2021 ranking.

Financial highlights first nine months 2021

  • In the first nine months of 2021, revenue grew by 128% to 124,257 tEUR (YTD 2020: 54,472 tEUR).
  • In the first nine months of 2021, EBITDA before special items increased 64% to 39,439 tEUR (YTD 2020: 24,044 tEUR). The EBITDA-margin before special items was 32%.
  • Special Items amounted to a cost of 17,006 tEUR vs. an income of 252 tEUR YTD 2020. It includes an 11,487 tEUR adjustment of the contingent liability related to the 2019 acquisition of Rical LLC, treated as a P/L item under IFRS, in addition to 5,784 tEUR related to M&A transactions, primarily the acquisition of Action Network in May, 2021.
  • EBITDA after special items amounted to 22,433 tEUR YTD, a decrease of 1,863 tEUR vs. 24,296 tEUR YTD 2020.
  • Cash Flow from operations before special items was 37,670 tEUR (YTD 2020: 28,173 tEUR), an increase of 34%. The cash conversion rate before special items was 97%. End of Q3 2021, cash and unused credit facilities amounted to 64.1 mEUR.
  • New Depositing Customers exceeded 575,000 in the first nine months of 2021 (growth of 103%).
  • Better Collective acquired leading US sports betting media platform, Action Network, for 196 mEUR (240 mUSD), gaining market leadership within sports betting media in the US.
  • On May 26, 2021, the Board of Directors resolved on a directed share issue of 6.9 million shares, raising proceeds of 145 mEUR to maintain financial flexibility.

Significant events after the closure of the period

  • October revenue reached 16.8 mEUR, with organic growth of 17% and a total growth of 34% vs. last year. The growth is achieved despite an all time low sports win margin in October.
  • On November 4, the completion of the acquisition of the remaining 40% of Rotogrinders Network was announced. Since the initial share acquisition Rotogrinders has shown strong performance with expected 2021 revenue more than doubling since 2019, with a 47% compound annual growth rate. Expected 2021 EBITDA is 4.4x higher than 2019, growing at a 109% compound annual growth rate.
  • In the state of New York, nine operators were recently awarded sports betting licenses. Projected to become the single largest online betting market in the US, New York presents a big opportunity for Better Collective and for our operator partners now licensed. Betting is expected to commence in January 2022, in time for the Super Bowl.
  • Better Collective received an award for its efforts within compliance at the Vixio Global Regulatory Award. At the same show, Better Collective’s subsidiary, Mindway AI, received two awards for its efforts within responsible gambling.

Financial targets
The full-year financial targets for 2021 for the group remain unchanged. Growth in the Publishing business exceeds prior expectations whereas Paid Media sees lower growth than anticipated, which is reflected in an adjustment of the detailed segment targets.

Jesper Søgaard, Co-founder & CEO of Better Collective, commented:
Q3 was a great quarter closing with an all time high monthly revenue in September. This was partially the result of strong performance across all our US assets, including our recent acquisition, Action Network. September was also the beginning of the high season for US sports, which is expected to fully materialise in the Q4 results. “

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Conference call
A telephone conference will be held at 10.00 a.m. CET today by CEO Jesper Søgaard and CFO Flemming Pedersen. The presentation will simultaneously be webcasted, and both the telephone conference and the webcast offer an opportunity to ask questions.

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The MeridianBet – Golden Matrix Transaction Secures Approval at GMGI Shareholder Assembly

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The MeridianBet Group, Southeast Europe’s leading Business-to-Consumer (B2C) sports betting and gaming group, operating in multiple markets across Europe, Africa and Latin America, announced that the shareholders of Golden Matrix Group (GMG), a developer, licensor and global operator of online gaming and eCommerce platforms, systems and gaming content, have voted to approve the acquisition of MeridianBet.

Commenting on the merger Zoran Milosevic, Chief Executive Officer of MeridianBet Group, said: “Today marks a major milestone for MeridianBet and I am thrilled that the shareholders of Golden Matrix have overwhelmingly voted in favor of the acquisition of MeridianBet. By joining forces, we are not only expanding our reach but enhancing our ability to provide customers with a diverse and comprehensive offering whilst creating a leading global betting group. I look forward to announcing the completion of the deal in due course.”

The post The MeridianBet – Golden Matrix Transaction Secures Approval at GMGI Shareholder Assembly appeared first on European Gaming Industry News.

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BMM INNOVATION GROUP TO EXHIBIT AT THE INDIAN GAMING TRADESHOW (IGA) APRIL 10-11 AT THE ANAHEIM CONVENTION CENTER, DEMONSTRATING COMMITMENT TO TRIBAL PARTNERSHIPS, INDUSTRY ADVANCEMENT

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The BMM Innovation Group will exhibit in Booth No. 628

BMM Innovation Group (“BIG” or the Company), a technology conglomerate providing world-class services and cutting-edge solutions to the global gaming industry, today announced that the Company and its representatives are exhibiting, attending, and speaking at the Indian Gaming Association (IGA) Tradeshow April 10-11 at the Anaheim Convention Center in Anaheim, California. BIG, which includes BMM Testlabs, BIG Cyber, and RG24seven Virtual Training, will exhibit in Booth No. 628.

BMM Innovation Group Chief Marketing Officer Laura Olson-Reyes said, “The IGA event serves as a cornerstone in our ongoing commitment to strengthening partnerships with Tribal stakeholders, understanding their evolving needs, and collectively driving innovation and progress in the industry. We are excited to engage in insightful discussions, share our expertise, and showcase our latest services that empower and protect Tribal enterprises.

Experts and thought leaders from BMM Testlabs, BIG Cyber, and RG24seven Virtual Training will be on hand at the booth to discuss the Companyߣs testing, certification, cybersecurity, and training solutions for land-based and digital Tribal markets.

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In a show of support for Tribal gaming, the BIG Group will be presenting a scholarship to the Tribal Gaming Protection Networkߣs NextGen initiative during the show. This initiative brings together a talented group of emerging leaders and young professionals in the Tribal gaming industry.

Olson-Reyes said, Éc;We are proud to have served Tribal gaming and supported its communities for more than 23 years, and we are honored to contribute to the Tribal Gaming Protection Network and its focus on creating a nurturing environment for young professionals to collaborate, learn, and lead in the Tribal gaming sector.

BIGߣs thought leaders will speak on several panels during the IGA conference:

  • 3 p.m. Monday, April 8 Room 204B: Amit Sharma, Chief Executive Officer of BIG Cyber, will present on Data Security and Privacy in AI-Enabled Casinos
  • 10 a.m. Tuesday, April 9 Room 203B: Sharma will speak on a panel on Tribal Gaming Security Standards ߝ why they matter and a possible roadmap to building a dedicated Tribal security gold standard
  • 3 p.m. Tuesday, April 9 Room 204A: Wendy Anderson, Chief Executive Officer of RG24seven Virtual Training, will speak on a panel focused on The Staffing Challenge: Innovative Approaches to Casino Workforce Management

Visit xpressreg.net to register for free entrance to the IGA trade show exhibits, courtesy of BMM.

 

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Casimaru.com Reinforces the Product with the New Free-Play Feature

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In the dynamic world of online casinos, Casimaru.com emerges as a standout player, captivating customers with its innovative approach to the online casino experience. Casimaru.com has recently introduced a game-changing feature to its platform – a free-play slot feature that is set to redefine the way new players enter the online casino world.

Casimaru.com, a leading online casino portal web site that has garnered attention for its exclusive offers, accurate information, and entertaining content. As a hub for both avid casino enthusiasts and beginners, Casimaru.com has become synonymous with a top-tier portal web site, listing numerous online casino sites that cater to players of varying preferences.

Recognizing the evolving demands of the online casino community, Casimaru.com has taken a significant step by introducing a new free-play slot. This strategic move aims to attract a broader audience, providing both novice and experienced players with the opportunity to explore the latest slot games without financial commitment.

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The free-play slot enhances the overall gaming experience, allowing users to familiarize themselves with the diverse array of games available on operators. Players can now engage in risk-free exploration, capturing the characteristics of various games and discovering new favorites.

Moreover, Casimaru.com hosts free tournaments by utilizing the free-play slot feature, further elevating the excitement for players. This innovative approach does not only adds an element of competition but also encourages players to immerse themselves in the online casino world. The free tournament serves as a gateway for players to experience the thrill and enjoyment of online gaming without any financial risk.

The free-play slot feature on Casimaru.com is made possible through collaboration with one of the leading game providers in the industry. This partnership ensures that the feature is not only enticing but also supported by high-quality, engaging content. By joining forces with a renowned game provider, Casimaru.com fortifies its position as a trailblazer in the online casino industry, providing players with the latest and most accurate information, as well as the highest quality gaming experience.

Ultimately, Casimaru.com sublimates the feature into even more effective opportunities for increased player engagement, drawing individuals into the world of online casinos and encouraging them to stick around for a more immersive and enjoyable gaming experience.

The post Casimaru.com Reinforces the Product with the New Free-Play Feature appeared first on European Gaming Industry News.

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