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Better Collective AB remains confident in its long-term trajectory despite a challenging third quarter, as the group navigates regulatory shifts in Brazil, low sports win margins, and continued investments in AI-driven growth.
The company’s Q3 2025 report revealed group revenues of €78 million, down 4% from €81 million in Q3 2024. A record-low sports win margin across its sports media assets reduced income by €10 million, while EBITDA declined 8% year-on-year to €21 million. Transition costs tied to the company’s Brazilian operations totalled €4 million, compounded by a €2 million negative FX impact.
On a year-to-date basis, revenue reached €242 million (–12% YoY), with EBITDA before special items at €65 million, compared to €80 million last year. Operating profit before special items stood at €36 million, reflecting ongoing market headwinds.
Despite these setbacks, Better Collective reaffirmed its 2025 guidance, forecasting revenues of €320–350 million, EBITDA between €100–120 million, and free cash flow in the range of €55–75 million.
“Q3 marked another important step in Better Collective’s transformation. Despite short-term fluctuations from a record-low sports margin and regulatory changes in Brazil, our underlying business remains solid and increasingly diversified,”
said CEO Jesper Søgaard.
Performance Overview
The Publishing division, home to Action Network, Tipsbladet, Playmaker HQ, and VegasInsider, recorded €46 million in revenue (–11%) and €11 million EBITDA (–18%). While U.S. engagement surged at the start of the NFL season, Brazil’s regulatory shifts — including a ban on welcome bonuses — and delayed payments caused a €4 million shortfall.
Conversely, Paid Media revenue grew 11% to €28 million, with EBITDA up 19% to €7 million, driven by stronger performance marketing in the U.S. and U.K. and efficient capital deployment.
Esports operations (HLTV and FUTBIN) brought in €4.4 million (–3%) with a 53% EBITDA margin, supported by strong traffic and sponsorships despite lower activity before EAFC 26’s release.
“Paid Media delivered excellent growth and strong returns, while our Publishing and Esports teams are enhancing engagement through deeper content and smarter partnerships,” Søgaard noted.
Strengthened Financing & AI Expansion
Better Collective bolstered liquidity with a €319 million credit facility (plus €80 million in expansion options) via Nordea and Nykredit, reinforcing its 2027 targets of 35–40% EBITDA margin and a fully AI-integrated digital media ecosystem.
In September, the firm unveiled Playbook, an AI-powered sports betting assistant that integrates real-time odds and insights across its platforms. Søgaard called it “a defining milestone,” saying it shifts focus “from acquisition to retention,” laying the groundwork for 2026’s AI-driven growth.
Source: SBC News
