Affiliate Better Collective has reported its latest financial statistics for the third quarter of the year, highlighting a year-on-year decline in revenue juxtaposed by positive launches in new markets.
Indeed, the company's revenue has fallen by 4% in comparison to results from the prior year, settling at €78m ($90.4m) during Q3 - a decline which has been attributed by Better Collective to favourable player results leading to lower than anticipated sports win during the quarterly period. Elsewhere, recurring revenues for the quarter were subject to a more troubling, sharp decline of 64% year-on-year, reaching €50m during Q3.
Revenue share from the US market, however, doubled in comparison to results from last year's third quarter, with company EBITDA before special items reaching €21m complemented by a 26% margin. Quarter-on-quarter, Better Collective's Q3 revenue was also subject to a 5% decline - marking the organisation's least lucrative quarter of the year so far with regard to revenues.
On the other side of the coin, the affiliate has noted revenue share income development ahead of expectations in the Brazilian market, despite the negative financial impact of the ongoing legislative transition of the newly regulated space. In North America, Better Collective's revenue share increase was reportedly driven by unrecognised revenue share that had accumulated in a substantial amount over the past three years, approximately.
Q3 saw Better Collective launch its new AI-powered 'Playbook' product, which was introduced to help sportsbook operators achieve enhanced user retention.
Speaking on these latest results, Jesper Søgaard, Co-founder & Co-CEO of Better Collective, said: "I'm pleased to see that, when adjusting for the unusually low sports win margin of the quarter, Better Collective is back to organic revenue growth. It's a clear sign of the strength and resilience of our diversified business model and the solid execution across our organisation.
"The launch of Playbook marks the next evolution of Better Collective as the digital home of sports fans - expanding our focus from customer acquisition to retention. Playbook is already generating millions of bets with our partners, showing strong early traction and user adoption. Thanks to all my colleagues for your hard work, innovation, and commitment to pushing us forward."
Last month, Better Collective partnered with X (Twitter) to launch its AI-powered Playbook product in the US market