A prominent force in the realm of digital sports wagering, Better Collective, has recently purchased the up-and-coming AceOdds for a substantial sum of €42 million (approximately $45.6 million). This calculated maneuver is poised to disrupt the United Kingdom market, where AceOdds maintains a significant foothold. Better Collective views this as a prime chance to not only elevate their own brand visibility within the area but also to help propel AceOdds onto the international scene. This acquisition stands as a testament to AceOdds’ achievements, as the agreement assessed their worth at four times their profits over the preceding year.
Considering this promising advancement, Better Collective has elevated the benchmarks for their fiscal objectives throughout the remaining months of 2024. They are now anticipating revenue to reach somewhere between €395 million and €425 million. This represents a considerable leap from their prior target and signifies a growth of 21% to 30%. Their earnings before interest, taxes, depreciation, and amortization (EBITDA) targets have similarly been adjusted upwards.
This announcement follows a robust 2023 for Better Collective, during which they witnessed a 21% rise in revenue and a 31% surge in adjusted EBITDA in comparison to the previous year. Nevertheless, it is important to acknowledge that their fourth-quarter EBITDA did experience a decline of 16%. The company has not yet disclosed their financial outcomes for the first quarter of 2024.
Ian Bowden, a prominent figure at Better Collective and their Senior Director for the UK and Ireland region, conveyed his excitement regarding the acquisition, remarking, “We are thrilled to bring AceOdds into the Better Collective Group.”
This tactical purchase brings us a recognized sports wagering media name with a solid presence in Britain, and promising possibilities for worldwide expansion. Acquiring AceOdds aligns seamlessly with our plan of obtaining top sports media brands across the spectrum. It fills a void in our holdings by supplying a significant affiliate brand in a crucial expansion territory for the Better Collective Group.
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