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Better Collective Interim report January 1 – December 31, 2020
Highlights fourth quarter 2020
- Q4 Revenue increased by 88% to 36,714 tEUR (Q4 2019: 19,579 tEUR). Organic growth was 32%. Revenue doubled from Q3 2020.
- Q4 EBITA before special items increased 92% to 13,670 tEUR (Q4 2019: 7,117 tEUR). The group EBITA-margin before special items was 37%. EBITA-margin was 52% in Publishing and 13% in Paid Media. In Q4, significant costs were added in Paid Media to shift the business model towards revenue share and new market openings.
- Earnings per share (EPS) increased by 143% to 0.18 EUR/share (Q4 2019: 0.07 EUR/share)
- Cash Flow from operations before special items was 10,148 tEUR (Q4 2019: 7,532 tEUR), an increase of 35%. The cash conversion was 71%. End of Q4, capital reserves were 43 mEUR consisting of cash of 28 mEUR and unused bank credit facilities of 15 mEUR.
- New Depositing Customers (NDCs) was above 153,000 in the quarter, a growth of 30%.
- Better Collective acquired the Atemi Group for 44 mEUR on October 1 and has completed a successful integration. Atemi Group is one of the World’s largest companies specialised in lead generation for iGaming through paid media and social media advertising. The acquisition is a major strategic move for Better Collective with significant synergistic opportunities.
Financial highlights full year 2020
- Revenue grew by 35% to 91,186 tEUR (FY 2019: 67,449 tEUR), with organic growth of 8%.
- EBITA before special items increased 34% to 36,604 tEUR (FY 2019: 27,231 tEUR). The EBITA-margin before special items was 40%.
- Cash Flow from operations before special items was 38,321 tEUR (FY 2019: 26,585 tEUR), an increase of 44%. Cash conversion rate before special items was 99%.
- Earnings per share (EPS) increased by 46% to 0.47 EUR/share (2019: 0.32 EUR/ share)
- New Depositing Customers (NDCs) exceeded 437,000 in 2020, similar to 2019. Performance was maintained despite the cancellation and postponement of major sports events due to the Covid-19 pandemic.
- During 2020, Better Collective completed acquisitions of approximately 80 mEUR:
- In March 2020, Better Collective established a strong position within the esports betting market through the acquisition of HLTV.org ApS. The purchase price was agreed at up to 34.5 mEUR on a cash and debt free basis.
- In October 2020, the acquisition of The Atemi Group was completed for 44 mEUR.
- In November 2020, the smaller acquisitions of Irishracing.com and Zagranie. com were completed for just above 1 mEUR.
- COVID-19 had a significant impact from the last part of Q1 as the pandemic set a halt on major sports events and thereby also online sports betting. Q2 was the most affected until some of the major sports in Europe resumed in June. In Q3, sports calendars were still affected with amended and reduced tournament formats, whereas Q4 has been largely back on track.
Significant events after the closure of the period
- January revenue reached 13 mEUR, a growth of 78% vs. 2020, of which 16% was organic growth. The organic growth was recorded despite a strong comparison towards January 2020 and was partly driven by the US business where total revenue in local currency almost doubled. In revenue from the affilliate business from sportsbetting and casino, the growth exceeded 200%.
- On January 1, 2021, Better Collective exercised its option to acquire a further 70% of the shares in Mindway AI for a total price of 2.3 mEUR (17 mDKK), bringing the ownership to 90%. Mindway AI specialises in software solutions based on artificial intelligence and neuroscience for identifying, preventing, and intervening in at-risk and problem gambling.
Financial targets 2021
With the expiration of the 2018-2020 targets and the introduction of segment reporting, the Board of Directors have decided on new targets for the financial year 2021: Revenue >160 mEUR, EBITDA >50 mEUR, Organic growth >20%, Net interest bearing debt/EBITDA <3.0. See page 13 of the report for more detail.
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.
Dial in details for participants:
Confirmation Code: 6573033
Denmark: +45 32 72 04 17
Sweden: +46 (0)8 56618467
United Kingdom: +44 (0)8444819752
Webcast link https://edge.media-server.com/mmc/p/msczk4rq
Jesper Søgaard, CEO of Better Collective, commented: “Looking back at an unusual year, I am pleased to see that our business has proven resilient and I am proud that we come out strong on performance. We have entered 2021 in great shape and are well-positioned for an eventful 2021”
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The SOFTSWISS Game Aggregator, the largest content hub in the iGaming industry, has secured Brazilian certification, becoming one of the first in the market to achieve this milestone.
Regulatory rules for iGaming come into effect in Brazil on 1 January 2025. According to them, platforms, aggregators, sportsbooks, and providers must undergo certification. Companies aiming to provide their services in Brazil in 2025 and beyond have been preparing for this transition throughout the year.
The SOFTSWISS team announces that its Game Aggregator is the first to fully comply with regulations, completing all necessary preparations and receiving the certificate to ensure smooth and efficient operations for its clients.
SOFTSWISS has also obtained certification for integration with the world’s largest game providers – Pragmatic Play, Evolution, and Playtech. These providers offer a diverse range of games tailored to suit the preferences of Brazilian players, from immersive live dealer experiences to engaging slots and table games, ensuring entertainment for every type of player.
According to recent Kantar research conducted in November 2024, the overall satisfaction index for the SOFTSWISS Game Aggregator is 8.1 out of 10. Remarkably, half of the respondents rated the product a 10 or 9. Customer support service satisfaction scored even higher, at 8.4 out of 10.
The Game Aggregator also boasts a key advantage: consistent 99.999% uptime, which is crucial for the iGaming business.
Ivan Montik, Founder of SOFTSWISS, notes: “According to our information, the SOFTSWISS Game Aggregator is the first aggregator fully prepared, both technically and legally, to work in Brazil when the new regulations take effect. This is a significant achievement that the team has worked on diligently and systematically. Our work doesn’t stop here – we are actively adding new providers to help our clients expand their presence in this promising Brazilian market, which is no longer ‘the sleeping giant’. It has awakened, and SOFTSWISS is at the forefront of this exciting transformation.”
To support this high level of performance, earlier this year SOFTSWISS appointed Rubens Barrichello, the Brazilian Formula 1 legend, as a Non-Executive Director, demonstrating its strong commitment to the local market. To ensure efficient operations and promptly address ongoing matters, SOFTSWISS also has a dedicated team of local business development managers in Brazil.
SOFTSWISS team will be available to discuss partnership in Brazil and other markets at the first major iGaming event of 2025 – ICE Barcelona, taking place on 20–22 January, at stand 2G42.
About SOFTSWISS
SOFTSWISS is an international technology company with over 15 years of experience developing innovative solutions for the iGaming industry. SOFTSWISS holds a number of gaming licences and provides comprehensive software for managing iGaming projects. The company’s product portfolio includes the Online Casino Platform, the Game Aggregator with over 23,500 casino games, the Affilka Affiliate Platform, the Sportsbook software and the Jackpot Aggregator. In 2013, SOFTSWISS revolutionised the industry by introducing the world’s first Bitcoin-optimised online casino solution. The expert team, based in Malta, Poland, and Georgia, counts over 2,000 employees.
The post SOFTSWISS Game Aggregator: Largest Content Hub Certified in Brazil appeared first on European Gaming Industry News.
Digitain, the leading provider of sportsbook and casino platform solutions, announced today that Edmond Ghulyan, the Group Chief Strategy Officer, has been promoted to CEO of Relum, the casino engine solution provider that is part of the Digitain Group of Companies.
Edmond has held several key leadership positions within the Digitain Group over the past seven years, including Chief of Centrivo Products and Group Chief Strategy Officer. He brings extensive experience in the iGaming industry, along with expertise in digital strategy, product innovation, operations, and market-product fit strategies. His comprehensive understanding of both B2B and B2C iGaming supply chains will be invaluable in further scaling Relum’s product offerings, including casino aggregation services and market expansion.
Digitain’s Group Founder, Mr. Vardges Vardanyan, commented on the promotion: “I am delighted to have Edmond lead the Relum team. With his extensive experience in product and commercial development at Digitain over the years, Edmond will support and facilitate comprehensive solutions as Relum expands its services to B2C partner operators in high-growth markets.”
Edmond Ghulyan, CEO of Relum, expressed his enthusiasm for the new role: “I am truly excited to have played my part of Digitain’s growth journey, and now Relum, a company that has consistently expanded its business solutions within the global regulated iGaming supply chain. The company’s customer-centric approach and commitment to its people in delivering complex solutions for today’s multi-jurisdictional regulated operators have always impressed me. I eagerly look forward to scaling the Relum business with new and existing partners and leading the product and sales team in the coming months.”
The post Digitain has promoted Group Chief Strategy Officer to CEO of Relum appeared first on European Gaming Industry News.
Zitro, a leading global gaming company, has announced the successful launch of its first Wide Area Progressive (WAP) in Argentina, with over 45 slot cabinets initially installed in five gaming halls located at the Hipódromo de Palermo. The product selected for this project is the successful game “Mighty Hammer Ultimate” on Zitro’s premium cabinet, “Altius Glare.”
This system represents the first WAP in South America. A shared jackpot called “Mega Pozo Mighty Hammer” starts at 50 million Pesos and grows progressively, making it the largest accumulated prize in the region. The official inauguration was held on December 19th during the exclusive “Noche de Palermo” event, including a live performance by the renowned Argentinian band Los Totora.
Company Directors commented: “We are very pleased to introduce Argentina’s first WAP at the Hipódromo de Palermo. This project – for which we partnered with Zitro – reiterates Casino Club’s commitment to innovation, always under the premise of offering our customers an entertainment experience that exceeds all their expectations.”
For her part, Alejandra Burato, Regional Director of Zitro for LatAm, commented: “The launch of our first WAP in Argentina is a very important milestone for Zitro, as it confirms our company as a supplier of machines for WAPs. Attending the inauguration event and seeing firsthand how our products connect with players has been a pleasure, providing a unique and different entertainment experience in the region. Additionally, I want to highlight the excellent marketing surrounding the launch, contributing to its success. Finally, I would like to thank Casino Club for their trust and collaboration, which has allowed us to present this innovative proposal in such a renowned and emblematic place as the Hipódromo de Palermo.”
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