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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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Buffalo Force
ELA Games’ Buffalo Force Charges to Outstanding Results: 62% GGR Growth in Just 3 Weeks

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Stunning visuals and strong performance make Buffalo Force a standout success
ELA Games’ Buffalo Force has quickly risen to the top of performance charts, just three weeks after its release, showing strong player engagement metrics and turnover growth.
The Wild West-themed brand-new title blends visually rich artwork, dynamic gameplay, and immersive atmospheres to create engaging experiences for players and value for operators. The game showcases ELA Games’ rapid rise to become a leading game development studio, capable of pushing the boundaries of the gaming industry with its innovative solutions.
Inside the Data: How ELA’s Buffalo Force Instantly Soared
This month, Buffalo Force exceeded all plans and surpassed expectations across key performance metrics. The audience immediately embraced the product, with operators reporting positive responses from player bases. With the game’s momentum still building, even stronger results may be on the horizon.
Growth metrics during the first 3 weeks after release highlight Buffalo Force as one of the studio’s strongest titles to date. It showcases the game’s powerful retention appeal and the ability to deliver games that perform consistently across regions, captivating new audiences:
- Actives growth +26%
- Turnover +38%
- GGR total growth +62%
- Rounds count +29%
These results reflect a rise in overall player activity, indicating higher session frequency and more wagers placed. This shows that Buffalo Force has high replay value and is a game that encourages engagement.
[Video https://youtu.be/pBHPyi2vHlY]
Marharyta Yerina, ELA Games’ Managing Director, commented, “Buffalo Force represents the progress our studio has made in understanding what players love and what operators need. What we see with the game’s instant success is a sign that our approach is working and that each new release will set the bar higher in terms of engagement, performance, and enjoyment.”
ELA Games’ Portfolio Continues to Expand
Buffalo Force’s success reflects ELA Games’ development approach, where each release enriches the studio’s portfolio, adding creative innovation, visually rich design, and operator value. Other recent additions, such as Shoot Happens or Rabbit Winpot Deluxe, reinforce this trend, creating a balanced catalogue with plenty of variety.
Joker Winpot is another standout title for ELA Games that has received widespread acclaim. It received key nominations by various institutions for its creativity and innovation, underscoring how ELA Games’ developments are recognised by peers and press alike. Buffalo Force positions itself as a key game for the studio that will contend for similar commercial success and industry recognition.
The post ELA Games’ Buffalo Force Charges to Outstanding Results: 62% GGR Growth in Just 3 Weeks appeared first on European Gaming Industry News.
Flashscore
Flashscore expands Follow Player feature to basketball and ice hockey NBA and NHL stars

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New Follow Player feature lets fans track their favourite basketball and ice hockey players with real-time notifications, including NBA and NHL
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The NBA competition page received over 1.1 billion opens last season alone, demonstrating the market appetite for more detailed match statistics fans want to access
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This follows the launch of the platform across football in September, activated by 1.3 million fans so far
Flashscore, the world’s most popular live scores and sports news app, has expanded its Follow Player functionality to basketball and ice hockey, allowing users to get real-time updates on their favourite basketball and ice hockey stars in the NBA, NHL and other leagues.
The launch follows the success of the feature for global football fans, launched in September. Within two months of being launched, 1.3 million fans are actively using Follow Player for football, averaging five players each, resulting in around 6.5 million player favourites.
The enhancement allows Flashscore’s 100 million-plus monthly users to add up to 100 of their favourite players to receive personalised notifications. Updates include alerts on whether a player is in the starting lineup, their in-game stats like goals and assists, and post-match performance ratings.
The expansion comes as Flashscore data reveals huge user engagement with the NBA and NHL during the 2024-25 season. In the last NBA season, there were more than 1.1 billion match detail opens across 1,316 games, with an average of around 320,000 users per match.
The most-followed team was the Los Angeles Lakers, attracting an average of 515,000 users to their games. In ice hockey and the NHL, last season saw more than 783 million match detail opens across 1,420 games. The Washington Capitals were the most popular team, with an average of 390,000 users per game.
Company data shows basketball and ice hockey are among the most popular sports with Flashscore users, beyond only football and tennis.
Tomáš Pondělík, Chief Product Officer at Flashscore, said: “Following the hugely successful launch of Follow Player for our football fans, expansion to Basketball and Ice Hockey is the next logical step. Fandom is evolving, and we’re seeing a significant shift from fans, especially with the younger generation, following only their favourite teams to a deeper interest in individual players. We see the same trend in basketball and hockey, where superstars often have a global following that transcends team loyalties. Being able to offer our users the chance to follow real-time updates from their favourite football, basketball and ice hockey stars sets Flashscore apart from other live scores apps.
“Our community has been asking for this feature, and the data shows a clear appetite for in-depth information. With Follow Player now available for basketball and ice hockey, fans can track their heroes in real time with the fast, non-intrusive notifications they expect from us. We’re already working on adding more meaningful player data to give fans a richer understanding of performance, and this is just the beginning.”
The post Flashscore expands Follow Player feature to basketball and ice hockey NBA and NHL stars appeared first on European Gaming Industry News.
BetNation
Kambi Group plc agrees Turnkey Sportsbook partnership with Dutch online operator Betnation

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Multi-year agreement will see the home of premium sports betting solutions deliver its market-leading online sportsbook to Betnation in the regulated Netherlands market
Kambi Group plc (“Kambi”), the home of premium sports betting solutions, has agreed a multi-year partnership with Dutch online operator Betnation to deliver its comprehensive Turnkey Sportsbook solution in the regulated Netherlands market.
Under the terms of the partnership, Kambi will power Betnation’s online sportsbook offering with its award-winning end-to-end sportsbook technology and services, including robust betting engine, advanced trading and risk management capabilities and regulatory compliance expertise.
Having successfully operated an online casino in the Netherlands since October 2022, Betnation will leverage Kambi’s proven turnkey capabilities to expand its presence in the online sports betting vertical.
With more than 50 partners globally, Kambi’s Turnkey Sportsbook has become the sportsbook of choice for operators in regulated markets — combining global scale, cutting-edge technology and flexibility to drive growth, ensure stability and deliver market-leading performance. Kambi’s Turnkey Sportsbook also offers an extensive range of operator empowerment tools, including price differentiation and player engagement solutions, which enable partners to stand out in competitive markets and deliver a unique sportsbook experience for their players.
Werner Becher, CEO of Kambi, said: “We are delighted to agree this partnership with Betnation as we strengthen our position as the sportsbook partner of choice for operators in regulated betting markets. As Betnation embarks on its next phase of growth, Kambi’s Turnkey Sportsbook solution offers the flexibility, scalability and performance needed to compete in highly competitive markets like the Netherlands, and we look forward to supporting our new partner’s success.”
Robert Schouten, CEO of Betnation, added: “Kambi’s reputation for excellence, cutting-edge technology and a commitment to regulated markets made them the natural choice as our new sportsbook provider. Their technology and expertise will enable us to provide our customers with a premium betting experience that matches the high standards they already expect from our online casino product.”
The post Kambi Group plc agrees Turnkey Sportsbook partnership with Dutch online operator Betnation appeared first on European Gaming Industry News.
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