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Better Collective increases organic revenue by 29 percent; strong growth across US assets and media partnerships
Interim report January 1 – September 30, 2021
Highlights third quarter 2021
- Group Revenue grew by 148% to 45,413 tEUR (Q3 2020: 18,298 tEUR). Organic revenue growth was 29%. September reached a new monthly revenue record of 20,285 tEUR, equal to 45% of the total quarterly revenue.
- The quarter showed strong underlying growth on all major KPIs, however, revenue was impacted downwards by very low sports win margins in July and August. The sports win margins were negatively affected by larger operators accelerating marketing campaigns (free-bets, retention-bonuses etc.), as well as continued strong NDC performance, where new depositors receive sign-up bonuses.
- The US business performed strongly with Q3 2021 revenue of >5x compared to Q3 2020 revenue. Revenue for September jumped to 8.9 mEUR (>10 mUSD) reflecting a strong start of the high season for US sports and the state of Arizona opening for online sports betting. Strong performance across all US assets including the newly acquired Action Network.
- In Germany, a long-awaited new gambling regulation came into force from July 1. The market development has been in line with our expectations; for Better Collective, September revenue from the German market was on par with the monthly average in H1. Based on the current performance in Germany, revenue for the full year 2021 is expected to exceed prior years 2019 and 2020, respectively, with expected continued revenue growth in 2022.
- Media partnerships continued with strong performance with almost 45,000 NDCs. More media partnerships are expected to be established in various countries.
- Group EBITDA before special items increased 63% to 13,583 tEUR (Q3 2020: 8,326 tEUR). The EBITDA-margin before special items was 30% (Publishing 40% and Paid Media 9%).
- Special Items in Q3 2021 amounted to a cost of 11,588 tEUR vs. an income of 44 tEUR in Q3 2020. It includes an 11,487 tEUR adjustment of the contingent liability related to the 2019 acquisition of Rical LLC, treated as a P/L item under IFRS.
- EBITDA after special items amounted to 1,995 tEUR, a decrease of 6,375 tEUR vs. 8,370 tEUR in Q3 2020.
- Cash Flow from operations before special items was 10,498 tEUR (Q3 2020: 8,359 tEUR), an increase of 26%. The cash conversion was 76%, and was impacted by a significant increase in revenue for September vs. June driving increased trade receivables from Q2 2021. End of Q3, capital reserves stood at 64.1 mEUR including cash of 35.4 mEUR and unused bank credit facilities of 28.7 mEUR.
- New Depositing Customers (NDCs) were >200,000 in the quarter with an implied growth of 110% and a new quarterly record despite July and August being the low season for major sports.
- Better Collective acquired Soccernews.nl and Voetbalwedden.net for total 5.9 mEUR upfront payments plus deferred and earn-out payments of up to 3.75 mEUR, to gain a leading position in the newly regulated Dutch online sports betting market.
- Better Collective resolved on a directed share issue of 6.9 million shares, raising proceeds of 145 mEUR to maintain financial flexibility.
- For the fourth consecutive year, Better Collective topped the prestigious EGR Global’s Power Affiliates 2021 ranking.
Financial highlights first nine months 2021
- In the first nine months of 2021, revenue grew by 128% to 124,257 tEUR (YTD 2020: 54,472 tEUR).
- In the first nine months of 2021, EBITDA before special items increased 64% to 39,439 tEUR (YTD 2020: 24,044 tEUR). The EBITDA-margin before special items was 32%.
- Special Items amounted to a cost of 17,006 tEUR vs. an income of 252 tEUR YTD 2020. It includes an 11,487 tEUR adjustment of the contingent liability related to the 2019 acquisition of Rical LLC, treated as a P/L item under IFRS, in addition to 5,784 tEUR related to M&A transactions, primarily the acquisition of Action Network in May, 2021.
- EBITDA after special items amounted to 22,433 tEUR YTD, a decrease of 1,863 tEUR vs. 24,296 tEUR YTD 2020.
- Cash Flow from operations before special items was 37,670 tEUR (YTD 2020: 28,173 tEUR), an increase of 34%. The cash conversion rate before special items was 97%. End of Q3 2021, cash and unused credit facilities amounted to 64.1 mEUR.
- New Depositing Customers exceeded 575,000 in the first nine months of 2021 (growth of 103%).
- Better Collective acquired leading US sports betting media platform, Action Network, for 196 mEUR (240 mUSD), gaining market leadership within sports betting media in the US.
- On May 26, 2021, the Board of Directors resolved on a directed share issue of 6.9 million shares, raising proceeds of 145 mEUR to maintain financial flexibility.
Significant events after the closure of the period
- October revenue reached 16.8 mEUR, with organic growth of 17% and a total growth of 34% vs. last year. The growth is achieved despite an all time low sports win margin in October.
- On November 4, the completion of the acquisition of the remaining 40% of Rotogrinders Network was announced. Since the initial share acquisition Rotogrinders has shown strong performance with expected 2021 revenue more than doubling since 2019, with a 47% compound annual growth rate. Expected 2021 EBITDA is 4.4x higher than 2019, growing at a 109% compound annual growth rate.
- In the state of New York, nine operators were recently awarded sports betting licenses. Projected to become the single largest online betting market in the US, New York presents a big opportunity for Better Collective and for our operator partners now licensed. Betting is expected to commence in January 2022, in time for the Super Bowl.
- Better Collective received an award for its efforts within compliance at the Vixio Global Regulatory Award. At the same show, Better Collective’s subsidiary, Mindway AI, received two awards for its efforts within responsible gambling.
Financial targets
The full-year financial targets for 2021 for the group remain unchanged. Growth in the Publishing business exceeds prior expectations whereas Paid Media sees lower growth than anticipated, which is reflected in an adjustment of the detailed segment targets.
Jesper Søgaard, Co-founder & CEO of Better Collective, commented:
“Q3 was a great quarter closing with an all time high monthly revenue in September. This was partially the result of strong performance across all our US assets, including our recent acquisition, Action Network. September was also the beginning of the high season for US sports, which is expected to fully materialise in the Q4 results. “
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.
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Gambling in the USA
Digicode at NEXT.io Summit NYC 2026: Driving the Future of iGaming Technology
Digicode, a leading provider of next-generation iGaming solutions, announced its participation in NEXT.io Summit NYC 2026: Innovation in iGaming, one of North America’s most influential iGaming and sports betting events taking place March 10–11, 2026, at Convene, 225 Liberty Street, Downtown New York.
NEXT.io Summit NYC 2026 brings together more than 1,200 senior executives, investors, technology leaders, operators, and innovators from across the global iGaming and sports betting ecosystem to explore breakthrough technologies, partnerships, and growth opportunities shaping the future of online gaming.
“At a time when the industry is rapidly evolving, NEXT.io Summit NYC serves as the premier stage for strategic conversation, innovation, and partnership,” said Elkhan Shabanov, CEO of Digicode Americas. “We’re excited to showcase our cutting-edge solutions that empower operators and suppliers to build faster, scale smarter, and take ownership of their technology stack.”
During NEXT.io Summit NYC 2026, Digicode will demonstrate how the Diger Suite empowers iGaming businesses to modernize their technology stack, offering a modular ecosystem of advanced solutions engineered to replace legacy systems with flexible, scalable, and performance-driven infrastructure:
- DigerRGS – Next-generation iGaming platform with full IP control and capacity for high throughput performance
- DigerPAM – Cross-market ready player account management system
- DigerPay – PSP-agnostic payment gateway supporting 200+ methods with real-time fraud protection
- DigerClick – Fully owned affiliate management platform with customizable tools and analytics
- DigerCompanion – AI-driven assistant for multilingual support, responsible gaming automation, and compliance management
During the event, Digicode experts will share real-world use cases and actionable frameworks to help industry leaders transition from legacy constraints to competitive advantage. Key topics include scaling rent-to-own iGaming platforms, automating support and compliance with AI, building resilient payment stacks, owning affiliate systems, and operating in regulated markets with adaptive technology.
The post Digicode at NEXT.io Summit NYC 2026: Driving the Future of iGaming Technology appeared first on Americas iGaming & Sports Betting News.
Latest News
NFL LEGEND ROB GRONKOWSKI TAKES ON HIGH-STAKES POKER PROS ON POKERSTARS BIG GAME ON TOUR IN LAS VEGAS
Gronk makes high-stakes debut taking on poker legends Phil Hellmuth and Antonio Esfandiari
Four-time Super Bowl champion and FanDuel Ambassador Rob Gronkowski is competing in a new arena as the former NFL tight end makes his high-stakes poker debut in Las Vegas on PokerStar’s The Big Game on Tour. Gronk goes head-to-head with some of the game’s best-known pros.
Known for his dominance on the football field and his larger-than-life personality, Gronk tests his competitive instincts at the poker table, where he is reading opponents, attempting a poker-face, cracking jokes and cracking aces when trying to take down pots worth thousands.
Gronk joins a table that includes:
- Phil Hellmuth, 17-time World Series of Poker champion
- Antonio Esfandiari, one of poker’s most recognisable high-stake pros
- Rania Nasreddine, a rising star known for fearless play
- Nick Wright, sports broadcaster and analyst
- Luke Waekelin, the loose cannon who earned his seat playing online on PokerStars
Season 2 of The Big Game on Tour features high stakes cash game action filmed in Las Vegas during the PokerStars North American Poker Tour and blends established poker players with celebrity competitors and ambitious qualifiers. The result is an unpredictable mix of elite gameplay, competitive ego and real money drama. Gronk’s appearance highlights the crossover appeal between professional sports and poker where competitors use skills in psychology, risk-taking and performance under pressure.
New episodes air weekly beginning Sunday, March 8 with the season culminating on April 5. Episodes are available via PokerStars’ YouTube channels.
Season 2 Release Schedule:
- Sunday, March 8 – BGOT Season 2 Episode 11
- Sunday, March 15 – BGOT Season 2 Episode 12
- Sunday, March 22 – BGOT Season 2 Episode 13
- Sunday, March 29 – BGOT Season 2 Episode 14
- Sunday, April 5 – BGOT Season 2 Episode 15
The latest season arrives just in time to celebrate the launch of FanDuel and PokerStars in the US, marking the coming together of the two brands.
To find out more, head to the PokerStars Blog.
For more details, please contact [email protected].
More information on responsible gaming can be found at: pokerstars.com/about/responsible-gaming/
The post NFL LEGEND ROB GRONKOWSKI TAKES ON HIGH-STAKES POKER PROS ON POKERSTARS BIG GAME ON TOUR IN LAS VEGAS appeared first on Americas iGaming & Sports Betting News.
Aleksandra Rudis CEO at Heaven of 7
Nurturing Female Leaders in iGaming
VeliTech is considered one of the best companies for welcoming and developing female leaders. We speak to three members of its team to find out more.
Olha Yatsyna — CMO at VeliTech & Chief Communications Officer at Veli Group
The VeliTech group of companies have earned a reputation for nurturing female leaders in iGaming. Talk us through your approach to this.
We want to attract the absolute best talent to VeliTech, and don’t believe that a person’s gender should have any impact on their suitability for a particular role. We are a committed equal opportunity employer and provide support and career development opportunities for all our employees. That said, the industry has a bit of a reputation for being male-dominated, so we have made it our mission from day one to make it clear that we want to welcome female leaders to the business, and that we will provide them with the support and development opportunities they need to achieve their full potential. This approach has seen us build out a balanced team, with some truly exceptional females in senior positions across the organisation.
Have you faced challenges in creating a culture where you can welcome and then nurture female leaders? If so, how were these challenges overcome?
The challenge has been mostly around getting the message out to female leaders that VeliTech offers the career opportunities they are seeking. The skills, qualities and qualifications required for most of the roles across the organisation can also be applied to other industries, so we have done a lot of work around engaging and communicating with female leaders to make them aware of the opportunities the global iGaming industry presents, and why VeliTech is the right company for them to join. One of the most effective ways of doing this has been to celebrate the success of the female leaders we have across the organisation, and use their stories to inspire others to apply for the open roles we have or just to connect with us and find out more about the business.
How do you attract top talent, and how do you make it known that a core aspect of your culture is supporting female leaders?
Attracting top talent, whether female or male, comes down to several factors. It starts with offering an engaging and interesting role that will allow them to develop their skills and competencies, challenge them in the right way, and provide a clear path of progression. It’s then about making them aware of the company culture and how the organisation will support them in achieving their own goals and aspirations. I think it’s important for potential candidates to get a feel for the types of people the organisation employs so they can determine if they would fit in well with the team. As for female leaders specifically, we do a lot to promote what our female leaders are doing and achieving, and to celebrate their successes. This helps others to see that we are true to our word when it comes to supporting female leaders, nurturing their talents and providing them with the opportunities to develop and secure senior roles within the organisation.
What are the upsides to having a diversified team where employees are provided with an environment to achieve their full potential?
We have the absolute best people working in any given role. A diversified and balanced workforce also brings new perspectives, different approaches to problem-solving and even unlocks unexpected opportunities for the business. By embracing female leaders and giving them the environment to succeed, VeliTech has grown at scale and pace, driven by the brightest minds and creative talents, regardless of their gender. I think we have also created a blueprint for other companies to follow when it comes to empowering female leaders, creating a culture based on equality, hiring individuals based on merit and ensuring they fit within the wider organisation.
What would you say to female leaders considering a career in the global iGaming industry?
Go for it. This is a fascinating industry that evolves at a fast pace. Things are always changing, and this is what makes it so interesting. It’s an industry that takes in everything from technology and law to consumer behaviour, data, marketing, engineering, creativity, finance and compliance, with a wide range of roles for individuals to explore and consider. It’s great for career development, and there are some truly fantastic organisations that you can work for, and in desirable locations across the world. For me, VeliTech has been the pinnacle of my career and has ultimately become my work home – a home that I would love to share with more like-minded female leaders.
VeliTech is a pioneering company in many respects, but especially when it comes to its approach to diversity and inclusion, and nurturing female leaders.
To find out more about the company culture that’s driving this, we spoke to two female leaders, Aleksandra Rudis, CEO at Heaven of 7 and Yevheniia Bocharova, CEO at VeliPlay.
We speak to both about their experience at VeliTech and how the company has supported their career aspirations.
How has the VeliTech culture allowed you to achieve your career goals and reach your full potential?
AR: What I value most about the VeliTech culture is that it recognises individuality. It’s a place where ideas can come from anyone, not just from titles. This has given me the freedom to lead Heaven of 7 in a way that feels authentic, combining business logic with creativity and empathy. I’ve always worked across different industries, from finance to tech and AAA gaming, and this variety shaped how I lead today. Veli’s environment supports that diversity of thought and lets you apply it without limits.
YB: When I joined VeliTech, I started as a Product Manager. From the very beginning, I experienced a culture that values initiative, innovative ideas and the courage to take risks, regardless of your position. Leadership didn’t just support me, they believed in me and my vision, giving me the freedom to take ownership and deliver results. Thanks to this culture of trust and openness, I was able to grow, take on new challenges, and expand my impact. Today, as CEO of VeliPlay, I see that the VeliTech focus on respect, transparency and equal opportunities has allowed me to fully realise my potential and inspire others to do the same. This environment nurtures leaders at all levels and encourages the entire team to contribute, innovate and excel.
What challenges have you faced as a female in the iGaming industry, and how has VeliTech helped you overcome these challenges?
AR: In the early years, I often felt that women in gaming had to over-explain their competence before being trusted with responsibility. Within the Veli ecosystem, that narrative changes. I’ve never had to prove my worth because of gender, only through the work itself. That’s a powerful shift. I’m surrounded by colleagues who value skill, commitment and results above everything else, and that creates a culture where you can truly grow.
YB: Early in my career, the industry often questioned women in leadership roles. At VeliPlay, the focus is always on competence, contribution and accountability, not gender. The company fosters a culture where anyone can express ideas freely and have their performance evaluated based on results. This support has allowed me to focus on growth and impact rather than overcoming stereotypes, and it encourages all employees to thrive.
Why is it so important for organisations to embrace diversity and equality, and to give female talent the same opportunities as their male counterparts?
AR: Because innovation doesn’t happen in echo chambers. The best ideas often come from the friction of different experiences, and gender balance is part of that equation. Women bring different instincts, such as emotional intelligence, holistic thinking and resilience, all of which are vital in industries built on understanding people. I’ve seen that firsthand, both in gaming and in tech startups, where diverse teams consistently outperform homogeneous ones.
YB: Diversity strengthens teams and drives innovation. Leaders of any gender bring unique perspectives and skills, but women often contribute flexible thinking, critical analysis and the ability to evaluate multiple possible outcomes, which enhances decision-making and strategic planning. Additionally, women frequently bring empathy and strong awareness of team dynamics, helping prevent conflicts and fostering a positive, collaborative environment. Providing equal opportunities ensures that all talent, regardless of gender, can contribute fully, making teams stronger, more resilient and more innovative.
Can you give an example of how having females in senior positions has benefited your company?
AR: At Heaven of 7, women hold key leadership roles across product, design and operations, and I’ve seen how that directly shapes both our culture and the games we create. In the iGaming industry, there’s often pressure to focus on short-term results. Having strong female leaders at the table naturally brings more balance and more attention to player psychology, emotional pacing and long-term retention alongside commercial performance. For me, the biggest benefit is perspective. We stay competitive and ambitious, but we also build with sustainability and responsibility in mind. That balance influences how we design our products and how we collaborate as a team.
YB: Female leaders have strengthened the VeliPlay culture of collaboration, communication and support. Their empathy and attention to team dynamics improve understanding across departments and help anticipate challenges before they escalate. This approach creates a harmonious, productive workplace, reduces employee turnover and encourages team members to stay longer than average, contributing to greater stability and continuity. As a result, teams work more cohesively, engagement increases and business outcomes improve.
How do you approach supporting other female colleagues in reaching their full potential, both within the VeliTech group of companies and the wider industry?
AR: I believe support starts with visibility and real responsibility. In the iGaming industry, women are still less represented in product and executive roles, so it’s important that we actively create those opportunities. When Forbes Cyprus recognised me as one of the Women in Tech Award winners, it reinforced how meaningful representation can be. It shows that leadership in our industry is possible and accessible. Within VeliTech, I encourage women to take ownership by leading projects, managing budgets and joining strategic discussions. Confidence grows with responsibility. Beyond the organisation, I’m always open to mentoring and honest conversations about both the opportunities and the challenges of leadership.
YB: I aim to lead by example, showing that leadership is defined by competence, confidence and accountability, not gender. I actively support colleagues by sharing experience, offering guidance and encouraging them to embrace challenges and take initiative. Our team is evenly balanced by gender, with a strong representation of women in core leadership, and I actively advocate for hiring talented women into managerial roles to ensure they have opportunities to grow and lead. Supporting each other and recognising achievements is essential, and this collective encouragement strengthens the entire team.
Any final thoughts or anything else you’d like to add?
AR: The global iGaming industry is evolving rapidly, and that evolution requires thoughtful and diverse leadership. Women bring perspective, resilience and strong people awareness – qualities that matter in a fast-moving, regulated environment. At Heaven of 7, I’m proud that we are building products that balance performance with player respect, while contributing to an industry where female leadership feels natural and visible.
YB: iGaming is a fast-paced, rapidly evolving industry where success depends on adaptability, openness and continuous learning. I am proud to work in a company that nurtures these qualities and creates equal opportunities for all employees, allowing talent to flourish regardless of background or gender. Diverse leadership, combined with collaboration and shared vision, makes VeliPlay and VeliTech stronger, more innovative and ready to achieve ambitious goals.
The post Nurturing Female Leaders in iGaming appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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