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Better Collective increases organic revenue by 29 percent; strong growth across US assets and media partnerships

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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. “

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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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New Gamification Academy at SBC Summit to Present Fresh Approaches to Player Engagement

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With gamification emerging as a driving force in the casino industry, SBC Summit introduces the Gamification Academy, an initiative built to confront pain points in engagement, retention, loyalty, and differentiation by exploring what truly keeps players coming back.

Launched in partnership with leading iGaming turnkey solutions provider Soft2Bet, the Gamification Academy will take place on Tuesday, 16th September, at the Sala Tejo, MEO Arena.

The programme forms part of SBC’s newly introduced Tech Academies,  a series of immersive learning streams designed to arm summit attendees with practical know-how in AI, marketing, Web 3.0 & blockchain, and gamification.

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Delegates can anticipate discussions examining the role of personalisation in driving loyalty, strategies for balancing gamified features with brand authenticity, and honest reflections on both the successes and challenges of gamification in the industry.

“Gamification has transformed how people interact with digital products across industries, and iGaming is no exception,” SBC Founder and CEO Rasmus Sojmark said.

“Players now expect fun, engaging, and rewarding experiences, and that’s exactly what gamification delivers. The Gamification Academy will show the industry how to apply these proven principles to build deeper connections, keep players returning, and create more meaningful player journeys,” he added.

Kicking off the Academy, Soft2Bet’s Chief Product Officer Yoel Zuckerberg will lead the ‘Introduction to Gamification & Player Engagement’ workshop. Setting the stage for the day, the session offers a comprehensive overview of gamification’s power and how it has shaped the industry in recent years.

Chief Business Development Officer Toni Jermaniš (SofaScore), CEO & Co-Founder Josh Jones (Rise & Hustle), and Senior Solutions Engineer Alec Gehlot (Optimove) will focus on the player retention angle through their ‘Why Personalisation is the Key to Retention‘ panel moderated by Soft2Bet’s Chief Business Development Officer Martin Collins.  The session will explore how tailored offers, customisable interfaces, and personalised recommendations are giving players more control over their experience and, in turn, strengthening loyalty and long-term value.

Following a networking break, two case studies will spotlight real-world lessons from gamification, dissecting what works, what doesn’t, and how to measure success.

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First up is the case study titled “Baking in Gamification During Design”, led by Alexis Wicen (CEO, Scatters Group). In this session, delegates can learn how to weave gamification into their products without losing brand authenticity. Drawing on real-world examples, the session will examine where brands have succeeded in integrating gamification into their games and platforms, and where they have fallen short, showing delegates how to approach gamification more effectively in their own projects.

The second case study, ‘The Metrics of Gamification’, will examine where the impact of gamification is most evident and how brands can measure it effectively. Featuring Uri Admon (CEO, Captain Up), the session will cover key factors such as retention, loyalty, engagement, revenue, and player enjoyment, helping delegates understand how to balance player needs with company goals.

The Academy will close with ‘The Five Steps of Gamification,’ a panel hosted by Soft2Bet’s Head of Sales, Alon Eshed, joined by Helen Walton (Founder & CCO, G Games), David Olim (CEO, FootAR), and Tom Jang Lemke (CEO and Founder, SavageTech). By breaking down the fundamental building blocks of gamification, including rewards, progression, competition, and storytelling, the session will highlight how these principles form the foundation of more engaging and personalised player experiences.

The Gamification Academy will feature at the upcoming SBC Summit 2025, SBC’s global flagship event, taking place at Feira Internacional de Lisboa and MEO Arena from 16–18 September. The summit will also host a six-track conference, a 135,000 square meter exhibition, the Affiliate Leaders Summit and Payment Expert Summit, plus a full schedule of evening networking events.

Participation in the Tech Academies is exclusively for VIP Event Pass and Expo+ holders only.

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You can RSVP to attend our tech academies here.

VIP Event Pass: Access to the show floor, all networking areas and conference sessions, complimentary food and drink from the summit’s food festival and access to exclusive evening networking sessions and parties.

Group VIP Event Pass: Get your passes for just €400 each when you purchase for three or more people (a saving of €200 per ticket!) – perfect for bringing your team along.

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Expo+ Pass: Access to the show floor, conference sessions and daytime networking only.

Expo Only Pass: Our free option, which gives you access to the show floor only. This is perfect for individuals from outside the gaming industry who want to explore potential partnerships. Please note that this will not grant you access to our academies.

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Operator and Affiliate Passes: Operators and affiliates are eligible for a free VIP event pass. Simply apply.

The post New Gamification Academy at SBC Summit to Present Fresh Approaches to Player Engagement appeared first on European Gaming Industry News.

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Casino Games and Console Games: Are They Really That Different?

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Games come in many shapes and sizes. This has long been the case. The digital age brings everything from slot machines to sprawling console adventures. Casino titles and console games might look like they live in two different worlds. One is often focused on quick play and chance. The other leans into storylines and hours of immersion.

There are definitely a lot of differences. But there are similarities and overlaps that not everybody has considered.

Two Industries, One Trend: Growth and Choice

One of the clearest similarities between casino games and console gaming is how both industries have grown in recent years. Players now face huge menus of choices.

Casino fans know that there can be some very big libraries and even new titles appearing by the week. They are all trying to stand out with a new theme or mechanic (or just new characters). New and emerging markets like Canada still benefit from the huge libraries that are available. Bodog Canada is a casino that has a lot of different slot games as well as a lot of traditional table games. Blackjack and similar options are ubiquitous – there are even new developments and tweaks to the gameplay.

Big slot developers and brands may even create a lot of different new games for the market. There are enough for brands to even advertise regular slots of the week or similar.

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Meanwhile, the console market has exploded. There are AAA open-world adventures and indie gems. The huge number of games caters to different tastes. Just like casino libraries, console platforms thrive on variety. This abundance means players in both spaces are never short of something new to try.

The numbers definitely back this up. A record number of new titles were launched in 2024 on Steam. There were over 15,000 new titles. Nobody could possibly try all of the games that have been put out on the market. Steam is a PC platform – we have seen a similar pattern in other console games.

Different Styles of Play

There’s no denying that the styles of play differ. Casino games are designed around quick interactions. A spin of a roulette wheel or a few seconds on a slot machine. All of these fit neatly into short bursts. Console games often ask for long sessions. They draw people in with depth and are designed to be longer. Some even take hundreds of hours to complete or give open-world designs people can explore endlessly.

But even here, there are overlaps. Casual console games like mobile ports and indie titles can mimic the quick pace of casino games. Think of puzzle games or arcade-style shooters that are all about instant gratification. They echo the same “jump in and jump out” model seen in many casino titles.

Shared Themes and Visuals

Themes are another place where links appear. Casino developers know that visuals matter. Slots come dressed in everything from mythology to sci-fi to jungle adventures. Console games also lean heavily on themes. They build entire worlds around specific styles.

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In both spaces, developers reuse familiar ideas because they work. Things like mythology and science fiction appear across slot libraries and console releases. The art and atmosphere can often feel strikingly similar, even if the gameplay itself is very different.

Mechanics: Skill vs Chance

One of the biggest differences lies in mechanics. Casino games are usually driven by chance. Spins and card draws are random – strategy often plays a secondary role. In contrast, console games usually rely heavily on skill.

Some casino titles do bring elements of strategy into play. Poker requires both luck and skill, and blackjack asks players to think carefully about probability. Console games sometimes lean into randomness, too. Loot systems or even dice-roll mechanics mimic the uncertainty of chance found in casinos.

Social Experiences

Another interesting similarity is the social side. Some casino games have turned into shared experiences. Players can sit at the same table virtually in a live dealer game and interact with others. Console gaming has mirrored this with online multiplayer. This could mean teaming up in a shooter. It could also be facing off in a sports game; the social element keeps people engaged.

Both industries understand the power of community. It’s no longer just about the game itself. The social element is huge.

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Technology Driving Both

Technology has been the engine behind the rise of both casino and console games. Casino developers have embraced mobile play and used HTML5. Console makers have pushed graphics and processing power to create lifelike worlds.

Interestingly, both industries borrow from each other here. Casino games sometimes mimic console-style graphics and storytelling. Some console games sneak in casino-style mini-games, like card tables or slot-style mechanics tucked inside larger adventures.

The post Casino Games and Console Games: Are They Really That Different? appeared first on Gaming and Gambling Industry in the Americas.

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Strategies that Scale: Evoplay’s Alex Malchenko on Cracking the Code of Localised iGaming Success

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Alex Malchenko, Head of Sales at Evoplay, joins us for an exclusive conversation ahead of HIPTHER’s European Gaming Congress 2025.

Evoplay, proud Pen & Paper Sponsor of this landmark event, continues to pave the way in iGaming with pioneering content, creative game design, and strategic market expansion.

With over a decade of B2B sales experience, Alex has played a lead role in entering regulated territories, forging new Bingo and Lottery partnerships, and launching fresh business directions – making him the ideal voice to explore insights around localising content for different markets: challenges, nuances, and successful strategies.

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Alex, with your background scaling new markets and products, what challenges have you encountered with content localisation in the iGaming space?
When we enter or grow in a new market, we look at its own specifics. In some markets, the main challenge is regulation, whether it’s strict certification rules, requirements on game content and promotions, RTP levels, or even small details like how session time is displayed. That’s why we take time to understand the rules, the culture, and what local players actually want.

One good example is our instant game Penalty Shoot-Out: Street, which we created for Brazil and its strong football culture. The challenges there were both technical and regulatory, since Latin American markets often have very different rules. In some countries, just certifying the game isn’t enough — additional RGS and RNG certificates and official confirmations are also required.

On top of that, we had to make sure the gameplay matched what players expected. With Penalty Shoot-Out: Street, we achieved this by combining fast bets, quick results, a familiar theme and the thrill of every goal, and it worked.

Another case is our Hot Triple Sevens, a worldwide-popular slot, which we’ve refreshed with new mechanics like Hold & Win. Then we re-skinned the game to suit different audiences — for example, American Sevens and Fogo do Brasil 777 — to make them resonate more with local styles and tastes.

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When games are built with the right themes and mechanics for a specific market, they feel more engaging and relevant to players, which can significantly boost their appeal. That’s why localisation is something we put thought into every time, learning from experience, working with partners, testing locally and improving as we go.

 

When it comes to Evoplay approaching localisation for a new market, what are the first strategic frameworks or priorities you put in place?
In short: regulation, communication with partners, and understanding players. When entering a new market, we carefully study all aspects, analyse the situation, and build a strategy. This includes legal, commercial, marketing and financial components, among others. Of course, for a complete picture, we also look at competitors’ experience, talk extensively with local participants, and study players — sometimes launching special campaigns independently, sometimes in collaboration with partners.

In this regard, Evoplay has made significant progress this year, reaching a new level. To support this approach, we also run campaigns that help us better understand players and their preferences. For example, the Oath of Steel campaign with SlotsCalendar, featuring a shared prize pool, invited players to take part and share their feedback, which we looked at thoughtfully. Similarly, we worked on a joint game with SlotCatalog, drawing on insights from their player preference analytics. Initiatives like this give us a better sense of what players enjoy and help us shape our games for different audiences, supporting our broader approach when entering or growing in new markets.

 

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Could you share an example where you had to adapt a game significantly – theme, mechanics, or language – to resonate with local players? What were the specific market nuances you had to tune into?

In our business, every game must meet regulatory requirements, and it’s normal that adapting a game for a specific market requires some extra adjustments. A good example of this is the lottery vertical, which is quite different from standard iGaming. In our business, every game must meet regulatory requirements, and it’s normal that adapting a game for a specific market requires some extra adjustments. A good example of this is the lottery vertical, which is quite different from iGaming. Here, we need to follow particular rules regarding content and promotions, along with other market-specific restrictions.

Other bright examples of our games adapted to local markets include mythology-inspired hits like Temple of Thunder II Bonus Buy and Roman Rule, as well as the previously mentioned American Sevens and Penalty Shoot-Out: Street. These games work well because everything comes together — the theme clicks with players, the visuals fit the concept, and the mechanics are engaging. I’d also highlight the simplicity of the games and their user-friendly UX/UI, which players appreciate no matter the region.

 

Operating in regulated markets obviously adds complexity. How do you strike the balance between compliance (e.g., legal, cultural mandates) and maintaining the brand’s creative integrity during localisation?
In situations like this, branded games are a good approach. Creating them involves working closely with partners, discussing details such as logos and technical settings like RTP or bet ranges.

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At the same time, we like to experiment with small creative touches to see what really clicks with players. A good example is The Easter Catch slot, an updated version of our worldwide popular The Greatest Catch, especially designed for the Easter holidays. Taking this approach keeps the game flexible, meets legal and cultural requirements, and still feels like our brand. Tailoring it for the partner and their audience also makes the game more engaging and usually leads to better performance.

 

You’ve been instrumental in forging Bingo and Lottery partnerships. How does localisation differ when tailoring for those verticals versus standard casino-style titles?

First of all, I want to emphasise that Bingo and Lottery are quite different from standard iGaming. These are established verticals with their own history, unique communities, and regulatory features. The lottery market is also largely monopolised and moves at a slower pace compared to the fast-moving world of iGaming.

Some online lotteries, while offering more dynamic and engaging experiences than paper versions or traditional online formats, are subject to many restrictions. For example, design themes common in slots are often prohibited, RTP requirements differ, and other regulatory rules apply.

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When it comes to trends in this area, the World Lottery Association sets the pace, and other lotteries tend to follow their lead.

Evoplay entered this sector to bring a fresh, innovative perspective, showing how classic games can be reimagined for a new generation of players and enthusiasts seeking new experiences. The projects we’re currently developing here hold great promise and add a fresh spark to this traditional space.

 

Thank you, Alex, for walking us through Evoplay’s thoughtful approach to content localisation and the art of balancing strategy with respect for local flavor. We can’t wait to hear more from you and other industry leaders live at the European Gaming Congress 2025.

 

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Join us at the European Gaming Congress 2025 | 30–31 October | Warsaw

👉 Secure your spot today, network, and dive deeper into how industry leaders like Evoplay shape the future.

The post Strategies that Scale: Evoplay’s Alex Malchenko on Cracking the Code of Localised iGaming Success appeared first on European Gaming Industry News.

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