An enhanced sports wagering information provider, Better Collective, experienced a minor decline in earnings during the second quarter of 2020, generating €15.3 million (approximately $18 million). This signifies a 4% reduction compared to the corresponding timeframe in the previous year.
The firm ascribed this decrease to the COVID-19 outbreak, which led to the suspension of major athletic competitions in mid-March. This naturally affected Better Collective’s income sources, as a sports betting media enterprise heavily depends on ongoing sporting events.
Notwithstanding the obstacles, the organization displayed robust financial stability. Although profit before interest, taxes, depreciation, and amortization (EBITDA) also contracted by 7% to €630,000, operating cash flow actually witnessed a substantial surge, rising by 57% to €1.04 million in the second quarter.
The resumption of sporting events in June indicated a positive shift, with revenue recovering and expanding by 20% to reach €6.1 million for the month. This resurgence contributed to an overall favorable first half of 2020 for Better Collective. The company’s revenue for the initial six months of 2020 actually climbed by 18% to reach €36.2 million. EBITDA also exhibited positive growth, advancing by 12% to €1.49 million.
Despite the initial effects of the pandemic, Better Collective maintains an optimistic outlook and confidence in its capacity to attain its financial objectives. The group reiterated its projected yearly revenue expansion of 15-25% for 2020.
Looking forward, Better Collective anticipates a robust 2021, propelled by the return of a regular sporting schedule and the rescheduled UEFA European Football Championship.
Jesper Søgaard, Chief Executive Officer of Better Collective, conveyed satisfaction in the company’s aptitude to manage the difficulties posed by the pandemic. He highlighted the company’s demonstrated resilience and capability to sustain profitability even during intervals of diminished sporting activity. He remains positive about the future, particularly with a return to a normal cadence of sporting contests.