Home In-Depth Better Collective upgrades full-year guidance after acquiring AceOdds

Better Collective upgrades full-year guidance after acquiring AceOdds

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The affiliate group Better Collective increased its financial guidance for 2024 after it completed the acquisition of the sports betting media firm AceOdds.

Better Collective acquired AceOdds for EUR42m ($45.5m, PS35.9m/€45.5m). This transaction was made on a cash-free basis, and represents a multiple of four times the 12-month EBITD.

Ben Robinson, the founder of Corfai Capital acted as a sell-side adviser on this transaction.

The financing will consist of EUR40m cash and an unspecified number of Better Collective share. Shares will be calculated based on volume-weighted average price of Nasdaq Copenhagen shares five days prior to and five days following its close. Better Collective will set up an share-buyback program for the settlement of this.

AceOdds is an online betting service based out of the UK. The company offers betting tools and reviews as well as odds, streaming programs, and betting odds. Ian Bowden said AceOdd’s offering and trajectory are “perfectly aligned” with Better Collective’s vision of the future.

Bowden said, “We are now able to scale our sports betting brand globally with this strategic acquisition.”

The AceOdds sports betting affiliate brand is a key brand for Better Collective in an important growth market. It also comes with a mobile app that has hundreds of thousands installed to increase our reach.

Financial targets are being upgraded

Better Collective increased its financial goals for 2024. The revenue is expected to be between EUR395m-EUR425m. This was previously set at EUR390m-EUR420m. EBITDA (before special items) is projected to be between EUR130m-EUR140m. This was previously EUR125m to EUR135m.

Better Collective announced in February that they had exceeded their FY23 revenue target. The revenue for 12 months was EUR327m. The same month, it acquired Playmaker Capital for EUR176m. Playmaker’s shareholders voted in November to approve the deal.

Better Collective stated that AceOdds achieved operating earnings of around EUR10m over the past twelve months. Better Collective stated that they would like to invest a portion of the profits into their product and customer experience.

AceOdds also has consistently generated recurring revenues. Better Collective plans to use AceOdds data, both zero-party and first-party, in AdVantage. This is Better Collective’s internal platform for adtech.

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