Better Collective Holds 2025 Outlook Despite Q3 Decline
Better Collective AB reported a softer third quarter but reiterated confidence in its long-term strategy as the group adjusts to regulatory changes in Brazil, unfavorable sports results and continued investment into its AI roadmap.
In its Q3 2025 update, the company posted €78 million in revenue, a 4% drop from the €81 million recorded a year earlier. A historically low sports win margin across its media portfolio wiped out roughly €10 million in income, while EBITDA slipped 8% year-on-year to €21 million. The group also absorbed €4 million in transition expenses related to its Brazilian operations, as well as a €2 million negative foreign exchange effect.
For the first nine months of the year, Better Collective generated €242 million in revenue, a 12% decline with EBITDA before special items at €65 million, down from €80 million in the same period of 2024. Operating profit before special items reached €36 million, underscoring the ongoing impact of market volatility.
Nevertheless, the company maintained its full-year outlook, projecting revenues of €320–350 million, EBITDA of €100–120 million and free cash flow between €55–75 million.
“Q3 represented another key step in Better Collective’s evolution. Despite temporary pressure from sports margins and Brazil’s regulatory adjustments, our core business remains healthy and increasingly well-balanced,” CEO Jesper Søgaard said.
Performance Breakdown
The Publishing segment which includes Action Network, Tipsbladet, Playmaker HQ and VegasInsider delivered €46 million in revenue, an 11% decline, with EBITDA falling 18% to €11 million. Strong U.S. engagement during the NFL kickoff was offset by Brazil’s recent ban on welcome bonuses and delayed partner payments, which collectively reduced revenue by €4 million.
Paid Media, meanwhile, posted strong momentum with an 11% rise in revenue to €28 million and a 19% increase in EBITDA to €7 million, supported by improved performance marketing in the U.S. and U.K.
Esports brands HLTV and FUTBIN generated €4.4 million (–3% YoY) and held a 53% EBITDA margin, buoyed by solid traffic and sponsorship deals despite quieter activity ahead of the EAFC 26 launch.
“Paid Media continues to show impressive scalability, and our Publishing and Esports units are elevating user engagement through deeper content and more effective partnerships,” Søgaard added.
Financing & AI Acceleration
The group strengthened its financial position by securing a €319 million credit facility, plus an additional €80 million in potential expansions, through Nordea and Nykredit. This supports Better Collective’s 2027 ambitions, which include reaching a 35–40% EBITDA margin and completing its transition to a fully AI-integrated digital media model.
In September, the company launched Playbook, an AI-powered betting assistant offering live odds, insights and personalised recommendations. Søgaard described the tool as “a major milestone,” shifting focus from user acquisition to retention and laying the foundation for AI-led growth into 2026.
