The sports wagering media enterprise, Better Collective, experienced a minor revenue decline in the initial six months of 2020 attributed to the COVID-19 pandemic’s effects on live athletics. During the second quarter, the firm generated €15.3 million (approximately $18 million), reflecting a 4% year-on-year reduction. Profitability also suffered, diminishing by 7% to €6.3 million.
The organization cited the extensive postponement of significant sporting competitions commencing in mid-March as the principal factor for the downturn. This resulted in a 36% drop in newly depositing clients, which decreased to 71,000 in the second quarter.
Nevertheless, as athletic events resumed in June, Better Collective’s income recovered, surging by 20% to €6.1 million for the month. This contributed to an overall revenue growth of 18% for the first two quarters of 2020, reaching a total of €36.2 million. Profits for this timeframe expanded by 12% to €14.9 million.
Despite the obstacles presented by the global health crisis, Better Collective maintains optimism regarding its financial objectives for the year. The company still projects revenue to escalate by 15-25% for the entirety of 2020.
Looking forward, Better Collective anticipates advantages from a return to a typical sports schedule in 2021, encompassing the rescheduled UEFA European Championship.
Chief Executive Officer Jesper Søgaard conveyed satisfaction in the company’s capacity to navigate the difficult period, stating, “We have demonstrated our resilience to endure a phase of reduced sporting activity… I am immensely pleased that we are capable of upholding our financial earnings objective for Q2 and the initial half-year overall.”
