Better Collective AB maintains confidence in its existing and future commercial pipeline, but group performance continues to be dragged by unique corporate adjustments witnessed in 2025.

Publishing its Q3 accounts, Better Collective reported a 4% decline in group revenues to €78m (€81m Q3 2024), as group-wide income took a direct hit of €10m attributed to a record-low sports win margin across its sports media assets.

Q3 EBITDA stood at €21m, down 8% year-on-year (€22m Q3 2024), as group accounts accrued €4m in transition costs related to its Brazilian ventures and an overall negative FX impact of approximately €2m during the period.

On a year-to-date basis, Better Collective income stands at €242m, down 12% from €275m in 2024, with EBITDA before special items at €65m, compared to €80m in the same period last year.

Year-to-date operating profit before special items amounted to €36m, reflecting the continued impact of Brazil’s regulatory transition and unfavourable sports win margins across Q2 and Q3.

Despite continued headwinds and operational adjustments, Better Collective maintains its full-year 2025 guidance at revenues of €320–350m, EBITDA before special items of €100–120m, and free cash flow in the range of €55–75m, with leverage expected to remain below 3x net debt to EBITDA.

Group CEO Jesper Søgaard commented on headline results: “Q3 marked another important step in Better Collective’s transformation. Despite short-term fluctuations from a record-low sports margin and regulatory changes in Brazil, our underlying business remains solid and increasingly diversified.”

A rough ride in the Americas

The Publishing division which includes flagship brands such as Action Network, Tipsbladet, Playmaker HQ and VegasInsider – recorded revenues of €46m, down 11% from €52m in Q3 2024, generating €11m in EBITDA, a decline of 18% from €13.7m 

The unit was directly impacted by record-low win margin but benefited from strong engagement across its North American assets during the start of the NFL season. Impacting network performance, leadership noted “September was the lowest monthly margin we have ever seen in over 20 years of business”. 

Playmaker HQ assets in Brazil continue to adjust to the regulatory transition of the Bets regime – particularly to the ban on welcome bonuses and against tough 2024 comparatives. Further a delay in payment from local partners saw accounts hit with a €4m shortfall. 

Jesper Søgaard, Co-Founder and CEO, underlined the resilience of the group’s media model:“Our diversified media portfolio continues to demonstrate strength and adaptability. The US market is now beginning to show the benefits of our shift toward recurring revenue share, with clear momentum across key sports verticals

Paid Media, which represents the group’s performance-marketing business, continued its growth trajectory with revenues up 11% to €28m and EBITDA up 19% to €7m, driven by strong partner performance in the US and UK and increased efficiency from capital allocation across digital acquisition channels.

Esports operations, including HLTV and FUTBIN, generated €4.4m in revenues (-3%) with €2.3m EBITDA (53% margin). HLTV maintained strong audience growth and sponsorship demand, while FUTBIN saw lower activity ahead of the new EAFC 26 release in September, which has since shown positive user engagement.

“Paid Media delivered excellent growth and strong returns, while our Publishing and Esports teams are enhancing engagement through deeper content and smarter partnerships. We remain confident that these pillars will drive scalable and profitable growth into 2026.”

New credit facility to broaden options

Continuing the group-wide reorganisation of its media units and publishing assets, the Stockholm/Copenhagen-listed business has strengthened its long-term financial outlook through a new €319m committed credit facility, supported by Nordea and Nykredit, with an additional €80m accordion option.

The credit facility underscores Better Collective’s confidence in its long-term trajectory, as leadership reaffirms the group’s 2027 targets of achieving an EBITDA margin of 35–40%, returning to positive organic growth from 2026, and delivering continued strong cash conversion as the company transitions towards a more diversified and AI-driven digital sports media model.

Playbook launches AI Vision

In September 2025, Better Collective launched Playbook, an AI-powered betting assistant designed to transform how fans engage with sports and wagering content. Integrated across social media, messaging apps, and the group’s media brands. 

Playbook uses AI to interpret fan conversations and deliver real-time odds, insights, and personalised bet prompts directly within those environments. The tool generated ms of bets for partner sportsbooks within weeks of launch, marking a significant technological leap for the group.

“The launch of Playbook, our new AI-powered betting solution, is a defining milestone — it transforms how fans engage with sports by turning insight into real-time, data-driven experiences. As we integrate AI across our platforms, we’re evolving from acquisition to retention, strengthening long-term engagement and value for our partners and fans alike.”

“Looking ahead to 2026, Søgaard said the company will continue to expand its AI-driven media capabilities and build a new product pipeline that strengthens its global digital sports network, positioning Better Collective as a leader in next-generation fan engagement and sports data monetisation.