Better Collective saw a steep drop in revenue in Q2 2025, but the company states that it saw this coming after factoring in various international considerations.

The digital sports media group’s overall revenue was down 18% to €82m (Q2 2024: €97m) while EBITDA was also down 21% from €29m to €23m, with a margin of 28%.

This EBITDA decline was in the face of Better Collective making progress on its efficiency targets, having cut costs €12m and moving towards its €50m savings target set in Q3 2024.

Better Collective noted that Q3 2024 was a period in which the group acknowledged that costs ‘accelerated’, attributed largely to stateside activity around the NFL season beginning.

Nine months down the line, the group’s cost cutting efforts are on track but revenue figures are telling a different story. However, Better Collective’s leadership is undeterred.

Jesper Søgaard, Co-founder and Co-CEO of Better Collective, said: “I’m pleased that our Q2 results were in line with expectations. The first half of the year was a transition period mainly driven by structural changes in key markets such as Brazil.”

Better Collective confident in 2025 goals

As mentioned to by the company’s CEO, Brazil proved somewhat troublesome for Better Collective in Q2 as the group continues to adjust to the new requirements and dynamics of the eight-months old ‘Bets’ regulatory framework.

South America’s largest country has historically been a key source of New Depositing Customers (NDC) for Better Collective, as mapped out in its Q2 report. These numbers have slowed significantly following the launch of the regulated market in Q1 2025.

For comparison, in Q2 2024 Better Collective recorded 500,000 NDCs of which 200,000 came from Brazil. In contrast, Q2 2025 saw 300,000 NDCs join the company overall of which 50,000 were from Brazil.

This in turn led to revenue-share income from Brazil falling by €8m year-over-year, though Better Collective added that this was still ahead of expectation and that it saw stronger-than-anticipated player retention and wagering activity.

On top of Brazil, the company maintains confidence in its North American operations, again stating that a €8m YoY decline in revenue was in line with expectations. Revenue was impacted by its launch in North Carolina and a general decline in industry marketing spend.

Additionally, the group noted – as has been done by various betting operators like evoke, Betsson, Flutter and Entain and B2B suppliers like Kambi – that the UEFA European Champions and Copa América presented difficult comparatives.

Moving forward, the group maintains confidence in its restructuring and cost cutting efforts, having recently spun off its esports content operations into a standalone division. The firm reiterated its financial targets for 2025, expecting revenue of €320m-€350m and EBITDA between €100m-€120m.

“We have completed the restructuring of our business and are ready to capture the opportunities of a sports-rich second half of the year, with preparations for the FIFA World Cup 2026 already underway,” Søgaard concluded.

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