Three months can feel like a long time in sports betting media, especially when player-friendly results knock revenue off track. Better Collective Q3 2025 numbers reflect exactly that, with a sharp hit from an unusually low sports win margin. Still, the company pointed to underlying stability and said the quarter shows progress on its long-term shift toward recurring revenue through Playbook, its new AI betting tool.

• Revenue came in at 78 mEUR, with the low sports win margin cutting roughly EUR 10m compared to last year, while the ongoing regulatory transition in Brazil removed another EUR 4m; Better Collective Q3 trends were broadly in line with expectations once adjusting for these effects. Foreign exchange movements also weighed on revenue by about  EUR 2 m, offset partly by strong performance in areas such as Paid Media, Sports Media and Talent-led Media. Co-CEO Jesper Søgaard said the numbers show “organic revenue growth” when stripping out the sports margin impact.

• North American revenue share doubled year-on-year, adding around 4 m EUR, driven by unrecognised income built up since the region’s shift from upfront fees in 2022. Management expects this recurring model to follow the same pattern now seen across the Group’s global operations, gradually creating a more stable earnings base. Recurring revenue was EUR 50m, down 5% year-on-year due to the margin hit and conditions in Brazil, though traffic quality improved through the Value of Deposits metric.

• Costs fell 2% year-on-year despite higher ad spend in Paid Media and a tough comparison with last year’s one-off savings of about EUR 6m. The ongoing EUR 50m cost-efficiency programme contributed roughly EUR 8m in reductions for the quarter. EBITDA before special items reached EUR 21m, reflecting a 26% margin impacted by Brazil and the record-low sports win margin.

• Cash flow from operations before special items stood at EUR 35m with a cash conversion of 168%, helped by previously delayed customer payments in Brazil. Free cash flow reached EUR 11m in the quarter and EUR 32m year-to-date, keeping the company on track for its full-year cash flow guidance. Capital reserves totalled EUR 88m at the end of September, supported by a new EUR 319m club facility and an EUR 80m accordion option set to run until 2028.

• The company ramped up strategic initiatives in Q3, including the launch of Playbook, which is already sending millions of bets to partners, and new content deals with BetMGM. Better Collective also completed a EUR 10m share buyback and initiated a fresh EUR 20m programme running into 2026. New Depositing Customers (NDC) reached 279,000 with 81% on revenue share, while Value of Deposits hit EUR 726m, up 2% year-on-year, signalling healthier long-term player value.

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