Better Collective reports Q2 growth as North America leads performance

Better Collective reported a stronger second quarter of 2026, with revenue increasing 9% year on year to EUR 89.1 million. EBITDA before special items rose 20% to EUR 27.0 million as the group expanded its margin and generated higher operating cash flow.

North America remained the most significant growth contributor during the quarter. Revenue in the region increased to EUR 24.2 million from EUR 17.9 million a year earlier while EBITDA before special items climbed from EUR 1.0 million to EUR 6.3 million.

The company maintained its full-year financial guidance. Better Collective said the quarter was delivered against a market environment that continued to include regulatory pressure in the United Kingdom and Brazil.

The results also point to continued progress in the company's strategy of developing a broader digital sports media business supported by recurring revenue models, technology and audience-focused products.

Revenue and cash flow strengthen in the first half

For the first six months of 2026, Better Collective generated revenue of EUR 175.4 million compared with EUR 164.1 million during the same period in 2025. EBITDA before special items increased 17% to EUR 52.1 million.

Cash generation also improved materially. Cash flow from operations before special items reached EUR 29.9 million in the second quarter, representing an increase of 59% year on year.

Customer acquisition indicators were similarly positive. New Depositing Customers increased 24% year on year and 21% quarter on quarter to 373,000. Revenue-share agreements accounted for 70% of those customers.

Value of Deposits increased 17% year on year to EUR 836 million. The measure reflects deposits made by players referred through Better Collective's ecosystem and remains an important indicator for the long-term value of its customer base.

Jesper Søgaard, Co-Founder & Co-CEO of Better Collective, commented:

“Q2 demonstrated the earnings power of our business. It was a strong quarter for Better Collective: organic revenue increased by 9%, EBITDA before special items grew by 20% to EUR 27.0 million and the margin expanded by two percentage points to 30%. Cash generation was equally encouraging, with cash flow from operations before special items rising 59% to EUR 29.9 million and we maintained our full-year guidance despite regulatory headwinds in the UK and Brazil.”

North America remains a central growth engine

North America produced another strong quarter for Better Collective. Revenue reached EUR 24.2 million, representing growth of approximately 35% from the prior-year quarter.

The improvement in profitability was particularly pronounced. EBITDA before special items increased to EUR 6.3 million, compared with EUR 1.0 million in Q2 2025. The resulting margin rose from 5% to 26%.

Revenue-share income in North America increased 49% to EUR 6.3 million. CPA revenue also expanded strongly, rising 50% to EUR 5.1 million.

The combination of revenue-share and CPA activity illustrates the changing composition of Better Collective's North American business. Recurring revenue has been an important element of the company's strategy as regulated markets mature and sportsbook operators place greater emphasis on sustainable customer value.

Jesper Søgaard, Co-Founder & Co-CEO of Better Collective, commented:

“Overall growth was broad-based, with North America as the core driver. North American revenue rose to EUR 24.2 million and EBITDA before special items improved to EUR 6.3 million, lifting the margin to 26%. Prediction markets contributed positively within Publishing and North American CPA revenue grew 50% to EUR 5.1 million. While prediction markets remain an emerging revenue stream, they provided a positive contribution during the quarter.”

Publishing and other business areas record growth

Publishing remained the largest segment during the second quarter. Revenue increased 11% to EUR 57.5 million while EBITDA before special items rose 26% to EUR 16.9 million. The segment margin reached 29%.

Paid Media revenue increased 6% to EUR 26.5 million. EBITDA before special items also rose 6% to EUR 6.9 million.

Esports delivered another strong quarter, with revenue up 9% to EUR 5.1 million. Segment EBITDA before special items rose 23% to EUR 3.2 million, producing a 63% margin.

Sponsorship was another important contributor. Sponsorship revenue grew 39% to EUR 15.7 million, supported by demand for premium sports audiences as well as activity involving Playmaker HQ and HLTV.

Within Publishing, sponsorship revenue increased 44% to EUR 12.2 million. Better Collective said talent-led formats continue to provide commercial partners with access to clearly defined and highly engaged audiences.

Jesper Søgaard commented:

“Talent-led formats provide commercial partners with access to highly engaged and clearly defined audiences.”

World Cup activity supports user engagement

The FIFA World Cup 2026 represented a major commercial and audience opportunity during the quarter. The tournament began in June and created a significant environment for user acquisition, reactivation and engagement across Better Collective's sports media ecosystem.

The event also provided a backdrop for further product development. Better Collective launched Playbook, its artificial intelligence-powered betting solution, in Brazil ahead of the tournament. The product initially used X, Telegram and Discord as distribution channels.

The company's broader strategy has increasingly connected sports media with technology. Playbook is designed to bring betting functionality closer to the digital environments where sports audiences already interact with content.

Better Collective had also been expanding Playbook internationally. Earlier in 2026, the company announced an expanded global partnership with X that positioned Playbook as its official global AI betting product, building on earlier activity in North America.

AI investment and operational simplification continue

Artificial intelligence remained a central part of Better Collective's technology strategy during the quarter.

The company launched an end-to-end agentic content creation tool while continuing to scale Better SAID, its AI-powered tipster solution. These initiatives form part of a broader effort to use automation and AI across content production, product development, data analysis and selected commercial and support functions.

Better Collective also consolidated its content management systems. According to management, this creates a more integrated technology foundation across its brands while supporting greater operational efficiency.

The group has simultaneously been simplifying its organisational model and looking for synergies across its activities. These measures are intended to support scalability while maintaining focus on the company's core digital sports media proposition.

Jesper Søgaard said:

“We have consolidated our content management systems, creating a more integrated technology foundation across our brands. We are implementing AI-driven efficiency gains across content, product development, data analysis and selected commercial and support processes. The FIFA World Cup 2026 was a major focus during the quarter and the commitment across our brands, products, platforms and commercial teams ensured we were well prepared to capture the high level of activity it generated.”

Regulatory conditions remain part of the outlook

Despite the positive operating performance, Better Collective continues to manage regulatory developments in several markets.

The United Kingdom and Brazil remain relevant to the company's financial planning. Rather than changing its full-year guidance, management confirmed the existing outlook while highlighting the regulatory environment as an ongoing external factor.

Brazil has been undergoing a major transition following the introduction of a regulated framework. Better Collective's earlier reporting has highlighted both the short-term impact of that transition and the long-term potential of the market.

The company's approach has been to continue developing its technology, media reach and recurring revenue base while adapting to regulatory requirements in the jurisdictions where it operates.

Better Collective enters the second half with stronger momentum

The second-quarter figures show a business that is gaining momentum across several areas at the same time. Revenue increased, EBITDA expanded at a faster rate than sales and operating cash flow strengthened considerably.

North America stands out as the clearest growth engine, but the performance was not limited to a single region or business unit. Publishing, Paid Media, Esports and sponsorship all recorded year-on-year gains while customer acquisition metrics also improved.

Technology is becoming an increasingly important part of the growth strategy. Products such as Playbook and Better SAID demonstrate how Better Collective is seeking to combine sports content, audience engagement and artificial intelligence within a broader digital ecosystem.

The FIFA World Cup 2026 added an important seasonal opportunity during the quarter, particularly across markets where the company has established sports media audiences. At the same time, management continues to focus on operational discipline, system consolidation and efficiency.

Conclusion

Better Collective's second-quarter performance provides a constructive picture of its 2026 trajectory. Revenue of EUR 89.1 million and EBITDA before special items of EUR 27.0 million demonstrate continued growth while the stronger margin and cash flow figures point to improving operational leverage.

North America remains particularly important because of the growth in revenue-share income and CPA revenue. However, the wider results show that Better Collective is not relying solely on one market. Publishing, Paid Media, Esports and sponsorship all contributed to the quarter's performance.

The next phase will likely depend on how effectively the company converts its growing audience and technology capabilities into sustainable revenue while continuing to operate within changing regulatory frameworks. With AI development, digital sports media and recurring revenue models increasingly integrated into its strategy, Better Collective enters the remainder of 2026 with several established growth channels and a clearer technology-led direction.

FAQs

What were Better Collective's Q2 2026 revenues?
Better Collective reported revenue of EUR 89.1 million in the second quarter of 2026, representing a 9% increase compared with Q2 2025.

How much did Better Collective's EBITDA increase in Q2?
EBITDA before special items increased 20% year on year to EUR 27.0 million in Q2 2026.

Which region was the main growth driver for Better Collective?
North America was the main growth driver, with quarterly revenue increasing to EUR 24.2 million from EUR 17.9 million a year earlier.

How did Better Collective's North American EBITDA perform?
North American EBITDA before special items increased from EUR 1.0 million in Q2 2025 to EUR 6.3 million in Q2 2026.

How many New Depositing Customers did Better Collective report?
The company reported 373,000 New Depositing Customers during Q2, up 24% year on year and 21% quarter on quarter.

What was Better Collective's Value of Deposits in Q2?
Value of Deposits reached EUR 836 million, representing a 17% year-on-year increase.

How did the Publishing segment perform?
Publishing revenue increased 11% to EUR 57.5 million while EBITDA before special items rose 26% to EUR 16.9 million.

What is Playbook?
Playbook is Better Collective's AI-powered betting solution designed to connect sports content and betting functionality within digital environments used by sports fans.

Did Better Collective change its full-year guidance?
No. Better Collective maintained its full-year guidance while continuing to monitor regulatory developments in the United Kingdom and Brazil.

Why was the FIFA World Cup 2026 important to Better Collective?
The FIFA World Cup 2026 provided an important opportunity for user acquisition, reactivation and engagement across Better Collective's brands and platforms while supporting activity around its products and commercial operations.