Better Collective (BETCO) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue grew 5% (9% in constant currencies) to €86 million, with EBITDA before special items up 14% to €25 million and a 29% margin, overcoming FX and regulatory headwinds, especially in Brazil.

• North American revenue share surged 46% to €6 million, reflecting a successful transition to revenue share agreements and strong player value.

• Strategic initiatives included expanding the global partnership with X, launching new features like private messaging for Playbook, and entering prediction markets ahead of the 2026 FIFA World Cup.

• Continued diversification of revenue streams through talent-led media, paid media, brand partnerships, and strong commercial momentum from Playmaker HQ and HLTV.

• Positioned for growth in prediction markets, launching dedicated hubs and social-first content, with early strong audience signals.

Financial highlights

• Revenue reached €86.3 million, up 5% year-over-year (9% in constant currencies), overcoming €4 million FX headwind and €2 million from Brazil regulation and sports win margin.

• EBITDA before special items increased 14% to €25.1 million, with a margin of 29%.

• Paid media revenue grew 12%, with operational earnings up 25%.

• Value of deposits rose 15% to €799 million, while new depositing customers remained stable at 308,000.

• Net profit was €7.3 million, with EPS of €0.12.

Outlook and guidance

• 2026 guidance unchanged: organic revenue growth of 7–12%, EBITDA growth of 8–18%, annual share buyback of €40 million, and net debt/EBITDA below 3x.

• 2027–2028 targets: positive organic growth, EBITDA margin of 35–40%, strong cash conversion, and net debt/EBITDA below 3x.

• Major growth drivers include the FIFA World Cup, prediction markets, Playbook scaling, and recurring revenue base development.

• UK and Brazilian tax increases expected to reduce EBITDA by ~€8 million.