Better Collective A/S
Media·BETCO-DKK · Nasdaq Copenhagen·Fiscal year to 31/12/2025
Digital sports media and affiliate marketing.
Exposure profile
Derived from what the company itself writes. Empty directions mean the report doesn't mention themes of that type.
In their own words
Grouped by theme, from the management review in the annual report. A · The company itself is a verbatim quote, B · From the report is without a verified quote.
Artificial intelligence
Technology
DriverNegative impact: weakens
“At the same time, we continuously assess the structural risks AI may pose to digital traffic flows and monetization models. Importantly, we remain unaffected by the recent AI-driven shifts in search and discovery patterns.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Changes to search engine algorithms, ranking methodologies, or referral traffic mechanisms may adversely affect the visibility and discoverability o f the Group’s content. The increasing use of AIdriven search features and large language models may alter user search behavior and reduce traffic being referred from search engines to third-party websites.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Upstream, we continue to invest in best-in-class infrastructure, including cloud environments, content management systems, data pipelines, AI capabilities, and AdTech integrations that support real-time engagement across our digital sports media brands. These technologies underpin the hosting, personalization, and delivery of content to millions of users daily.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“For Better Collective, AI is first and foremost a powerful enabler. We have already integrated AI across product development, content automation, data analysis, and commercial optimization.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“We are now leveraging AI in a meaningful way across Mindway AI, data segmentation and audience modeling, content creation, and internal process optimization. This strengthens both our commercial precision and operational efficiency, while enhancing user experiences.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“AI will be a defining force in the evolution of digital media and sports engagement. We see AI not as a threat to our model, but as a catalyst for both operational efficiency and long-term growth. By combining authoritative sports media with AI-driven personalization, data intelligence, and scalable automation, we are expanding our monetization capabilities, strengthening partner value, and unlocking new growth opportunities across our platforms.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“The launch of Playbook, our AI-powered betting solution, and the rollout of our AdTech platform Ad- Vantage further extend our technological edge and open new avenues for monetization.”
Annual report 2025A · The company itself
Market
“In 2025, we successfully launched Playbook, our AIpowered betting solution designed to integrate seamlessly into how sports fans already engage with content. With millions of bets already sent to partners, Playbook demonstrates how advanced technology can enhance user engagement, improve conversion, and open new growth avenues.”
Annual report 2025A · The company itself
Market
“Alongside Playbook, we invested throughout 2025 in building FanReach, which was launched in early 2026. FanReach is a core pillar in our AdVantage ecosystem by combining proprietary first-party data with advanced audience segmentation, enabling more targeted, measurable, and scalable media solutions for advertising partners.”
Annual report 2025A · The company itself
Market
“In parallel, the rollout of AdVantage, together with FanReach, is gradually enabling more direct, data-driven monetization of advertising across our owned inventory, leveraging first-party audience data and proprietary technology to improve targeting, performance, and yield.”
Annual report 2025A · The company itself
Chains out: this strengthens Data centres, strengthens Semiconductors and electronic components, strengthens Semiconductor industry
Media and entertainment
End markets
Market
“Our House of Brands attracts more than 112 million unique users, generating more than 450 million sessions and 2.7 billion pageviews a month. Our combined offerings include everything from quality sports content, communities, data insights, and apps, to video content, podcast, and innovative technology. *The size of the logos reflects the relative audience size From affiliate to leading digital sports media group Today, our House of Brands commands a premier position across digital sports media, betting media, and global esports communities. Leveraging our massive global audience, we drive value through a diversified revenue mix spanning affiliation, brand activations, premium sponsorships, advertising, and subscription services.”
Annual report 2025A · The company itself
Market
“Beyond our owned platforms, Better Collective has established a dominant omnichannel presence by meeting sports fans where they live and consume content: Across third-party social and audio ecosystems where our brands and shows have more than 200 million followers. Moving beyond destination-based traffic, our talent-led strategy leverages high-profile athletes and personalities to build authentic engagement across platforms such as YouTube, Instagram, TikTok, and X, as well as Spotify and Apple Podcasts.”
Annual report 2025A · The company itself
Market
“Esports: Leading gaming communities connecting fans worldwide Esports Esports revenue was flat in Q4. Sponsorship revenue increased by 30%, reflecting the continued strong performance of the HLTV brand.”
Annual report 2025A · The company itself
Market
“To get an overview of all of our reporting material you are welcome to download our reports and investor presentations via our corporate website www.Bettercollective.com Founder statement: Building for long-term sustainable growth Since founding Better Collective in 2004, our journey has been one of continuous reinvention. What began as a two-person initiative has evolved into one of the leading global digital sports media groups.”
Annual report 2025A · The company itself
Market
“Our diversified revenue mix - spanning affiliate marketing, advertising, sponsorships, subscription products, and increasingly AdTech-enabled monetization - remains a strategic strength.”
Annual report 2025A · The company itself
Market
“Operationally, we produce a broad range of sports and betting content - written journalism, video, livestream formats, podcasts, interactive tools, and trading insights - across our own brands, including HLTV, FUTBIN, Action Network, AceOdds, Playmaker HQ, and multiple market-leading European and South American sports communities.”
Annual report 2025A · The company itself
E-commerce
Technology
Market
“Our diversified revenue mix - spanning affiliate marketing, advertising, sponsorships, subscription products, and increasingly AdTech-enabled monetization - remains a strategic strength.”
Annual report 2025A · The company itself
Market
“In parallel, the rollout of AdVantage, together with FanReach, is gradually enabling more direct, data-driven monetization of advertising across our owned inventory, leveraging first-party audience data and proprietary technology to improve targeting, performance, and yield.”
Annual report 2025A · The company itself
Labour and wages
Raw materials and inputs
InputNegative impact: weakens
“With around 1,400 employees across 27 countries and more than 45 nationalities, our teams span content creation, product development, paid media, CRO, SEO, engineering, commercial partnerships, analytics, esports production, and creative studios.”
Annual report 2025A · The company itself
StrategyPositive impact: strengthens
“Talent development remains central to our identity. Our BC Academies in areas such as Search Engine Optimization, Search Engine Marketing, technology, and commercial excellence continue to attract and develop top talent, supporting both our own future growth and the broader digital ecosystem in the markets where we operate. With more than 40 nationalities represented across 26 countries, we remain committed to providing an equitable, safe, and inclusive culture through ongoing DEI initiatives and employee programs.”
Annual report 2025A · The company itself
Digital payments and fintech
Technology
Market
“Leveraging our massive global audience, we drive value through a diversified revenue mix spanning affiliation, brand activations, premium sponsorships, advertising, and subscription services.”
Annual report 2025A · The company itself
Digitalisation
Technology
StrategyPositive impact: strengthens
“The launch of Playbook, our AI-powered betting solution, and the rollout of our AdTech platform Ad- Vantage further extend our technological edge and open new avenues for monetization.”
Annual report 2025A · The company itself
Chains in: Cybersecurity (products and services) strengthens, Public investment and infrastructure strengthens
Chains out: this strengthens IT consulting and public-sector IT
ESG and sustainability reporting
Regulation
Market
“Operationally, we produce a broad range of sports and betting content - written journalism, video, livestream formats, podcasts, interactive tools, and trading insights - across our own brands, including HLTV, FUTBIN, Action Network, AceOdds, Playmaker HQ, and multiple market-leading European and South American sports communities.”
Annual report 2025A · The company itself
Hybrid work and office use
Macro
StrategyPositive impact: strengthens
“Our approach is structured through group-wide Work-from-Home (WFH) Guiding Principles that define expectations for hybrid work. These principles ensure that flexibility is applied consistently across teams, balancing individual preferences with collective efficiency. Employees coordinate remote work with their managers, spend at least part of the week in the office, and uphold our values and policies regardless of work location.”
Annual report 2025A · The company itself
Chains out: this weakens Office and commercial property
Consumer spending
Macro
DriverNegative impact: weakens
“While this business operates at a lower gross margin due to media spend, it remains an essential strategic engine for growth and customer acquisition.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Reduced organic traffic, lower audience reach, higher acquisition costs, and increased uncertainty in traffic patterns, which could negatively impact revenue generation and commercial performance.”
Annual report 2025A · The company itself
Chains in: Inflation weakens
Chains out: this strengthens Retail, strengthens Hospitality and leisure, strengthens Premium consumers, strengthens Grocery retail and private label
Cybersecurity (products and services)
Technology
DriverNegative impact: weakens
“Technological dependencies remain significant, including areas such as data analytics, cybersecurity, and cloud infrastructure. Our investments in AI, automation, and AdTech - including our Playbook and AdVantage platforms - further highlight the strategic importance of innovation for maintaining competitive advantage and operational resilience.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“To provide users with tailored and educational experiences, we process various categories of user-related and personal data. This processing is governed by our Data Ethics Policy - developed in accordance with section 99d of the Danish Financial Statements Act - and supported by our GDPR compliance framework.”
Annual report 2025A · The company itself
Chains in: Cyber attacks and IT security risk strengthens
Chains out: this strengthens Digitalisation
IT operations and cloud
Raw materials and inputs
DriverNegative impact: weakens
“Technological dependencies remain significant, including areas such as data analytics, cybersecurity, and cloud infrastructure. Our investments in AI, automation, and AdTech - including our Playbook and AdVantage platforms - further highlight the strategic importance of innovation for maintaining competitive advantage and operational resilience.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“Upstream, we continue to invest in best-in-class infrastructure, including cloud environments, content management systems, data pipelines, AI capabilities, and AdTech integrations that support real-time engagement across our digital sports media brands. These technologies underpin the hosting, personalization, and delivery of content to millions of users daily.”
Annual report 2025A · The company itself
Latin America
Geography
DriverNegative impact: weakens
“Navigating the Brazilian regulatory transition and preparing for renewed growth Few markets have contributed as significantly to our growth in recent years as Brazil. As expected, the regulatory framework that took effect on January 1, 2025, also brought short-term headwinds for revenue share income and new customer acquisition, especially due to restriction on bonus offerings.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“This includes the regulatory transition of the Brazilian market, which resulted in a materially lower revenue impact than initially anticipated, yet still led to a negative bottom-line impact of approximately 22 mEUR in 2025 alone, compared with previously communicated expectations of 35 to 55 mEUR.”
Annual report 2025A · The company itself
Currency exposure
Macro
DriverNegative impact: weakens
“Foreign exchange: FX movements negatively impacted reported revenue by 4 mEUR. 2.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Revenue showed a decline versus 2024 of 9% and amounted to 337 mEUR (2024: 371 mEUR). The performance was in line with expectations when adjusting for the impact of foreign exchange rates, a lower sports win margin compared to the same quarter last year, and the regulatory transition in the Brazilian market.”
Annual report 2025A · The company itself
DriverNegative impact: weakens
“Furthermore, we have navigated the impact of multiple tax increases across markets, significant changes in the media partnership landscape following Google policy updates, and continued headwinds from foreign exchange movements of approximately 9 mEUR and an adverse sports win margin impact of approximately 17 mEUR in 2025 alone.”
Annual report 2025A · The company itself
Financial regulation
Regulation
DriverNegative impact: weakens
“Better Collective has a tax presence in the places where the Group is incorporated. Income tax amounted to 8 mEUR (2024: 9 mEUR). The Effective Tax Rate was 24.3% (2024: 20.6%), mainly due to the Brazilian market regulation.”
Annual report 2025A · The company itself
InputNegative impact: weakens
“On September 30th, 2025, Better Collective entered a new three-year committed club facility of 319 mEUR with Nordea and Nykredit, including an accordion option of 80 mEUR, extending financial flexibility through October 2028.”
Annual report 2025A · The company itself
Data centres
Technology
InputNegative impact: weakens
“Upstream, we continue to invest in best-in-class infrastructure, including cloud environments, content management systems, data pipelines, AI capabilities, and AdTech integrations that support real-time engagement across our digital sports media brands. These technologies underpin the hosting, personalization, and delivery of content to millions of users daily.”
Annual report 2025A · The company itself
Chains in: Artificial intelligence strengthens
Chains out: this strengthens Electricity, strengthens Copper
Geopolitical uncertainty
Macro
DriverNegative impact: weakens
“Operating across multiple jurisdictions exposes Better Collective to differing levels of corruption and bribery risk.”
Annual report 2025A · The company itself
Chains out: this strengthens Defence budgets, strengthens Energy security, strengthens Tariffs and trade policy, weakens Global trade volumes, strengthens Sea freight and freight rates, weakens Reconstruction of Ukraine
Tariffs and trade policy
Macro
DriverPositive impact: strengthens
“In late January, Google tightened gambling advertising rules. This is a positive structural development for our Paid Media business. The stricter verification requirements are expected to limit the presence of unlicensed and black-market operators on the platform, thereby improving auction quality and reducing non-compliant competition.”
Annual report 2025A · The company itself
Chains in: Geopolitical uncertainty strengthens
Chains out: this weakens Global trade volumes
Tourism, hotels and experiences
End markets
DriverPositive impact: strengthens
“During 2026, we look forward, both as shareholders and as sports enthusiasts, to what is expected to be the largest World Cup in history, played across most of Better Collective’s core markets. Beyond its global appeal, the tournament is expected to provide a meaningful acquisition tailwind, as well as significant reactivation and increased underlying activity across the existing user base.”
Annual report 2025A · The company itself
United States
Geography
Geography
“At the beginning of the year, Better Collective communicated an expectation of generating approximately 10- 15 mEUR in clean revenue share from the North American market in 2025. Of the 22 mEUR reported for the year, 17 mEUR represented pure revenue share – and even more in constant currencies - thereby exceeding the communicated expectations and underscoring the continued maturation of the revenue share model in the region.”
Annual report 2025A · The company itself
Geography
“On February 2, 2026, Better Collective officially launched FanReach in the US, offering brands a unified, privacy-first platform that currently reaches over 50 million highly engaged sports fans through first- and zero-party data, AI-driven insights, and a scalable fan graph across its media brands and channels. With Fan- Reach, Better Collective now operates the only openend ecosystem at scale in the US, built primarily on authenticated first-party data, supplemented by zeroparty data collected directly from its owned media brands and products.”
Annual report 2025A · The company itself
Geography
“The continued growth of recurring revenues, driven by the expansion of revenue share across both North America and South America, supports a more predictable and resilient business model.”
Annual report 2025A · The company itself
Geography
“Our geographic revenue split remains broadly diversified: North America continues to grow through the expansion of recurring revenue, while Europe & ROW remain key contributors to audience scale and monetization.”
Annual report 2025A · The company itself
Chains in: USD vs DKK/EUR mixed effect
Asia and emerging markets
Geography
Geography
“The continued growth of recurring revenues, driven by the expansion of revenue share across both North America and South America, supports a more predictable and resilient business model.”
Annual report 2025A · The company itself
Denmark
Geography
Geography
“Early in our history, we made the strategic decision to maintain our headquarters and corporate registration in Denmark. This reflects our commitment to operating responsibly, paying taxes where value is created, and contributing to the communities in which we operate.”
Annual report 2025A · The company itself
Europe
Geography
Geography
“Our geographic revenue split remains broadly diversified: North America continues to grow through the expansion of recurring revenue, while Europe & ROW remain key contributors to audience scale and monetization.”
Annual report 2025A · The company itself
Interest rates
Macro
DriverMixed impact: mixed
“Market risks, foreign exchange fluctuations, interest rate changes, and credit risks may impact financial stability.”
Annual report 2025A · The company itself
Chains in: Public debt and fiscal policy strengthens, Inflation strengthens
Chains out: this weakens Construction, weakens Real estate, weakens Wind power, weakens Housing market, weakens Office and commercial property, weakens Residential rental, weakens Residential construction
USD vs DKK/EUR
Macro
DriverMixed impact: mixed
“Market risks, foreign exchange fluctuations, interest rate changes, and credit risks may impact financial stability.”
Annual report 2025A · The company itself
Chains out: this mixed effect United States
Competitors mentioned in the report
No named competitors in the report.
Financial figures
| Revenue latest fiscal year | 0.34 bn EUR |
| Revenue growth vs. the year before, same method | -9.4 % |
| EBITDA reported by the company | 0.09 bn EUR |
| Net debt debt incl. leasing minus cash | N/A |
| Diluted EPS per share | 0.39 EUR |
Source: annual report (ESEF) A. See the report
Criteria
| Profit | ✓ |
| Growing | ✗ |
| Healthy balance sheet | N/A |
Only the criteria that can be computed from financial statements on this page. The remaining criteria (such as price and dividend) need a share price and are in the analysis.