Årsredovisning 2023

Automatiskt nyckeltalsindex

Detta är sökträffar och textkontext, inte verifierade eller normaliserade redovisningsvärden.

Fulltext

Dokumentet är delat för att hålla varje sida lätt att hämta. Del 1 · Del 2 · Del 3

===== SIDA 1 =====

CCopen 
Annual report 
2023 
March 20, 2024  
Better Collective A/S 
Sankt Annæ Plads 28, Copenhagen 
 
www.bettercollective.com 
CVR NO.:  27 65 29 13 
Better Collective’s esport brand HLTV annually hosts its award show, 
paying tribute to and celebrate the CS:GO community.  
HLTV is the world’s largest esport community.

===== SIDA 2 =====

Annual report Page 2  
Building Better 
Collective  
Since the incorporation of Better in 2004, 
it has charted a remarkable journey, 
evolving from a two -person initiative into a 
global group with more than 1,200 talented 
employees, 20 international offices, and 
nearly 400 million monthly visits across its 
portfolio. Throughout the years of rapid 
expansion, the group has still managed to 
maintain its visionary and entrepreneurial 
spirit.  
Since the incorporation of Better Collective, our stead-
fast commitment has been to operate the business sus-
tainably. As co-founders, we share the belief that genu-
ine success is derived from creating something we can 
truly take pride in. Hence, we made the early decision to 
keep our headquarters and company registration in Co-
penhagen, reflecting our dedication to giving back to 
the community we call home, while ensuring that taxes 
are appropriately paid in all the countries we operate. 
The formation of a hig hly experienced and diverse 
Board of Directors has been a core focus since the early 
days, even preceding our listing on Nasdaq Stockholm  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
in 2018. We are very pleased with the dual listing in Co-
penhagen, as we are a listed company on our home turf.  
Educational initiatives, such as our SEO and SEM acade-
mies, underscore our commitment to informing both our 
employees and the local communities we operate 
within. These have now become a crucial part of our tal-
ent attraction. Additionally, our emphasis on creating a 
secure and equitable work environment is sustained  
through DEI initiatives . Today, more than 45  nationali-
ties are represented in Better Collective across 13 coun-
tries. We exclusively collaborate with licensed  sports-
book partners in regulated markets, receiving recogni-
tion through numerous iGaming industry awards for our  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
unwavering commitment to compliance. Our dedication 
to safer gambling is ingrained in our core values and we 
actively support  our partners by providing them with 
safer gambling software , a commitment extended 
across our  own portfolio of sports media brands . Our 
longstanding goal is to achieve sustainable growth, en-
abling high profitability while concurrently focusing on 
future development. Since our IPO and the initiation  of 
our M&A strategy, we have sustained high growth with 
minimal dilution, seen increasing margins, and growing 
earnings per share. We are uniquely positioned to con-
solidate the digital sports media space, and there are a 
lot of synergies to harvest in combining strong  
 
 
 
 
 
 
 
 
 
 
 
authoritative sports media with large viewerships and 
Better Collective’s core strengths of optimization, con-
version, and diverse business models. W e are proud to 
have retained many talented colleagues and founders 
onboard, which is a  testament to the trust and excite-
ment surrounding what we are building with Better Col-
lective, the leading digital sports media group. 
 
Jesper Søgaard & Christian Kirk Rasmussen 
Co-founders, CEO & COO 
  
Co-founders, Jesper Søgaard (CEO) & Christian Kirk Rasmussen (COO)  
at the opening of Better Collective’s new headquarter in Copenhagen.

===== SIDA 3 =====

Annual report Page 3  
 
Introduction 4 
A word to our shareholders 6 
Financial highlights and key ratios 10 
Strategy 11 
Our business segments 18 
Business  segments review 19 
Financial performance 20 
Financial targets 22 
Corporate governance 23 
Corporate governance report 24 
Risk management 34 
Board of Directors 36 
Executive management 40 
The BETCO share and shareholders 42 
Sustainability 45 
Founder statement 46 
Reporting framework 48 
ESG strategy 50 
Sustainability governance 51 
Social 52 
Governance 57 
Environment 58 
ESG metrics 59 
EU Taxonomy 64 
Statements 66 
Statement by management 67 
Independent Auditors’ Report 68 
Group 72 
Statement of profit and loss 73 
Statement of comprehensive income 73 
Balance sheet 74 
Statement of changes in equity 75 
Cash flow statement 76 
Notes 78 
Parent company 115 
Statement of profit and loss 116 
Statement of comprehensive income 116 
Balance sheet 117 
Statement of changes in equity 118 
Cash flow statement 119 
Notes 120 
Other 136 
Alternative Performance Measures and 
Definitions 137 
 
 
 
April 22, 2024 
AGM 
 
May 21, 2024 
Interim Financial report Q1  
 
August 21, 2024 
Interim Financial report Q2  
 
November 13, 2024 
Interim Financial report Q3  
 
 
 
 
 
Table of contents 
 
 
Management  
Review 
Financial  
Statements 
Financial  
calendar

===== SIDA 4 =====

Annual report Page 4  
  
 
 
 
 
 
 
 
 
  
    
Annual report Page 4  
Introduction

===== SIDA 5 =====

Annual report Page 5  
 
With a vision to become the lead-
ing digital sports media group, 
Better Collective  owns and oper-
ates global and national sports 
media. We are on a mission to ex-
cite sports fans through engag-
ing content and foster passion-
ate communities worldwide.   
Our portfolio of  sports media 
brands covers  more than 30 lan-
guages and attract s 400 million 
monthly visit s, while our  com-
bined offering s include  every-
thing from quality sports con-
tent, communities , data in-
sights, and apps, to video con-
tent, podcasts , and innovative 
technology . 
 
 
 
 
 
  
 
Annual report Page 5

===== SIDA 6 =====

Annual report Page 6  
A word to our 
shareholders 
Becoming the leading digital 
sports media group 
In 2023, we continued our journey towards realizing our 
vision o f becoming the leading digital sports media 
group. In doing so we led continuous development and 
innovation of our business and acquired  seven addi-
tional business es to further  our position. We also in-
creased our sports audience significantly from 180 mil-
lion to more than 400 million monthly visits. We initi-
ated the development of our own in -house advertising 
technology platform , AdVantage. With this develop-
ment we can c ater to the demand from advertisers 
wanting to reach our large audience.  We have seen 
proof of concept and look forward to scale this during 
2024.  
 
Further, t hrough the acquisitions we built out our 
knowledge on global display advertising, exclusive con-
tent creation, social media content, while acquiring sev-
eral strong sports media brands.  All of which builds on 
top of our core competencies of maximizing the value of 
large audiences by utilizing our unique skills and diver-
sified business models. Remarkably, all of this was done 
while still growing our business organically by 13% and 
we have seen great leverage in our operational earnings. 
Strong growth in recurring 
revenues 
Worth highlighting in the 2023 performance is  the 50% 
growth in recurring revenues reaching 19 1m EUR. This 
not only marked 2023 as a record -breaking revenue 
year but also distinguished it as the highest-quality per-
formance to date, attributable to the recurring revenue 
component. Recurring revenues consist of revenue 
share income, subscription revenues, and advertising 
revenues. Throughout 2022 and 2023, we successfully 
referred over 3 million new depositing customers 
(NDCs) on revenue-share agreements which have yet to 
start generating revenue. This is more NDCs than we 
have delivered since the foundation of the group and up 
until 2021 – also coupled with our ongoing transition to 
revenue share income in North America.  Furthermore, 
the demand to connect with our expansive sports audi-
ence has driven the development of AdVantage. Suc-
cess in this endeavor holds promising prospects for rev-
enue derived from advertising sales. Therefore, looking 
ahead we anticipate this positive trend to continue ac-
celerated by our unwavering focus. 
Diving into our markets 
We are currently in the midst of a revenue transition, 
shifting towards recurring revenue share income in the 
North American market. This strategic change involves 
forgoing immediate revenue to establish a more sustain-
able and higher-value proposition for the future, akin to 
a license to SaaS transition. In Q1 of 2023, we achieved 
our highest quarterly revenue, driven by North America, 
especially the launch of sports betting in Ohio. However, 
this launch was influenced by CPA (upfront payments), 
making it a one-off event in terms of revenue growth. 
 
With our focus on recurring revenue, we anticipate that 
future launches, like the upcoming sports betting launch 
in North Carolina during Q1, 2024, will have a smaller up-
front impact while still attracting a substantial number 
of NDCs. These NDCs are likely to be a combination of 
revenue share and CPA, minimizing the short -term im-
pact on revenues while building for the future.  
 
Despite the ongoing North American transition, we take 
pride in our organic business growth during 2023, with 
2024 serving as another transition year before revenue 
share cohorts kick in during 2025. 
 
In Q1, a member of our management relocated to Rio de 
Janeiro, assembling a regional team, proving beneficial 
with two offices now established in Brazil — Rio de 
Janeiro and São Paulo. Stronger efforts in South Amer-
ica have enhanced our capability to integrate Playmaker 
Capital’s South American business, "Futbol Sites," with 
its massive regional audience and organization in Bue-
nos Aires, positioning us in a market-leading role as Bra-
zilian iGaming regulation approaches. 
European markets demonstrated robust growth 
throughout the year in both owned and operated sports 
brands and media partnerships. We made successful ac-
quisitions of national sports media of which some have 
already been seamlessly integrated onto our tech plat-
forms, resulting in improved Google rankings and signif-
icant audience growth, details of which are explored fur-
ther in this report. 
Cementing our position in the 
Americas 
During 2023 we announced the acquisition of Playmaker 
Capital, which closed in February 2024 . This strategic 
move, with a total consideration of 176 million EUR, ce-
ments our position as a market leader in South America 
while reinforcing our North American market presence. 
Playmaker Capital aligns seamlessly with our strategy, 
offering significant synergies that will bring the upfront 
11,7x EV/EBITDA below 5x by 2026, expecting margins 
in line with Better Collective's publishing business.  
 
Playmaker Capital's portfolio of digital sports media 
brands, garnering over 200 million monthly visits and a 
social media following of over 180 million, positions us 
to elevate our media capabilities and expand our audi-
ence across the Americas. Futbol Sites, Yardbarker, and 
The Nation Network are among the distinguished sports 
media brands now under our umbrella, contributing to 
our diverse and engaged audience. Coupled with the 
content and social media competences acquired 
through the acquisition of Playmaker HQ (though similar 
in name Playmaker HQ and Playmaker Capital are not

===== SIDA 7 =====

Annual report Page 7  
linked), we increase our presence significantly  across 
the Americas. We are new  to podcasts, however in  re-
cent podcast rankings in the US  we have taken several 
top positions within the “US Sports” -category, and this 
has made us more confident in our ability to expand our 
presence and diversify our offering.  
 
The acquisition of Playmaker Capital presents a clear 
path to operational efficiency, as we will unlock new 
monetization opportunities through performance -
based marketing. We extend our sincere appreciation to 
the Playmaker Capital team for their outstanding contri-
butions, and we welcome all employees as we are ex-
cited about the collective success that lies ahead. 
 
Following the seven acquisitions during 2023, we de-
cided to go to the market during Q1 of 2024 to raise 10% 
of the capital or more than 1  bnDKK. Our focus remains 
on consolidation and integration during 2024, however  
this has prepared us should any M&A opportunities  
arise.  
Thanking our  
colleagues 
Reflecting on the remarkable performance of the past 
year fills us with immense pride and gratitude. Our col-
lective efforts at Better Collective have once again 
proven that we are a force to be reckoned with in the 
industry.  
 
Everything we do is with a sustainable mindset ; we are 
headquartered in our home market, pay our taxes ac-
cordingly, solely work with licensed sportsbook partners 
in regulated markets, bring efforts to educate our audi-
ences, have a highly professional and experienced 
Board of Directors, work with our partners to promote  
safer gambling practices, take pride in our SEO and SEM 
academies, focus on diversity with more than 45 nation-
alities present across the group and so much more. This 
wholesome approach is part of our DNA and has be-
come a competitive advantage for us. 
 
We extend our sincere thanks to every one of our col-
leagues for your dedication, hard work, and unwavering 
commitment to excellence. It  is your "can-do" attitude 
that has propelled us to new heights. Our success is a 
testament to the strength of our team, and we are priv-
ileged to lead such an outstanding group of profession-
als. Let us carry this momentum forward into the coming 
year, continuing to innovate, collaborate, and achieve 
greatness together. 
 
 
  
    
Annual report Page 7  
Jens Bager  
Chair of the Board 
 
Jesper Søgaard  
Co-founder & CEO 
    
Annual report Page 7  
Co-founder & CEO Jesper Søgaard & Chair of the Board Jens Bager

===== SIDA 8 =====

Annual report Page 8  
Ohio launched online sports betting, which from a regu-
latory perspective was a perfect state launch. The state 
of Massachusetts also regulated online sports betting. 
 
Better Collective signed its first global media partner-
ship with the digital soccer platform Goal, while also 
signing with the well- established Polish news portal 
Wirtualna Polska and with Nigeria’s leading news media, 
PUNCH,  
 
An asset deal for a sports media in an emerging market 
for 4.3 mUSD was also signed.  
 
Better Collective’s esport community HLTV hosted the 
world’s largest esport award show, watched by more 
than 250.000 Counter Strike: Global Offensive fans. 
 
The Board of Directors implemented a new Long Term 
Incentive Plan for key employees. The total value of the 
2023 LTI grant program is 2.9 mEUR (Black -Scholes 
value).  
Better Collective acquired Skycon Limited and in doing 
so expanded its efforts within digital display advertising. 
With the acquisition the financial targets for 2023 were 
upgraded.  
 
The UK Government published a “White Paper” as part 
of a Gambling Act review. Better Collective welcomed 
the long -awaited proposed initiatives with a stronger 
focus on safer gambling. Given the proactive compli-
ance measures already taken, the proposed meas ures 
were estimated to have zero to limited financial impact 
on the Better Collective group.  
 
The Annual General Meeting 2023 was held electroni-
cally on April 25, 2023.   
 
 
 
 
 
Playmaker HQ was acquired to expand competitiveness 
within social media and sports content production. The 
total consideration of the acquisition was 54 mUSD with 
an upfront payment of 15 mUSD.  
 
The Brazilian sports media platform, Torcedores.com  
was acquired, adding the first Brazilian sports media 
brand to the group with an office in Sao Paulo, Brazil. 
 
Better Collective also expanded its Swedish position to-
wards the generalist sport fans by acquiring four of the 
strongest sports media brands in the market.  
Tipsbladet.dk was also acquired for 6.5 mEUR, further 
leveraging Better Collective’s position as a key partner 
for advertisers in the Danish market.  
Britt Boeskov and René Rechtman were elected to the 
Board of Directors at an EGM on 8 August. Better Col-
lective also opened the doors to its new headquarters in 
Copenhagen.  
Better Collective made its second largest acquisition to 
date, in a transaction to acquire Playmaker Capital for a 
total price consideration of 176 mEUR. Playmaker Capi-
tal is a leading digital sports media group that owns and 
operates several strong sports media brands across the 
Americas. 
In late September, Better Collective announced its in-
tention to carry out a dual listing of the group’s shares 
on Nasdaq Copenhagen, in addition to the current listing 
on Nasdaq Stockholm. The first day of trading on 
Nasdaq Copenhagen was November 17, 2023. 
 
 
 
 
 
 
 
Q1 
 
  Watch the Q1 highlights 
  
Q3 
 
  Watch the Q3 highlights 
  
Q2 
 
  Watch the Q2 highlights 
  
Q4 
 
  Watch the Q4 highlights

===== SIDA 9 =====

Annual report Page 9  
Better Collective announced the completion of the Play-
maker Capital acquisition, making it the second -largest 
acquisition to date.  
 
Better Collective raised 10% or 1,081.9 mDKK in an accel-
erated book building process to prepare for future M&A. 
The demand in the placing was substantial and with BLS 
Capital Fondsmæglerselskab A/S as an anchor taking 
50% of the deal  making it possible to place all shares 
without a discount to the market price.  
 
Better Collective announced a new major shareholder as 
BLS Capital Fondsmæglerselskab A/S now has 11 .7% of 
the voting rights.  
 
Also, Better Collective  is now included in the Nasdaq 
Stockholm and Nasdaq Copenhagen Large Cap Index 
with companies that have a market cap higher than 1 
bnEUR. 
 
Q1 will see the launch of sports betting in North Carolina 
which expectedly will be a great opportunity  given the 
size of the state. Being CPA-based (upfront payments), 
last year ’s Ohio and Massachusetts launches were 
strong revenue drivers for Better Collective. The upcom-
ing launch of North Carolina will be a mix of CPA and 
revenue share, meaning that the impact here and now 
will be smaller, but will help building for the future. This 
means the  comparisons on a  year-over-year basis will 
be somewhat tough. There are high expectations for Q2 
and Q3 due to the European Championship. Historically, 
most of Better Collective’s share databases were sent in 
Europe, and these are  expected to perform well  to-
gether with a high revenue share NDC intake. Copa 
America also takes place  during Q2 and Q3, which pre-
viously has not been a big event for the group. This time, 
Better Collective owns some of the strongest sports me-
dia in the region . However, with little experience from 
Copa America expectations remain conservative. Lastly, 
Q4 is the high season for most sports and the compari-
son will be normalized on a year over year basis. 
 
 
 
 
    
Annual report Page 9  
2024 
 
  what to expect 
  
Events after 
 
  the close of 2023

===== SIDA 10 =====

Annual report Page 10  
Financial highlights and key ratios 
tEUR 2023 2022 2021 2020 2019 
            
Income statements           
Revenue 326,686  269,297  177,051  91,186  67,449  
Recurring revenue 191,118  127,573  79,879  59,889  49,806  
Revenue Growth (%) 21% 52% 94% 35% 67% 
Organic Revenue Growth (%) 13% 34% 29% 8% 26% 
Operating profit before depreciation, amortization,  
and special items (EBITDA before special items)  111,080  85,075  55,775  38,152  28,061  
Operating profit before depreciation  
and amortization (EBITDA) 109,132  85,021  39,030  38,272  27,446  
Depreciation 3,958  2,321  1,764  1,548  831  
Operating profit before amortization  
and special items (EBITA before special items)  107,122  82,754  54,011  36,604  27,231  
Special items, net - 1,948  - 54  - 16,746  120  - 615  
Operating profit before amortization (EBITA) 105,174  82,700  37,265  36,724  26,616  
Amortization and impairment 24,283  12,347  8,516  6,235  5,413  
Operating profit before special items  
(EBIT before special items)  82,839  70,407  45,495  30,369  21,817  
Operating profit (EBIT) 80,891  70,353  28,749  30,489  21,202  
Result of financial items - 22,881  - 5,389  - 2,522  - 1,778  - 2,448  
Profit before tax 58,010  64,964  26,227  28,712  18,755  
Profit after tax 39,835  48,075  17,292  21,927  13,944  
Earnings per share (in EUR) 0.74  0.88  0.34  0.47  0.32  
Diluted earnings per share (in EUR) 0.70  0.85  0.33  0.45  0.31  
 
 
 
 
tEUR 2023 2022 2021 2020 2019 
Balance sheet           
Balance Sheet Total 937,862  785,229  597,379  315,065  229,601  
Equity 435,273  412,917  344,848  162,542  138,317  
Current assets 105,812  95,025  62,898  48,555  36,035  
Current liabilities 103,493  65,068  55,452  26,312  22,088  
Net interest bearing debt 221,133  177,879  95,290  51,030  - 2,918  
Cashflow           
Cash flow from operations before special items 119,384  69,816  51,204  38,321  26,585  
Cash flow from operations 114,639  68,423  45,207  37,696  25,481  
Investments in tangible assets - 5,143  - 1,788  -285  - 460  - 955  
Cash flow from investment activities - 106,248  - 112,632  - 219,219  - 68,090  - 49,509  
Cash flow from financing activities 29,334  65,737  188,759  46,790  36,365              
Financial ratios           
Operating profit before depreciation,  
amortization (EBITDA) and special items margin (%) 34% 32% 32% 42% 42% 
Operating profit before amortization margin (EBITDA) (%) 33% 32% 22% 42% 41% 
Operating profit margin (%) 25% 26% 16% 33% 31% 
Publishing segment  
- EBITDA before special items margin (%) 37% 38% 43%  48%   43% 
Paid media segment  
- EBITDA before special items margin (%) 29% 16% 8%   16% 18%  
Net interest bearing debt / EBITDA before special items 1.99 2.09 1.71 1.34 -0.10 
Liquidity ratio 1.02 1.46 1.13 1.85 1.63 
Equity to assets ratio (%) 46% 53% 58% 52% 60% 
Cash conversion rate before special items (%) 103% 80% 92% 99% 91% 
Average number of full-time employees 1,252  878  635  420  364  
NDCs (thousand) 1,916  1,683  858  635  432  
 
For definitions of terminology, please refer to the section on page 137.

===== SIDA 11 =====

Annual report Page 11  
  
 
 
  
    
Annual report Page 11  
Strategy

===== SIDA 12 =====

Annual report Page 12  
 Paving the way 
towards becoming the 
leading digital sports 
media group 
Better Collective is a strong global group of interna-
tional and national sports media brands , and the group 
has experienced rapid expansion since 2018 and the IPO 
on Nasdaq Stockholm. Since then, t he group has suc-
cessfully positioned its brands as trusted destinations 
for sports fans across the world, and in 2023 further ex-
panded its reach to more than 400 million monthly vis-
its. Developing a global network of interconnected 
brands with a large and loyal audience builds the foun-
dation for future growth. At Better Collective we are de-
termined to keep expanding and maximizing  the value 
of our brand portfolio organically as well as non-organ-
ically. Better Collective’s strategy is built on six core pil-
lars:  
• Growing global sports audience organically and 
through M&A 
• Expanding in new and emerging markets 
• Maximizing the value of large audiences through a 
diversified business model 
• Partnering with leading media houses worldwide 
• Leveraging global benefits of scale 
• Continuously invest in new technologies 
We believe in the benefits of scale when creating a 
global sports media group , including scale benefits in 
content generation and distribution, best -in-class com-
mercial agreements, audience analytics, talent attrac-
tion and retention and innovation.  
Adding to the pillars, the group also has a few distinct 
focus areas. Better Collective has built a strong common 
technology platform centered around search engine op-
timization (SEO) and conversion rate optimization 
(CRO), enabling the group to not only continuously 
grow its global audience organically , but also creat ing 
unparalleled value for its many global partners. Better 
Collective excels at maximizing  the value of its large 
global audience and optimizing  revenue generation 
through a diversified set of business models. Since 2018, 
M&A has been a core pillar of the  strategy and has 
brought significant value and scale to the group 
throughout the last six years. In 2023, Better Collective 
completed no less than seven acquisitions , equating to 
a total of 34 acquisitions since 2018.  
With the acquisition of Playmaker Capital, Better Collec-
tive significantly expanded its footprint in South Amer-
ica, and now owns leading national sports media brands 
in all key markets in the region. M&A fits exceptionally 
well into the strategy as there are immediate synergies 
to harvest once  becoming part of the Better Collective 
group, such as audience growth, revenue diversification, 
cost optimization, and much more.  
With the expansion into the wider digital sports media 
industry, a stronger emphasis is now on audience en-
gagement and retention. The group will continue to in-
vest, diversify, strengthen , and develop its content of-
ferings across its portfolio  to attract and engage a 
broader variety of sports fans worldwide. With the foun-
dation of its large global portfolio, Better Collective is 
also in the midst of  building and refining  its own in-
house AdTech platform, AdVantage. AdVantage will al-
low the group to serve valuable, engaging, and contex-
tual advertising campaigns across its global brand port-
folio. Through its large audience and in combination 
with more direct, in -house, advertising campaigns, the 
group expects to yield significantly higher CPM rates 
across its brands.  
In conclusion, Better Collective has achieved remarkable 
global growth in the past years, and now reaches an au-
dience of more than 400 million monthly visits. The stra-
tegic pillars of organic and M&A-driven expansion, mar-
ket and revenue diversification, strategic partnerships, 
and technological in novations have been key contribu-
tors to this success. The most recent addition to  the 
strategic flywheel is the launch of AdVantage, which will 
strengthen the group extensively.  
Steadfast execution of this strategy is what will set Bet-
ter Collective even further apart from competition and  
enable the realization of the vision to become the lead-
ing digital sports media group.

===== SIDA 13 =====

Annual report Page 13  
Tech deep dives 
AdVantage  
 
In early 2023, Better Collective announced its ambition 
to develop its own in -house advertising platform and 
branded it AdVantage. The development of an in-house 
AdTech platform has been an  ambition for a long time 
and is the natural next step in Better Collective’s journey 
towards becoming the leading digital sports media 
group.  
 
With the depreciation of third-party cookies as a tool to 
target ads to audiences across digital channels, compa-
nies monetizing through digital marketing activities are 
to a significant degree becoming more reliant on zero - 
and first-party data from owned and operated media to 
serve contextual and targeted ads to their audiences. 
Better Collective has prepared for this transition for a 
long time. Since 2020, Better Collective has acquired 
numerous leading sports brands with loyal returning au-
diences, expanding its reach from 7 million monthly vis-
its in 2018 to currently more than 400 million.   
 
Given Better Collective’s niche focus on sports and 
strong zero- and first-party data on its owned and oper-
ated sports brands, the company can provide targeted 
and contextual advertising to niche audiences which ad-
vertisers are willing to pay a premium for. This leaves 
Better Collective in a unique position given there are 
many advertising inventory companies and many 
AdTech companies, but only very few that combine the 
two without a reliance on 3rd parties. Notably, advertis-
ing sales and performance market ing aka affiliation 
include minimal cannibalization. The conversion of play-
ers, referred to as New Depositing Customers (NDCs), 
through branded display advertising is limited, indicat-
ing a highly synergistic and effective collaboration be-
tween the two. 
 
While various third-party platforms exist, there are mul-
tiple reasons cementing the need for creating an in -
house platform. AdVantage will allow Better Collective  
to increase CPM rates by utilizing the monetization wa-
terfall as depicted on the next page. 
 
Direct display. The summit of the waterfall represents 
the highest CPM rates, achieved through direct display 
advertising. Better Collective will consolidate its inven-
tory real-estate into one Better Collective  ad network. 
Direct ads are negotiated via a mutual agreement be-
tween Better Collective and the advertiser. Involving ne-
gotiations on various aspects, such as pricing, the num-
ber of ads to be showcased, the specific display loca-
tions, and the duration of the ad campaign. These agree-
ments can be forged with both indi vidual advertisers 
and agencies  acting on behalf of advertisers.  The ad 
placement will be automated  while the selling will be 
more manually handled.  
Furthermore, Better Collective has also developed Fan-
Reach which enables advertisers to connect their CRM 
(first party data) with the group’s tech stack to run high 
value reactivation campaigns. CPMs are usually 8 -20 
USD, according to market statistics.   
Programmatic Direct. Descending the waterfall, we en-
counter programmatic advertising, a method enabling 
Better Collective to operate on a larger scale by lever-
aging AdVantage to auction available ad space. Pro-
grammatic ads offer greater flexibility compared to di-
rect ads, allo wing advertisers to display varied ads to 
different readers. This type of customization is based on 
individual user data, encompassing behavior, prefer-
ences, location, and demographic information.  
 
Such targeted precision empowers advertisers to show-
case the most relevant ads to specific readers at optimal 
times and locations. Campaigns are agreed directly as a 
private marketplace deal (PMP) between Better Collec-
tive and a limited group of advertisers. Campaigns are 
subsequently delivered via a connection between ad-
vertiser platform and publisher platform. Programmatic 
CPMs are usually 3- 8 USD, according to market statis-
tics.   
 
Supply side platform (SSP) . At the bottom of the wa-
terfall is the open supply side platform (SSP)  auction. 
This is where otherwise unfilled inventory is put to real-
time-bidding (RTB) for a last chance of monetization of 
every session. This is where all demand -selling-plat-
forms (DSP), as well as ad networks, and agencies bid 
What is an  
AdTech platform?  
 
An AdTech platform is a technology plat-
form designed to streamline, automate, and 
optimize the advertising process. AdTech 
platforms use advanced technologies such 
as advanced data analytics and machine 
learning algorithms that analyze user behav-
ior to enhance the efficiency and effective-
ness of advertising campaigns, while provid-
ing valuable and engaging advertising, tar-
geting specific user needs.  
  
What is AdVantage? 
 
AdVantage is an owned and operated tech 
infrastructure to orchestrate Better Collec-
tive’s global media network with advertising 
capabilities.

===== SIDA 14 =====

Annual report Page 14  
and compete for the remaining inventory. CPMs are usu-
ally 0-2 USD, according to market statistics. 
 
Selling everything directly is not possible, making it cru-
cial to maximize the full waterfall. Presently, Better Col-
lective employs third -party agencies to monetize audi-
ences, primarily on its esport brands; FUTBIN and HLTV. 
These agencies take the advertising inventory to a DSP, 
aiming to optimize for the highest CPM rate. Throughout 
this process, the agency naturally takes a percentage of 
the deal and so does the DSP, also referred to as the  
“AdTech Tax”.  The advertisers on the other side share 
their CPMs  with agencies, SSP s and other middlemen. 
Considering the involvement of the various intermediar-
ies, Better Collective estimates that its esport brands 
yield an average CPM rate significantly below 1 USD. 
Given the robustness of the brands and the sought-after 
audience they attract, there should be substantial up-
side if AdVantage becomes a success. 
 
When Playmaker Capital was acquired, Better Collective 
also got access to their AdTech platform called Bench. 
This will complement what has  already been built as 
there is significant scale available across their network. 
Furthermore, Playmaker Capital has also gone through 
the process of implementing Bench across all its brands, 
and the efforts within Programmatic Direct and SPP  
bring valuable experience and know-how to this part of 
the integration.  Playmaker Capital can deliver cam-
paigns at scale via the platform given they have  over-
sight of all their impressions etc.  
 
The most prominent opportunities with the successful 
development of AdVantage includes but are not limited 
to: 
• Utilizing the full Better Collective brand network.  
Scaling advertising sales to all Better Collective 
sport brands. 
• Including media partnerships . Ideally also scaling 
AdVantage in Media Partnerships, which would sig-
nificantly increase the audience further, positioning 
Better Collective as the #1 monetization partner for 
sports media. 
• Waterfall monetization . Utilizing the full monetiza-
tion waterfall brings in higher CPM rates. 
• Creating competition for inventory bidding .  Op-
timizing demand partners in the low end of the wa-
terfall making it possible to sell more inventory and 
at higher CPM rates.   
• Optimiz ing or removing middle man. Better Col-
lective has been highly acquisitive; hence the com-
pany has accumulated  several third-party AdTech 
platforms. With AdVantage , Better Collective will 
either optimize or rid itself of many of the middle-
men, as it will use its own AdTech platform.  
Utilizing zero- and first-party data 
Under the hood of AdVantage, Better Collective has de-
veloped several technologies that provide much value 
for advertisers. These include: 
 
FanReach operates as a customer data platform (CDP) 
alongside with AdVantage, as one of the main pillars of 
Better Collective’s AdTech , serving as a unified system 
that gathers and organizes data to establish a unique 
user ID for each visitor on Better Collective's brands. 
This facilitates audience segmentation for marketing 
and personalization. In the future, advertisers with zero- 
and first-party data will have the capability to integrate 
their CRM system with FanReach, and consequently, Ad-
Vantage. This integration will allow Better Collective to 
identify when a user that is within the targeting audi-
ence of an advertiser is visiting a BC website  or mobile 
app, enabling the display of highly targeted and contex-
tual advertising. This feature holds significant value for 
advertisers, resulting in a correspondingly high CPM 
rate.

===== SIDA 15 =====

Annual report Page 15  
BetSense stands as a multifaceted advertising solution 
inside the BC AdTech ecosystem, alongside AdVantage. 
Leveraging sports data, smart facts, offers, tips, live and 
odds, our advertisements are customizable with compo-
nents tailored to advertisers’  requirements, seamlessly 
fitting into the context of the surrounding content. As 
an example, if you are reading an article about a Man-
chester United transfer, then the BetSense ad will auto-
matically showcase up  to date Manchester United -re-
lated odds, relevant brand products, or similar.  
This curated suite of ad integration and style formats is 
focused on engaging the audience, adapting as users 
navigate through content for maximum exposure while 
grabbing attention  and stimulating engagement.  With 
live integration of inbuilt data and sports feeds, Bet-
Sense ensures users receive the latest live information. 
As a market leader, BetSense excels in contextualizing  
in-content, data -rich formats activated when users 
hover. Additionally, the intuitive nature of BetSense, 
fueled by our first-party data, enables us to deliver the 
optimal creative based on user intent and timing. 
What is the status of AdVantage? 
During 2023, we absorbed the project investments in 
building our internal AdTech platform, “AdVantage”, 
while already having secured proof of concept. The plat-
form's development was fueled by demand, as numer-
ous brands sought to engage our audience. The initial 
AdVantage campaigns have already been executed 
across our portfolio of sports media brands as well as  
media partnerships in eight markets.  
As we enter 2024, our focus shifts to scaling larger cam-
paigns, with a potential emphasis on the European 
Championships. Currently, the BetSense product is be-
ing delivered via AdVantage  on our owned and oper-
ated sports brands as well as media partnerships. Fur-
ther, this has been implemented to now run with one 
large tier one customer. 
 
Where do we want to go? 
As we prepare for the widespread launch of AdVantage, 
we anticipate that this strategic technological leap will 
not only enhance our  advertising capabilities, enabling  
global campaign expansion and ensuring high -quality 
brand activations but also sustain the substantial mo-
mentum gained in recent months.  
Looking ahead, the  overarching objective with Ad-
Vantage is to be  the preferred partner for advertisers 
seeking exposure to sports audiences and engagement 
with sports enthusiasts. The integration of AdVantage 
into Better Collective reflects our commitment to re-
maining at the forefront of technological innovation, en-
suring unparalleled engagement and value for both our 
partners and audiences. This big step forward goes be-
yond just using technology; it  is about creating the fu-
ture of digital sports media.

===== SIDA 16 =====

Annual report Page 16  
The Better Collective  
technology platform 
What is a tech nology platform? A tech platform serves 
as a foundation for building and running software appli-
cations, providing the necessary tools, infrastructure, 
and services for developers to create and deploy their 
solutions. 
Why is such a tool  important for Better Collective? A 
centralized tech platform provides operational, strate-
gic, and competitive advantages for a digital sports me-
dia group by ensuring consistency, efficiency, scalabil-
ity, and the ability to adapt in persistently evolving mar-
ket conditions. 
Better Collective has a unique position with its cutting -
edge technology platform, a robust and versatile infra-
structure designed to enhance user experiences, opti-
mize content delivery, centralize advertising place-
ments, and ensure regulatory compliance across its 
global portfolio. The platform provides many capabili-
ties as outlined below, which ensures significant impact. 
Most often when Better Collective acquires new brand s 
these are onboarded to the group’s technology plat-
form, which optimizes the performance of the acquired  
brand, increases the audiences, improves rankings  in 
search engines , creates opportunities for scale, c uts 
costs, all while staying compliant. L ooking into the dif-
ferent segments  here is an overview of what the tech 
platform provides: 
1. Search engine optimization (SEO). The Better Col-
lective technology platform places a strong empha-
sis on SEO, aiming to boost the group’s brands 
across their  digital presence. Through meticulous 
optimization strategies embedded in the platform 
and expertise developed over the past 20 years, the 
group achieves increased visibility in search results 
for strategically chosen value -driving keywords. 
This not only improves organic traffic but also en-
sures that the audience finds relevant content 
seamlessly. 
2. Product analytics. The platform integrates robust 
product analytics tools, focusing on Conversion 
Rate Optimization (CRO) and benchmarking Key 
Performance Indicators (KPIs). This data-driven ap-
proach empowers Better Collective to refine its of-
ferings, enhance user engagement , and strategi-
cally align with market demands. 
3. Technology stack. Better Collective's technology 
platform boasts a state-of-the-art technology stack 
and a comprehensive toolbox. This empowers de-
velopment teams to minimize integration time, of-
ten completing projects within a three -month time 
frame. The platform's agility is a testament to its 
commitment to staying at the forefront of techno-
logical advancements. 
 
4. Regulatory compliance. Ensuring compliance with 
local regulations is paramount in the sports media 
and betting industry. The Better Collective technol-
ogy platform places a strong emphasis on meeting 
regulatory standards across all sites, markets and 
countries - not only foster ing legal adherence but 
also building trust with users in diverse global mar-
kets. 
5. Cloud hosting. The platform leverages cloud host-
ing to provide central, secure, and optimized infra-
structure for global and regional content delivery. 
This not only enhances performance but also en-
sures that users worldwide can access Better Col-
lective's content with speed and reliability. 
6. Advertising platform. Better Collective is currently 
refining AdVantage, delivering an impressive 5 bil-
lion yearly addressable impressions across the 
global brand network. This is achieved through Ad-
vantage, Fan Reach, and BetSense, creating exten-
sive opportunities for brand exposure and revenue 
generation.
  
 
 
  
Annual report Page 16

===== SIDA 17 =====

Annual report Page 17  
 
7. AI automation. The technology platform incorpo-
rates an AI backbone, supporting optimal multi-
channel content generation, which not only en-
hances efficiency but also ensures that the content 
is dynamic, personalized, and resonates effectively 
across various channels, languages, cultures, and 
formats. 
8. Channel reach. Better Collective recognizes the im-
portance of diverse channel reach. The platform en-
ables multi- channel and multi -format content de-
livery, spanning web, app, and social media. Such a 
comprehensive approach ensures that content 
reaches audiences wherever they are, fostering a 
truly immersive and engaging sporting experience. 
9. Central content management. A centralized con-
tent management system is one of the  corner-
stones of the platform, allowing Better Collective to 
leverage generated content across all channels , 
globally. In doing so workflows are streamlined 
while ensuring consistency and quality in the con-
tent presented to the users. 
10. Brand strategy fit. The platform toolbox is a key 
enabler for implementing Better Collective's brand 
strategy. By providing a diverse set of tools and ca-
pabilities, the platform supports the strategic im-
plementation of any brand in the group’s extensive 
portfolio, fostering brand consistency and reso-
nance. 
In conclusion, Better Collective's t echnology platform 
underlines the group's commitment to technological ex-
cellence, user -centric experiences, and global market 
leadership. The integration of SEO, analytics, compli-
ance, cloud hosting, advertising, AI, and a versatile tech-
nology stack positions the platform becomes a compre-
hensive solution for navigating the complexities of the 
digital sports media landscape. 
Execution done right  
Better Collective hosted its first ever Capital Markets 
Day in late March of 2023, during which the group pre-
sented a case example in its  brand: Soccernews. When 
Soccernews was acquired, it had an audience of around 
10 million monthly visits and mostly generated revenue 
from advertising sales. 12 months after the acquisition 
and the integration of Soccernews  onto Better Collec-
tive’s tech platform, the audience had doubled to 20 
million monthly visits, and the revenue had five doubled. 
Since th en, the direct audience traffic has increased 
quite a lot, the CPM rates have increased further,  while 
we have been building a new app which will be launched 
during 2024.  We have also partnered with ex -profes-
sional soccer p layer, Anouk Hoogendijk, to boost our 
video content creation, having already interview ed 
many players such as Jaap Stam.  
In 2023, Better Collective acquired the Brazilian sports 
media, Torcedores, to strengthen its position in the local 
market. Following the acquisition, Better Collective 
promptly integrated Torcedores onto  its tech platform, 
leading to noticeable improvements within just a few 
months, including: 
• Enhanced site performance. The integration signif-
icantly improved the performance of Torcedores' 
website, ensuring a smoother and more efficient 
user experience.
 
 
• Improved search engine rankings . Better Collec-
tive's tech platform implementation resulted in im-
proved rankings on search engines, making 
Torcedores' content more discoverable and acces-
sible.
 
 
• +170% audience growth . The audience experi-
enced a remarkable growth of 170%  post imple-
mentation, indicating a substantial increase in user 
engagement and reach. 
 
• Increased content production . The tech platform 
facilitated an increase in content production, allow-
ing Torcedores to deliver more diverse and engag-
ing content to its audience.
 
 
• Uptick in future revenue generation. The improve-
ments led to a significant uptick in future revenue 
generation, attracting numerous New Depositing  
Customers (NDCs) and expanding the platform's fi-
nancial prospects.
 
 
• Social media following surge. Following a 50% in-
crease in social media (SoMe) content production, 
Torcedores witnessed a substantial increase in its 
social media following, strengthening its online 
community.
 
 
• Reducing costs. The integration onto Better Collec-
tive's tech platform resulted in a 35% reduction in 
Torcedores' monthly operational costs, demon-
strating increased efficiency and resource optimi-
zation.
 
Overall, the successful integration onto the Tech Plat-
form showcased tangible benefits, ranging from en-
hanced site performance and audience growth to im-
proved revenue generation and operational cost sav-
ings. This use case exemplifies how Better Collective's 
Tech Platform can bring about positive transformations 
and drive success for acquired sports media entities.

===== SIDA 18 =====

Annual report Page 18  
Our business segments 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
Contributes 
73% 
of the group’s EBITDA  
before special items  
 
Publishing 
 
The Publishing business includes revenue 
from Better Collective’s proprietary own and 
operated sports media  platforms as well as  
media partnerships. The audience for this seg-
ment is mostly attracted direct or through or-
ganic search results  
 
 
North 
America  
contributes 
28%  
of the group’s EBITDA 
before special items  
Europe & ROW 
 
The Europe & Rest of the world (ROW) business in-
cludes all markets outside of North America. The 
European markets consist of a blend of mature leg-
acy markets and markets like South America which 
is a strong growth market . The segment further in-
cludes the esport communities HLTV and FUTBIN. 
Given the strong legacy in the European markets 
there is a lot of recurring revenue in this part of the 
business.   
  
Europe & RoW  
contributes 
72%  
of the group’s EBITDA  
before special items  
Contributes 
27% 
of the group’s EBITDA  
before special items  
 
Paid Media 
 
The Paid Media business includes revenue ef-
forts in paid advertising on search platforms like 
Google and Bing, as well as advertising on third 
party sports media. Given the upfront payment 
to advertise on third party platforms the gross 
margin is lower than in the Publishing business.  
North America 
 
Both the US and the Canadian markets are some-
what recently regulated. The first states in the US 
started regulating in 2018. As both markets are 
young, revenues largely have been generated from 
one-time payments (CPA). During Q3 2022, Better 
Collective sta rted its transition towards recuring 
revenues in the US.

===== SIDA 19 =====

Annual report Page 19  
Business  
segments review 
Historically, Better Collective has reported 
on the geographical segments Europe & 
ROW (Rest of the World) and the US.  
During 2023 , this segmentation wa s 
altered,  and the geographical business 
segmentation  has since  been between 
Europe & Rest of the World and North 
America.  
Better Collective operates two  different  
business models regarding customer 
acquisition both with different earnings  
profiles  distinguished  between t he group’s 
Publishing and the Paid Media  business es. 
Thus, r eporting  includes measuring and 
disclosing separately for Revenue, Cost 
and Earnings. All historical financial figures 
are reported accordingly.  
 
Publishing 
Revenue of 220 mEUR grew 18%, of which 15 % was or-
ganic. Publishing accounted for 67% of the group’s total 
revenue in 2023. Additionally, the cost grew to 1 40 
mEUR resulting in EBITDA before special items  of 81 
mEUR, a growth of 13% with an EBITDA-margin of 37%.  
Better Collective continued  to see very strong perfor-
mance from this business area that on the one hand in-
cludes media partnerships with authoritative news out-
lets like The Daily Telegraph , the New York Post and 
Goal.com and on the other hand in owned and operated 
sports brands like Betarades, Soccernews, and many 
other local heroes. 
 
Paid Media  
Revenue was 106 mEUR which equals growth of 29% of 
which 13% was organic , hence growth came from own 
operations as well as a successful acquisition of Skycon 
Limited. Since acquiring the Atemi group in 2020, the  
group’s focus has been to heavily invest in developing 
the Paid Media business. The decision to move NDCs 
from pure CPA to revenue share contracts or hybrid rev-
enue models (mix of CPA and revenue share) has re-
sulted in a continued increase in revenue from revenue 
share income.  
Due to the extensive topline growth and scaling oppor-
tunities the Paid Media business delivered an EBITDA 
before special items of 30 mEUR growing 127% (on top 
of growing 112% in 2022) with an EBITDA margin of 29% 
(versus 16% last year). Paid Media delivered 3 3% of the 
Group’s revenue in 2023, and 27% of EBITDA. 
Europe & Rest of the World 
Revenue was 218 mEUR in 2023 , which is a growth of 
29% of which 17% was organic. The growth was mainly 
driven by good underlying performance in most mar-
kets, while media partnerships and South America  con-
tinued to be the main drivers of the performance. The 
EBITDA ended at 80 mEUR implying a margin before 
special items of 3 7%. Europe & ROW delivered 6 7% of 
the group’s revenue and 72 % of EBITDA before special 
items. The Europe & ROW market is most sensitive to 
fluctuations in the sports win margin as this segment op-
erates most of the revenue share accounts. 
North America 
Overall, the North American  business delivered a solid 
performance with revenue of 109 mEUR implying  
growth of 9% of which 5% was organic. EBITDA before 
special items was flat at 31 mEUR and the EBITDA-mar-
gin was 28 %. North America  delivered 3 3% of the 
group’s revenue, and 28 % of EBITDA. The transition 
from CPA to recurring revenue share income continues 
to impact the short-term performance while building fu-
ture sustainable revenue.  
Annual report Page 19

===== SIDA 20 =====

Annual report Page 20  
Financial 
performance 
Revenue growth of 21% to 327 
mEUR and organic growth of 
13% 
Revenue showed strong growth versus 2022 of 21% and 
amounted to 327 mEUR (2022: 269 mEUR). Revenue 
share accounted for 50% of the revenue with 32% com-
ing from CPA, 5% from subscription sales, and 13% from 
other income.  
Cost of 216 mEUR - up from 184 
mEUR  
The increase  in costs is primarily driven by personnel 
costs increasing 20 mEUR corresponding to an increase 
of 17%. The increase is driven by an increase in average 
number of employees increasing from average 878 in 
2022 to 1,252 in 2023.  Direct costs related to media 
partnerships and Paid Media increased as well, however 
in line with overall growth in revenue. The cost base ex-
cluding depreciation and amortization grew 32  mEUR, 
up to 216 mEUR (2022: 184 mEUR).  
 
Total direct cost relating to revenue increased by 7  
mEUR to 99  mEUR (2022: 92  mEUR) with the growth 
coming from increased cost in Paid Media , and direct 
costs related to media partnerships. Beyond the cost of 
paid traffic, this includes hosting fees of websites, con-
tent generation, and external development.  
 
Personnel cost increased 31% from 2022 to 8 9 mEUR 
2023 (2022: 69 mEUR). The average number of employ-
ees increased 43% to 1,252 (2022: 878). Personnel costs 
include costs related to warrants of 3 mEUR (2022: 2 
mEUR).  
 
Other external costs increased 4  mEUR or 1 7% to 27  
mEUR (2022: 23 mEUR). Depreciation and amortization 
amounted to 28 mEUR (2022: 15 mEUR). The increase is 
primarily due to amortization related to the acquisition 
of FUTBIN , and the acquisitions during 2023 Skycon, 
Playmaker HQ, Digital Sportmedia I Norden AB ( Sven-
skaFans.com, Hockeysverige.se, Fotbolldirekt.se and 
Innebandymagazinet.se), Goalmedia Technologia E 
Marketing Digital (Torcedores) and Tipsbladet as well as 
new media partnerships. 
Special items 
Special items amounted to an expense of 2 mEUR (2022: 
54 tEUR). The net expense of 2 mEUR is primarily related 
to M&A expenses of 10  mEUR, dual listing in Copenha-
gen of 1 mEUR and restructuring of 1 mEUR as well as an 
income related to reversal of an earn -out of 10  mEUR. 
The earn-out was related to certain extraordinarily high-
performance criteria that will not be met. 
Earnings 
Operational earnings (EBITDA) before special items 
grew 31% to 111 mEUR (2022: 85 mEUR). The EBITDA-
margin before special items was 34 % (2022: 32 %). In-
cluding special items, the reported EBITDA was 109  
mEUR. (2022: 85 mEUR).  
EBIT before special items increased 19 % to 8 3 mEUR 
(2022: 70 mEUR). Including special items, the reported 
EBIT was 81 mEUR (2022: 70 mEUR). 
Net financial items 
Net financial costs amounted to 2 3 mEUR (2022:  5 
mEUR) and included net interest, fees relating to bank 
credit lines , unrealized losses on shares  and exchange 
rate adjustments. Interest expenses amounted to 13  
mEUR and included non-payable, calculated interest ex-
penses on certain balance sheet items . Out of the net 
interest 11 mEUR is paid.   
Net financial costs are impacted by an unrealized loss of 
8 mEUR on Catena Media shares and financing fees of 1 
mEUR whereas net exchange rate loss amounted to 1 
mEUR. 
Income tax 
Better Collective has a tax presence in the places where 
the company is incorporated. These places count Den-
mark (where the parent company is incorporated), 
Austria, France, Greece, Malta, Netherlands, Poland, 
Portugal, Romania, Serbia, Sweden, UK, Canada , Brazil, 
and the US. Income tax amounted to 18 mEUR (2022: 17 
mEUR). The Effective Tax Rate (ETR) was 31 % (2022: 
26%). 
Net profit 
Net profit after tax was 40  mEUR (2022: 48 mEUR). 
Earnings per share (EPS) de creased by nearly 16 % to 
0.74 EUR/share versus 0.88 EUR/share 2022. 
Equity 
The equity increased to 435 mEUR as per December 31, 
2023, from 413 mEUR on December 31, 2022. Besides the 
net profit of 40 mEUR, the equity has been impacted by 
the acquisition of treasury shares of 13 mEUR and share-
based payments of 3 mEUR. The decrease in USD versus 
EUR has impacted the equity by 8 mEUR.  
Balance sheet  
Total assets amounted to 938 mEUR (2022: 785 mEUR), 
with an equity of 435 mEUR (2022: 413 mEUR). This cor-
responds to an equity to assets ratio of 4 6% (2022: 
53%). The liquidity ratio was 1. 02 resulting from current 
assets of 106 mEUR and current liabilities of 104  mEUR. 
The ratio of net interest-bearing debt to EBITDA before 
special items was 1.99 at the end of December.

===== SIDA 21 =====

Annual report Page 21  
Investments 
On 14 April, Better Collective acquired Skycon for a pur-
chase price of up to 51 mEUR (45 mGBP) on a cash and 
debt free basis. The net cash flow impact of the transac-
tion was 30 mEUR considering deferred payments and 
acquired net assets.  
 
On July 3, 2023, Better Collective US, Inc. completed the 
acquisition of Playmaker HQ for up to 51 mEUR (54 
mUSD) with an initial consideration of 14 mEUR (15 
mUSD) on a cash and debt-free basis.  
 
On August 15, 2023, Better Collective announced the ac-
quisition of four brands SvenskaFans.com, Hockeysve-
rige.se, Fotbolldirekt.se and Innebandymagazinet.se 
from Everysport Group to further expand its position 
within the Swedish sports media ecosystem for a total 
consideration of 4 mEUR on a cash and debt-free basis. 
 
On September 4, 2023, Better Collective announced the 
acquisition of Torcedores.com, by acquiring Goalmedia 
Technologia E Marketing Digital S.A.  
 
On September 18, 2023, Better Collective announced the 
acquisition of Tipsbladet.dk ApS to further expand its 
position in Denmark for a total consideration of 7 mEUR 
on a cash and debt -free basis with closing 2 October 
2023. During the period investments in accounts and 
other intangible assets amounted to 8 mEUR.  
Cash flow and financing 
Cash flow from operations before special items was 11 9 
mEUR (2022: 70 mEUR) with a cash conversion of 103%. 
In August Better Collective extended the bank-financing 
by three years to October 2026 as well as executing the 
accordion option and thereby increasing the available 
facilities with 72 mEUR, leaving the group with a total 
financing of 319 mEUR where 247  mEUR has been uti-
lized by the end of December. By the end of 2023, capi-
tal reserves stood at 122 mEUR  of which cash of 43 
mEUR, and other current fina ncial assets of 7  mEUR in 
form of listed shares and unused credit facilities of 72 
mEUR.  
 
The parent company  
Better Collective A/S, is the parent company of the 
group. Revenue grew by 5 2% to 99  mEUR (2022: 65 
mEUR). Total costs including depreciation and amorti-
zation was 9 4 mEUR (2022: 61 mEUR).  Profit after tax 
was 39 mEUR (2022: 47 mEUR). The change in profit af-
ter tax is primarily due to differences in dividend pay-
ments from subsidiaries, exchange rate adjustments, fi-
nancial expenses, and corporate tax. Total equity ended 
at 443 mEUR by December 31, 2023 (2022: 411 mEUR). 
The equity in the parent company was im pacted by 
treasury share transactions (13 mEUR), cost of warrants 
of 3 mEUR and HLTV merger (3 mEUR). 
 
 
 
 
 
  
Annual report Page 21

===== SIDA 22 =====

Annual report Page 22  
Financial targets  
2023 
The Board of Directors decided on targets for the finan-
cial year 2023 as announced in the 2022 full year report. 
Following the acquisition of Skycon Limited and the rec-
ord-breaking Q1, the financial targets were upgraded 
with 15 mEUR on revenues and 5 mEUR on EBITDA. Fol-
lowing a very strong H1, the targets were raised again by 
10 mEUR on both revenue and EBTIDA.  
• Revenue of 315-325 mEUR; Exceeded at 327 
mEUR 
• EBITDA before special items of 105-115 mEUR; In 
the high end of range at 111 mEUR 
• Net debt to EBITDA before special items <2.0; Met  
2024  
The Board of Directors has  decided on financial targets 
for the Better Collective group for the year 2024: 
• Revenue of 390 -420 mEUR, implying 1 9-29% 
growth. 
• EBITDA of 125-135 mEUR implying 13-22% growth. 
• Net/debt to EBITDA stay below 3x. 
2024 implications 
The targets factor in an eleven -month impact from the 
Playmaker Capital acquisition with the deal clos ing on 
February 6. The acquisition is expected to ramp up over 
time with expected flat revenue and earnings for 2024.  
More factors are c ontinued investment in developing 
the AdTech platform, several AI -projects and scaling 
commercial development. Further the continued North 
American recurring revenue share transition to invest in 
future sustainable growth coupled with high expecta-
tions for the men’s European Championship this  sum-
mer. 
2023- 2027 
The long -term 2023 -2027 financial targets have been 
updated following the acquisition of Playmaker Capital.  
• Revenue CAGR of +20% (unchanged)  
 
• EBITDA margin before special items of 35-40% 
(previously 30-40%).  
 
• Net debt to EBITDA before special items of <3 (un-
changed). 
2023-2027 implications 
The long-term targets include M&A funded by own cash 
flow and debt, and not capital increases. With Play-
maker Capital, Better Collective utilized cash, debt, 
treasury shares and a small capital increase, resulting in 
a minimal dilution of 3%. Hence , a large part of the ac-
quisition was already included in the guidance , making 
the group more comfortable in its ability to reach these. 
Given the opportunity to move revenue from advertis-
ing to performance marketing and the increased profit-
ability therein the margin target is upgraded, narrowing 
it toward the high end. Given the nature of performance 
marketing and the change in cash flow, the margin up-
tick will happen after 12-24 months.  
Disclaimer 
This report contains certain forward-looking statements 
and opinions. Forward-looking statements are state-
ments that do not relate to historical facts and events. 
Such statements or opinions pertaining to the future, for 
example wording like; “believes”, “deems”, “estimates”, 
“anticipates”, “aims’, and “forecasts” or similar expres-
sions are intended to identify a statement as forward -
looking. This applies to statements and opinions con-
cerning the future financial returns, plans and expecta-
tions with respect to the business and management of 
the group, future growth , profitability, general eco-
nomic and regulatory environment , and other matters 
affecting Better Collective. Forward-looking statements 
are based on current estimates and assumptions made 
according to the best of the group’s knowledge. These 
statements are inherently associated with both known 
and unknown risks, uncertainties, and other factors that 
could cause the results, including the group’s cash flow, 
financial condition, and operations, to differ materially 
from the results, or fail to meet expectations expressl y 
or implicitly, assumed or described in those statements 
or to turn out to be less favorable than the results ex-
pressly or implicitly assumed  or described in those 
statements. Better Collective can give no assurance re-
garding the future accuracy of the opinions set forth 
herein or as to the actual occurrence of any predicted 
developments and/or targets. Considering the risks, un-
certainties and assumptions associated with forward -
looking statements, it is possible that certain future 
events may not occur.  
 
Moreover, forward -looking estimates derived from 
third-party studies may prove to be inaccurate. Actual 
results, performance or events may differ materially 
from those in such statements  e.g. due to changes in 
general economic conditions, in particular economic 
conditions in the markets in which the group operates, 
changes affecting interest rate levels, changes affecting 
currency exchange rates, changes in competition levels, 
changes in laws and regulations, and occurrence of ac-
cidents or environmental dam ages and systematic de-
livery failures. We undertake no obligation to update or 
revise any forward -looking statements, whether be-
cause of new information, future events or otherwise, 
except to the extent required by law.

===== SIDA 23 =====

Annual report Page 23  
  
 
 
 
 
 
  
    
Annual report Page 23  
Corporate  
governance

===== SIDA 24 =====

Annual report Page 24  
Corporate governance 
report 
Better Collective A/S is a Danish public lim-
ited liability company and is governed by 
the provisions of the Danish Companies 
Act. The registered office and headquarter 
is situated in Copenhagen, Denmark. Better 
Collective has been listed on Nasdaq 
Stockholm since June 8, 2018 , and on 
Nasdaq Copenhagen since November 17, 
2023. 
Corporate governance 
framework 
The purpose of corporate governance is to ensure that 
a company is run sustainably, responsibly,  and as effi-
ciently as possible. In Better Collective, good corporate 
governance is about earning the confidence of share-
holders, business partners, and legislators by creating 
transparency in decision -making and business pro-
cesses. A well -defined and stru ctured distribution of 
roles and areas of responsibilities between sharehold-
ers, the Board, and the management secures efficiency 
at all levels. Particularly, it allows the management team 
to focus on business development and thereby the cre-
ation of shareh older value. The B oard of D irectors 
serves as a highly qualified dialogue partner for the 
management team supporting the outlined growth 
strategy, securing a tight risk management setup, and 
optimal capital structure. The group’s corporate govern-
ance is based on applicable Danish legislation and other 
external rules and instructions, including the Danish 
Companies Act, Nasdaq Stockholm’s Rulebook, Nasdaq 
Copenhagen Rulebook, the Swedish Securities Council’s 
good practices in the stock market, the Swedish Code of 
Corporate Governance and Better Collective’s guide-
lines, which include the Articles of Association, various 
policies, and other guidelines.  
 
Following the dual listing on Nasdaq Stockholm and 
Nasdaq Copenhagen Better Collective has resolved that 
it will comply with the Swedish Code instead of the Dan-
ish Recommendations on Corporate Governance . The 
main corporate laws and rules on governance relevant 
for shareholders in a Danish public limited liability com-
pany that is listed on Nasdaq Stockholm, and complying 
with the Code, are largely  materially similar to the cor-
responding Swedish rules that would apply for a Swe-
dish public limited liability company under the same cir-
cumstances. 
Cross-listing and corporate governance 
Better Collective is a Danish limited liability company 
and accordingly follows the rules, regulations, and 
guidelines as described above. As a dual listed company 
on Nasdaq Stockholm and Nasdaq Copenhagen, Better 
Collective is required each year to provid e an overview 
of the main differences between the Swedish Code and 
the Danish Recommendations. 
Shareholder engagement  
Election of Chair of the annual general meeting  
The Code stipulates the Chair of the annual general 
meeting shall be appointed by the Nomination Commit-
tee. In a Danish context, the Board of Directors will usu-
ally appoint a C hair of the general meeting , and this is 
not regulated in the Recommendations. 
Minutes of the annual general meeting  
The Code recommends that a shareholder who is inde-
pendent from the company and its Board of Directors is 
appointed to verify and sign the minutes of general 
meetings. Such practice does not exist in Denmark and 
the minutes are approved and signed by the Chair of the 
general meeting in accordance with Danish Company 
Law. 
Policies   
Pursuant to the Recommendations, listed companies are 
to adopt certain policies and procedures, such as poli-
cies regarding communication and investor relations, a 
tax policy as well as contingency procedures in case of 
a public takeover of the company. Such recommenda-
tions are not included in the Code. However, Better Col-
lective has adopted an information policy which governs 
both internal and external communications, including in 
relation to investors. 
Procedures and tasks of the Board of Directors 
Participation in daily management  
Pursuant to the Recommendations, any participation by 
a member of the Board of Directors in the daily manage-
ment of Better Collective must be approved by the 
Board and publicly disclosed. No equivalent recommen-
dation is a part of the Code. However, none of the mem-
bers of the B oard of D irectors currently participate in 
the daily management of Better Collective. 
Board composition and Board Committees 
Independence of Board members 
The Code distinguishes between B oard members’ inde-
pendence from Better Collective and its executive man-
agement and independence from the group ´s major 
shareholders in two separate recommendations. Inde-
pendence in relation to major shareholders is not a part 
of the Recommendations. However, to be considered in-
dependent a Board member should not be a representa-
tive of or be associated with a controlling shareholder. 
Chair of the Board  
The Code stipulates that the Chair of the Board shall be 
elected by the general meeting. This is not the case in a 
Danish context. Further, the specific tasks of the C hair 
are more detailed in the Code. However, Danish practice 
is in line with the tasks and responsibilities of the Code. 
The Recommendations stipulate that a deputy C hair 
shall be elected, which is not included in the Code.

===== SIDA 25 =====

Annual report Page 25  
Board Committees 
Both the Code and the Recommendations stipulate that 
a company should have an A udit Committee, a Remu-
neration Committee, and a Nomination Committee. The 
main difference between the Code and the Recommen-
dations is that pursuant to the Code, a Nomination Com-
mittee is not a Board Committee but instead consists of 
members elected directly by the shareholders. Whereas 
pursuant to the Recommendations , the Nomination 
Committee is a Board Committee elected by and among 
members of the B oard of D irectors. The tasks of the 
Nomination Committee in a Swedish context are also 
more comprehensive than the tasks of the N omination 
Committee in a Danish context.  
The Company follows the Swedish practice pursuant to 
the Code, and accordingly the Nomination Committee 
consist of shareholder elected Committee members and 
the tasks carried out are in line with the Recommenda-
tions of the Code.  
Management remuneration 
The Recommendations contain provisions relating to 
management remuneration criteria, B oard compensa-
tion as well as incentive programs. 
The Code does not include equivalent recommendations 
as the Swedish Corporate Governance Board has issued 
the separate “Rules on Remuneration of the Board of Di-
rectors and Executive Management and on Incentive 
Programs” (the “Remuneration Rules”). The Remunera-
tion Rules came into force on 1 January 2021 and contain 
extensive provisions on remuneration to the Board of 
Directors, executive management, and incentive pro-
grams. However, the Remuneration Rules only apply to 
Swedish companies whose shares are admitted to trad-
ing on a Swedish-regulated market (and to some extent 
companies whose shares are traded on other trading 
platforms) and are therefore  not formally applicable to 
Better Collective. 
The share and shareholders 
Better Collective A/S was listed on Nasdaq Stockholm 
on June 8, 2018. As of November 17, 2023, Better Collec-
tive is dual listed on Nasdaq Copenhagen . The number 
of shares outstanding on December 31, 202 3, was 
55,367,418. Each share entitles the holder to one vote. 
The number of shareholders on December 31, 2023, was 
4,821 which is a n increase from the 3, 669 shareholders 
on December 31, 2022.  
 
The largest shareholders on December 31, 202 3, were 
Chr. Dam Holding and J. Søgaard Holding (the C o-
founders of Better Collective) with 10,671,179 shares 
each and each representing 19.27%  of the votes and 
share capital in the company. Further information on the 
Better Collective share and shareholders is  available in 
the section Share and shareholders on page 4 2 as well 
as on the group’s website. 
General meeting 
Pursuant to the Danish Companies Act, the general 
meeting is the group’s  superior decision-making body. 
The general meeting may resolve every issue for Better 
Collective which does not specifically fall within the 
scope of the exclusive powers of another corporate 
body. F or example, the power to appoint executive  
management, which falls within the scope of the Board 
of Directors in limited liability companies that are man-
aged by a Board of Directors. 
 
At the general meeting, the shareholders exercise their 
voting right on key issues, such as amendments of the 
Better Collective’s  Articles of Association, approval of 
the annual report, appropriation of the group’s profit or 
loss (including distribution of any dividends), resolu-
tions to discharge the members of the B oard of D irec-
tors and the executive management from liability, the 
appointment and removal of members of the B oard of 
Directors and auditors and remuneration for the B oard 
of Directors and auditors. Other matters transacted at 
the meeting may include matters that according to the 
Articles of A ssociation or the Danish Companies Act, 
must be submitted to the general meeting. 
Time and place 
The annual general meeting must be held at a date that 
allows sufficient time to send the Danish Business Au-
thority a copy of the audited and adopted annual report 
within four months of the end of the financial year. In 
Better Collective complies 
with the Swedish Code of 
Corporate Governance with 
the following exceptions 
 
As stipulated in Better Collective ’s Articles 
of Association, the Board of Directors ap-
point the meeting Chair for the AGM instead 
of letting the Nomination Committee pro-
pose a meeting Chair. The Articles also stip-
ulate that the meeting Chair approves the 
AGM minutes instead of letting an A GM par-
ticipant that is not a member of the Board or 
an employee of the company approve the 
minutes of the meeting.  
 
The respective reports on corporate govern-
ance and sustainability do not include a part 
of the auditor ’s report covering the specific 
reports, as these subjects are not individu-
ally addressed in the auditor ’s report. These 
deviations are due to differences between 
Danish and Swedish laws and practices.

===== SIDA 26 =====

Annual report Page 26  
addition to the annual general meeting, extraordinary 
general meetings may be convened and held when re-
quired. According to Better Collective A rticles of Asso-
ciation, general meetings must be held in Greater Co-
penhagen, Gothenburg, or Stockholm. 
Notice 
According to Better Collective’s Articles of Association, 
general meetings must be convened by the Board of Di-
rectors giving written notice no earlier than five weeks 
and no later than three weeks prior to the general meet-
ing. Pursuant to the Danish Companies Act, notices con-
vening general meetings shall be made public on the 
group’s corporate website. If requested, shareholders 
shall receive written notice of the general meetings. 
Extraordinary general meetings must be held upon re-
quest from the Board of Directors, or the auditor elected 
by the general meeting. In addition, shareholders that 
individually or collectively hold ten percent or more of 
the share capital can make a written request to the 
Board of Directors that an extraordinary general meet-
ing be held to resolve a specific matter. Such extraordi-
nary general meetings must be convened within two 
weeks of the Board of Directors’ receipt of a request to 
that effect. 
 
The notice to convene a general meeting must be made 
in the form and substance for public limited liability 
companies admitted to trading on a regulated market as 
stipulated in the Danish Companies Act. The notice must 
also specify the time and place of the general meeting 
and contain the agenda of the business to be addressed 
at the general meeting. If an amendment of the group’s 
Articles of  Association is to  be resolved at a general 
meeting, the complete proposal must be included in the 
notice. For certai n material amendments, the specific 
wording must be set out in the notice.  As regards the 
annual general meeting, the Company must announce 
the date for the meeting as well as the deadline for any 
shareholder proposals no later than eight weeks before 
the scheduled date for the annual general meeting. 
Right to attend general meetings 
A shareholder’s right to attend a general meeting and to 
vote on their shares is determined based on  the shares 
held by the shareholder at the date of registration. The 
date of registration is one week before the general 
meeting is held. The holding of each individual share-
holder is based on the number of shares held by that 
shareholder as registered in the group’s  share register 
maintained by Euroclear Sweden as well as any notifica-
tions of ownership received by Better Collective for the 
purpose of  
registration in the share register, but not yet registered. 
To attend the general meeting, a shareholder must, in 
addition to the above-mentioned, also notify Better Col-
lective of attendance no later than three days prior to 
the date of the general meeting, as stipulated by Better 
Collective’s Articles of A ssociation. Shareholders may 
attend general meetings in person, through a proxy or 
by postal vote, and may be accompanied by an advisor. 
All attending shareholders are entitled to speak at gen-
eral meetings.

===== SIDA 27 =====

Annual report Page 27  
Voting rights & shareholders initiatives 
Each share entitles the holder to one vote. All matters 
addressed at the general meeting must be decided by a 
simple majority vote, unless otherwise stipulated by the 
Danish Companies Act or Better Collective’s Articles of 
Association. A resolution to amend the Articles of Asso-
ciation requires that no less than two thirds of the votes 
cast as well as the share capital represented at the gen-
eral meeting vote in favor of the resolution, unless a 
larger majority is required by the Danish Companies Act 
(for example resolutions to reduce shareholder rights to 
receive dividends or to restrict the transferability of the 
shares) or the group’s Articles of A ssociation. Share-
holders who wish to have a specific matter brought be-
fore the general meeting must submit a written request 
to the group’s Board of Directors no later than six weeks 
prior to the general meeting. If the request is received 
less than six weeks before the date of the general meet-
ing, the Board of Directors must decide whether the re-
quest has been made with enough time for the issues to 
be included on the agenda. 
General meetings in 2023 
The annual general meeting 202 3 was held on April 2 5, 
2023, and approved the 2022 annual report, discharged 
the Board and executive management, and re -elected 
six out of six Board members, elected a Vice Chair of the 
Board, and re -elected the current auditor. The share-
holders further approved the proposals from the B oard 
of Directors to authorize  the Board of Directors to in-
crease the group’s  share capital without pre -emption 
rights for the existing shareholders and to authorize the 
BBoard of D irectors to acquire treasury shares. The 
shareholders adopted the remuneration report based on 
an advisory vote.  
 
On August 8, 2023,  an extraordinary general meeting  
was held during which shareholders approved the pro-
posals from the Nomination Committee regarding the 
election of Britt Boeskov and René Rechtman as the new 
members of the Board of Directors. During the meeting 
the shareholders were informed that the Board member 
Klaud Holse wished to resign as a member of the Board 
of Directors with effect as of the extraordinary general 
meeting. 
Electronic general meetings  
The Board of Directors is authorized to decide that gen-
eral meetings are held as a completely electronic gen-
eral meeting  without physical attendance or partially 
electronic meetings.  
Annual general meeting 2024 
The annual general meeting 2024 will take place on April 
22, 2024, at 2.00 p.m. For more information, please see 
the section on the annual general meeting on the Better 
Collective’s corporate website. 
Nomination Committee 
According to the Code, the group must have a Nomina-
tion Committee, the duties of which must include the 
preparation and drafting of proposals regarding the 
election of members of the Board of Directors, the Chair 
of the Board of Directors, the Chair of the general meet-
ing and auditors. In addition, the Nomination Committee 
shall propose fees for B oard Members and the auditor. 
The group’s Articles of Association hold instructions and 
rules of procedure for the N omination Committee ac-
cording to which the N omination Committee is to have 
at least three members representing the three largest 
shareholders per the end of August, together with the 
Chair of the Board of Directors. The names of the mem-
bers of the N omination Committee must be published 
by Better Collective no later than six months prior to the 
annual general meeting. 
 
On August 31, 202 3, the two largest shareholders were 
Chr. Dam Holding and J. Søgaard Holding which are 
grouped. In accordance with shareholders’ decision, the 
Nomination Committee was appointed and is composed 
by four members in total: 
• Søren Jørgensen, Chair, appointed by Chr. Dam 
Holding and J. Søgaard Holding 
• Martin Jonasson, appointed by Andra AP-Fonden, 
also representing Tredje AP-Fonden 
• Michael Knutsson, appointed by Knutsson Holding 
AB 
• Jens Bager, Chair of the Board of Directors, Better 
Collective 
In all, the N omination Committee represented 49.5% of 
the total number of shares in Better Collective, based on 
ownership data as per August 31, 2023. 
Independence of Nomination Committee 
The Code requires the majority of the Nomination Com-
mittee’s members to be independent in relation to the 
group and its management and that at least one of these 
shall also be independent in relation to the group’s larg-
est shareholder in terms of voting power. All members 
are independent in relation to Better Collective  and the 
group’s management and all members except for Søren 
Jørgensen are independent in relation to major share-
holders. 
Nomination Committee meeting with 
Board members 
Each year, the Nomination Committee conducts individ-
ual interviews with the Board members leading up to the 
AGM as a supplement to the board self -evaluation re-
sults. Similarly, any new Board candidates meet with the 
Nomination Committee. 
Meetings of the Nomination Committee  
Ahead of the AGM 2024, the Nomination Committee has 
held three meetings. One member was not present dur-
ing the third meeting.  No fees have been paid for work 
on the Committee.

===== SIDA 28 =====

Annual report Page 28  
 
Board of Directors 
After the general meeting, the B oard of Directors is the 
most superior decision -making body of the group . The 
duties of the B oard are set forth in the Danish Compa-
nies Act, the group’s  Articles of A ssociation, the Code 
and the written rules of procedure adopted by the Board 
of Directors, which are revised annually. The rules of 
procedure regulate, inter alia, the practice of the B oard 
of Directors, tasks, decision -making within the group, 
the Board of Directors’ meeting agenda, the Chair’s du-
ties, and allocation of responsibilities between the Board 
of Directors and the executive management. Rules of 
procedure for the executive management, including in-
struction for financial reporting to the B oard of D irec-
tors, are also adopted by the Board of Directors. 
The Board meets according to a predetermined annual 
schedule. At least five ordinary Board meetings must be 
held between each annual general meeting. In addition 
to these meetings, extraordinary meetings can be con-
vened for processing matters which cannot be referred 
to any of the or dinary meetings. In 202 3, 10 m eetings 
were held. 
Composition of the Board 
The members of the B oard of Directors are elected an-
nually at the annual general meeting for the period until 
the end of the next annual general meeting. According 
to the group’s  Articles of A ssociation, the B oard of D i-
rectors shall consist of no less than three and no more 
than seven Board members. Furthermore, the Code stip-
ulates that no deputy members may be appointed. Cur-
rently, the Board of Directors is composed of seven or-
dinary Board members elected by the general meeting: 
Jens Bager (Chair), Todd Dunlap, Therese Hillman (Vice 
Chair), Britt Boeskov,  René Rechtman Leif Nørgaard, 
and Petra von Rohr. The Board attended Nasdaq’s stock 
market training course prior to the listing in 2018. Todd 
Dunlap and Britt Boeskov received Nasdaq training after 
joining the B oard. For information about the B oard 
members see page 36. 
Evaluation of Board performance 
The Board of Directors regularly evaluates its work 
through a structured process. The Chair is responsible 
for carrying out the evaluation and presenting the re-
sults to the Nomination Committee. In 2023, an external 
management consultancy assessed  the Board’s work, 
including the collaboration with the executive manage-
ment. The assessment was based on a questionnaire. 
Every other year, the questionnaire is combined with 
personal interviews with each board and executive man-
agement member. The evaluation was presented to and 
discussed by the B oard and subsequently the Nomina-
tion Committee. In addition, the Nomination Committee 
conducted individual interviews with the B oard mem-
bers leading up to the AGM. The overall conclusion was 
that the Board’s performance and efficiency is found to 
be satisfactory and that the B oard has a well- balanced 
mix of competencies.

===== SIDA 29 =====

Annual report Page 29  
Diversity  
The Board composition must be set with appropriate-
ness to the group’s operations, phase of development, 
and must collectively exhibit diversity regarding gender, 
age, nationality, experience, professional background, 
and business expertise. In 2023, the Board had an equal 
gender distribution and met the group’s policy on addi-
tional diversity criteria based on age, nationality, and 
educational background. 
 
Gender distribution in management, cf. §99b  
Better Collective has set a target for the Board of Direc-
tors of 40% of the underrepresented gender. The Board 
is made up of three women (43%) and four men ( 57%) 
whereby the split exceeds the 40% in a Board consisting 
of seven members. This is considered an equal gender 
distribution by the Danish Business Authority. It is man-
agement’s view that the Board composition meets our 
policy on additional diversity criteria based on age, na-
tionality, and educational background. 
 
For the other management levels across Better Collec-
tive, the gender split in 2023 was 15% women and 85% 
men. This is an increase from 2022 (12% women and 88% 
men.) In the 2023 reporting, other management levels 
include the executive management and their direct re-
ports, whereas in the 2022 reporting the other manage-
ment level was included in the top management  per-
centage.  
 
Although new members of the other management level 
joined Better Collective in 2023 the target of un-
derrepresented gender was not reached.  Better Collec-
tive recognizes that gender distribution at the other 
management level is unsatisfactory. We will continue 
the work to increase the share of the underrepresented 
gender at all management levels through new initiatives 
to ensure that both genders are represented in recruit-
ment at the interview stage and similarly that gender is 
considered in succession planning. The Board has set a 
target for the other management levels of 25% to con-
sist of the underrepresented gender by 2027.   
 
Gender diversity top management  
In 2023 Better Collective achieved gender equality in 
the top management level. Therefore, no new targets 
have been set. In contrast, in the  2022 annual report, 
Better Collective disclosed that the combined percent-
age of underrepresented genders in both top manage-
ment and other levels of management amounted to 12%.   
Gender diversity other management levels 
Other management levels include the executive man-
agement and their direct report s, (executive manage-
ment and SVP/VP) which equals 13 members in total. To 
improve the percentage of the underrepresented gen-
der in the other management level, the company has in-
cluded a representative of both gender s in the recruit-
ment processes and will continue to do so in order to 
reach the target of 25 % by 2027. 
 
. 
 
Other Managerial positions (1 and 2) 2023 2024 2025 2026 2027 
Total number of members 13          
Underrepresented gender in pct. 15%         
Target figure in pct. 25% 25% 25% 25% 25% 
Year for fulfilment of target figure 2027 2027 2027 2027 2027 
Top managerial position (Board of Directors) 2023 2024 2025 2026 2027 
Total number of members 7          
Underrepresented gender in pct. 43%         
Target figure in pct. 40% - - - - 
Year for fulfilment of target figure - - - - -

===== SIDA 30 =====

Annual report Page 30  
Board Committees 
The Board of Directors has established two committees: 
the Audit Committee and the Remuneration Committee. 
The Board of D irectors has adopted rules of procedure 
for both committees. 
Audit Committee 
The Audit Committee consists of Leif Nørgaard ( Chair), 
Therese Hillman, and Petra von Rohr. The Audit Commit-
tee’s role is mainly to monitor the group’s  financial po-
sition, to monitor the effectiveness of the group’s inter-
nal control and risk management, to be informed about 
the audit of the annual report and the consolidated fi-
nancial statements, to monitor the quality of the exter-
nal audit, to review and monitor the auditor’s impartial-
ity and independence and to monitor the group’s com-
pliance with law and regulations related to financial 
matters. The Audit Committee has an annual work plan 
and has held five meetings in 2023. 
Remuneration Committee 
The Remuneration Committee consists of Jens Bager 
(Chair), Todd Dunlap, and Britt Boeskov, who has  re-
placed Klaus Holse. The Remuneration Committee’s role 
is primarily to prepare matters regarding remuneration 
and other terms of employment for the executive man-
agement and other key employees. The R emuneration 
Committee shall also monitor and evaluate ongoing and 
completed programs for variable remuneration to the 
group’s management and monitor and evaluate the im-
plementation of the guidelines for remuneration to the 
executive management which the annual general meet-
ing has adopted. The R emuneration Committee has an 
annual work plan and has held three meetings in 2023. 
Executive management 
According to the Danish Companies Act and Better Col-
lective’s Articles of A ssociation, the Board of D irectors 
appoints and removes the members of the executive 
management. The executive management is responsible 
for the day-to-day management of the group. Currently, 
the executive management consists of Jesper Søgaard 
as CEO, Flemming Pedersen as CFO and Christian Kirk 
Rasmussen as COO. The members of the executive man-
agement are presented in further detail on page 40. 
 
The duties and responsibilities of the executive manage-
ment are governed by the Danish Companies Act, Better 
Collective’s Articles of A ssociation, the rules of proce-
dures for the executive management adopted by the 
Board of D irectors, other instructions given by the 
Board as well as other applicable laws and regulations.  
 
The executive management’s duties and responsibilities 
include, inter alia, ensuring that the group maintains ad-
equate accounting records and procedures, that the 
Board of D irectors’ resolutions are implemented in the 
daily management of the group, that the Board of Direc-
tors are up to date on all matters of importance to the 
group and that the day -to-day management of the 
group is carried out. 
 
 
Attendance at Board and Committee meetings 
Name Board Meetings Audit Committee Remuneration Committee 
Jens Bager (Chair) ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ - ◆ ◆ ◆  
Therese Hillman (Vice 
chair) ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ - 
Todd Dunlap ◆ ◆ ◆ ◆ ◆  ◆ ◆ ◆ ◆ - ◆ ◆ ◆  
Klaus Holse ◆ ◆ ◆ ◆            
Petra von Rohr ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ - 
Leif Nørgaard ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ ◆ - 
Britt Boeskov                      ◆ ◆ ◆ ◆ ◆  ◆  ◆       
René Rechtman                      ◆ ◆ ◆ ◆ ◆   
 Attendance      Non-attendance

===== SIDA 31 =====

Annual report Page 31  
Remuneration to the Board of 
Directors and the executive 
management 
Remuneration to the Board of Directors 
Fees and other remuneration to Board members elected 
by the general meeting are resolved at the annual gen-
eral meeting. At the annual general meeting held on 
April 25, 2023, it was resolved that a fee of EUR 135,000 
is to be paid to the C hair and 90,000 EUR to the vice 
chair and that fees of EUR 45 ,000 is to be paid to each 
of the other B oard members. Work in a Board commit-
tee is remunerated with EUR  13,500 for a chair position 
and EUR 6,750 for a regular member In 2021 , one-third 
of the Board of Directors’ fixed annual remuneration was 
paid out in shares in the group . Following approval at 
the Annual General Meeting on April 25, 2023, the Board 
fee in 2023 was paid in cash and an amendment to the 
remuneration policy means that payment in shares is no 
longer part of the policy. 
 
For the financial year 202 3, the Board of D irectors re-
ceived remuneration as set out in note 5 on page 85. For 
additional details, see also the remuneration report for 
2023 available from bettercollective.com. 
Remuneration to executive management 
Remuneration to the executive management consists of 
basic salary, variable remuneration, pension benefits, 
share-related incentive programs and other benefits.  
For the financial year 202 3, the executive management 
received remuneration as set out in note 5 on page 85. 
Remuneration policy 
The current remuneration policy was adopted at the an-
nual general meeting on April 2 5, 2023, in compliance 
with section 139 and 139a in the Danish Companies Act 
Members of Better Collective’s Board of Directors and 
executive management receive a fixed annual remuner-
ation. In addition, members of the executive manage-
ment may receive incentive- based remuneration con-
sisting of share-based rights. Finally, members of the ex-
ecutive management may receive incen tive-based re-
muneration consisting of a cash bonus (including cash 
bonuses based on development in the share price), on 
both an ongoing, single-based, and event-based basis. 
 
Cash bonus schemes for executive management may 
consist of an annual bonus, which the individual member 
of the executive management can receive if specific tar-
gets of the group and other possible personal targets for 
Name and position 
Holdings 
at beginning 
of year 
Bought 
during 
the year 
Sold 
during 
the year 
Holdings 
at end of 
the year 
Market 
value* 
tEUR 
Jesper Søgaard, CEO 10,671,179   0  0 10,671,179  247,275  
Flemming Pedersen, CFO 311,966   0  0 311,966  7,229  
Christian Kirk Rasmussen, COO 10,671,179   0  0 10,671,179  247,275  
Executive management, total 21,654,324   0  0 21,654,324  501,778  
            
            
Name and position 
Holdings 
at beginning 
of year 
Bought 
during 
the year 
Sold 
during 
the year 
Holdings 
at end of 
the year 
Market 
value* 
tEUR 
Jens Bager, Chair 1,001,229   0  0 1,001,229  23,201  
Therese Hillman, Vice Chair 1,375   0  0 1,375  32  
Todd Dunlap, member 475   0  0 475  11  
Klaus Holse, member 171,059   0  0 171,059  3,964  
Leif Nørgaard, member 440,656  6,644   0 447,300  10,365  
Petra von Rohr, member 22,037   0  0 22,037  511  
René Efraim Rechtman, member  0 11,000   0 11,000  255  
Britt Ingrid Boeskov, member  0 13,027   0 13,027  302  
Board of directors, total 1,636,831  30,671   0 1,667,502 38,640  
Total 23,291,155  30,671   0 23,321,826  540,418  
* The end-of-year market values are based on the official share prices prevailing December 31, 2023.

===== SIDA 32 =====

Annual report Page 32  
the relevant year are met. The maximum cash bonus 
shall be equivalent to 100 percent of the fixed base sal-
ary of each eligible participant of the executive manage-
ment. Payment of a bonus  is only relevant when condi-
tions and targets have been fully or partly met (as de-
termined by the B oard of Directors). If no targets are 
met, no bonus is paid out. Targets for the executive 
management shall be agreed upon by the B oard of D i-
rectors and the executive management. The general 
meeting will decide whether to establish a long-term in-
centive program (LTI program). 
Internal controls 
The Board of Directors has the overall responsibility for 
the internal control of the group . The main purpose of 
the internal control is to ensure that the Better Collec-
tive’s strategies and objectives can be implemented 
within the business, that there are effective systems for 
monitoring and control of the group’s business and the 
risks associated with the group  and its business, and to 
ensure that the financial reporting has been prepared in 
accordance with applicable laws, accounting standards 
and other requirements imposed on listed companies. 
The Board of D irector’s responsibility for the in ternal 
control and financial reporting is governed by the Dan-
ish Financial Statements Act, the Danish Companies Act 
and the Code. In addition, the Board of Directors has im-
plemented an internal control framework based on the 
COSO standard, which focuses on the five areas: control 
environment, risk assessment, control activities, infor-
mation as well as communication and monitoring. 
Control environment 
To create and maintain a functioning control environ-
ment, the Board of Directors has adopted several steer-
ing documents and policies, including rules of procedure 
for the B oard of D irectors, the Board Committees and 
the executive management with instruction for financial 
reporting to the Board of Directors. The policies include 
a tax policy, treasury policy, IT policy, information pol-
icy, insider policy, instruction for insider lists and a Code 
of Conduct. Better Collective also has a group account-
ing manua l which contains principles, guidelines, and 
processes for accounting and financial reporting. 
 
The division of roles and responsibilities within the rules 
of procedure for the B oard of Directors and the execu-
tive management aim to facilitate an effective manage-
ment of Better Collective’s risks. The Board of Directors 
has also established an A udit Committee whose main 
task is to monitor the effectiveness of the group’s inter-
nal control, internal audit,  and risk management, to be 
informed about the audit of the annual report and con-
solidated financial statements, and to review and moni-
tor the auditor’s impartiality and independence. The 
Board evaluates the need for an internal audit function 
annually. In 2023, given the size of the company, it was 
decided that an internal audit function is not currently 
needed. 
Better Collective applies an internal “signing & ap-
proval” framework to ensure a clear and formalized dis-
tribution and limitation of power, and to define and gov-
ern guidelines for the delegation of authority to sign on 
behalf of the group . The group  has furthermore estab-
lished an IT governance structure to ensure that all ma-
jor IT projects support Better Collective’s business goals, 
and that existing IT systems and resources are used op-
timally. The group  has implemented a whistle -blower 
scheme providing the ability to easily and anonymously 
report any observations of potentially destructive, un-
ethical, or illegal activities related to Better Collective. 
Risk assessment 
Risk assessment includes identifying risks pertaining to 
the group’s business, assets and financial reporting as 
well as assessing the impact and probability of those 
risks, to ensure that actions to reduce or eliminate risks 
are analyzed and implemented. Within the B oard of Di-
rectors, the Audit Committee is responsible for continu-
ously assessing the group’s risks. 
 
Annually, the executive management must  prepare an 
internal risk management assessment which is reported 
to the Audit Committee and subsequently to the B oard 
of Directors. The risk management assessment shall in-
clude a follow-up on previous year’s work and a review 
of any changes to procedures, control systems and risk-
mitigating actions. 
With regards to financial reporting, the CFO and the fi-
nance department annually prepares a report for the 
Audit Committee, including a review of items subject to 
special risks and significant accounting estimates and 
judgements, allowing the A udit Committee to monitor 
the financial reporting process. The A udit Committee 
also evaluates the need for an internal audit function an-
nually and makes recommendations to the B oard of Di-
rectors. 
Control activities 
Control activities are performed for the purpose of pre-
venting, detecting, and correcting any errors and irreg-
ularities, including fraud. Control activities are imple-
mented in the group’s  systems and procedures, includ-
ing financial reporting systems and procedures. Control 
activities include, for example, physical and electronic 
preventive access controls concerning sensitive and 
confidential information, preventive IT based controls 
limiting access to systems, joint approval procedures for 
electronic bank transfers and detective controls. Finan-
cial control activities are performed in accordance with 
the group accounting manual and are carried out 
monthly and are documented. 
Information and communication 
Internal communication to employees occurs, inter alia, 
through policies, instructions, and blog posts, including 
a Code of Conduct which serves as an overall guiding 
principle for employees in all communication, an

===== SIDA 33 =====

Annual report Page 33  
information policy which governs internal and external 
information as well as an insider policy , which ensures 
appropriate handling of insider information that has not 
yet been disclosed to the public. Additionally, the 
group’s CEO holds the overall responsibility for the han-
dling of matters regarding insider information. 
 
The group’s investor relations function is led and super-
vised by the CFO and the Senior Director of Investor Re-
lations. The principal tasks of the investor relations func-
tion are to support matters relating to the capital market 
as well as to assist in preparing financial reports, general 
meetings, capital market presentations and other regu-
lar reporting regarding investor relations activities. 
Monitoring 
Compliance and effectiveness of internal controls are 
continuously monitored. The executive management 
ensures that the Board of Directors receives continuous 
reports on the development of the group’s activities, in-
cluding the group’s financial results and position, and in-
formation about important events, such as key con-
tracts. The executive management also reports on such 
matters at each board meeting. 
 
The Board of Directors and the Audit Committee exam-
ines the annual report and the interim reports and con-
ducts financial evaluations based on established busi-
ness plans. The Audit Committee reviews any changes 
in accounting policies to determine the appropriateness 
of the accounting policies and financial disclosure prac-
tices. Furthermore, the Audit Committee also reviews 
the consistency of accounting policies across the group 
on a yearly basis. 
 
The efficiency of the key controls is evaluated at regular 
intervals and reported to the Board of Directors summa-
rizing the performed evaluations and accounting for any 
deviations that must be managed.  
External audit 
The group’s auditor is appointed by the annual general 
meeting for the period until the end of the next annual 
general meeting. The auditor audits the financial state-
ments prepared by the Board of Directors and the exec-
utive management. Following each financial year, the 
auditor shall submit an audit report to the annual gen-
eral meeting. The group’s  auditor reports its observa-
tions from the audit and its assessment of the group’s  
internal control to the Board of Directors.  
 
At the annual general meeting held on April 25, 2023, EY 
Godkendt Revisionspartnerselskab was re -elected as 
the group’s auditor with Jan C. Olsen as the lead auditor. 
It was also resolved that the fees to the auditor should 
be paid in accordance with normal charging standards 
and approved invoice. The total fee paid to the group’s  
auditor for the financial year 202 3 amounted to 581  
tEUR, all of which regarded the audit assignment. 
 
  
    
 
Annual report Page 33

===== SIDA 34 =====

Annual report Page 34  
Risk management 
Better Collective’s management monitors 
and accesses  risk development in the 
Better Collective group, continuously .  
Risk analysis and evaluation 
Through an e nterprise risk management process, sev-
eral gross risks in Better Collective are identified. Each 
risk is described, including current risk mitigation in 
place, or planned mitigating actions. The subsequent 
analysis of the identified risks includes an inherent risk 
evaluation based on two main parameters: probability 
of occurrence and impact on future e arnings and c ash 
flow.  
Risk control 
The risk evaluation is presented to the Board of Direc-
tors for discussion of and any further mitigating actions 
required, on an annual basis. Between the annual evalu-
ation, the Audit Committee oversees the ongoing risk 
management process. The Board evaluates risk dynam-
ically to cater for this variation in risk impact. The poli-
cies and guidelines in place stipulate how Better Collec-
tive’s management must work with risk management. 
Risk mitigation 
 
Better Collective’s IT department continuously 
monitors its global technical infrastructure, 
aiming to identify and minimize risk to the com-
pany’s production and performance. Through 
well-established procedures and solutions, Bet-
ter Collective can quickly restore critical busi-
ness operations. 
 
Market regulation and legal risk  
 
Changes to applicable laws and regulations 
could lead to an increased burden of compli-
ance. Contractual risk as well as legal risk re-
lated to regulatory requirements are critical. 
Failure to meet or implement regulatory re-
quirements concerning, for instance, data pro-
tection, confidentia lity agreements, IPR, and 
fraud constitutes a risk. 
 
Cybercrime risk 
 
As a digital software -based company with a 
core business based on modern information 
technology, Better Collective’s failure to ade-
quately protect itself against IT risk represents 
a distinct risk. Cybercrime including unauthor-
ized access to Better Collective’s network and 
data could endanger applications as well as the 
infrastructure and the technical environment 
stored on Better Collective’s network. 
 
Recruitment and 
retention risk 
 
People remain the key drivers in everything 
that we do at Better Collective since our busi-
ness is based on specialized expertise and inno-
vation. Failure to attract, develop, and retain 
the most skilled employees and management 
talent constitutes a risk to the company and our 
ability to scale operations. 
 
Risk mitigation 
 
iGaming regulation provides transparency to 
the legal framework, which in turn enhances 
predictability. Better Collective has established 
a central legal function that, together with the 
commercial and business development opera-
tions, ensures a stage-gate approach when new 
contracts are made and when new regulations 
or compliance are being imposed. 
 
Risk mitigation 
 
Better Collective’s values and employer brand-
ing serve as strong tools for recruitment of tal-
ent. We monitor employee performance and 
engagement through bi -annual development 
talks and annual workplace evaluations. New in-
itiatives in the People and Culture space include 
a DEI board and training in diversity matters.

===== SIDA 35 =====

Annual report Page 35  
 
Risk mitigation 
 
When relevant, we involve regulatory bodies in 
our licensing process for newly established en-
tities. We aim to implement a performance 
based valuation of the acquired entities and to 
establish local governance/management for 
entities of a certain size. We implement local Fi-
nance, HR, and Legal organizations dedicated 
to the entities when relevant. 
 
Acquisition risk 
 
With our acquisition focus increasingly turned 
to larger companies , the overall risk profile of 
Better Collective has changed, and regulatory 
as well as financial risk has increased. Especially 
when entering new markets by way of M&A and 
in the following integration with the rest of the 
group
. 
 
Search engine and ranking risk 
 
Algorithm updates pose a risk to organic search 
and ranking possibilities and may trigger opti-
mization challenges. The rise of AI chatbots 
may impact the way media content is produced 
and potentially the search behavior of users. 
 
Risk mitigation 
 
Regulatory compliance is systemized by the le-
gal team. We are educating ourselves on safer 
gambling, on advertising standards and devel-
oping resources to help our users navigate the 
sports betting industry. Deploying Mindway AI 
solutions further aids the safer gambling 
agenda. Transitioning to becoming a media 
group gradually makes us less dependent on 
gambling-related activities
. 
 
ESG risk 
 
To Better Collective, the key ESG/sustainability 
risks lie within the social and governance 
spaces and less within the environment space 
since we are a digital business. Concerns re-
lated to problematic gambling and reputational 
risk from not being perceived as acting respon-
sibly or within the regulatory frameworks. 
 
Risk mitigation 
 
As these matters are rapidly changing, we have 
set up monitoring of the industry, newsletters 
and experts and have systems in place to share 
knowledge internally. Based on the monitoring, 
we are continually testing different tactics and 
solutions. 
 
    Financial risk 
 
Financial risk management objectives and policies, in-
cluding market risk, foreign currency risk, interest rate 
risk and credit risk are described in note 20 to the con-
solidated financial statements.

===== SIDA 36 =====

Annual report Page 36  
  
Board of Directors 
 
Jens Bager 
Chair of the Board and of the Remuneration Committee 
Born, 1959 
Nationality, DK 
Present position since 2016 
Education: holds a M.Sc in Economics and Business Administration from Copenhagen Business School. 
Professional background: Jens Bager was the CEO of ALK-Abelló A/S for 16 years before joining Better Collective, and 
prior to that served as EVP of Chr. Hansen A/S. Jens Bager is an Industrial Partner at Impilo AB, the Chair of Scantox 
Holding ApS and Marleybones Ltd, and has served on various boards in Denmark, Sweden, and France. He has extensive 
experience within general management of international and listed companies. 
Other assignments: Member of the executive board of Apto Invest ApS, Apto Advisory ApS, Tandlægen.dk and Sym-
metry Administration ApS. 
Previous assignments: Board Chair of Ambu A/S, Heatex AB and Poul Due Jensens Fond. CEO of ALK-Abelló A/S. 
 
 
Independence in relation to: 
– Shareholders  
– The company  
Yes 
Yes 
 
 
Therese Hillman 
Vice Chair and member of the Audit Committee 
Born, 1980 
Nationality, SE 
Present position since 2021 
Education: holds a M.Sc. in Accounting and Finance from the Stockholm School of Economics with exchange terms at 
the University of Virginia and the University of North Georgia. 
Professional background: CEO of Network of Design (NOD), a group of Scandinavian design companies. Therese Hillman 
was prior to her current role as CEO of NOD the Group CEO of NetEnt. In this role, she steered the company during a 
turnaround phase, in a time of changing regulation and market conditions, US market expansion, and a large acquisition 
of the fast-growing competitor Red Tiger. 
Other assignments:  Board Chair of String Furniture AB, Nordic eTrade AB, Grythyttan Stålmöbler, Kasthall AB and 
Sweden Concepts AB. Board member of Byarums Bruk, Cooee Design, Wall of Art and Norling Cavalin. 
Previous assignments : Prior to joining NetEnt  in 2017, Therese Hillman worked at Gymgrossisten.com for ten years, 
where she was the CEO for the last six years, and prior to that she worked in the roles as COO and CFO. Former board 
member of Unibet. 
Independence in relation to: 
– Shareholders  
– The company  
Yes 
Yes

===== SIDA 37 =====

Annual report Page 37  
 
Britt Boeskov 
Board member and member of the Remuneration Committee  
Born, 1978 
Nationality, DK 
Present position since 2023 
Education: holds a M.Sc. in Intercultural Communication and Management from Copenhagen Business School 
Professional background : Britt Boeskov has held positions in global companies such as Chief Experience Officer for 
Kindred Group, one of the largest gambling companies in the world. Until September 2022, Britt was SVP of Group 
Strategy and Execution in Better Collective. 
Other assignments: Serves on the Boards of MAG Interactive, Mindway AI, GAMING1 and Racecourse Media Group while 
she is also the principal owner of her own consultancy.  
Previous assignments: Being with Kindred from 2005 to 2022 Britt has held various positions, including Chief Program 
Officer and Chief Operating Officer, during which time she led and transformed the business through fundamental in-
dustry changes, in terms of regulation, user expectations and technology advances.  
 
 
Independence in relation to: 
– Shareholders  
– The company  
Yes 
Yes 
 
 
 
 
Todd Dunlap 
Board member and member of the Remuneration Committee 
Born, 1966 
Nationality, USA 
Present position since 2020 
Education: holds two Bachelor of Science degrees (aerospace engineering and business administration), with a graduate 
in Business and International Management from Stanford University and Thunderbird School of Global Management.  
Professional background: Todd Dunlap is the current CEO  and Board Chair of the startup OfferUp, one of the Seattle 
region’s only tech startups valued at more than 1 bnUSD. Prior to this role he was the CEO of North America for Book-
ing.com and as such was responsible for the overall growth of the company’s business in the United States and Canada. 
Prior to joining Booking.com in 2012, Todd worked 14 years at Microsoft, most recently in the role of Vice President & 
COO of Microsoft’s Consumer & Online Division. 
Other assignments: Guest lecturer and mentor at the University of Washington’s Foster School of Business, and investor 
in Seattle-area SaaS AI/ML, data and eCommerce startups as a founding LP of Ascend.vc. 
Previous assignments: Todd Dunlap has served as strategic advisor for Booking Holdings, and Vice President and Man-
aging Director of the Americas Region also at Booking.com. President and general manager at Microsoft Licensing, and 
former Board Advisor to Better Collective. Todd  Dunlap also led the Internet Business Unit at WRQ, a global software 
and consulting firm. 
Independence in relation to: 
– Shareholders  
– The company  
Yes 
Yes

===== SIDA 38 =====

Annual report Page 38  
 
 
Leif Nørgaard 
Board member and chair of the Audit Committee 
Born, 1955 
Nationality, DK 
Present position since 2014 
Education: Leif Nørgaard holds a M.Sc in Economics and Business Administration from Aarhus Business School and is a 
state authorized public accountant. 
Professional background : Leif Nørgaard has held senior positions in global companies such as CFO for Chr. Hansen 
Group, CFO for Dako Group, CFO for Teleca Group, and has served on boards in several countries. Leif Nørgaard is a 
professional investor in start-up companies. He has extensive experience in finance, start-ups, and growth companies. 
Other assignments: Leif Nørgaard is currently the board chair of Myselfie Aps, Zerv Aps, DM Greenkeeping Danmark A/S 
and K/S Sunset Boulevard, Esbjerg. He is a member of the executive board of AnnoAnno ApS, Ooono A/S,  Hubb Aps 
Sunset Boulevard, Esbjerg Komplementar ApS and Robo Invest 2020 ApS,ONG Invest Aps and SNG Invest ApS.  
Previous assignments: Board member of Teklatech A/S, 2XL2016 ApS, Actimo  LATAM Holdco ApS, DTU Science Park 
A/S, Dialægt/Citatplakat Aps and Komplementarsel, and Landshut Aps. Chair of the board of K/S SDR. Fasanvej, Fred-
eriksberg and MuteBox ApS, Partner of ApS Komplementarselskabet SDR. Fasanvej, Frederiksberg. 
 
Independence in relation to: 
– Shareholders  
– The company  
Yes 
Yes 
 
 
René Rechtman  
Board member and member of the Remuneration Committee 
Born, 1970 
Nationality, DK 
Present position since 2023 
Education: holds a M.Sc. in Politics and International Relations from the University of Copenhagen.  
Professional background:  René Rechtman is co-founder and CEO of Moonbug Entertainment, an award-winning global 
entertainment company behind some of the most popular childrens’ titles including CoComelon, Blippi, Little Angel and 
Morphle.  
Other assignments: Board member of The Guardian, Blast Aps, as well as Podimo and until recently also of JP/Politikens 
Hus.  
Previous assignments: Prior to setting up Moonbug, Rechtman was Head of Non-Linear Media at The Walt Disney Com-
pany, which he joined through the 2014 acquisition of Maker Studios, where he served as both investor and President. 
Prior to this, Rechtman held senior leadership positions at AOL, GoViral. and TradeDoubler. 
Independence in relation to: 
– Shareholders  
– The company  
Yes 
Yes

===== SIDA 39 =====

Annual report Page 39  
    
 
Petra von Rohr 
Board member and member of the Audit Committee 
Born, 1972 
Nationality, SE 
Present position since 2018 
Education: Petra von Rohr holds a M.Sc. in Economics from Stockholm School of Economics and McGill University in 
Montreal, Canada. 
Professional background: Petra von Rohr recently stepped down as the CEO of Biocool AB and she has experience from 
executive management positions both from the finance industry and the communications industry. Most recently, she 
was Head of Group Communications at Com Hem AB. Previous experience includes working as an equity analyst in 
London and Stockholm. She has extensive experience from working with corporate communication and investor rela-
tions. 
Other assignments: Board member of Webrock Ventures 
Previous assignments: Member of the Executive Management team of Com Hem AB, Partner of Kreab AB, Board mem-
ber of LinkFire, the Global Vector Control Standard, Lauritz.com A/S, Lauritz.com Group A/S, Novare Human Capital 
Aktiebolag and Takkei Trainingsystems AB. 
Independence in relation to: 
– Shareholders  
– The company  
Yes 
Yes

===== SIDA 40 =====

Annual report Page 40  
  
Executive management 
 
Jesper Søgaard 
CEO & Co-Founder 
Born, 1983 
Nationality, DK 
Present position since 2004 
Education: Jesper Søgaard holds a M.Sc. in Political Science from the University of Copenhagen. 
Professional background: Jesper Søgaard founded Better Collective together with Christian Kirk Rasmussen in 2004 
and has been working with and developing the Group’s operations since its beginning. 
Other assignments: Member of the board of directors of Rådhusholmen A/S, MM PROPERTIES, Over Bølgen A/S, Bet-
terNow WORLDWIDE ApS, and Centerholmen A/S. CEO of J. Søgaard Holding ApS, and founding member of Dreamcraft 
Ventures Management ApS. Member of the executive board of Better Holding 2012 A/S and J. Søgaard holding A/S.  
Previous assignments (past five years) : Member of the board of directors of Bumble Ventures General Partners ApS, 
Bumble Ventures Management ApS, Bumble Ventures Invest ApS, Ejendomsselskabet Algade 30 -32 A/S, Symmetry 
Invest A/S, Shiprs Danmark ApS, Scatter Web ApS, Ploomo ApS, Gedoe A/S, and VIGGA.us A/S. Member of the executive 
board Bumble Ventures SPV ApS. 
 
 
Christian Kirk Rasmussen 
COO & Co-Founder 
Born, 1983 
Nationality, DK 
Present position since 2004 
Education: Christian Kirk Rasmussen holds a Bachelor of Commerce from Copenhagen Business School. 
Professional background: Christian Kirk Rasmussen founded Better Collective together with Jesper Søgaard in 2004 
and has been working with and developing the Group’s operations since its beginning. 
Other assignments: Member of the board of directors Omnigame ApS and MM Properties ApS. Member of the executive 
board Chr. Dam Holding ApS, and Better Holding 2012 A/S. Founding member of Dreamcraft Ventures Management 
ApS. 
Previous assignments (past five years) : Board member of Bumble Ventures General Partners ApS, Bumble Ventures 
Management ApS, Bumble Ventures Invest ApS and Ejendomsselskabet Algade 30 -32 A/S. Member of the executive 
board Yellowsunmedia ApS. Member of the executive board Bumble Ventures SPV ApS.

===== SIDA 41 =====

Annual report Page 41  
 
 
 
Flemming Pedersen 
CFO 
Born, 1965 
Nationality, DK 
Present position since 2018 
Education: Flemming Pedersen holds a M.Sc. (cand. merc. aud.) and HD (Bachelor of Business Administration) from 
Copenhagen Business School. 
Professional background: Flemming Pedersen has more than 25 years of management experience, whereof more than 
20 years in executive positions in public companies. He has served as CFO of ALK -Abelló A/S, and was CEO and  
president of Neurosearch A/S. He has experience in general management, finance, accounting, tax matters, risk man-
agement and capital markets. In addition, he has experience from board positions in both public and private companies 
in Denmark as well as internationally. 
Other assignments: Member of the executive board of Naapster ApS. 
Previous assignments (past five years): Chair of the Board Mindway AI ApS 
 
    
Annual report Page 41

===== SIDA 42 =====

Annual report Page 42  
The BETCO share 
and shareholders  
Better Collective A/S has been listed since 
June 8, 2018 , and is traded on the Nasdaq 
Stockholm and Nasdaq Copenhagen The 
group’s  ticker is BETCO  and BETCO  DKK, 
respectively .  
Share price and trading 
The closing price on December 31, 2023, for the BETCO 
share was 256.50 SEK and BETCO DKK 172,20 DKK cor-
responding to a total market cap of approximately  
14,201 mSEK/ 9,534 mDKK. During the period from Jan-
uary 1, 2023, to December 31, 2023, a total of 13.296.909 
BETCO shares and a total of 973.808 BETCO DKK shares 
were traded at a total value of  1,029 mSEK/154 mDKK. 
The average number of shares traded per trading day 
was approximately 52.976 (BETCO) and 33580 (BETCO 
DKK), corresponding to a total value of 20  
mSEK/13mDKK. An average of BETCO 52,976 and 
BETCO DKK 175 trades were completed per trading day. 
The highest price paid for BETCO during the period Jan-
uary 1, 2023, to December 31, 202 3 was BETCO 299.00 
SEK on November 7, 2023 and BETCO DKK 180.00  on 
December 27,2023. T he lowest price paid  for BETCO 
was 127.10 SEK on January  2, 202 3 and BETCO DKK 
139.20 on November 17, 2023.  During the period from 
January 1, 202 3, to December 31, 202 3, BETCO share 
price increased by 101.6% and BETCO DKK price in-
creased by 22.2%, while the OMX Large Cap list in-
creased by 16.4%. 
Shareholders 
On December 31, 202 3, most of the share capital was 
owned by the company’s founders and institutions pre-
dominantly in Sweden, Denmark, and the rest of Europe. 
On December 31, 202 3, Better Collective had 4,82 1 
known shareholders, corresponding to a  31% increase 
from January 1, 2023 . The ten largest shareholders ac-
counted for 62 % of the votes and share capital. The 
members of Better Collective’s Board of D irectors held 
a total of 1,508,416 Better Collective shares. The execu-
tive management held a total of 21,654,324 Better Col-
lective shares. The individual holdings can be found on 
page 35. 
Share capital and capital 
structure 
On 31 December 202 3, the share capital amounted to 
553,674.18 EUR, and the total number of issued shares 
was 55,367,418. The company has one (1) class of shares. 
Each share entitles the holder to one vote at the general 
meetings. All shares in the market hold equal voting 
rights and equal rights to the company’s earnings and 
capital.  
 
 
 
  
    
Annual report Page 42

===== SIDA 43 =====

Annual report Page 43  
 
 
 
 
 
 
  
Top 10 largest shareholders as of December 31, 2023   
Owners Num. of shares Capital and votes 
Jesper Søgaard 10.671.179   19,27% 
Christian Kirk Rasmussen 10.671.179  19,27% 
Chr. Augustinus Fabrikker A/S 2.523.000 4.56% 
Andra AP-fonden 2.170.724 3.92% 
Danica Pension 1.804.353 3.26% 
Tredje AP-fonden   1.480.092   2.67% 
Teacher Retirement System of Texas 1.474.446 2.67% 
Better Collective A/S 1.387.580 2.51%  
Deka Investments 1.268.300 2.30% 
Knutsson Holdings AB 1.090.000 1.98% 
Top 10 largest shareholders 34.540.853 62.41% 
Other shareholders 20.826.565  37.59% 
Total number of shares 55.367.418 100% 
 
 
Source: Modular Finance AB. Data compiled from Euroclear, Morningstar, Finansinspektionen, Nasdaq 
Share price and trading 
  
Closing price 2023 BETCO 256.50 SEK 
Closing price 2023 BETCO DKK 172.20 DKK 
Corresponding MCAP 14,202 mSEK 
Total number of shares traded on Nasdaq Stockholm exchange  9,546 mDKK 
Total number of shares traded on Nasdaq Copenhagen exchange 13.296.864  
Traded total value on Nasdaq Stockholm exchange 973.808  
Traded total value on Nasdaq Copenhagen exchange 1.029.976.589 
Avg. shares traded on Nasdaq Stockholm exchange per day 52.967  
Avg. shares traded on Nasdaq Copenhagen exchange per day 33.579  
Avg. traded total value per day Nasdaq Stockholm exchange (SEK) 12.151.556 
Avg. traded total value per day Nasdaq Copenhagen exchange (DKK) 5.328.932 
Total number of trades on Nasdaq Stockholm exchange 139.151  
Total number of trades on Nasdaq Copenhagen exchange 5.082  
Avg. trades per day on Nasdaq Stockholm exchange 554  
Avg. trades per day on Nasdaq Copenhagen exchange 175  
Highest price paid between 2023-01-01 to 2023-12-31: (2023-11-07) BETCO (SEK) 299  
Highest price paid between 2023-01-01 to 2023-12-31: (2023-12-27) BETCO DKK (DKK) 180  
Lowest price paid between 2023-01-01 to 2023-12-31 : (2023-01-02) BETCO (SEK)  126.3  
Lowest price paid between 2023-01-01 to 2023-12-31  (2023-11-17) BETCO DKK (DKK)  139.2  
Share price change from closing 2022-12-30 to 2023-12-29 BETCO 101.6% 
Share price change from closing 2022-12-30 to 2023-12-29 BETCO DKK 22.2% 
OMX Large Cap list (OMXSLCGI) change from closing 2022-12-30 to 2023-12-31 16.4% 
 
Shareholders: 
  
Known shareholders December 2023 4.821  
Change in number of known shareholders between 2023-01-01 to 2023-12-31: (3.669 -->4821) 31% 
Top 10 largest shareholders %  62% 
   
 
Source: Modular Finance AB. Data compiled from Euroclear, Morningstar, Finansinspektionen, Nasdaq

===== SIDA 44 =====

Annual report Page 44  
Dividend policy 
Better Collective has successfully executed an acquisi-
tion strategy since 2017, completing more than 30  ac-
quisitions so far. The M&A-pipeline is strong with the op-
portunity to acquire large companies. Therefore, the 
company does not expect to pay dividends until further. 
The Board of D irectors will revisit the capital structure 
of the Group annually and evaluate whether to pay div-
idends. The decision to pay dividends will be based on 
the company’s financial position, investment needs, li-
quidity position as well as general economic and busi-
ness conditions. If the Board of Directors finds it appro-
priate, dividend pay-out may be partially or wholly sub-
stituted by a share buy -back. Thus, the B oard has pro-
posed that no dividend is paid out for the financial year 
of 2023. 
Individuals with insider 
position 
Listed companies are required to record a logbook of in-
dividuals who are employed or contracted by the com-
pany and have access to insider information relating to 
the company. These can include insiders, but also other 
individuals who have obtained inside i nformation. Bet-
ter Collective records a logbook for each financial report 
or regulatory release containing information that could 
affect the share price. 
Investor relations 
Better Collective shall provide correct, relevant , and 
clear information to all its shareholders, the capital mar-
ket, society, and the media, at the same time. Infor-
mation that is deemed to be inside information shall be 
published so that it reaches the public in a quick, non -
discriminatory manner. All im portant events that could 
influence the value of Better Collective shall be commu-
nicated as soon as possible, that is in direct connection 
with the decision being taken, the election taking place 
or the event becoming known to Better Collective. The 
Better Collective website, www.bettercollective.com, 
contains relevant material for shareholders, including 
the current share price, press regulatory releases, and 
general information about the company. Better Co llec-
tive maintains a quiet period of 30 days prior to the pub-
lication of interim financial reports. During this period, 
representatives of the Group do not meet with financial 
media, analysts or investors. 
 
 
 
 
 
Analysts covering  
Better Collective 
 
ABG Sundal Collier 
Oscar Rönnkvist 
oscar.Ronnkvist@abgsc.se 
 
Cantor Fitzgerald  
Edward James 
Edward.james@cantor.com
 
 
Jefferies 
James Wheatcroft 
jwheatcroft@jefferies.com
 
 
    Nordea Markets 
Sebastian Grave 
Peter.sebastian.grave@nordea.com 
 
    Redeye 
Hjalmar Ahlberg  
hjalmar.ahlberg@redeye.se 
  
 
 
 
 
 
 
 
     
    Contact 
Mikkel Munch-Jacobsgaard 
Senior Director of Investor Relations, Corporate Com-
munications and Group Strategy 
investor@bettercollective.com

===== SIDA 45 =====

Annual report Page 45 
  
 
  
Sustainability  
Report 
    
Annual report Page 45

===== SIDA 46 =====

Annual report Page 46 
Founder statement 
We are pleased to present Better Collec-
tive’s Sustainability Report for the year 
2023, which showcases our ongoing com-
mitment to sustainable environmental, so-
cial and governance practices .  
Since the inception of Better Collective, our unwavering 
commitment has been to deliver compelling and immer-
sive sports content to our users. This commitment has 
helped shape our vision to become the leading digital 
sports media group along with our missio n to excite 
sports fans through engaging content and foster pas-
sionate communities worldwide. Positioned as a leader 
at the crossroads of media, entertainment, and iGaming, 
we reach hundreds of millions of sports fans and enthu-
siasts, bringing with it the obligation to ensure a respon-
sible and sustainable offering including editorial guide-
lines, proper segmentation, and safer gambling re-
sources. 
Offering transparency  
Championing transparency is a cornerstone of our sus-
tainable growth strategy. As we are continually growing 
our business and rapidly adding new entities, we dedi-
cate our attention to initiatives that allow us to grow 
sustainably. Perhaps most importantly we want to guide 
sports fans towards Better Collective brands  before 
they embark on their sports betting journey. By doing so 
we ensure that we can educate the user before they em-
bark on a potential sports betting venture. In this jour-
ney we offer transparency in what licensed partners 
there are and how their offers differ. 
Safer gambling initiatives 
Better Collective plays a pivotal role in channeling 
sports fans responsibly to licensed sportsbooks in regu-
lated markets. In the online marketplace , users are met 
with a multitude of offers, some of which are in markets 
without regulations , meaning  that user protection 
measures may not be in place and marketing practices 
non-compliant. Positioned strategically in the value 
chain, our objective is not only to educate sports fans 
but also to direct them towards licensed sportsbooks to 
safeguard their interests. 
As always, safer gambling is a key element in our sus-
tainability efforts, and our subsidiary Mindway AI has 
once again been an industry lighthouse within this field. 
In late 2023, the National Council on Problem Gambling 
partnered with Mindway AI to enhanc e safer gambling 
initiatives. We are extremely proud of the exciting part-
nership with NCPG nationwide in the US. This collabora-
tion is a testament to our commitment to innovation in 
safer gambling and a shared vision of creating a safer 
future, paving the way for industry transformation and 
redefining what is possible.  
Sustainability commitment  
Our dedication to sustainability is not confined to our 
business operations but extends to supporting the 
broader sustainable development of our world and in-
dustry. In 2019, Better Collective committed to incorpo-
rate the UN Global Compact and its 10 principles into our 
strategy, culture, and day -to-day operations. With this 
report, which is also our Communication on Progress, 
we renew our ongoing commitment to the initiative as 
well as our continued support for the Sustainable Devel-
opment Goals (SDGs).  
As a result of our commitment, we persistently strive to 
operate in ways that meet fundamental responsibilities 
in the areas of human rights, labor , environment and 
anti-corruption. We see our efforts and commitment as 
a constant work in progress which each year gets better, 
and we strive to supply the data to support transpar-
ency of our efforts.
 
Better together  
In early 2023, Better Collective  joined the All- In Diver-
sity Project , which is an industry -driven initiative to 
benchmark diversity, equity, and inclusion for the global 
sports media industry. We are proud to join as the first 
non-sportsbook founding member to provide guidance 
and support sharing best practices and resources.  
Working to further our DEI agenda during 2023, an ad-
vanced and updated DEI framework was developed  for 
the group together with new DEI targets for the ongoing 
year. Better Collective m arked International Women’s 
Day (IWD) by teaming up with the All- in Diversity pro-
ject to pay tribute to women around the world. Unfortu-
nately, the job market is to this day still quite gender -
imbalanced and that curbs developments in businesses 
as well as society. The business community plays a large 
role in the battle to create a more inclusive society  and 
by joining such initiatives Better Collective takes part in 
identifying and making businesses more diverse. 
 
Being a big international group with 45 nationalities rep-
resented across 20 offices across the world, we decided 
to roll out unconscious bias training across the group for 
all employees to participate in during 202 3. We have 
also put in place practices in our recruitment process to 
minimize the gender gap within the group, and 2023 in-
itiatives included awareness of possible bias in our re-
cruitment processes, including training for hiring man-
agers, job ad terminology, screening , and the develop-
ment of a recr uitment policy stating that every job in-
terview should have minimum two genders represented 
in the first interview. 
Developing talents 
Another year has gone by, and we cannot fail to mention 
our successful in-house academies. Since 2021, Better 
Collective has been running its academies in Niš, Serbia, 
which targets the local youth by encouraging them to

===== SIDA 47 =====

Annual report Page 47 
enroll in one of our education programs tailored by Bet-
ter Collective. 
Having our own, specially designed training delivered in 
the form of SEO - (search engine optimization), SEM - 
(search engine marketing), WordPress-, Full Stack-, and 
Quality Assurance-Academies is a key long-term play in 
ensuring Better Collective can continue to hire best -in-
class talents, who already come equipped with the skill 
sets required to hit the ground running. 
Not only are t he academies beneficial to Better Collec-
tive, but they also provide an alternative education and 
subsequent career opportunity for the youth in Niš. In 
2023, we enrolled a total of 73  participants across 14 
academies, and we are proud to share that 75% of the 
enrolled candidates today are part of the Better Collec-
tive group.  
Environmental responsibility 
Environmental responsibility remains a core facet of our 
sustainability approach. Rigorous tracking of carbon 
emissions for fi ve consecutive years underscores our 
commitment to minimizing our environmental impact. 
While our online business inherently limits our carbon 
footprint, we take proactive measures to address travel-
related emissions. With offices across the world, we 
value the opportunity to meet in person to create closer 
ties between teams and similarly for business contacts, 
not least after being  cut off from meetings during the 
pandemic. That said, we have also fully embraced the 
virtual meeting facilities and we are carefully consider-
ing when to fly. Throughout 2023, we have continued to 
update and develop  our policies, systems, and pro-
cesses to manage and mitigate social, governance and 
environmental risks. 
Looking ahead 
Our commitment to forging a more sustainable future 
for our group and stakeholders remains unwavering, 
and we look forward to setting new benchmarks in the 
years to come.  
We continue to let our mission lead us in our efforts to 
become an even more sustainable group with trusted 
products and brands, while our framework and strategy 
steer us to be and do better. 
Christian Kirk Rasmussen  
Co-founder & COO  
Jesper Søgaard  
Co-founder & CEO  
 
 
 
 
 
    
Annual report Page 47

===== SIDA 48 =====

Annual report Page 48 
Reporting framework 
The present report covers the financial 
year January 1, 202 3, to December 31, 202 3, 
and constitutes our statutory reporting cf. 
the Danish Financial Statements Act, 
Sections 99a  and 99d and 107d as well as 
the EU Taxonomy regulation.   
Framework and commitments 
To give our stakeholders an overview of our perfor-
mances, the report puts forth our current sustainability 
efforts and presents our focus areas, ambitions, achieve-
ments, and goals. The report addresses any relevant so-
cial, governance and environmental issues relating to 
Better Collective’s activities. 
To operationalize our sustainability strategy , we have 
built on our framework which we introduced in the 2020 
sustainability report. In this report, we have further 
aligned our framework to the Environmental, Social and 
Governance factors (ESG) and related them to our busi-
ness operations and key stake holders. We have made 
sure that each area contributes to the positive develop-
ment of the chosen Sustainable Development Goals 
(SDGs) and/or respects the UNGC ten guiding princi-
ples. The report  also serves as our Communication on 
Progress as we renew our ongoing commitment to the 
initiative and our continued support for the SDGs.  Our 
overall ambition is to use our leading position to influ-
ence and support safer gambling and a sustainable de-
velopment of society – for the benefit of our employees, 
shareholders, users, partners, industry,  and our busi-
ness. 
Our commitment is founded on respect for the core 
principles of human rights (including labor rights), the 
environment (including climate), and anti-corruption as 
reflected in the UN Guiding Principles for Business and 
Human Rights and the OECD Guidelines for Multina-
tional Enterprises. This commitment is embedded in 
our strategy and business operations. 
The ESG key figures presented in our reporting take 
their departure in the ESG key figure overview as pub-
lished by The Danish Finance Society / CFA Society Den-
mark, FSR – Danish Auditors, and Nasdaq Copenhagen. 
The reported data is uploaded to Nasdaq Nordi c’s ESG 
Data Portal certifying Better Collective as a Nasdaq ESG 
Transparency partner. 
Continuity 
While we have further aligned our focus areas to the 
ESG framework, we have ensured continuity  in report-
ing. Our ESG metrics have all been continued from the 
previous sustainability report and for 2022 we have im-
plemented new data points  for increased transparency 
and in preparation for the upcoming Corporate 
Sustainability Reporting Directive  to come into force 
from the financial year 2024.  
Balance 
Throughout the report we describe our efforts and 
achievements, whether they are positive or negative. 
We ensure this by continuing to report on the same met-
rics year after year and only adding to rather than dis-
continuing reporting on those metrics.

===== SIDA 49 =====

Annual report Page 49 
Materiality assessment 
The report primarily focuses on the topics that are con-
sidered the most important to our business operations. 
These topics have been selected and prioritized based 
on a double materiality assessment performed by Better 
Collective’s management and the sustainability board. 
The assessment is carried out as a mix of desk research, 
internal workshops, questionnaires and dialogue over 
time with our primary stakeholders for sustainability, 
and the board. We consider our stakeholders for sus-
tainability to be our shareholders, our partners and 
sports fans, our employees, regulatory authorities, and 
society as a whole. The assessment includes how our ac-
tivities may affect society negatively and how society 
may affect the company negatively.
The sustainability data collection in the present report 
relates to Better Collective’s operations for 202 3, and 
further addresses our ambitions and KPIs for the future 
both short- and long-term. The outcome of our materi-
ality assessment is listed in the tables below. 
 
 
  
Major 
 
Safer gambling 
Talent attraction and retention 
Employee development 
Diversity, equity and inclusion 
 
Significant 
 
Business ethics 
Cybersecurity 
Responsible marketing 
Anti-corruption 
 
Moderate 
 
Data/privacy protection 
Tax transparency 
Climate risk

===== SIDA 50 =====

Annual report Page 50 
ESG strategy 
Responsibility as well as  sustainability are 
ingrained elements of Better Collective’s 
business model and have been the 
cornerstone of our group since our 
incorporation  in 2004.

===== SIDA 51 =====

Annual report Page 51 
 Sustainability 
governance 
Good and reliable governance is essential 
to run a business responsibly while also  
being able to realize our ambitious 
strategic goals. 
The governance of Better Collective’s sustainability ef-
forts defines the role of the Board and its Committees as 
well as specifying the powers the Board delegates to our 
group management. 
We rely on clear terms of reference for the sustainability 
board to support and advise us as we put our strategy 
into action. To further the sustainability agenda, we 
have put in place a DEI board and a safer gambling 
board to address these matters across our organization, 
gathering expertise from relevant teams. The insights 
from these groups feed into the group management and 
Board’s decision-making. 
The Board of Better Collective 
Our Board is a diverse one in terms of gender and na-
tionality. Members have expertise that includ es wide -
ranging board and leadership experience as well as spe-
cific skills such as understanding of sustainability, fi-
nance, the iGaming industry, technology and digital. 
The Board has ultimate responsibility for reviewing, 
monitoring, and guiding the strategy of Better Collec-
tive, as well as its conduct. Our Board members provide 
constructive challenges, strategic guidance , and spe-
cialist advice, bringing their diverse experience to our 
discussions and decision-making.  
The Board has overall accountability for the manage-
ment and guidance of risks and opportunities, including 
those associated with aspects of sustainability, such as 
operating a compliant business, promoting safer gam-
bling, implementing socially responsible conducts, envi-
ronmental responsibility, and ethical behavior.  
See risk management on page 35 for sustainability risks.

===== SIDA 52 =====

Annual report Page 52 
Social  
Our people 
It is our long -term commitment to foster 
and uphold an inclusive and diverse 
workplace by  implement ation of  socially 
responsible conducts and elimina tion of  
discriminatory practices.   
Our business is based on specialized 
expertise and innovation, this is why 
we see people as a core element in 
everything that we do. We believe it 
is crucial to consistently cultivate an 
inclusive and diverse employment 
environment that promotes the 
rights of the individual. These efforts 
support the SDG 8 in promoting 
inclusive, sustainable, and productive 
employment for everyone at Better 
Collective. 
Onboarding and learning 
New employees, including those welcomed from ac-
quired companies, are introduced to Better Collective 
and our policies through an extensive onboarding 
program. We conduct biannual development dialogues 
between manager and employee to discuss perfor-
mance and further development for each individual em-
ployee. Our leadership development initiative ensures 
the continuous professional development of our manag-
ers to match the ever -changing nature of our business.  
In October 2023, we initiated our leadership trainin g 
program, delivering four modules across various local 
Better Collective offices. A total of 80 managers actively 
participated in this initiative. Notably, unlike the 2021 -
2022 program, the 2023 program was conducted in -
person, facilitating more direct interaction and engage-
ment. 
By supporting the professional and personal develop-
ment of our managers, we enable them to identify and 
deal with challenges in their respective teams. Ulti-
mately, such initiatives ensure the well- being of all em-
ployees and make Better Collective an attractive and re-
spected workplace.  
Measuring our work culture 
We conduct an annual workplace survey,  and the 2023 
results indicated a healthy and effective work environ-
ment with engaged and highly motivated employees. 
Our engagement score of 84 % (2022 : 83%)  is high 
though fluctuating year to year which may also reflect 
our continuous growth by new hires and entire teams 
through acquisitions. The survey returned an unsatisfac-
tory number of harassment cases (10 in 2023 against 11 
in 2022). As the survey is anonymous , we can only 
investigate the cases that are also reported to HR of 
which we have had none that were considered severe. 
During the year we implemented unconscious bias train-
ing to educate all employees and  encourage them to 
come forward if they experience harassment of any kind 
for the matter to be dealt with. We will strive to increase 
openness while working to bring down the number of 
cases. We recognize the risk for the well -being of the 
employees exposed to harassment of any kind as well as 
for our work environment. 
Health and safety 
We give priority to health and safety at work in compli-
ance with the regulations and standards in the countries 
in which we operate. We run local health and safety ini-
tiatives to assess health and safety risks and to generate 
preventive solutions. The heal th and safety committee 
issues guidelines, performs workplace evaluations, and 
maintains the fire instructions and evacuation plan.  
 
We have implemented a more flexible working schedule 
as working from home (WFH) has proven efficient for 
most of  our employees, both in terms of productivity 
and improving the work-life balance. We follow and ad-
here to the guidelines set out by the authorities where 
applicable. Depending on local customs, our offices pro-
vide employees with internet allowance, IT equipment 
and office furniture. In this way, we make sure they have 
the best physical condition at their home office.  We had 
3 reported cases of workplace injuries in 2023 (2022: 0).  
We place  strong emphasis on promoting the physical 
health and well-being of our employees, which we pro-
moted through various initiatives during 2023, including 
meditations, humanitarian races, and various  sports 
tournaments. Better Collective’s office located in  Niš, 
Serbia, encouraged health and safety at work through 
an initiative to also help others  by participating in an IT 
race “
Stafeta Srcem”. 16 employees participated in the 
race and raised funds which were donated to the Clinical 
Center for Anesthesiology. The humanitarian race was 
a dynamic blend of teamwork and innovation, with di-
verse teams coming together to make a real difference. 
A reminder that when we work together creatively, we 
can achieve incredible things , and Better Collective’s 
team placed second in the race. During 2023 other initi-
atives supporting the physical wellbeing of the group in-
clude an IT Basketball League and a Football League.  
 
Movin’ May was a month -long campaign for the North 
American business created  during the Mental Health 
Awareness month. This included a step count challenge 
throughout the month utilizing an  app called to track  
steps on one’s smartphone. All participants were formed 
in teams; hence collaboration was greatly encouraged. 
From the initial fitness challenge to newly formed teams, 
every aspect of the campaign was designed to inspire 
and motivate employees to incorporate physical activity 
into their daily routines.

===== SIDA 53 =====

Annual report Page 53 
The project was met with positive reactions resulting in 
a high engagement rate of 49% participation from the 
total number of employees. At first, the goal was set at 
18,000,000 collective steps, however the teams ex-
ceeded the goal by 201% and amassed rema rkable re-
sults of 36,228,125 steps. 
Acknowledging the importance of mental health and its 
impact on work , Better Collective also implemented  
meditation classes during 2023. Meditation has turned 
out to be one of the most effective ways to decrease 
stress, improve concentration and provide calmness, 
which is why virtual meditation sessions were hosted 
during October in honor of World Mental Health Aware-
ness. These sessions garnered an impressive turnout, 
with over 100 participants, and the sessions were led by 
Michael Rich, the founder of Good Work Coaching. Ses-
sions provided attendees with valuable lessons on how 
to cultivate mindfulness, resulting in overwhelmingly 
positive feedback from employees. 
Diversity, Equity & Inclusion, cf. §107d 
In our operational ethos and concerning the structure of 
our leadership, we strive to foster equity through aware-
ness of age, educational background, professional and 
international experience in recruitment and staff reten-
tion processes, ensuring equal pay and access to train-
ing opportunities, while maintaining a steadfast zero -
tolerance stance against workplace harassment. As out-
lined in our diversity manifesto, we are dedicated to cul-
tivating a varied workforce and inclusive environment. 
Diversity encompasses numerous dimensions ethnicity, 
Better Collective is committed to providing equitable 
opportunities to all members  of management through-
out our organization, supported by robust policies and 
benefits aimed at promoting diversity and equality.  
 
Our Diversity, Equity, and Inclusion (DEI) Board actively 
engages our employees in these endeavors through em-
ployee resource groups. Management affirms that these 
policies are upheld, as diversity and inclusion criteria 
have been integral in the selection processes for both 
the Board of Directors and other managerial positions in 
2023.  
 
At Better Collective we strive to foster diverse teams 
and we see this as essential for driving innovation, 
productivity, creativity, and the ability to attract top tal-
ent. Working to further our DEI agenda during 2023, an 
advanced and updated DEI framework was developed. 
With the new framework co -founder and CEO, Jesper 
Søgaard was announced as the new Chair of the DEI 
Board and new DEI targets for the ongoing year were 
developed. Structural changes of the DEI framework 
brought significant success, with enhanced collabora-
tion and efficiency . With its agenda and n ew updated 
DEI targets, Better Collective marked International 
Women’s Day (IWD) by teaming up with the All -in Di-
versity project to pay tribute to women around the 
world. Additionally, the group also  rolled out uncon-
scious bias training to the entire organization during 
2023 and reached an impressive participation rate of 
89%. In celebration of United Nations Day  on October 
24, Better Collective put together  the Better Collective 
Cookbook to unite and celebrate the rich tapestry of di-
versity and cultures within the entire group.  
Gender distribution 
Better Collective operates within an industry predomi-
nantly led by men, encompassing both technology and 
sports betting. Recognizing this disparity and aiming to 
contribute positively to Sustainable Development Goal 
5, initiatives promoting diversity and inclusion were pri-
oritized in our agenda for 2023. These initiatives focused 
on raising awareness of potential biases in our recruit-
ment processes, which included training for hiring man-
agers, refining job ad language, and implementing 
screening measures.  
 
Despite these efforts, by the end of 2023, the proportion 
of underrepresented gender (women) within the Better 
Collective group stood at 31%, a marginal increase from 
the 29% recorded in 202 2. This lack of progress indi-
cates a deviation from our target of achieving 35% rep-
resentation by 2030. 
Collaboration and commitment to 
further the gender equality agenda 
In early 2023, Better Collective  joined the All- In Diver-
sity Project , which is an industry -driven initiative to 
benchmark diversity, equity, and inclusion for the global 
iGaming sector. We are proud to join as the first non -

===== SIDA 54 =====

Annual report Page 54 
sportsbook founding member alongside the likes of En-
tain, Caesars, Betsson, Flutter and Kindred, to provide 
guidance and support sharing best practices and re-
sources.  
 
We have further shown our commitment to gender 
equality in signing both the Confederation of Danish In-
dustry’s (DI) Gender Diversity Pledge along  with the 
UN’s Women Empowerment Principles. The job market 
is to this day still quite gender- imbalanced and that 
curbs developments in businesses as well as society. The 
business community plays a large role in the battle to 
create a more inclusive society and by joining these ini-
tiatives Better Collective  takes part in identifying and 
making businesses more diverse. 
 
The 2023 initiatives included awareness of possible bias 
in our recruitment processes, including training for hir-
ing managers, job ad terminology, screening , and the 
development of a recruitment policy stating that every 
job interview should have minimum two genders repre-
sented in the first interview. By the end of the year Bet-
ter Collective group counted 31% of the underrepre-
sented gender (women) against 29% in 2022  which 
means we have not made pro gress towards our goal of 
reaching 35% by 2030. 
Human rights 
Better Collective persistently strives to be a responsible 
corporate citizen, which entails respecting human rights 
and supporting the protection as well as advancement 
of human rights. To solidify our commitment,  we con-
tinue to commit to our human rights policy. We continue 
to work on  human rights due diligence process es to 
move us from commitment to action. So far, we consider 
our salient  human rights issues to relate to our own 
workforce. During the current accounting period, all new 
employees have been trained in human rights , which 
helps minimize the risk of potential misconduct. No hu-
man rights issues were identified during the 2023 finan-
cial year. 
Developing talents 
Since 2021, Better Collective has been running its acad-
emies in Niš, Serbia, which targets the local youth by en-
couraging them to enroll in one of the education pro-
grams tailored by Better Collective.  
Having our own, specially designed training delivered in 
the form of the SEO (search engine optimization ), SEM 
(search engine marketing), WordPress, fullstack, and 
quality assurance academies is a key long -term play in 
ensuring Better Collective can continue to hire best -in-
class talents, who already come equipped with the skill 
sets required and can hit the ground running.  
Not only are t he academies beneficial to Better Collec-
tive, but they also provide an alternative education and 
Eurocleasubsequently career opportunity for the youth 
in Niš. By educating the local youth in tech  and 
marketing we also contribute to lowering the general 
unemployment rate in Serbia. It is a true win -win situa-
tion being able to give back to the community while fur-
thering our own competitive advantage . In 202 3, we 
enrolled a total of 73  participants across 14  academies. 
75% of the candidates are today part of the Better Col-
lective group.  
Annual report Page 54

===== SIDA 55 =====

Annual report Page 55 
Social 
Our users 
For our users, our long -term commitment 
is to promote safer gambling through edu-
cation.   Ultimately, the focus on safer gam-
bling and being a responsible business is 
what grants us our social license to oper-
ate.  
 
As a digital sports media group , we derive a significant 
part of our revenues from our user’s engagement in 
sports betting with our sports book partners Better Col-
lective views sports betting purely as a form of enter-
tainment and wants to make sure that sports fans and 
employees’ betting experiences remain as a form of fun 
and entertainment. In June 2023 , Better Collective im-
plemented mandatory safer gambling training for all 
employees within the group. 
Safer gambling resources  
We want to ensure that our users are better suited to 
navigate the iGaming world by visiting a Better Collec-
tive website before registering an account with a sports-
book. We focus on the teaching of strategies and the 
presentation of insightful information and data to make 
our users more confident in their betting. However, we 
do not, and cannot, guarantee winning – and we will 
never claim to do so. As Better Collective is not a 
sportsbook, we rely on our partner sportsbooks  to scan 
for user behavior and tak e action when a sports fan 
shows signs of at-risk or problem gambling behavior.  
We can educate sports fans, e.g ., by making sure that 
they know the legal gambling age, of possible adverse 
effects of gambling, and prevention. By taking respon-
sibility in protecting end -users from potential negative 
health-impacts - in this case gambling addiction -  and 
by promoting mental health and well-being through var-
ious initiatives, it is our goal to aid the positive advance-
ment of SDG 3.  
We offer safer gambling resources on our websites, as 
well as aa Betting Academy to educate users. To ensure 
that safer gambling is well coded to our business prac-
tice Better Collective deployed two policies on safer 
gambling, one internal policy and one external policy 
both available on the corporate website. The policies are 
revised on an annual basis. Additionally, Better Collec-
tive uses the Gamalyze software on its  internal em-
ployee platform and encourage s all employees to take 
the test annually. The Gamalyze self -test is also rolled 
out across the group’s sports me dia portfolio for exter-
nal use.  
Collectively we are better  
We strongly believe that the long -term sustainability 
and growth of the sports betting industry is dependent 
on responsible operations. Evidently, this is not 
achieved by a single business, but rather by a collective 
effort across the industry. This is why Better Collective 
in 2019 entered into a partnership with our peers Racing 
Post and Oddschecker to co -found the UK based trade 
association, Responsible Affiliates in Gambling (RAiG). 
Through RAiG we promote socially responsible market-
ing of gambling products and a safer gambling environ-
ment for users. As a condition of membership in RAiG, 
each member is subject to an annual social responsibil-
ity audit which is conducted by an independent third 
party. Again, this year we participated in the Safer Gam-
bling Week, a cross-industry initiative to promote safer 
gambling in Europe.  
Similarly, we are active members of various national as-
sociations, one of which is the Danish Online Gambling 
Association (DOGA). Through DOGA we work to initiate 
dialogue between all stakeholders in the gambling in-
dustry to secure a responsible and safe gambling market 
in Denmark and other countries. We are also members 
of the German Association for Telecommunication and 
Media (DVTM) and the US National Council on Problem 
Gambling (NCPG).

===== SIDA 56 =====

Annual report Page 56 
Creating safer user 
experiences with 
Mindway AI  
Better Collective’s subsidiary, Mindway AI  [Mindway] 
specializes in supporting the iGaming industry with var-
ious safer gambling tools and solutions. Mindway is an 
award-winning company that develops state of the art 
software solutions for fully automatic monitoring and 
profiling of gamblers and for identifying, preventing, 
and intervening in at -risk and problem gambling. In 
2023, Mindway celebrated its five-year anniversary, and 
continues to play an increasingly important role in the 
iGaming ecosystem supporting sportsbooks on a global 
scale to create safer iGaming experiences. 
While we cannot control what sportsbooks do, we sup-
port them by holding them to high standards during the 
customer acquisition and ongoing CRM process and by 
providing them with a chance to set the bar higher and 
take initiative in developing sustainable gaming through 
Mindway AI’s tools and software. As such, Mindway is 
extending its influence in the value chain rather than fo-
cusing only on its own playing field.  
During the year 2023, Mindway has secured many stra-
tegic partnerships allowing it to grow even further. The 
first partnership was entered with Australian operator 
Tabcorp which also marked the entry into a completely 
new market. Hereafter, Mindway partnered with 
AnonyMind, a treatment provider network in the UK, al-
lowing Mindway AI to offer AnonyMind’s users a com-
plete solution for dealing with problem gambling. A 
groundbreaking partnership was formed with the 
United S tates’ National Council on Problem Gamb ling 
(NCPG), which has incorporated Mindway’s Gamalyze 
solution into NCPG’s safer gambling website Responsi-
blePlay.org, making Gamalyze the first ever safer gam-
bling tool to go nationwide in the US. Another notewor-
thy partnership of the year was entered wi th the Dutch 
operator BetCity.nl, which aims to enhance user protec-
tion and promote safer gambling practices for Dutch 
sportsbooks. 
 
In 2023, Mindway was awarded no less than six industry 
awards for its efforts within safer gambling. These in-
clude awards for innovation within safer gambling, best 
implementation of safer gambling tools  and being the 
best safer gambling supplier.  
Early detection  
Mindway partners with sportsbooks and leading indus-
try organizations with a clear mission to improve player 
protection in the industry. By combining neuroscience, 
AI and human expert assessment, the safer gambling 
software helps sportsbooks and other types of opera-
tors meet and exceed player protection requirements. 
The award-winning AI solution GameScanner ensures a 
fully automated, early detection of at -risk and problem 
gambling, allowing sportsbooks  to reach out to sports 
fans before unhealthy gambling habits escalate. As 
such, Mindway makes a real difference for millions of us-
ers around the world. GameScanner is already running 
in nearly 61 jurisdictions in 37 countries boosting sports-
books’ player protection, scanning a total of 7.7  million 
active players per month.  
Gamified self-test 
Gamalyze is an award -winning, gamified reinvention of 
the self-test, making self-testing more user-friendly, en-
gaging, and actionable than typical player question-
naires. Gamalyze helps players develop self -awareness 
of their risk profile and their decision making when they 
engage in gambling. Drawing insights from neuroimag-
ing, Gamalyze analyzes each player’s decision while 
they play and generates a report with feedback on the 
player’s strategy and their sensitivity to rewards and 
losses. It also includes advice tailored to the individual.
 
Making good use of Mindway 
Mindway and Better Collective share common goals for 
safer gambling, and while Mindway is run as an inde-
pendent business, we make good use of the expertise 
and tools available when offering safer gambling re-
sources on Better Collective platforms.  
Gamalyze is available to our users on key websites to-
gether with insightful articles on safer gambling 
authored by Mindway experts. We recognize that work-
ing in an environment where gambling is normalized 
makes our employees more exposed to gambling and 
therefore at a higher risk when it comes to problem 
gambling. 
Gamalyze is available to all employees , and we remind 
everyone at least annually to test their gambling behav-
ior along with training and awareness activities.   Fur-
thermore, meeting colleagues across the group, Mind-
way helps to create awareness on safer gambling at in-
ternal events and on Better Collective’s Safer Gambling 
Board.

===== SIDA 57 =====

Annual report Page 57 
Governance  
At Better Collective, w e believe that corporate sustain-
ability starts with our value system and a principles-
based approach to doing business. This is reflected in 
our business ethics where we conduct business in com-
pliance with applicable laws, regulations, and standards. 
We are subject to a variety of national compliance reg-
ulations in the countries where we operate, and to aid in 
developing a sustainable iGaming environment we 
solely operate in regulated markets or markets where 
sports betting is accepted by the authorities.
 
We seek to develop editorial guidelines, which ensure 
balanced and compliant marketing messages and in-
clude proper segmentation for our activities across dif-
ferent channels using marketing technology to avoid 
targeting the wrong audience. 
Regulation of markets 
As sports betting  becomes more widespread, more 
countries are amending or implementing new gambling 
laws and regulations to protect users and to limit black 
market activities. We have processes for being continu-
ously updated on regulations  and applying for licenses  
where relevant. Our in -house legal team is also dedi-
cated to this area, with compliance processes for our 
websites. 
Commitment to compliance 
Better Collective was awarded for its efforts within com-
pliance at the Vixio Global Regulatory Awards  for the 
fifth consecutive year. We seek to educate regulators, 
politicians, and users on what performance marketing is, 
what it entails, and to ensure that relevant standards are 
set for our industry. 
We do not engage in cryptocurrenc y payments. When 
partnering with sportsbooks and reviewing acquisition 
targets, it is an integrated part of our due diligence pro-
cess to pay careful attention to any signs of money laun-
dering or fraud - in case of which we choose not to en-
gage.  
Better Collective discontinued its business activities re-
lated to the Russian market which was predominantly 
advertising activities.  
Anti-bribery and corruption 
Better Collective condemns the acts of corruption and 
bribery. Not only are they illegal; they also pose a threat 
to our trustworthiness and a risk to our partners, users, 
and authorities. Our policy on anti- bribery and corrup-
tion is included in our Code of Conduct  and imple-
mented across the Better Collective group.  We aim for 
0 reported cases of bribery and corruption, including 
any behaviors that abuse entrusted power for private 
gain in Better Collective. Our whistleblower scheme fa-
cilitates anonymous reporting , and we encourage all 
employees, vendors, and shareholders to speak up if 
they find something to be in breach of our policies. 
During 2023, Better Collective conducted mandatory 
anti-corruption training sessions for all employees, cov-
ering topics such as recognizing and reporting corrupt 
practices, emphasizing our zero -tolerance policy.  Dur-
ing 2023, the group did  not receive any reports about 
bribery, facilitation payment, or other forms of corrup-
tion nor have we received any other whistleblower re-
ports. Better Collective persistently works to strengthen 
its compliance measures by regularly reviewing and up-
dating its anti-corruption policies to align with evolving 
laws and best practices. 
Code of Conduct 
Throughout the group we promote our Code of Conduct 
as a guide for all employees to the standards and values 
of a compliant and responsible business. The Code of 
Conduct also outlines that all employees are to report 
on gifts, meals, and entertainment (received and of-
fered) to track and prevent conflicts of interest.  
Our efforts within governance advance overall sus-
tained, inclusive, and sustainable economic growth 
while they also secure full and productive employment 
and decent work for our employees - all of which sup-
port SDG 8. 
Data ethics report 
Better Collective has adopted a data ethics policy in ac-
cordance with Section 99d of the Danish Financial State-
ments Act. This section stands as our data ethics report 
for the fiscal year 2023. The data ethics policy outlines a 
set of data ethics principles that support ethical deci-
sion-making when using data across Better Collectives 
activities. We employ data to provide our users with a 
unique and educational experience whenever they visit 
our websites and/or engage in our communities. To give 
our users the best and most relevant experi ence possi-
ble, we process various categories of data including 
user-related data and personal data. In 2023 we estab-
lished a process and governance setup to handle and 
evaluate data ethics reporting.

===== SIDA 58 =====

Annual report Page 58 
Environment 
Since its inception, Better Collective has 
been committed to making responsible 
decisions across all operations – this is also 
the case when it comes to the group’s  
impact on the environment.   
It is our long-term commitment to implement a precau-
tionary approach to environmental challenges and min-
imize our carbon emissions. As we are an online busi-
ness, our environmental impact is relatively small. Cli-
mate changes generally pose little risk to our current 
and future operations as we have no physical supply 
chain, and as such, we can operate almost anywhere. 
Still, we aim to minimize our carbon footprint and we are 
working towards setting a reduction target. Our envi-
ronmental policy is included in our sustainability policy.
 
Key emissions factors 
Business travel is one of BCs principal sources of carbon 
emissions and has a significant impact on our ambition 
to lower our carbon footprint. When making travel deci-
sions, the environmental and economic impacts must be 
taken into account and weighed against the expected 
benefits of meeting in person. The booking principles, 
including low-carbon options, are included in the Better 
Collective Travel Policy.
 
Besides travel, server hosting, IT and office equipment, 
and food supplies make up most of our carbon intense 
procurement. When choosing suppliers, considerations 
of environmental factors must be considered . In 2022, 
we started including server hosting in our scope 3. Our 
range of websites are hosted at data centers with a con-
scious approach to the environment and a significant 
purchase of renewable energy.
 
Garbage with a significant negative environmental ef-
fect (such as batteries, IT equipment, etc.) should be re-
used when possible or disposed of according to govern-
mental recommendations. Old IT equipment, to an in-
creasing degree, is disposed of by a third party based on 
environmentally responsible practices (where available) 
or re -used for private purposes by employees.
 Food 
waste should be kept to a minimum. We do so by work-
ing with our caterers and regulating our consumption 
daily.
 
 
 
 
 
 
 
 
 
    
Annual report Page 58

===== SIDA 59 =====

Annual report Page 59 
Social metrics 
The data in the following accounts is based 
on information registered in and retrieved  
from the group’s  HR software system. 
Better Collective’s  continued growth 
through M&A  activity  means that newer 
offices and operations are not accounted 
for with the same accuracy as the more 
long-standing operations.  
Average number of full-time work force (FTE)  
The average number of full-time employees as stated in 
the annual accounts 2023.  
Total headcount (HC)  
The total headcount by the end of 2023.  
Gender diversity  
The percentage of the underrepresented gender 
(women) in the workforce at the end of 2023.  
Gender pay ratio  
The gender pay ratio is calculated as the median male 
salary divided by the median female salary  (the un-
derrepresented gender), per country and collated as a 
weighted average for the group. Salaries include pen-
sion and exclude bonus, incentive programs and other 
benefits. The 2019 and 2020 figures have been recalcu-
lated.  
Employee turnover  
Employee turnover is defined as voluntary and involun-
tary leaves (headcount) divided by the number of em-
ployees and converted to a percentage rate. Resigna-
tions and dismissals  have been specified and added in 
the 2023 reporting. 
Sickness absence  
The number of sick days for all HCs for the period di-
vided by total HC. Action Network was left out of the 
calculations as it was not possible to gather information 
on sick days. 
Employee engagement and response rate 
Based on the average responses to five specified ques-
tions in our better workplace evaluation 2023. 
Reported cases of harassment 
Based on anonymous reports in our better workplace 
evaluation. The nature of harassment is unknown. 
Reported workplace injuries 
The number of reported workplace injuries as reported 
to HR. 
Nationalities 
Number of nationalities represented in the group. 
Corporate income tax  
Total income tax for 2023.
In 2023, Better Collective contributed with direct as cor-
porate taxes in more than 15 countries. Corporate tax 
payments amounted to 15 mEUR. Better Collective be-
lieves in contributing to the societies and communities 
it is  do ing business in. One of the ways to  do so is 
through global  tax payments. In all tax matters, the 
group acts in a fair, compliant, and responsible way.  
 
Social Unit Target 2023 2022 2021 2020 2019 
Average number of FTE FTE   1,252  878  635  420  364  
Total headcount HC   1,312  949  781  476  428  
Gender diversity % 35  31  29  30  30  31  
Gender pay ratio Times 1  2  1  1  1  1  
Employee turnover ratio %   15  18  17  21  14  
 - Resignations %   5  12  15  10  9  
 - Dismissals %   9  6  2  11  4  
Sickness absence Days per HC   2  2  1  1  2  
Employee engagement % 80  84  83  87  85  - 
Employee engagement re-
sponse rate % 80  71  75  91  - - 
Reported cases of harassment Number  0 11  11  9  12  - 
Reported workplace injuries Number  0 3   0  0  0 - 
Nationalities Number   45  43  35  30  30  
Corporate income tax mEUR   15.41  16.89  12.60  6.00  5.00

===== SIDA 60 =====

Annual report Page 60 
Governance metrics 
Gender diversity at the Board  
Percentage of the underrepresented gender ( women) 
on the Board of Directors elected at the Annual General 
Meeting. The Board has a 57% (men) and 43% (women) 
consisting of seven members and thereby considered an 
equal gender distribution by the Danish Business Au-
thority. The target figure of 40% was reached in 2023.  
Board meeting attendance rate  
Percentage of Board meetings attended per Board 
member including Board Committee meetings (Audit 
Committee and Remuneration Committee respectively).  
 
Breaches of customer privacy 
Number of complaints for the breach of consumers' pri-
vacy including complaints from official data protection 
authorities. Any complaints under investigation will be 
included once investigation is finalized. 
 
Reported cases of bribery or corruption 
Number of cases reported to HR, in the whistleblower 
scheme or otherwise. 
 
Whistleblower reports 
Number of whistleblower reports received in 2023. 
CEO pay ratio  
CEO pay ratio is calculated as the CEO salary including 
bonus, pension and warrants divided by the median em-
ployee salary. Note that in 2020, the CEO waived his 
base salary in the second quarter in light of the COVID -
19 pandemic impact. 
 
 
 
 
 
 
 
 
 
  
Governance Unit Target 2023 2022 2021 2020 2019 
Gender diversity, board % 40  43% 33  33  17  20  
Board meeting attendance rate % >95 99  99  96  97  100  
Breaches of customer privacy Number  0  0  0  0 - - 
Reported cases of bribery or cor-
ruption Number  0  0  0  0 - - 
Whistleblower reports Number    0  0  0  0  0 
CEO pay ratio Times   9  13  10  8  9

===== SIDA 61 =====

Annual report Page 61 
Our carbon emissions 
 
 
  
Annual report Page 61

===== SIDA 62 =====