FULLTEXT DEL 1 AV 3
Årsredovisning 2024
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Annual Report
2024
March 25, 2025
Better Collective A/S
Sankt Annæ Plads 28, Copenhagen
www.bettercollective.com
CVR NO.: 27 65 29 13
Better Collective’s sports media brand, Play-
maker HQ, hosted its first Block Party event
in Central Park, New York, bringing 4,000
fans, athletes, and creators together. The
show was headlined by Jalen Brunson and
Josh Hart and featured special guests like
Jon Stewart and many more.
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Annual report Page 2
Overview 3
Building Better Collective 4
A word to our shareholders 5
2024 highlights 7
Five-year summary 10
Strategy 11
Our vision 12
Better Collective’s clear vision and strong
strategy 13
Better Collective’s business segments 17
Business segments review 18
2024 financial performance 19
Corporate Matters 22
Better Collective’s corporate governance 23
Remuneration to the Board of Directors and
Executive Management 30
Internal controls 32
Risk management 34
Board of Directors 36
Executive Management 39
The BETCO share and shareholders 40
Sustainability 42
Commitment to growing a sustainable business 43
General disclosures 45
Social 58
Governance 77
Entity specific disclosures 81
Environment 84
EU Taxonomy 91
Appendix 96
Statements 107
Statement by Management 108
Independent Auditors’ Report 109
Independent Auditors’ limited assurance report
on Sustainability Statements 113
Group 116
Statement of profit and loss 117
Statement of comprehensive income 117
Balance sheet 118
Statement of changes in equity 119
Cash flow statement 120
Notes 122
Parent company 158
Statement of profit and loss 159
Statement of comprehensive income 159
Balance sheet 160
Statement of changes in equity 161
Cash flow statement 162
Notes 163
Other 178
Alternative Performance Measures and
Definitions 179
April 22, 2025
AGM
May 21, 2025
Interim Financial report Q1
August 20, 2025
Interim Financial report Q2
November 13, 2025
Interim Financial report Q3
Table of contents
Management
review
Financial
Statements
Financial
calendar
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Annual report Page 3
Building Better Collective 4
A word to our shareholders 5
2024 highlights 7
Five-year summary 10
Annual report Page 3
Overview
This is our detailed 2024 annual report of the Better Collective group’s financial and sustainability performance, risks,
strategy and governance. It includes our Consolidated Financial Statements and Sustainability Statements. To align
with the European Sustainability Reporting Standards (ESRS) under the EU Corporate Sustainab ility Reporting Di-
rective (CSRD), we have integrated our financial and sustainability reporting into a single, unified report. This approach
enhances transparency and offers stakeholders a holistic view of our group’s overall performance and long-term value
creation.
Further, our statutory corporate governance report is incorporated into the “Corporate matters” chapter of the Man-
agement Review. In our separate Remuneration Report, you can get a transparent and comprehensive overview of the
remuneration of our Board of Directors and Executive management team.
To get an overview of all of our reporting material you are welcome to download our reports and investor presentations
via our corporate website www.Bettercollective.com
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Annual report Page 4
Building Better
Collective
Since the incorporation of Better Collective in 2004, we
have been on a remarkable journey, evolving from a
two-person initiative into a global group with more than
1,500 talented employees, and more than 450 million
monthly visits across our portfolio. Throughout the
years of rapid expansion, we have managed to maintain
our visionary and entrepreneurial spirit. Our steadfast
commitment has always been to operate our business
sustainably. As co -founders, we share the belief that
genuine success is derived from creating something we
can truly take pride in. Hence, we made the ea rly deci-
sion to keep our headquarters and company registration
in Copenhagen, reflecting our dedication to giving back
to the community we call home, while ensuring that
taxes are appropriately paid in all the countries we op-
erate. Furthermore, we strive to give back to the local
communities in which we operate both through em-
ployee initiatives as well as great offering products with
great sports content. The formation of a highly experi-
enced and diverse Board of Directors has been a core
focus since the early days, even preceding our listing on
Nasdaq Stockholm in 2018, and later our dual listing on
our home turf in Copenhagen. Our BC Academies within
topics like search engine optimization (SEO) and search
engine marketing (SEM) underscore our commitment to
developing our employees and the local communities
we operate within and have become a crucial part of our
talent attraction. Our emphasis on creating a secure and
equitable work environment is sustained through our
DEI initiatives. Today, more than 45 na tionalities are
represented in Better Collective across 27 countries. We
collaborate with licensed sportsbook partners in regu-
lated markets, receiving recognition through numerous
iGaming industry awards for our commitment to com-
pliance. 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 commit-
ment also extended across our own portfolio of sports
media brands. Our longstanding goal is to achieve sus-
tainable growth, enabling high profitability while con-
currently focusing on future development. Today, we
are one of the leading digital sports media groups glob-
ally and we continue to strive for increased internal op-
timization as there are a lot of synergies to harvest in
combining strong authoritative sports media with large
viewership and Better Collective’s core strengths of op-
timization, conversion, and diverse business models. We
are proud to have retained many talented colleagues
and founders onboard, which is a testament to the trust
and excitement surrounding what we are building with
Better Collective.
Jesper Søgaard & Christian Kirk Rasmussen
Co-founders, CEO & COO
Annual report Page 4
Co-founders Jesper Søgaard (CEO) & Christian Kirk Rasmussen (COO)
at the opening of Better Collective’s new headquarters in Copenhagen
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Annual report Page 5
A word to our
shareholders
Navigating a year of external
challenges and positioning for
the future
As we reflect on 2024, we recognize it as a year of both
challenges and resilience. While the first half of the year
delivered strong results, the second half brought signif-
icant external headwinds, particularly with changes in
the digital search landscape, the evolving regulatory en-
vironment in Brazil, and shifting dynamics in the US mar-
ket. However, through our proactive approach and op-
erational discipline, Better Collective remains well-posi-
tioned to return to growth and long-term value creation.
Strengthening our position as the
Leading Digital Sports Media Group
Our vision remains clear: to become the leading digital
sports media group. In 2024, we further solidified our
position despite facing an evolving market landscape.
We made significant strides in audience growth , tech-
nology development, and business diversification. Our
ability to reach over 450 million monthly visits across
our House of Brands is a testament to our efforts to ex-
pand our global presence and deliver high-quality
sports content.
A key milestone of the year was the continued integra-
tion of Playmaker Capital, which we acquired in early
2024. Playmaker’s strong portfolio of sports media
brands, including Futbol Sites, Yardbarker, and The Na-
tion Network, has strengthened our foothold across
North and South America. Additionally, despite initial
commercial challenges, Playmaker HQ has become a key
part of our broader media strategy, particularly in social
and podcast -driven sports content for strong partner
activations. Lastly, the acquisition of AceOdds has been
great in delivering reliable recurring revenue, adding
brand value to our UK reach, as well as strengthening
our position in one of the most mature sports betting
markets globally.
Driving recurring revenue growth and
strategic adaptation
One of our primary goals has been increasing the share
of high -quality recurring revenues. In 2024, recurring
revenue grew by 21% to reach 231 mEUR , further en-
hancing the predictability and sustainability of our rev-
enue streams. Our transition to revenue share agree-
ments in North America continued, aligning us with
long-term industry trends that prioritize sustainable
revenue over one-time commissions.
Brazil has been a key driver of our growth over the past
3-4 years, expanding organically from an insignificant
revenue contributor to a business generating over 70
mEUR in 2024. The strong cash flow from this growth
enabled us to acquire Playmaker Capital, which has
further strengthened our market -leading position in
South and North America. Through this acquisition, we
are well-positioned to support advertisers broadly in en-
hancing brand awareness and sportsbooks , specifically
in acquiring customers throughout the region.
While the transition of Brazil's sports betting and iGam-
ing regulation temporarily slowed sportsbook market-
ing activity, we remain highly optimistic about the long-
term potential of a regulated market. 2025 will see a re-
basing of the Brazilian business, impacting the recurring
revenue share income, however, is expected to grow
from 2026 onwards. Encouragingly, all our media inven-
tory in Brazil is fully booked for the launch of the Brazil-
ian market, highlighting the strong demand for our
sports media assets.
Operational efficiency and a strong
financial foundation
To align with shifting market conditions, we took deci-
sive action in 2024 to optimize our cost structure, re-
ducing operational expenses by 50 m EUR. While these
measures resulted in a leaner organization, they also en-
sure that we remain agile and financially resilient.
Our M&A-driven growth strategy has been a key pillar of
our expansion, and we continue to see attractive oppor-
tunities in the market. However, in the near term, our fo-
cus will shift toward driving organic growth, harvesting
synergies across the group, share buybacks, and reduc-
ing debt to enhance shareholder value.
Looking ahead to 2025 and beyond
The global iGaming market is still in its youth, with nu-
merous major markets still to regulate online sports bet-
ting in the coming years. We are strategically positioned
to capitalize on these opportunities, leveraging our
Group's expertise to enter and expand into these mar-
kets as they become regulated, thereby increasing our
addressable market.
As we move into 2025, the focus will be on the rebasing
of the Brazilian business in a regulatory environment,
paving the way for returning to growth in 2026. Despite
short-term challenges, the long-term outlook for Better
Collective remains strong. We are confident in our abil-
ity to continue leading the sports media and betting me-
dia industries through innovation, strategic invest-
ments, and operational excellence. Our market -leading
brands, combined with a robust financial position and a
highly skilled tea m, provide a solid foundation for the
future.
This year has been a tough match, with unexpected hur-
dles and a demanding playing field. Our team has been
the most important player behind every win, overcom-
ing challenges and showing the heart and grit of true
champions. The road was not easy—regulatory changes,
shifting market dynamics, and other external headwinds
tested our endurance—but our team played through the
setbacks, adjusted the strategy, and kept their eyes on
the goal. Just like in sports, where setbacks can change
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Annual report Page 6
the course of a game, our team has shown resilience
when facing challenges, and we are ready for our come-
back!
We also extend our gratitude to our shareholders, part-
ners, and stakeholders, who have stood by us as loyal
supporters in this journey. Your trust and commitment
fuel our drive to keep evolving. We are stepping into
2025 with a strengthened game plan, ready to seize op-
portunities and continue building a business that deliv-
ers long-term value for all.
Jens Bager, Chair of Better Collective
Jesper Søgaard, Co-founder & CEO of
Better Collective
Annual report Page 6
Jesper Søgaard , Co-founder & CEO Jens Bager, Chair of Better Collective
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Annual report Page 7
2024 highlights
Q1
Better Collective announced the completion of the Playmaker Capital acquisition, making it the second-largest acquisi-
tion to date.
The long-term 2023-2027 financial targets were 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 (unchanged).
Better Collective raised 10% or approximately 145 mEUR in an accelerated book building process to prepare for future
M&A. The demand in the placing was substantial.
Better Collective became included in the Nasdaq Stockholm and Nasdaq Copenhagen Large Cap Index with companies
that have a market cap higher than 1 bnEUR.
Better Collective hosted its annual HLTV Award Show gathering important people from the Counter Strike community.
The show had more than 100K peak viewers and had more than 1.2 million views in total.
Q2
Better Collective acquired UK sports betting media AceOdds for a total consideration of 42 mEUR implying 4x last
twelve months EBITDA.
Following the acquisition of AceOdds, the group’s 2024 full year financial targets were upgraded: Revenue of 395-425
mEUR, up from 390-420 mEUR, implying 21-30% growth. EBITDA of 130-140 mEUR, up from 125-135mEUR, implying
17-26% growth. Net/debt to EBITDA stay below 3x (unchanged).
On May 5, Google activated a new policy focusing on third-party content across a variety of commercial categories.
This impacted the rankings and thereby traffic to some of Better Collective’s media partnerships. The North American
business was impacted negatively by one specific media partnership affected by the changes, while the Europe &
ROW media partnership portfolio saw a positive impact. Consequently, some of Better Collective’s owned and oper-
ated sports media portfolio saw an increase in traffic and rankings. As sportsbook partners were looking for new cus-
tomer acquisition channels, Better Collective received increased budgets from partners within its Paid Media business,
proving the value of a diversified business strategy.
The Annual General Meeting 2024 was held electronically on April 22, 2024.
Due to underperformance from the acquisition of Playmaker HQ, Better Collective, Playmaker HQ’s founders, and for-
mer owners agreed to renegotiate and settle the earn out. The initial acquisition price of Playmaker HQ was 54 mUSD
of which 15 mUSD was upfront cash. The final price agreed was 23 mUSD; 31 mUSD lower than initially agreed. Better
Collective remain very optimistic about the future of the brand with the commercial team being replaced resulting in a
ramp up in performance. All future expectations for the brand are intact, however postponed by approximately one
year.
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Annual report Page 8
On June 24, Better Collective announced a share buy-back program for up to 20 mEUR to be executed during the pe-
riod 24 June 2024 to 5 September 2024. The purpose of the buy-back program was to cover future obligations relat-
ing to acquisitions and LTI programs.
Q3
Google retracted its plan to phase out third-party cookies, presenting several advantages for Better Collective. Primar-
ily, the core performance marketing operations can maintain established tracking methods, thereby mitigating associ-
ated risks and keeping business as usual. Further, the rollout of our in-house AdTech platform Advantage can be more
seamless, as Better Collective can integrate zero, first, second, and now also third-party data to construct and segment
its audiences more effectively.
On July 5, Better Collective reestablished its three-year financing agreement with Nordea, Nykredit Bank, and Citibank
with a total committed facility of 319 mEUR and a new 100 mEUR accordion option.
Better Collective experienced an overall partner activity decrease in North America. But continued to see increased
success in collaborations with partners working on revenue share contracts, building sustainable long-term growth,
however deferring revenue and earnings. In response to the market changes, management initiated a restructuring of
operations to ensure continued sustainability and profitability in North America whilst continuing to build value around
revenue share.
Initiated two years ago, the US transition from upfront payments to revenue share income was estimated to have re-
sulted in an accumulated Customer Lifetime Value (CLV) database of more than 155 mEUR, with a portion already rec-
ognized as revenue in hybrid deals. Leaving approximately an estimated more than 120 mEUR to be recognized in the
future. It was further announced that the group in 2025 expects to recognize around 10-15 mEUR in pure revenue
share income in the US market and expects this to increase in the future.
In navigating the new transition and adapting to the US market’s shifting landscape management decided to aim for
the North American business to deliver a minimum 20% reported EBITDA margin, and more than 35% margin when
incorporating the continued revenue-share build up.
Better Collective noted that several international sportsbooks reduced activity in anticipation of the official regulation
of the Brazilian market in early 2025. This dynamic affected Better Collective in two ways; I) revenue share income de-
clined, and II) a decrease in new depositing customers as partners limited marketing activity in the period leading up
to the regulation.
The owned and operated sports media portfolio made up for the decreased performance resulting from Google's May
policy focusing on third-party content across a variety of commercial categories, impacting the rankings and thereby
audience to some of Better Collective’s media partnerships.
In Q3, Better Collective acquired a smaller social media asset in North America for a consideration of 7 mUSD.
Better Collective underwent continuous work to implement the AdTech platform, AdVantage, on larger brands, re-
maining committed to the development of the platform and the long-term opportunities it entails within its House of
Brands.
On September 6, Better Collective’s Board of Directors resolved to extend the buy-back program so that it would be
executed until and including November 27, 2024. With the extension, the intention remains to acquire up to 20mEUR.
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Annual report Page 9
Q4
On October 10, Better Collective appointed its Nomination committee as per Regulatory Release no. 50.
On October 24, Better Collective adjusted its financial targets for 2024 following an assessment of preliminary Q3 per-
formance, including the first six weeks of high season in the US market. After recent large acquisitions and the market
outlook, Better Collective also announced the implementation of a streamlining process to optimize the organization
accordingly.
Following large acquisitions and a changing market outlook, Better Collective announced an efficiency program of
more than 50 mEUR. At the end of October, Better Collective made the difficult decision to lay off more than 300 em-
ployees, representing more than 15% of the workforce, and certain other operating costs were reduced to lower levels.
On February 6, Better Collective announced its preliminary headline numbers, revealing a 13% increase in total reve-
nue, reaching 96 mEUR, despite a 2% decline in organic growth. Recurring revenue saw a robust 28% growth, amount-
ing to 63 mEUR, fueled by organic revenue share expansion and the strategic acquisitions of Playmaker Capital and
AceOdds. EBITDA, excluding special items, rose by 14% to 34 mEUR, surpassing the recent guidance issued alongside
the October downgrade. This achievement was mainly due to revenues landing at the higher end of the projected
range and a faster-than-anticipated implementation of our cost efficiency program, resulting in a quarterly EBITDA
margin of 35%.
Better Collective generated around 70 mEUR in annualized revenues from Brazil, equivalent to 19% of group revenues
(mostly from revenue share income), and delivered 407k New Depositing Customers (NDCs) of which 82% were on
revenue share contracts. The number of NDCs were down 15% due to the development in Brazil.
However, the Brazilian market has gone live under new local gambling regulation on January 1, 2025, and Better Col-
lective expects a negative impact on revenue of around 35 mEUR – 50 mEUR due to the following:
• Estimated tax (GGR) and costs on NGR is expected at 26% to apply and will expectedly affect revenue negatively
by 15 mEUR – 20 mEUR in 2025.
• Sportsbooks expect customer churn, due to customers must re-activate their accounts and the increased compe-
tition, attracting customers. This is estimated to impact Better Collective’s revenue share income in the market by
around 20 mEUR – 30 mEUR in 2025. However, remaining players are expected to be of higher quality with
higher CLVs.
Over the past two years, Better Collective has expanded its localization efforts by building a team of over 100 employ-
ees in Brazil to meet all onshoring requirements under the regulation.
The market has launched with some sportsbooks being granted licenses, while the market is in low season. The activity
is expected to pick up from March when the high season for sports begins.
Events after the close
Better Collective’s Board and Executive Management propose to the Annual General Meeting that the 1.8% holding of
own shares as of December 31, 2024, be canceled.
Better Collective has decided to launch a new share buyback of 10 mEUR.
Better Collective’s leading Esport community, HLTV, hosted its annual HLTV Award Show for the fourth consecutive
year. The event brought together the global Counter-Strike community to honor and celebrate the best and brightest
in the world of CS 2. The awards attracted 280k peak viewers (+179% YoY) and achieved 4.3 million total views (+257%
YoY). HLTV is the premier Counter-Strike platform globally, offering news, live-streaming, statistics, on-site tourna-
ment coverage, and more. On average, the HLTV website has over 270 million monthly pageviews, and the brand has
nearly two million followers across social media platforms.
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Annual report Page 10
Five-year summary
tEUR 2024 2023 2022 2021 2020
Income statements
Revenue 371,487 326,686 269,297 177,051 91,186
Recurring revenue 230,735 191,118 127,573 79,879 59,889
Revenue Growth (%) 14% 21% 52% 94% 35%
Organic Revenue Growth (%) -2% 13% 34% 29% 8%
Operating profit before depreciation, amortization,
and special items (EBITDA before special items) 113,403 111,080 85,075 55,775 38,152
Operating profit before depreciation
and amortization (EBITDA) 102,517 109,132 85,021 39,030 38,272
Depreciation 6,990 3,958 2,321 1,764 1,548
Operating profit before amortization
and special items (EBITA before special items) 106,413 107,122 82,754 54,011 36,604
Special items, net - 10,886 - 1,948 - 54 - 16,746 120
Operating profit before amortization (EBITA) 95,527 105,174 82,700 37,265 36,724
Amortization and impairment 34,080 24,283 12,347 8,516 6,235
Operating profit before special items
(EBIT before special items) 72,334 82,839 70,407 45,495 30,369
Operating profit (EBIT) 61,447 80,891 70,353 28,749 30,489
Result of financial items - 18,583 - 22,881 - 5,389 - 2,522 - 1,778
Profit before tax 42,865 58,010 64,964 26,227 28,712
Profit after tax 34,014 39,835 48,075 17,292 21,927
Earnings per share (in EUR) 0.55 0.74 0.88 0.34 0.47
Diluted earnings per share (in EUR) 0.53 0.70 0.85 0.33 0.45
tEUR 2024 2023 2022 2021 2020
Balance sheet
Balance Sheet Total 1,172,119 937,862 785,229 597,379 315,065
Equity 685,929 435,273 412,917 344,848 162,542
Current assets 110,472 105,812 95,025 62,898 48,555
Current liabilities 73,235 103,493 65,068 55,452 26,312
Net interest bearing debt 238,953 221,133 177,879 95,290 51,030
Cashflow
Cash flow from operations before special items 101,009 119,384 69,816 51,204 38,321
Cash flow from operations 82,619 114,639 68,423 45,207 37,696
Investments in tangible assets - 3,942 - 5,143 - 1,788 - 285 - 460
Cash flow from investment activities - 154,829 - 106,248 - 112,632 - 219,219 - 68,090
Cash flow from financing activities 99,154 29,334 65,737 188,759 46,790
Financial ratios
Operating profit before depreciation,
amortization (EBITDA) and special items margin (%) 31% 34% 32% 32% 42%
Operating profit before amortization margin (EBITDA) (%) 28% 33% 32% 22% 42%
Operating profit margin (%) 17% 25% 26% 16% 33%
Publishing segment
- EBITDA before special items margin (%) 32% 37% 38% 43% 48%
Paid media segment
- EBITDA before special items margin (%) 27% 29% 16% 8% 16%
Net interest bearing debt / EBITDA before special items 2.11 1.99 2.09 1.71 1.34
Liquidity ratio 1.51 1.02 1.46 1.13 1.85
Equity to assets ratio (%) 59% 46% 53% 58% 52%
Cash conversion rate before special items (%) 86% 103% 80% 92% 99%
Average number of full-time employees 1,773 1,252 878 635 420
NDCs (thousand) 1,754 1,916 1,683 858 635
For definitions of terminology, please refer to the section on page 179.
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Annual report Page 11
Better Collective’s clear vision and strong
strategy 13
Better Collective’s business segments 17
Business segments review 18
2024 financial performance 19
Annual report Page 11
Strategy and
performance
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Annual report Page 12
Our vision
Annual report Page 12
Our vision is to become the leading digital sports media
group; Better Collective owns and operates global and
national sports media, sports betting media, and Esports &
gaming communities. We are on a mission to excite fans and
foster passionate communities worldwide.
Our House of Brands attracts more than 450 million monthly
visits, while our combined offerings include everything from
quality sports content, communities, data insights, and apps,
to video content, podcast, and innovative technology.
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Annual report Page 13
Better Collective’s
clear vision and strong
strategy
Becoming the leading digital
sports media group
Better Collective is a global leader in digital sports me-
dia, driven by a mission to excite sports fans through en-
gaging content and foster passionate communities
worldwide. With an interconnected House of Brands, at-
tracting over 450 million monthly visits, our business is
built on creating value through engagement, technolog-
ical excellence, and strategic partnerships. Our business
model is underpinned by a diversified revenue ap-
proach, combining affiliate marketing, advertising,
sponsorships, and subscription-based services. This dy-
namic model has enabled us to expand across signifi-
cant markets, including Europe, North America, and
South America while tailoring our offerings to meet each
region's unique demands and opportunities.
The scalability and synergy inherent in our operations
are core drivers of our success. We optimize audience
engagement and revenue generation across diverse
channels, supported by a robust technological infra-
structure. Strategic acquisitions, including Playmaker
Capital, have further extended our reach into key mar-
kets like South America, consolidating our leadership
across major regions and positioning us to serve an ex-
panding global audience.
At the heart of Better Collective’s strategy is our com-
mitment to maintaining the trust of our stakeholders, in-
cluding our users, employees, customers, partners, reg-
ulators, investors, and the local communities in which
we operate. This trust is upheld through a strict focus on
regulated markets, where we collaborate with licensed
sportsbooks to ensure compliance with local laws and
ethical standards. Our operational framewor k focuses
on safer gambling, reinforced by innovations like Mind-
way AI, a subsidiary designing tools to promote safer
betting behavior. This alignment of business perfor-
mance with user protection not only strengthens our in-
dustry leadership but also ensures long-term resilience.
Inside Better Collective's
value chain excellence
Better Collective’s value chain is characterized by a
comprehensive upstream, operational, and downstream
ecosystem that is integral to our position as a global
leader within digital sports media. Upstream activities
focus on procuring the necessary infrastructure to sup-
port our operations, including server capacity, data cen-
ters, and IT equipment. These technological assets are
foundational to ensuring the seamless hosting, publish-
ing, and delivery of high-quality sports content we cre-
ate to our global aud ience. In our own operations, the
most critical asset is our people. Better Collective
thrives on the expertise and dedication of skilled profes-
sionals across various business areas, including content
creation, paid media, conversion rate optimization
(CRO), and search engine optimization (SEO). Our
workforce drives the innovation, growth, and excellence
that define our group.
Downstream, our operations center on creating and dis-
seminating diverse content formats, including written
articles, visual media, and audio productions such as
podcasts. This journalism and video creation of sports
content are published across Better Collective -owned
brands, offering sports fans a trusted and engaging ex-
perience. The key here is to continuously invest in the
strong brands, to ensure future sustainability. Addition-
ally, our activities span across media partnerships, our
publishing and our p aid media business while also ex-
tending to advertising placements on third-party sports
media platforms. These efforts amplify our reach and
contribute to revenue growth while maintaining ethical
and sustainable advertising practices.
Consumers and end -users form the core of our down-
stream value chain, with Better Collective’s platforms
attracting over 450 million monthly visits. We prioritize
safety and transparency as cornerstones of user experi-
ence while providing safer gambling resources and ed-
ucational content to promote safer behavior among our
audiences. Geographically, North America contributes
29% of the group’s revenue, while Europe and the R est
of the World account for 71%, demonstrating a balanced
and diversified revenue stream across regions. The re-
sources underpinning these activities include a work-
force of over 1,500 FTEs, representing more than 45 na-
tionalities. This diversity fosters creativity and innova-
tion while driving the continuous improvement of our
offerings. Distribution channels range from proprietary
platforms to collaborative ventures with media organi-
zations, ensuring extensive market penetration and cus-
tomer engagement.
Pioneering sustainable value
creation and driving growth
responsibly
Key business relationships with customers such as
sportsbooks and advertisers, suppliers, and partners are
essential to our strategy and are carefully managed to
mitigate risks and seize opportunities. For example, re-
lationships with licensed sportsbook operators help
safeguard regulatory compliance, minimizing the risk of
legal or reputational issues. Conversely, these partner-
ships also unlock opportunities to enhance our offerings,
diversify revenue streams, and expand into new mar-
kets.
Dependencies on social and technological resources,
such as data analytics and cyber security, are critical to
our operations, highlighting the need for ongoing in-
vestment in innovation and risk management. Better
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Collective’s cost structure and revenue streams are
transparently reported in line with IFRS 8 requirements,
ensuring clarity for stakeholders. Revenue is generated
through a balanced mix of affiliate marketing, advertis-
ing, sponsorships, and subscription services, which are
continually optimized to align with market trends and
consumer preferences. The Publishing part of our busi-
ness drives revenue through our owned and operated
brands, as well as media partnerships , and Esports as-
sets. The Paid Media busi ness drives revenue through
third party platforms such as Google, to generate traffic
and conversion. This part of the business is naturally of
lower gross margin, given the upfront payment to an ex-
ternal party.
Potential impacts, risks, and opportunities are continu-
ously assessed across our sectors, ensuring our business
model and value chain remain adaptable to changes in
the global landscape. For example, the increasing digi-
talization of sports media presents s ignificant opportu-
nities for growth, while regulatory changes in certain
markets underscore the importance of maintaining
compliance and ethical standards. By proactively ad-
dressing these factors, Better Collective is well -posi-
tioned to navigate the challe nges and capitalize on the
opportunities that define the industry.
Sustainability is seamlessly integrated into our opera-
tions, ensuring alignment with global priorities and
stakeholder expectations. This includes implementing
environmentally responsible practices to minimize our
footprint, supporting local communities through educa-
tional initiatives, and fostering a diverse and inclusive
workforce. Our commitment to data privacy further un-
derscores our dedication to providing a safe and trust-
worthy environment for users. The sustainability-related
goals include reinforcin g responsible gambling
measures such as Mindway AI ’s software solutions, en-
hancing ethical advertising partnerships, and fostering
transparency in our partnerships with licensed sports-
books in regulated markets and with advertisers. These
projects are integral to ensuring that Better Collective
remains a responsible digital sports media leader while
addressing sustainability reporting requirements.
As we look to the future, Better Collective remains fo-
cused on growth, innovation, and sustainability. By lev-
eraging our technological expertise, expanding our au-
dience base, and deepening strategic partnerships, we
are paving the way toward our vision of becoming the
leading digital sports media group. In doing so, we con-
tinue to deliver value to all stakeholders while upholding
our responsibility to conduct business ethically and sus-
tainably.
Annual report Page 14
===== SIDA 15 =====
Annual report Page 15
===== SIDA 16 =====
Annual report Page 16
===== SIDA 17 =====
Annual report Page 17
Better Collective’s
business segments
Europe & RoW
contributes
85%
of the group’s EBITDA
before special items
Europe & RoW
The Europe and Rest of the World (RoW) busi-
ness encompasses all markets outside North
America. This includes a mix of mature legacy
markets in Europe and high -growth markets
like South America. Our business segment also
features leading Esports communities such as
HLTV and FUTBIN. Due to the established na-
ture of the European markets, recurring reve-
nue is a significant component, already repre-
senting 60% of our revenue in this region
North America
contributes
15%
of the group’s EBITDA
before special items
North America
The US and Canadian markets have established
regulatory frameworks, with US state regula-
tions starting in 2018. Initially, revenue primar-
ily came from one-time payments (CPA). How-
ever, beginning in Q3 2022, Better Collective
shifted towards a recurring rev enue model in
the US, which now constitutes ~19% of North
American revenue.
Paid Media
contributes
26%
of the group’s EBITDA
before special items
Paid Media
The Paid Media business includes revenue
efforts in paid advertising on search plat-
forms like Google and Bing, as well as ad-
vertising 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.
Publishing
contributes
74%
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 segment is mostly attracted direct
or through organic search results.
===== SIDA 18 =====
Annual report Page 18
Business
segments review
In 2023, Better Collective adjusted its reporting seg-
ments to distinguish between Europe & RoW and North
America, a structure continuing into 2024.
Two customer acquisition models are utilized —Publish-
ing and Paid Media — each with unique earnings profiles.
Consequently, reporting includes separate measure-
ments for Revenue, Costs, and Earnings for each model.
All financial figures, including historical data, align with
this segmentation.
Publishing
Publishing revenue reached 265 mEUR, a 20% increase
driven by acquisitions, but with 0% organic growth due
to external changes in the Brazilian and US markets and
made up 71% of the group's total revenue in 2024. Costs
rose to 180 mEUR , resulting in EBITDA before special
items of 84 mEUR, a 5% growth with a 32% margin.
Paid Media
The Paid Media business purchases ads on search en-
gines, social media, and third -party sports media
platforms. With the required upfront payments, its gross
margin is generally lower than Publishing, fluctuating
with activity levels and revenue-sharing investments.
Since acquiring the Atemi Group in 2020, Better Collec-
tive has prioritized growing the Paid Media business.
The strategic shift from pure CPA to revenue share con-
tracts, or hybrid revenue models, has increased revenue
from revenue share income.
In 2024, Paid Media revenue was 107 mEUR, with <1%
growth and a 7% decline in organic growth. However,
revenue share income rose 28%, while CPA fell 18%,
highlighting the shift to revenue share deals. Opera-
tional income was 29 mEUR, down 5%, with a 27% mar-
gin, impacted by market developments in Brazil and the
US. Overall, Paid Media contributed 29% of group reve-
nues and 26% of group operational earnings.
Europe & Rest of the World
The Europe & Rest of the World (RoW) segment in-
cludes all markets outside North America. Within this di-
vision, the European markets are considered mature and
represent the legacy markets for Better Collective. The
portfolio comprises k ey sports brands in Europe and
South America, as well as prominent Esports communi-
ties. The long -standing history of revenue sharing in
Europe & RoW contributes significantly to recurring rev-
enue in this business.
Revenue reached 264 mEUR, reflecting a 21% growth,
with 6% organic growth. Revenue share income in-
creased by 17% to 160 mEUR, while CPA grew by 10% to
54 mEUR. Both revenue and revenue share income were
affected by the slowdown in Brazil. CPM revenue in-
creased by 108% to 23 mEUR, driven by the acquisition
of Playmaker Capital. Operational profits reached 96
mEUR, marking a 20% increase with a margin of 36%.
This segment contributed 71% of the group's total reve-
nue and 85% of the total operational profit.
North America
The North American business achieved revenue of 107
mEUR, with a slight decline of 1%. EBITDA before special
items fell 45% to 17 mEUR, with a margin of 16%. North
America accounted for 29% of the group's revenue and
15% of its EBITDA. The shift from CPA to recurring reve-
nue share is impacting short-term performance but aims
to foster sustainable growth.
Annual report Page 18
===== SIDA 19 =====
Annual report Page 19
2024 financial
performance
Revenue growth of 14% to 371
mEUR
Revenue showed growth versus 2023 of 14% and
amounted to 371 mEUR (2023: 327 mEUR). Revenue
share accounted for 49% of the revenue with 25% com-
ing from CPA, 5% from subscription sales, and 22%
from other income.
Cost of 258 mEUR - up 20%
The increase in costs compared to 2023 is primarily
driven by acquisitions contributing with 59 mEUR in in-
creased cost base.
The increase in personnel cost is mainly driven by an
increase in average number of employees increasing
from an average of 1,252 in 2023 to 1,773 in 2024,
where 370 employees joined Better Collective as part
of the acquisition of Playmaker Capital.
Total direct cost relating to revenue increased by 8
mEUR to 107 mEUR (2023: 99 mEUR) corresponding to
an increase of 8%. The increase primarily stems from
increased cost related to media partnerships, paid me-
dia spending and increased cost base due to acquisi-
tions. Personnel cost increased 27% to 113 mEUR 2024
(2023: 89 mEUR) due to the increase in the average
number of employees. Personnel costs include costs
related to warrants of 1 mEUR (2023: 3 mEUR).
Other external costs increased 11 mEUR or 38% to 38
mEUR (2023: 27 mEUR) primarily due to other promo-
tions costs and increased cost base due to acquisitions.
Depreciation and amortization amounted to 41 mEUR
(2023: 28 mEUR), an increase of 13 mEUR compared to
2023. The increase is mainly related to the amortization
of intangible assets accounted for as part of the acqui-
sitions of Skycon in Q2, 2023 and the acquisitions in
H2, 2023 of Playmaker HQ, Digital Sportmedia I Norden
AB (the four brands are SvenskaFans.com, Hockeysve-
rige.se, Fotbolldirekt.se and Innebandymagazinet.se),
Goalmedia Technologia E Marketing Digital (the brand
is Torcedores), Tipsbladet as well as the acquisition of
Playmaker Capital completed February 6, 2024 and ac-
quisition of AceOdds completed May 16, 2024, and new
media partnerships entered during 2023 and 2024.
Special items
Special items amounted to an expense of 11 mEUR
(2023: 2 mEUR). The net expense of 11 mEUR is primar-
ily related to M&A expenses of 2 mEUR and restructur-
ing of 9 mEUR. The early settlement of the Playmaker
HQ earnout had net-zero effect as impairment of good-
will were offset by cancelling earnouts payments.
Earnings
Operational earnings (EBITDA) before special items in-
creased 2% to 113 mEUR (2023: 110 mEUR). The EBITDA
margin before special items was 31% (2023: 34%). In-
cluding special items, the reported EBITDA was 103
mEUR (2023: 109 mEUR). EBIT before special items de-
creased 14% to 72 mEUR (2023: 83 mEUR). Including
special items, the reported EBIT was 61 mEUR (2023: 81
mEUR).
Net financial items
Net financial costs amounted to 19 mEUR (2023: 23
mEUR) and included net interest, fees relating to bank
credit lines, unrealized losses on shares and exchange
rate adjustments. Interest expenses amounted to 16
mEUR and included non-payable, calculated interest
expenses on certain balance sheet items, 16 mEUR had
in total net cash flow effect. Net financial costs include
a realized loss of 4 mEUR on Catena Media shares and
unrealized net exchange rate loss of 1 mEUR.
Income tax
Better Collective has a tax presence in the places where
the Group is incorporated. Income tax amounted to 9
mEUR (2023: 18 mEUR). The Effective Tax Rate was
20.6% (2023: 31.3%) decreasing primarily due to utiliza-
tion of tax losses of 2 mEUR from previous years.
Net profit
Net profit after tax was 34 mEUR (2023: 40 mEUR).
Earnings per share (EPS) was EUR/share 0.55 versus
0.74 EUR/share in 2023.
Equity
The equity increased to 686 mEUR as per December 31,
2024, from 435 mEUR on December 31, 2023. Besides
the net profit of 35 mEUR, the equity has been primarily
impacted by the share exchange in connection with the
acquisition of Playmaker Capital of 46 mEUR, the acqui-
sition and disposal of treasury shares of 20 mEUR and
the capital increase in March with 145 mEUR.
Balance sheet
Total assets amounted to 1,172 mEUR (2023: 938 mEUR),
with an equity of 686 mEUR (2023: 435 mEUR). This cor-
responds to an equity to assets ratio of 59% (2023:
46%). The liquidity ratio was 1.51 resulting from current
assets of 110 mEUR and current liabilities of 73 mEUR.
The ratio of net interest-bearing debt to EBITDA before
special items was 2.11.
Investments
In Q4 of 2023 Better Collective announced the acquisi-
tion of Playmaker Capital, which closed on February 6,
2024. This strategic move, with a total purchase price of
111 million EUR, cemented our position as a market
===== SIDA 20 =====
Annual report Page 20
leader in South America while reinforcing our North
American market presence. Better Collective an-
nounced the acquisition of AceOdds on May 16, 2024,
for a total consideration of 43 mEUR on a net cash -
/debt-free basis. AceOdds is a UK sports betting media
brand with its roots in the UK, and this acquisition is
poised to enhance Better Collective's presence across
the UK, significantly.
In Q3, Better Collective has acquired a smaller social
media asset in North America for a consideration of 7
mUSD.
Cash flow and financing
Cash flow from operations before special items was 1 01
mEUR (2023: 119 mEUR), with a cash conversion of 86%.
The lower cash conversion in the year relates to an in-
crease in trade receivables expected to be paid during
Q1, 2025.
Better Collective A/S completed an offering of new
shares through an accelerated book-building process
with a subscription price at the market of DKK 189.4 on
February 28. Total proceeds from the accelerated book-
building process amounted to DKK 1,081.9 million (app.
145 mEUR).
On July 5, 2024, Better Collective reestablished its 3 -
year financing agreement with Nordea, Nykredit Bank
and Citibank with a total committed facility of 319 mEUR
and a 100 mEUR higher accordion option. By the end of
December 2024, capital reserves stood at 102 mEUR
consisting of cash of 38 mEUR and unused bank credit
facilities of 64 mEUR.
Financial performance
against original guidance
In the 2023 Annual Report, Better Collective provided
guidance for 2024, projecting revenue of 390 –420
mEUR and EBITDA before special items of 125 –135
mEUR. The year concluded with revenue of 371 mEUR
and EBITDA of 113 mEUR. The financial results fell below
the guided ranges primarily due to a continued slow-
down in the Brazilian market ah ead of the anticipated
legalization of sports betting in 2025, as well as reduced
marketing expenditures from partners in the US.
The parent company
Better Collective A/S is the parent company of the
group. Revenue grew by 31% to 129 mEUR (2023: 99
mEUR). Total costs, including depreciation and amorti-
zation, were 116 mEUR (2023: 68 mEUR). Profit after tax
was 71 mEUR (2023: 39 mEUR). The change in profit af-
ter tax is primarily due to increased income , including
revenue and net financials. Total equity ended at 706
mEUR by December 31, 2024 (2023: 443 mEUR).
Annual report Page 20
===== SIDA 21 =====
Annual report Page 21
2025 guidance
Better Collective’s guidance for 2025 is as follows:
• Revenue of 320-350 mEUR
• EBITDA before special items of 100-120 mEUR
• Free cash flow of 55-75 mEUR
• Net debt to EBITDA below 3x
2025 guidance implications
Revenue growth will be short-term impacted by the Bra-
zilian market regulation. Given the before -mentioned
factors in Brazil including taxation and added costs on
net gaming revenue as well as expected customer
churn, Better Collective estimates between 50-70% de-
cline in Brazilian revenue share income short term,
which impacts EBITDA for 2025 by estimated 35 -50
mEUR. H1 2024 further provides a tough comparison
with a 20 mEUR EBITDA before special items effect
stemming from a higher US marketing activity from
partners last year, the state launch in North Carolina as
well as the European Championships in Soccer. On the
other hand, Better Collective expects absolute growth
in its European, Esport, South America ex Brazil and Ca-
nadian businesses, as well as US growing from its lower
baseline. This is estimated to give a n EBITDA before
special items growth boost of between 20 to 40 mEUR
during 2025. Lastly, the cost efficiency program will
have full effect of 50 mEUR for the year. All this com-
bined means EBITDA before special items is guided flat
versus last year.
Adjusted long-term guidance
for 2027
• Positive organic growth from 2026
• EBITDA-margin before special items for 2027 con-
tinued at 35-40%
• Continued strong cash conversion
• Net debt to EBITDA below 3x
2027 guidance assumptions
When launching the long-term guidance in 2023, Better
Collective included both organic growth and M&A. Given
the changing market conditions and share price devel-
opment Better Collective will likely consider other capi-
tal allocation measures in the near -term such as bring-
ing down debt and share buybacks. This consideration
combined with the challenges in the US and Brazilian
markets make the company adjust its guidance to focus
on organic growth.
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 esti-
mates and assumptions made according to the best of
the group’s knowledge. These statements are inherently
associated with both known and unknown risks, uncer-
tainties, 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 expressly or implicitly, assumed or
described in those statements or to turn out to be less
favorable than the results expressly or implicitly as-
sumed or described in those statements. Better Collec-
tive can give no assurance regarding the future accuracy
of the opinions set forth herein or as to the actual occur-
rence of any predicted developments and/or targets.
Considering the risks, uncertainties and assumptions as-
sociated with forward-looking statements, it is possible
that certain future events may not occur. Moreover, for-
ward-looking estimates derived from third -party stud-
ies may prove to be inaccurate. Actua l results, perfor-
mance or events may differ materially from those in
such statements e.g. due to changes in general eco-
nomic conditions, in particular economic conditions in
the markets in which the group operates, changes af-
fecting interest rate levels, c hanges affecting currency
exchange rates, changes in competition levels, changes
in laws and regulations, and occurrence of accidents or
environmental damages and systematic delivery fail-
ures. We undertake no obligation to update or revise
any forward -looking statements, whether because of
new information, future events or otherwise, except to
the extent required by law.
===== SIDA 22 =====
Annual report Page 22
Better Collective’s corporate governance 23
Remuneration to the Board of Directors and
Executive Management 30
Internal controls 32
Risk management 34
Board of Directors 36
Executive Management 39
The BETCO share and shareholders 40
Annual report Page 22
Corporate
matters
===== SIDA 23 =====
Annual report Page 23
Better Collective’s
corporate governance
Better Collective A/S is a Danish public limited liability
company governed by the provisions of the Danish
Companies Act. Our registered office and headquarters
are 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 aims to ensure that our company
is run sustainably, responsibly, and as efficiently as pos-
sible. In Better Collective, good corporate governance is
about earning the confidence of shareholders, business
partners, and legislators by creating transparency in de-
cision-making and business processes. A well -defined
and structured distribution of roles and areas of respon-
sibilities between shareholders, the Board, and the Ex-
ecutive Management secures efficiency at all levels. Par-
ticularly, it allows the management team to focus on
business development and , thereby, the creation of
shareholder value. The Board of Directors serves as a
highly qualified dialogue partner for the management
team, supporting the outlined growth strategy and se-
curing a tight risk management setup and optimal capi-
tal structure. The group’s corporate governance is
based on applicable Danish legislation and other exter-
nal rules and instructions, including the Danish Compa-
nies Act, Nasdaq Stockholm’s Rulebook, Na sdaq
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 to
comply with the Swedish Code instead of the Danish
Recommendations on Corporate Governance. The main
corporate laws and rules on governance relevant for
shareholders in a Danish public limited liability company
listed on Nasdaq Stockholm and complying wit h the
Code are largely materially like the corresponding Swe-
dish rules that would apply to a Swedish public limited
liability company under the same circumstances.
===== SIDA 24 =====
Annual report Page 24
Cross-listing and main
differences
As a dual-listed company on Nasdaq Stockholm and
Nasdaq Copenhagen, Better Collective is required to
provide an overview of the main differences between
the Swedish Code and the Danish Recommendations
each year.
Shareholder engagement
Election of Chair of the Annual General Meeting
(AGM)
The Code stipulates the C hair of the AGM shall be ap-
pointed by the Nomination Committee. In a Danish con-
text, the Board of Directors usually appoints a Chair of
the general meeting, which is not regulated in the Rec-
ommendations.
Minutes of the Annual General Meeting
The Code recommends that a shareholder independent
of 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 meet-
ing following Danish Company Law.
Policies
According to the Recommendations, listed companies
are to adopt specific policies and procedures, such as
policies regarding communication and investor
relations, a tax policy , and contingency procedures in
case of a public takeover of the company. Such recom-
mendations are not included in the Code. However, Bet-
ter Collective has adopted an information policy that
governs both internal and external communications, in-
cluding in relation to investors.
Procedures and tasks of the Board of
Directors
Participation in daily management
According to the Recommendations, any participation
by a member of the Board of Directors in the daily man-
agement 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 Directors currently participate in
the daily management of Better Collective.
Board composition and Board
committees
Incorporation by reference of disclosure requirements
ESRS 2, GOV-1, 19, on the board composition and board
committees.
Independence of Board members
The Code distinguishes between Board members’ inde-
pendence from Better Collective and its executive man-
agement and independence from the group´s m ajor
shareholders in two separate recommendations. Inde-
pendence from major shareholders is not a part of the
recommendations. H owever, to be considered inde-
pendent, 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
should be elected, which is not included in the Code.
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 B oard Committee but consists of mem-
bers elected directly by the shareholders. Whereas pur-
suant to the Recommendations , the Nomination Com-
mittee 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 those of the N omination
Committee in a Danish context. Better Collective follows
the Swedish practice pursuant to the Code. Accordingly,
the Nomination Committee consists of shareholder -
elected Committee members, and the tasks carried out
are in line with the Recommendations of the Code.
Management remuneration
The Recommendations contain provisions relating to
management remuneration criteria, B oard compensa-
tion, and 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 B oard 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.
===== SIDA 25 =====
Annual report Page 25
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, 2024, was
63,076,627. Each share entitles the holder to one vote.
The number of shareholders on December 31, 2024, was
5,433, which is an increase of 13% from the 4,821 share-
holders on December 31, 2023. The largest shareholders
on December 31, 2024, were J. Søgaard Holding ApS and
Chr Dam Holding ApS (the Cofounders of Better Collec-
tive) with 10,671,179 shares each and each representing
16.92% of the votes and share capital in the company
(33.84% in total). Further information on the Better Col-
lective share and shareholders is available in the section
“The BETCO share and shareholders” on page 40 as well
as on the group’s website.
General meeting
According 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 that does not specifically fall within the scope
of the exclusive powers of another corporate body. For
example, the power to appoint executive management
falls within the scope of the Board of Directors in limited
liability companies that are managed by the Board of Di-
rectors. At the general meeting, the shareholders exer-
cise their voting right on key issues, such as
amendments to the Better Collective’s Articles of Asso-
ciation, approval of the annual report, appropriation of
the group’s profit or loss (including distribution of any
dividends), resolutions to discharge the members of the
Board of Directors and the executive management from
liability, the appointment and removal of members of
the Board of Directors and auditors and remuneration
for the Board of Directors and auditors. Other matters
transacted at the meeting may include matters that, ac-
cording to the Articles of Association or the Danish
Companies Act, must be submitted to the general meet-
ing.
Time and place
The Annual General Meeting (AGM) must be held at a
date that allows sufficient time to send the Danish Busi-
ness Authority a copy of the audited and adopted an-
nual report within four months of the end of the financial
year. In addition to the A GM, extraordinary general
meetings may be convened and held when required. Ac-
cording to Better Collective Articles of Association, gen-
eral meetings must be held in greater Copenhagen.
Notice
According to Better Collective’s Articles of Association,
general meetings must be convened by the Board of Di-
rectors, who must give written notice no earlier than five
weeks and no later than three weeks before the general
meeting. According to the Danish Companies Act, no-
tices convening 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 th e general meeting
and contain the agenda of the business to be addressed
at the general meeting. If an amendment to the group’s
Articles of Association is to be resolved at a general
meeting, the complete proposal must be included in the
notice. The specific wording must be set out in the no-
tice for certain material amendments . As regards the
AGM, the Company must announce the date for the
meeting and the deadline for any shareholder proposals
no later than eight weeks before the scheduled date for
the AGM.
Better Collective complies
with the Swedish Code of
Corporate Governance with
the following exceptions
As stipulated in Better Collective’s Articles of Asso-
ciation, the Board of Directors appoint the meeting
Chair for the AGM instead of letting the Nomination
Committee propose a meeting Chair. The Articles
also stipulate that the meeting Chair approves the
AGM minutes instead of letting an AGM participant
that is not a member of the Board or an employee
of the company approve the minutes of the meet-
ing.
The respective reports on corporate governance
and sustainability do not include a part of the audi-
tor’s report covering the specific reports, as these
subjects are not individually addressed in the audi-
tor’s report. These deviations are due to differ-
ences between Danish and Swedish laws and prac-
tices.
===== SIDA 26 =====
Annual report Page 26
Right to attend general meetings
A shareholder’s right to attend a general meeting and
vote on their shares is determined based on the shares
held by the shareholder at the registration date. The
date of registration is one week before the general
meeting is held. The holding of each shareholder 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 notifications of owner-
ship 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 those mentioned above, also notify Better
Collective of attendance no later than three days before
the date of the general meeting, as stipulated by Better
Collective’s Articles of Association. 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.
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 A rticles 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 Association. Share-
holders who wish to have a specific matter brought in
before the general meeting must submit a written re-
quest to the group’s Board of Directors no later than six
weeks before the general meeting. If the request is re-
ceived less than six weeks before the general meeting
date, the B oard of D irectors must decide whether the
request has been made with enough time for the issues
to be included on the agenda.
General meeting 2024
The Annual General Meeting (AGM) 2024 was held on
April 22, 2024, and approved the 2023 annual report,
discharged the Board and executive management, re-
elected seven out of seven Board members, elected Vice
Chair of the Board, and re -elected the current auditor.
The shareholders further approved the proposals from
the Board of Directors to authorize the Board of Direc-
tors to increase the group’s share capital without pre -
emption rights for the existing shareholders and to au-
thorize the Board of Directors t o acquire treasury
shares. Also approved were more minor amendments to
the article of association, as well as adopting an indem-
nification scheme for the Board of Directors. The share-
holders adopted the remuneration report based on an
advisory vote.
Electronic general meeting
The Board of Directors is authorized to decide that gen-
eral meetings are held as completely electronic general
meetings without physical attendance or partially elec-
tronic meetings.
Annual General Meeting (AGM) 2025
The AGM 2025 will be held on April 22, 2024, at 4 :00
p.m. CET. For more information, please see the section
on the AGM on 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 Commit-
tee shall propose fees for Board Members and the Audit
Committee. The group’s Articles of Association hold in-
structions and rules of procedure for the Nomination
Committee, according to whic h the Nomination Com-
mittee is to have at least three members representing
the three largest shareholders by the end of August, to-
gether with the Chair of the Board of Directors. The
names of the members of the Nomination Committee
must be published by Better Collective no later than six
months before the AGM.
On August 31, 2024, the two largest shareholders were
Chr. Dam Holding and J. Søgaard Holding. Following the
shareholders’ decision, the Nomination Committee was
appointed and is composed of four members in total:
• Søren Jørgensen, Chair, appointed by Chr. Dam
Holding
• Troels Bisgaard Vig, appointed by J. Søgaard
Holding
• Anders Lund, appointed by BLS Capital Fonds-
mæglerselskab A/S
• Jens Bager, Chair of the Board of Directors, Better
Collective
Based on ownership data as of August 31, 2024 , the
Nomination Committee represented 46% of Better Col-
lective's total number of shares.
Independence of Nomination Committee
The Code requires the majority of the Nomination Com-
mittee’s members to be independent of the group and
its management and that at least one of these members
be independent in terms of voting power in relation to
the group’s largest shareholder. All members are inde-
pendent of Better Collective and the group’s manage-
ment, and all members except for Søren Jørgensen are
independent of major shareholders.
===== SIDA 27 =====
Annual report Page 27
Nomination Committee meeting with
Board members
Each year, the Nomination Committee conducts individ-
ual interviews with the Board members leading up to the
AGM to supplement the board self -evaluation results.
Similarly, any new Board candidates meet with the
Nomination Committee.
Meetings of the Nomination Committee
The Nomination Committee has held four meetings
ahead of the AGM 2025. No fees have been paid for work
on the Committee.
Board of Directors
After the general meeting, our Board of Directors is the
Better Collective group's most superior decision-making
body. The duties of the Board are set forth in the Danish
Companies Act, our Articles of Association, 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 practices of the Board
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 Executive Management, including instruc-
tion for financial reporting and sustainability reporting
to the Board of Directors, are also adopted by the Board
of Directors.
Our Board of Directors supervises the work of Executive
Management and is responsible for the overall and stra-
tegic management and proper organization of Better
Collective’s activities. The Board has the ultimate re-
sponsibility for reviewing, monitoring , and guiding the
strategy of Better Collective, as well as its conduct. Our
Board members provide constructive challenges, strate-
gic guidance, and specialist advice, bringing their di-
verse experience to discussions and decision -making.
The Board has overal l accountability for the manage-
ment and guidance of impacts, risks, and opportunities,
including those associated with aspects of sustainabil-
ity, such as operating a compliant business, promoting
safer gambling, implementing socially responsible con-
duct, environmental responsibility, and ethical behavior.
Sustainability priorities are an integral part of the deci-
sion-making governance of the Board of Directors, and
an update on Better Collective’s sustainability conducts
and progress are presented to them regularly.
Our Board meets according to a predetermined annual
schedule, with at least five ordinary Board meetings be-
tween each Annual General Meeting (AGM). In addition
to these meetings, extraordinary meetings can be con-
vened to process matters that cannot be referred to any
of the ordinary meetings. In 2024, 8 meetings were held.
Composition of the Board
The members of the Board of Directors are elected an-
nually at the AGM for the period until the end of the next
AGM. According to the group’s Articles of Association,
the Board of Directors shall consist of no less than three
and no more than seven Board members. Currently, our
Board of Directors is composed of seven ordinary Board
members: Jens Bager (Chair), Todd Dun lap, Therese
Hillman (Vice Chair), Britt Boeskov, René Rechtman, Leif
Nørgaard, and Petra von Rohr. The Board attended
Nasdaq’s stock market training course before the listing
in 2018. Todd Dunlap and Britt Boeskov received Nasdaq
training after joining the Board.
86% of the Board members are regarded as independ-
ent. As Britt Boeskov, within the past five years, has
been a senior employee in the Better Collective, with her
role as SVP of Strategy ending in September of 2022,
she cannot be considered independent. The composi-
tion of the Board is intended to ensure relevant and
complementary competencies and diversity. This ap-
proach is instrumental in supporting Better Collective’s
strategic goals and vision while ensuring well -consid-
ered, diverse, and judicious decision-making. Currently,
the Board of Directors comprises only professional
members (ESRS 2 GOV-1).
See our Board and Executive members’ CVs on page
36-39.
Evaluation of Board performance
The Board of Directors regularly evaluates its work
through a structured process. The Chair is responsible
for evaluating and presenting the results to the
===== SIDA 28 =====
Annual report Page 28
Nomination Committee. In 2024, an external manage-
ment consultancy assessed the Board’s work, including
the collaboration with Executive Management. The as-
sessment was based on a questionnaire. The question-
naire is combined with personal interviews with each
Board and Executive Management member every other
year. The evaluation was presented to and discussed by
the Board and , subsequently, the Nomination Commit-
tee. In addition, the Nomination Committee conducted
individual interviews with the Board members l eading
up to the AGM. The overall conclusion was that the
Board’s performance and efficiency were satisfactory
and had a well-balanced mix of competencies.
Board Committees
The Board of Directors has established two committees,
consisting of members appointed by and among the
members of the Board of Directors: The Audit Commit-
tee and the Remuneration Committee. The Board of Di-
rectors has adopted rules of procedure for both com-
mittees. Board Committees support the Board of Direc-
tors by preparing tasks and making recommendations
to the Board of Directors, who, in turn, make final deci-
sions on the subjects at hand.
Audit Committee
The Audit Committee consists of Leif Nørgaard (Chair),
Therese Hillman, and Petra von Rohr, and the committee
reports to the Board of Directors.
The Audit Committee’s role includes overseeing the in-
tegrity of the financial and sustainability reporting, mon-
itoring the group’s financial position as well as the effec-
tiveness of the group’s internal control and risk manage-
ment, being informed about the audit of the annual re-
port including the sustainability statement and the con-
solidated financial statements, to monitor the quality of
the external audit, to review and monitor the auditor’s
impartiality and independence and to monitor the
group’s compliance with law and regulations relate d to
financial and sustainability -related matters. As such,
also consulting the Board of Directors on environmental,
social, and governance decisions, including identifying
and assessing material IROs and integrating results into
governance processes and controls. These structures
aim to facilitate the effective management of Better Col-
lective's risks and uphold high standards of business
conduct. The Audit Committee has an annual work plan
and held five meetings in 2024.
Remuneration Committee
The Remuneration Committee comprises Jens Bager
(Chair), Todd Dunlap, and Britt Boeskov.
The Remuneration Committee’s role is primarily to pre-
pare matters regarding remuneration and other terms of
employment for the Executive Management and other
key employees. Tasks include ensuring compliance with
the Remuneration policy, including alignment with sus-
tainability commitments when relevant, specific targets,
and preparation of the Remuneration report. The Remu-
neration Committee also monitors and evaluates ongo-
ing and completed programs for variable remuneration
to the group’s management and monitors and evaluates
the implementation of the guidelines for remuneration
to the Executive management , which the A nnual Gen-
eral Meeting (AGM) has adopted. The Remuneration
Committee has an annual work plan and held three
meetings in 2024. The Remuneration Committee is,
among other things, also responsible for incentive
schemes and remuneration, including those related to
sustainability.
More information can be found in our Remuneration
report.
Executive management
The Board of Directors is responsible for appointing and
removing the members of the Executive M anagement,
which consists of CEO and co -founder Jesper Søgaard,
CFO Flemming Pedersen, and COO and co -founder
Christian Kirk Rasmussen. The Danish Companies Act
governs the duties and responsibilities of the Executive
Management, our Articles of Association, the rules of
procedures for the executive management adopted by
the Board of Directors, other instructions given by the
Board, and other applicable laws and regulations.
Executive Management’s duties and responsibilities in-
clude, inter alia, ensuring that Better Collective
maintains adequate accounting records and procedures,
that the Board of Directors’ resolutions are implemented
in the group's daily management, that the Board of Di-
rectors is up to date on all matters of importance to the
group, and that the day -to-day management of Better
Collective is carried out.
Furthermore, Better Collective has an SVP and VP team
of two women and nine men. The team members are re-
sponsible for the day-to-day operations of their respec-
tive business areas and serve as part of Better Collec-
tive’s overall leadership. Selected members are also part
of the Better Collective Sustainability Board.
Read more about management responsibilities as re-
lated to sustainability and oversight of IROs on page
45.
===== SIDA 29 =====
Annual report Page 29
Diversity of the Board of
Directors and Executive
Management
The Board composition must be appropriate for the
group’s operations and development phase and must
collectively exhibit diversity regarding gender, age, na-
tionality, experience, professional background, and
business expertise. The Board has been set with appro-
priateness to Better Collective’s operations and devel-
opment phase and collectively exhibits diversity regard-
ing gender, age, nationality, experience, professional
background, and business expertise. The Nomination
Committee annually reviews the composition and com-
petencies of the Board of Directors. As the responsibility
of ensuring diversity on the Board lies with the Nomina-
tion Committee, Better Collective does not have a for-
malized policy. In 2024, the Board had an equal gender
distribution under Danish Law, with a 43% female repre-
sentation, and thus, met our target and additional diver-
sity criteria based on age, nationality, and a broad range
of educational and professional backgrounds. Please see
the presentation of each board member in “Board of Di-
rectors” on pages 36-38.
To see a full account of gender distribution in top
management , see page 67.
Accounting principles
Diversity of the Board of Directors
and Executive Management
Only the two legal genders (male / female) are
considered when calculating the share of the un-
derrepresented gender (female) on the Board of
Directors. The share of female members on the
Board of Directors is found by calculating the per-
centage of the number of female board members
out of the total number of board members.
The number of female board members is found by
counting the number of females on the Board of
Directors in the period from the Annual General
Meeting in March until the end of the financial year.
Board of Directors 2024
Number of executive members 0
Number of non-executive members 7
% of underrepresented gender (female) 43%
Executive Management 2024
Executive members 3
% of underrepresented gender (female) 0%
===== SIDA 30 =====
Annual report Page 30
Remuneration to the
Board of Directors and
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 (AGM). At the AGM held on April 22, 2024,
it was resolved that a fee of 141,750 EUR is to be paid to
the Chair and 94,500 EUR to the Vice Chair and that
47,250 EUR is to be paid to each of the other B oard
members. Work in a B oard committee is remunerated
with 32,200 EUR for a chair position in the Audit Com-
mittee and the Remuneration Committee respectively,
and an annual remuneration of EUR 16,100 for a regular
membership of the Audit Committee and an annual re-
muneration of EUR 10,750 for a regular membership of
the Remuneration Committee. Following approval at the
AGM on April 22, 2024, the Board fee in 2024 was paid
in cash.
For the financial year 2024, the Board of Directors re-
ceived remuneration as set out in note 5 on page 129.
For additional details, see also the remuneration report
for 2024 available from bettercollective.com.
Remuneration for 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 2024, the Executive Management
received remuneration as set out in note 5 on page 129.
Remuneration policy
The current r emuneration policy was adopted at the
AGM on April 22, 2024, in compliance with sections 139
and 139a in the Danish Companies Act.
Executive Management
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 10,671,179 102,993
Flemming Pedersen, CFO 311,966 0 0 311,966 3,011
Christian Kirk Rasmussen, COO 10,671,179 0 0 10,671,179 102,993
Executive Management, total 21,654,324 0 0 21,654,324 208,996
Board of Directors
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 0 150,000 851,229 8,216
Therese Hillman, Vice Chair 1,375 0 0 1,375 13
Todd Dunlap, member 475 0 0 475 5
Leif Nørgaard, member 447,300 0 0 447,300 4,317
Petra von Rohr, member 22,037 0 0 22,037 213
René Efraim Rechtman, member 11,000 0 0 11,000 106
Britt Ingrid Boeskov, member 13,027 0 0 13,027 126
Board of Directors, total 1,496,443 0 150,000 1,346,443 12,995
Total 23,150,767 0 150,000 23,000,767 221,991
* The end-of-year market values are based on the official share prices prevailing December 31, 2024.
===== SIDA 31 =====
Annual report Page 31
Better Collective’s B oard of Di rectors and Executive
Management members receive a fixed annual remuner-
ation. In addition, Executive Management members may
receive incentive -based remuneration consisting of
share-based rights. Finally, Executive Management
members may receive incentive- based remuneration
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 bo-
nus schemes for Executive Management may consist of
an annual bonus, which the individual Executive Man-
agement member can receive if specific targets of the
group and other possible personal targets for the rele-
vant year are met.
The maximum cash bonus shall be equivalent to 100 %
of the fixed base salary of each eligible Executive Man-
agement participant. A bonus payment is only relevant
when conditions and targets have been fully or partly
met (as determined by the Board of Directors). If no tar-
gets are met, no bonus is paid out. The Board of Direc-
tors and the Executive Management shall agree upon
targets for the Executive Management. The general
meeting will decide whether to establish a long-term in-
centive program (LTI program).
Better Collective has a bonus scheme that incorporates
different ESG KPIs, such as engagement in Safer Gam-
bling training, alongside a broader discretionary compo-
nent. This was not realized in 2024.
Annual report Page 31
===== SIDA 32 =====
Annual report Page 32
Internal controls
The Board and Executive Management are responsible
for Better Collective’s internal control and risk manage-
ment systems concerning the financial and sustainabil-
ity reporting process. The main purpose of the internal
control is to ensure that the Better Collective’s strate-
gies and objectives can be implemented within the busi-
ness and that there are adequate systems for monitor-
ing and controlling the group’s business and the risks as-
sociated with the group and its business and to ensure
that the financial and sustainability reporting has been
prepared following applicable laws, accounting stand-
ards, and other requirements imposed on listed compa-
nies. T he Danish Financial Statements Act, the Danish
Companies Act, and the Code govern the Board of Di-
rectors’ internal control and reporting responsibility . In
addition, the Board of Directors has implemented an in-
ternal control framework based on the COSO standard,
which focuses on five areas: control environment, risk
assessment, control activities, information , as well as
communication and monitoring.
Control environment
The group’s internal control framework identifies key
processes, inherent risks, and control procedures to re-
duce and mitigate financial and sustainability risks and
ensure reliable financial and sustainability reporting. The
Audit Committee assists the Board in supervising the
financial and sustainability reporting process and moni-
toring the effectiveness of the internal control and risk
management systems. Executive Management is re-
sponsible for maintaining and strengthening the overall
control environmen t, identifying weaknesses , and en-
suring necessary steps are taken to mitigate financial
and sustainability risks through standardization and
process optimization.
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 Board of Directors, the Board Committees , and
the Executive Management with instructions for finan-
cial reporting to the Board of Directors. The policies in-
clude a tax policy, a treasury policy, an IT policy, an in-
formation policy, an insider policy, instructions for in-
sider lists, and a code of conduct. Better Collective also
has a group accounting manual containing principles,
guidelines, and accounting and financial reporting pro-
cesses. The division of roles and responsibilities within
the rules of procedure for the Board of Directors and the
Executive Management aims to facilitate effective man-
agement of Better Collective’s risks. The Board of Direc-
tors has also established an Audit Committee whose
main task is to monitor the effectiveness of the group’s
internal control, internal audit, and risk management, to
be informed about the audit of the annual report and
consolidated financial statements, and to review and
monitor the auditor’s impartiality and independence.
The Board evaluates the need for an internal audit func-
tion annually. In 2024, given the company's size, it was
decided that an internal audit function is not currently
needed. Better Collective applies an internal “signing &
approval” framework to ensure a precise and formalized
distribution and limitation of power and to define and
govern guidelines for the delegation of authority to sign
on behalf of the group. Furthermore, the group has es-
tablished an IT governance structure to ensure that all
major IT projects support Better Collective’s business
goals, and that existing IT systems and resources are
used optimally. The group h as implemented a whistle -
blower scheme providing the ability to quickly and
anonymously report any observations of potentially de-
structive, unethical, or illegal activities related to Better
Collective.
Better Collective is in the early stages of aligning with
the Corporate Sustainability Reporting Directive and
acknowledges the absence of developed internal con-
trols tailored to sustainability reporting. We are commit-
ted to ensuring the accuracy of our sustainability report-
ing going forward. Following the initial implementation
of the CSRD in 2024, Better Collective has begun devel-
oping more robust internal control systems to support
the sustainability reporting process. Our approach aims
to align sustaina bility reporting controls with financial
reporting structures, ensuring a structured and reliable
framework over time. As the scope of sustainability re-
porting expands, Better Collective is actively assessing
the risks related to data accuracy and completeness and
working to establish appropriate internal controls
through ongoing evaluations in collaboration with inter-
nal data owners and external auditors (ESRS 2 GOV-5).
Risk assessment
Risk assessment includes identifying risks pertaining to
the group’s business, assets, financial and sustainability
reporting, as well as assessing the impact and probabil-
ity of those risks to ensure that actions to reduce or
eliminate risks are analyzed and implemented. Within
the Board of Directors, the Audit Committee is respon-
sible for continuously assessing the group’s risks. Annu-
ally, the Executive Management must prepare an inter-
nal risk management assessment , which is reported to
the Audit Committee and subsequently to the Board 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 concerning financial reporting . The
CFO and the Finance department annually prepare a re-
port for the Audit Committee, including a review of
items subject to unique risks and significant accounting
estimates and judgments, allowing the Audit Committee
to monitor the financial reporting process. The Audit
Committee also annually evaluates the need for an in-
ternal audit function and makes recommendations to
the Board of Directors. Better Collective will align with
the Corporate Sustainability Reporting Directive while
we acknowledge the absence of some internal controls
===== SIDA 33 =====
Annual report Page 33
tailored explicitly to sustainability reporting, which will
be implemented going forward.
Control activities
Control activities are performed to prevent, detect, and
correct any errors and irregularities, including fraud.
Control activities are implemented in the group’s sys-
tems and procedures, including financial reporting sys-
tems and procedures. Control activities include, for ex-
ample, physical and electronic preventive acc ess con-
trols concerning sensitive and confidential information,
preventive IT-based controls limiting access to systems,
joint approval procedures for electronic bank transfers,
and detective controls. Financial control activities are
performed following the group accounting manual, car-
ried out monthly, and documented. Better Collective will
align with the Corporate Sustainability Reporting Di-
rective while we acknowledge the absence of some in-
ternal controls tailored explicitly to sustainability re-
porting, which will be implemented going forward. As
such, our sustainability processes continue to evolve
alongside the maturation of the requirements' guidance
in this area.
Monitoring
Compliance and effectiveness of internal controls are
continuously monitored. The E xecutive Management
ensures that the Board of Directors receives continuous
reports on the development of the group’s activities,
including the group’s financial results and position, and
information 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 A udit Committee examine the annual and in-
terim reports and conduct financial evaluations based
on established business plans. The Audit Committee re-
views any changes in accounting policies to determine
the appropriateness of the accounting policies and fi-
nancial disclosure pr actices. Furthermore, the Audit
Committee also reviews the consistency of accounting
policies across the g roup yearly. The efficiency of the
key controls is evaluated at regular intervals and re-
ported to the Board of Directors, summarizing the per-
formed evaluations and accounting for any deviations
that must be managed.
Information and
communication
Internal communication to employees occurs, inter alia,
through policies, instructions, and blog posts, including
a Code of Conduct that serves as an overall guiding prin-
ciple for employees in all communication, an Infor-
mation policy that governs internal and external infor-
mation as well as an Insider policy, which ensures appro-
priate handling of insider information that has not yet
been disclosed to the public. Additionally, the group’s
CEO is responsible for handling matters regarding in-
sider information. The group’s investor relations func-
tion is led and supervised by the CFO and the VP of
Investor Relations . The principal tasks of the Investor
Relations function are to support matters relating to the
capital market and to assist in preparing financial and
sustainability reports, general meetings, capital market
presentations, and other regular reports regarding in-
vestor relations activities.
External audit
The group’s auditor is appointed by the Annual General
Meeting (AGM) until the end of the next AGM. The audi-
tor audits the financial statement and reviews the sus-
tainability statement prepared by the Board of Directors
and the Executive management. Following each finan-
cial year, the auditor shall submit an audit report to the
AGM. The group’s auditor reports observations from the
audit and assesses the group’s internal control to the
Board of Directors. At the AGM held on April 22, 2024,
EY Godkendt Revisionspartnerselskab was re-elected as
the group’s auditor , with a new lead auditor , Mikkel
Sthyr, taking over from Jan C. Olsen. From 202 4 on-
wards, Better Collective’s Sustainability Statement is
subject to limited assurance. At the AGM , the same in-
dependent auditor, EY Godkendt Revi-
sionspartnerselskab, was elected as the auditor for the
Sustainability Statements. It was resolved that the fees
to the auditor should be paid under usual charging
standards and approved invoices. The total fee paid to
the group’s auditor for the financial year 202 4
amounted to 907 tEUR, all of which regarded the audit
assignment.
===== SIDA 34 =====
Annual report Page 34
Risk management
Better Collective’s management proactively manages
risks to support our business's continued growth and
protect our people, assets, and reputation. Through our
enterprise risk management process, we actively work
to identify, monitor, and reduce gross risks to an ac-
ceptable level. We continuously monitor inherent risks
that could impact our daily operations and strategic
risks that may affect our competitive positioning, value
creation, and strategy execution. Each risk is described,
including current risk mitigation 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 fu-
ture earnings and cash flow. Well-functioning risk man-
agement processes are key to maintaining Better Col-
lective’s position as a leading digital sports media group.
Risk control
The risk evaluation is presented to the Board of Direc-
tors annually for discussion and any further mitigating
actions required. The Audit Committee oversees the on-
going risk management process between the annual
evaluation. The Board evaluates risk dynamically to ca-
ter to this variation in risk impact. The policies and
guidelines stipulate how Better Collective ’s manage-
ment must work with risk management. Sustainability
risks are assessed annually, and insights from the 2024
Double Materiality Assessment (DMA) have been
incorporated into the enterprise risk management cali-
bration process and reporting. The key group risk and
the activities we undertake to mitigate them are de-
scribed on the following page.
Annual report Page 34
===== SIDA 35 =====
Annual report Page 35
AREA RISK DESCRIPTION IMPACT MITIGATION
MARKET REGULATION
Changes to applicable laws and regulations could lead to an
increased compliance burden. Contractual risk and legal risk related
to regulatory requirements are critical. Failure to meet or implement
regulatory requirements concerning, for instance, data protection,
confidentiality agreements, IPR, and fraud constitutes a risk.
Higher operational costs, potential fines, legal disputes, and
reputational damage.
• G aming 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
operations, ensures a stage-gate approach when new contracts are made and when new regulations or
compliance are being imposed.
CYBERCRIME
As a digital software company with a core business based on mod-
ern information technology, Better Collective’s failure to adequately
protect itself against IT risk represents a distinct risk. Cybercrime,
including unauthorized access to Better Collective’s network and
data, could endanger applications, the infrastructure, and the tech-
nical environment stored on Better Collective’s network.
Data breaches, operational disruptions, financial loss, and re-
duced user trust.
• T he IT department continuously monitors our infrastructure to identify and minimize risks to our production and
performance. Better Collective can quickly restore critical business operations through well-established
procedures and solutions.
RECRUITMENT AND RETENTION
People remain the key drivers in everything we do at Better Collec-
tive since our business is based on specialized expertise and innova-
tion.
Failure to attract and retain skilled employees may impact in-
novation, scalability, and overall performance.
• Be tter Collective’s values and employer branding are strong tools for talent recruitment. We monitor employee
performance and engagement through bi-annual development talks and annual workplace evaluations, including
DEI training.
ACQUISITION
With our acquisition focus increasingly turned to larger companies,
the overall risk profile of Better Collective has changed, and regula-
tory 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.
Financial exposure, integration inefficiencies, regulatory chal-
lenges, and underperformance risks.
• W e engage regulatory bodies in the licensing process for newly established entities when applicable. Acquired
entities are evaluated, and local governance is established for those of a certain size. Where relevant, we
implement dedicated local Finance, HR, and Legal teams for these entities. 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 Finance, HR, and Legal organizations dedicated to the entities when relevant.
SEARCH ENGINE AND RANKING
Algorithm updates pose a risk to organic search and ranking possi-
bilities and may trigger optimization challenges. The rise of AI chat-
bots may impact the way media content is produced and potentially
the search behavior of users.
Loss of organic traffic, higher marketing costs, and uncertainty
in search behavior.
• A s 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.
ESG
The primary sustainability risks lie within the social and governance
spaces and less within the environment space. Concerns related to
problematic gambling and reputational risk from not being per-
ceived as acting responsibly or within the regulatory frameworks.
Regulatory scrutiny, financial penalties and reputational dam-
age.
• R egulatory compliance is systemized by the legal team. We are educating ourselves on safer gambling, on
advertising standards and developing 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.
FINANCIAL
Market risks, foreign exchange fluctuations, interest rate changes,
and credit risks may impact financial stability.
Revenue volatility, increased borrowing costs, and potential fi-
nancial losses.
• F inancial risk management policies described in note 19 of consolidated financial statements.
===== SIDA 36 =====
Annual report Page 36
Therese Hillman
Vice Chair and member of the Audit Committee
Born 1980, Swedish
First elected to the BoD in 2021
Education: M.Sc. in Accounting and Finance from the Stockholm School of Eco-
nomics with exchange terms at the University of Virginia and the University of
North Georgia
Current assignments: NOD - Network of Design (CEO); Board Chair of String Fur-
niture AB, Nordic eTrade AB, Grythyttan Stålmöbler, Kasthall AB, and Sweden Con-
cepts AB; Board member of Byarums Bruk, Cooee Design, Wall of Art, and Norling
Cavalin
Previous assignments: NetEnt. (Group CEO), Gymgrossisten.com (CEO)
Special competencies: ESG · Executive leadership · Finance · Investor and capital
market relationships · Industry knowledge · Strategy · Risk Management · M&A · US
Market · Digital · Affiliate / aggregator
Independence in relation to:
– Shareholders
– The company
Yes
Yes
Britt Boeskov
Board member and member of the Remuneration Committee
Born 1978, Danish
First elected to the BoD in 2023
Education: M.Sc. in Intercultural Communication and Management from Copenha-
gen Business School
Current assignments: Board member at MAG Interactive, Mindway AI, GAMING1
and Racecourse Media Group; 4see Advice (Principal Owner)
Previous assignments: Kindred Group (CEO, Chief Program Officer, COO), Better
Collective (SVP of Group Strategy and Execution)
Special competencies: ESG · Executive leadership · Investor and capital market re-
lationships · Industry knowledge · Strategy · Risk Management · Affiliate / aggre-
gator · Finance · M&A · US Market · Digital
Independence in relation to:
– Shareholders
– The company
Yes
No
Board of Directors
Jens Bager
Chair of the Board and of the Remuneration Committee
Born 1959, Danish
First elected to the BoD in 2016
Education: M.Sc. in Economics and Business Administration from Copenhagen
Business School
Current assignments: Member of the Executive Board of Apto Invest ApS, Apto
Advisory ApS, Tandlægen.dk and Symmetry Administration ApS; Impilo AB (In-
dustrial Partner), Scantox Holding ApS (Chair), and Marleybones Ltd (Chair)
Previous assignments: ALK-Abelló A/S (CEO), Ambu A/S (COB), Heatex AB
(COB), and Poul Due Jensens Foundation (COB), Chr. Hansen (EVP), and various
boards in Denmark, Sweden, and France
Special competencies: Executive leadership · Investor and capital market relation-
ships · Strategy · M&A · US Market · ESG · Finance · Industry knowledge · Risk Man-
agement · Digital · Affiliate / aggregator
Independence in relation to:
– Shareholders
– The company
Yes
Yes
===== SIDA 37 =====
Annual report Page 37
Todd Dunlap
Board member and member of the Remuneration Committee
Born 1966, USA
First elected to the BoD in 2020
Education: BBA from Park University, B.S. in Aerospace, aeronautical and astro-
nautical engineering from Arizona State, M.Sc. in Technology innovation from Uni-
versity of Washington, and an Executive Education in Business administration from
Stanford University
Current assignments: OfferUp (CEO and Board Chair), Guest lecturer and mentor
at the University of Washington’s Foster School of Business, and investor in Seat-
tle-area SaaS AI/ML, data and eCommerce startups as a founding LP of Ascend.vc
Previous assignments: Booking.com (CEO North America), Microsoft (VP and
COO, Consumer & Online Division), Better Collective (Board Advisor), WRQ (Group
Marketing Manager, Internet Business Division)
Special competencies: ESG · Executive leadership · Investor and capital market re-
lationships · Strategy · US Market · Digital · Affiliate / aggregator · Finance · Industry
knowledge · Risk Management · M&A
Independence in relation to:
– Shareholders
– The company
Yes
Yes
Petra von Rohr
Board member and member of the Audit Committee
Born 1972, Swedish
First elected to the BoD in 2018
Education: M.Sc. in Economics from Stockholm School of Economics and McGill
University in Montreal, Canada
Current assignments: Webrock Ventures (Board member), Kreab Worldwide (Sen-
ior Advisor)
Previous assignments: Biocool AB (CEO), Com Hem AB (Group Communications
& Investor Relations), Board member of Linkfire, the Global Vector Control Stand-
ard, Lauritz.com A/S, Lauritz.com Group A/S, Novare Human Capital Aktiebolag,
and Takkei Trainingsystems AB, equity analyst in London and Stockholm
Special competencies: ESG · Executive leadership · Investor and capital market
relationships · Strategy · Finance · Risk Management · M&A · US Market · Digital ·
Affiliate / aggregator
Independence in relation to:
– Shareholders
– The company
Yes
Yes
Leif Nørgaard
Board member and Chair of the Audit Committee
Born 1955, Danish
First elected to the BoD in 2014
Education: M.Sc. in Economics and Business Administration from Aarhus Business
School and is a state authorized public accountant
Current assignments: Board Chair of Zerv Aps, DM Greenkeeping Danmark A/S,
and K/S Sunset Boulevard, Esbjerg; Member of the executive board of AnnoAnno
ApS, Fenerum Aps (NY), Ooono A/S, Propbinder Aps (NY), Hubb Aps Sunset
Boulevard, Esbjerg Komplementar ApS, Robo Invest 2020 ApS, ONG Invest Aps,
and SNG Invest ApS; Professional investor in start-up companies
Previous assignments : Chr. Hansen Group (CFO), Dako Group (CFO), Teleca
Group (CFO); Board member of Teklatech A/S, 2XL2016 ApS, Actimo LATAM
Holdco ApS, DTU Science Park A/S, Dial ægt/Citatplakat Aps, Komplementarsel,
and Landshut Aps, Chair of the board of K/S SDR. Fasanvej, Frederiksberg and
MuteBox ApS, Myselfie Aps, Partner of ApS Komplementarselskabet SDR. Fasan-
vej, Frederiksberg; served on boards in several countries
Special competencies: Executive leadership · Finance · Investor and capital market
relationships · Strategy · Risk Management · M&A · US Market · ESG · Industry
knowledge · Digital · Affiliate / aggregator
Independence in relation to:
– Shareholders
– The company
Yes
Yes
===== SIDA 38 =====
Annual report Page 38
René Rechtman
Board member and member of the Remuneration Committee
Born 1970, Danish
First elected to the BoD in 2023
Education: M.Sc. in Politics and International Relations from the University of Co-
penhagen
Current assignments: Moonbug Entertainment (Co-founder & CEO), Board mem-
ber of The Guardian, Blast Aps, and Podimo
Previous assignments: JP/Politikens Hus (Board member), The Walt Disney Com-
pany (Non -Linear Media), Maker Studios (Investor & President), GoViral (CEO),
TradeDoubler (VP & MD)
Special competencies: Executive leadership · Investor and capital market relation-
ships · Industry knowledge · Strategy · US Market · ESG · Finance · Risk Management
· M&A · Digital
Independence in relation to:
– Shareholders
– The company
Yes
Yes
===== SIDA 39 =====
Annual report Page 39
Jesper Søgaard
CEO & Co-Founder
Born 1983, Danish
Co-founded Better Collective together with Christian Kirk Rasmussen in 2004 and
has been working with and developing the group’s operations since then
Education: M.Sc. in Political Science from the University of Copenhagen
Current assignments: Member of the Board of Directors of Rådhusholmen A/S,
MM PROPERTIES, Over Bølgen A/S, BetterNow WORLDWIDE ApS, and Center-
holmen A/S, J. Søgaard Holding ApS (CEO), Dreamcraft Ventures Management
ApS (founding member), Member of the executive board of Better Holding 2012
A/S and J. Søgaard Holding A/S
Previous assignments: Member of the board of directors of Bumble Ventures
General Partners ApS, Bumble Ventures Management ApS, Bumble Ventures In-
vest 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
Sustainability expertise: Digitalization · Impacts on consumers and end-users ·
Value creation through digitalization · Safer Gambling · Corporate culture · Corpo-
rate Governance · DEI · Working conditions
Christian Kirk Rasmussen
COO & Co-Founder
Born 1983, Danish
Co-founded Better Collective together with Jesper Søgaard in 2004 and has been
working with and developing the group’s operations since then
Education: Bachelor of Commerce from Copenhagen Business School
Current 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; Dreamcraft Ventures Management ApS (Founding member)
Previous assignments: Board member of Bumble Ventures General Partners ApS,
Bumble Ventures Management ApS, Bumble Ventures Invest ApS, and Ejendoms-
selskabet Algade 30-32 A/S; Member of the executive board Yellowsunmedia ApS
and Bumble Ventures SPV ApS
Sustainability expertise: Digitalization · Impacts on consumers and end -users ·
Value creation through digitalization · Safer Gambling · Corporate culture · Corpo-
rate Governance · DEI · Working conditions
Flemming Pedersen
CFO
Born 1965, Danish
Present position since 2018
Education: M.Sc. (cand. merc. aud.) and HD (Bachelor of Business Administration)
from Copenhagen Business School
Current assignments: Naapster ApS, Thornæs Distillery A/S (Member of the Exec-
utive Board)
Previous assignments: ALK-Abelló A/S (CFO), Neurosearch A/S (CEO & Presi-
dent), Mindway AI ApS (Chair of the Board); Board positions in both public and
private companies in Denmark as well as internationally
Sustainability expertise: Corporate culture · Safer gambling · Financial and non -
financial reporting · Risk management · Compliance
Executive Management
===== SIDA 40 =====
Annual report Page 40
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 tickers are BETCO
and BETCO DKK, respectively .
Share price and trading
The closing price on December 31, 2024, for the
BETCO:STO was 111.40 SEK / 72.00 DKK, corresponding
to a total market cap of approximately 7, 027 mSEK /
4,542 mDKK. From January 1, 2024, to December 31,
2024, a total of 70,485,574 shares were traded at a total
value of 16,078 mSEK / 10,248 mDKK. The average num-
ber of shares traded per trading day was approximately
280,819, corresponding to a total value of 64 mSEK / 41
mDKK. The highest price paid for BETCO from January
1, 2024, to December 31, 2024, was 329.00 SEK / 216.50
DKK on February 9, 2024. The lowest price was 108.60
SEK / 70.50 DKK on December 23, 2024. From January
1, 2024, to December 31, 2024, BETCO share price de-
creased by 56.6%, and BETCO DKK price decreased by
58.8%, while the OMX Copenhagen All shares index de-
creased by 3.5%.
Shareholders
On December 31, 2024, 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, 2024, Better Collective had 5,433
known shareholders, corresponding to a 13% increase
from January 1, 2024. The ten largest shareholders ac-
counted for 69% of the votes and share cap ital. The
members of Better Collective’s Board of Directors held
a total of 1,358,416 Better Collective shares. The execu-
tive management held a total of 21,654,324 Better Col-
lective shares.
Share capital and capital
structure
On 31 December 2024 , the share capital amounted to
630,766 EUR, and the total number of issued shares was
63,076,627. 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.
Share price and trading
Closing price 2024 BETCO 111.40 SEK
Closing price 2024 BETCO DKK 72.00 DKK
Corresponding MCAP 7,027 mSEK
Total number of shares traded on Nasdaq Stockholm & Copenhagen exchange 70,485,574
Traded total value on Nasdaq Stockholm exchange 16,078 mSEK
Traded total value on Nasdaq Copenhagen exchange 10,248 mDKK
Avg. shares traded on Nasdaq Stockholm & Copenhagen exchange per day 280,819
Avg. traded total value per day Nasdaq Stockholm exchange (SEK) 64,054,777
Avg. traded total value per day Nasdaq Copenhagen exchange (DKK) 40,828,566
Total number of trades on Nasdaq Stockholm exchange 175,938
Total number of trades on Nasdaq Copenhagen exchange 51,119
Avg. trades per day on Nasdaq Stockholm exchange 701
Avg. trades per day on Nasdaq Copenhagen exchange 204
Highest price paid between 2024-01-01 to 2024-12-31: (2024-02-09) BETCO (SEK) 329.00
Highest price paid between 2024-01-01 to 2024-12-31: (2024-02-09) BETCO DKK (DKK) 216.50
Lowest price paid between 2024-01-01 to 2024-12-31: (2024-12-23) BETCO (SEK) 108.60
Lowest price paid between 2024-01-01 to 2024-12-31: (2024-12-23) BETCO DKK (DKK) 70.50
Share price change from closing 2023-12-29 to 2024-12-30 BETCO SEK -56.6%
Share price change from closing 2023-12-29 to 2024-12-30 BETCO DKK -58.8%
OMX Copenhagen All shares index change from closing 2023-12-29 to 2024-12-30 -3.5%
Shareholders:
Known shareholders December 2024 5.433
Change in number of known shareholders between 2024-01-01 to 2024-12-31: (4,821 --> 5,433) 13%
Top 10 largest shareholders % 66%
Source: Modular Finance AB. Data compiled from Euroclear, Morningstar, Finansinspektionen, Nasdaq
===== SIDA 41 =====
Annual report Page 41
Dividend policy
Better Collective has historically focused on an acquisi-
tion strategy, completing 35+ acquisitions since 2017.
However, the company's near-term focus will shift to-
ward driving organic growth and safeguarding the ro-
bust cash flow of the business to bring down debt and
buy back own shares. Therefore, the company does not
expect to pay dividends until further. The Board of Di-
rectors will revisit the capital structure of the Group an-
nually and evaluate whether to pay dividends. The deci-
sion to pay dividends will be based on the company’s
financial position, investment needs, liquidity position ,
and general economic and business conditions. Given
the shift towards organic expansion and disciplined cap-
ital allocation , dividend pay -out will be partially or
wholly substituted by a share buy -back. The Board of
Directors has proposed that no dividend is paid out fo r
the financial year of 2024.
Individuals with insider
positions
Listed companies must record a logbook of individuals
employed or contracted by the company and have ac-
cess to insider information relating to the company.
These can include insiders and other individuals who
have obtained inside information. Better Collective rec-
ords a logbook for each financial report or regulatory re-
lease containing information that could affect the share
price.
Analysts’ coverage
• ABG Sundal Collier
Oscar Rönnkvist
oscar.ronnkvist@abgsc.se
• Cantor Fitzgerald
Edward James
edward.james@cantor.com
• Danske Bank
Poul Ernst Jessen
poul.jessen@danskebank.dk
• Jefferies
James Wheatcroft
jwheatcroft@jefferies.com
• Nordea Markets
Sebastian Grave
peter.sebastian.grave@nordea.com
• Redeye
Hjalmar Ahlberg
hjalmar.ahlberg@redeye.se
Top 10 largest shareholders as of December 31, 2024
Owners Num. of
shares
Capital and
votes
Jesper Søgaard 10.671.179 16,92%
Christian Kirk Rasmussen 10.671.179 16,92%
BLS Capital Fondsmæglerselskab
A/S
7. 330.694 11.67%
Unnamed Owner 2.523.000 4.42%
Sellers of Playmaker Capital 2.275.590 3.26%
Andra AP-fonden 2.170.724 3.45%
Teacher Retirement System of
Texas
1.752.350 2.79%
Vanguard 1.470.123 2.33%
Danica Pension 1.108.514 1.94%
Knutsson Holdings AB 1.090.000 1.91%
Top 10 largest shareholders 41.063.353 66.38%
Other shareholders 22.013.274 33.62%
Total number of shares 63.076.627 100%
Contact
Mikkel Munch -Jacobsgaard
VP of Group Strategy, Investor Re-
lations & Corporate Communica-
tions
investor@bettercollective.com
===== SIDA 42 =====
Annual report Page 42
Commitment to growing a sustainable business 43
General disclosures 45
Social 58
Governance 77
Entity specific disclosures 81
Environment 84
EU Taxonomy 91
Appendix 96
Sustainability
Statements
Annual report Page 42
===== SIDA 43 =====
Annual report Page 43
Commitment to
growing a sustainable
business
At Better Collective , we aim to excite sports fans
through engaging content and foster passionate com-
munities worldwide. As a leader at the intersection of
sports, media, entertainment, and iGaming, we recog-
nize the responsibility that comes with our role in the in-
dustry. As such, our focus on sustainable practices is in-
tegral to how we innovate, engage, and create long -
term value for our group and stakeholders.
As part of our commitment to transparency and ac-
countability, we welcome the EU’s Corporate Sustaina-
bility Reporting Directive (CSRD) and European Sustain-
ability Reporting Standards (ESRS). CSRD is designed to
enhance and standardize corporate sustainabili ty re-
porting, coming into effect from 2024. Consequently,
Better Collective has been working to develop a more
structured and thorough reporting, though we recog-
nize that this will require continuous efforts. Our report-
ing identifies sustainability matters to consider and ad-
dress while providing stakeholders with transparent,
comparable, and reliable information on our environ-
mental, social, and governance (ESG) performance.
Our efforts to prepare for and comply with CSRD have
been relevant for optimizing and developing our busi-
ness processes, helping us to deepen our understanding
of what is critical for our short-, medium- and long-term
success. Group-wide collaboration across departments
like Finance, People and Culture, Product and Tech, In-
vestor Relations, and Legal and Compliance has been
central - and will continue to be - in optimizing our busi-
ness processes and data collection for our CSRD report-
ing. Under CSRD, we adh ere to specific standards that
cover a wide range of sustainability topics, ensuring that
reporting is consistent and comparable across various
industries.
A core component of CSRD is the Double Materiality As-
sessment (DMA), which requires us to identify the ma-
terial sustainability matters relevant to our business and
value chain. In 2018 , we put out our first sustainability
report, analyzing and identifying our key environmental,
social, and governance (ESG) topics. Since then, we
have updated our analysis through internal reviews and
comprehensive revisions in response to evolving regu-
lations. In 2024, we started applying the double materi-
ality concept to our strategic priorities, mainly focusing
on identifying impacts and risks. The 2024 Sustainability
Statements mark the first consolidated Sustainability
Statements in our Annual Report.
The DMA introduces impacts, risks, and opportunities
(IROs) that inform us about our sustainability matters.
===== SIDA 44 =====
Annual report Page 44
Identifying IROs involves assessing the potential im-
pacts of our activities on the environment and people,
the risks posed by sustainability matters to our group,
as well as the opportunities that sustainability initiatives
can create. In our Sustainability Statements, we have im-
plemented CSRD and the ESRS. Aligning with our DMA,
we report on the following topics in addition to the EU
Taxonomy:
• General disclosures
• Climate change
• Own workforce
• Consumers and end-users
• Business conduct
We have structured our Sustainability Statements
into four overall sections: “General disclosures”,
“Governance”, “Social”, and “Environment”. Though,
we have also chosen to incorporate some of the dis-
closures from the cross- cutting standard into other
parts of our Management Review and Remuneration
report, as we believe some information is best read in
close connection with the financial review and our ac-
tivities. We have done this by using the ‘Incorporation
by reference’ option. You can find a full overview of
the ESRS structure and where to find the different
disclosures in the appendix “Disclosure require-
ments” on pages 102-106.
We are excited to share our new Sustainability State-
ments and hope you find them both engaging and easy
to navigate.
INCORPORATED BY
REFERENCE
SECTION REPORT PAGE(S)
GOV-1; 19, 21, 22 Corporate Matters 24; 27; 36-38
GOV-3, E1;13 Corporate Matters 30-31
SBM-1; 38, 40ai-ii, b, 42a Strategy 13-14
SBM-3; AR 17 Strategy 13-14
G1 GOV-1; 5 Corporate Matters 27
===== SIDA 45 =====
Annual report Page 45
General disclosures
Basis for preparation (BP-1)
Our sustainability statements are prepared with refer-
ence to the ESRS issued by the European Financial Re-
porting Advisory Group (EFRAG). Information in the
Sustainability Statement includes the Better Collective
group and all its subsidiaries and has been prepared on
the same consolidated basis as the Better Collective
group’s 2024 financial statements.
Our DMA forms the basis for our sustainability reporting,
addressing our own operations as well as the main parts
of our upstream and downstream value chain concern-
ing impacts, risks, and opportunities (IROs). Particularly
the utilization of data centers in our upstream value
chain and downstream on our workforce and users. The
extent to which policies, actions, metrics, and targets go
beyond our own operations varies depending on the na-
ture of the topics which are disclosed in the topical
ESRS.
Disclosures in relation to
specific circumstances (BP-2)
External review
Our Sustainability Statements are covered by limited as-
surance performed by the external group auditor.
Use of estimates
Where estimates are used to provide consolidated
group-wide reporting, such estimates, and practices are
described in the accounting principles applicable to the
data or information, including any related measurement
uncertainty. Naturally, the reliance on indirect sources
and proxies introduces some degree of outcome uncer-
tainty. We are committed to refining our data collection
methods, including exploring ways to, e.g., increase sur-
vey participation and collaborating with partners to ob-
tain more precise data. For further inf ormation on the
key estimates, judgments, and assumptions applied,
please refer to the individual pages where quantitative
sustainability-related data tables are presented. For
2024, we have applied estimations in energy consump-
tion for some offices, which also affects scopes 1 and 2.
For scope 3, we use spend -based emission calculations
which have inherently higher uncertainty.
Changes in methodology
2024 marks the first year of reporting in accordance
with CSRD, why calculation methodologies are updated
to be in alignment with requirements in ESRS , yet no
previously reported KPIs have been restated or revised.
Better Collective has not included comparative infor-
mation due to the new requirements from ESRS . These
changes render the figures non-comparable.
Disclosures stemming from other
legislation and sustainability reporting
standards
Our sustainability statements also constitute our statu-
tory reporting cf. the Danish Financial Statements Act,
Sections 99d and 107d, as they fall under Better Collec-
tive’s Sustainability information and are therefore rele-
vant to the Sustainability Statement on pages 29 and 75.
Management responsibilities
(GOV-1)
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
Executive Management. Sustainability and ethical busi-
ness conduct are deeply integrated into our strategic di-
rection and how we run our business. It is governed at
the highest level by the Board and its committees. Re-
sponsibility for the oversight of IROs lies within the
Board of Directors, while business conduct policies, in-
cluding Better Collective’s Code of Conduct, are partially
embedded within the Audit Committee. The Board of Di-
rectors has overall accountability for the management
and guidance of IROs, including those associated with
aspects of sustainability, such as operating a compliant
business, promoting safer gambling, implementing so-
cially responsible conduct, environmental responsibility,
and ethical behavior.
Read more in our “Corporate Mat-
ters” chapter from page 22.
The following depicts management’s role in the control
and management of IROs by outlining their reporting
lines to the administrative, management, and supervi-
sory bodies, and their integration with other internal
functions. In the ongoing work the Board of Directors
and relevant committees determine whether appropri-
ate skills and expertise are available. If not, external con-
sultancy is used.
Executive Management
The Executive Management regularly meets informally
with the Chair of the Board of Directors, and the CFO
regularly meets informally with the Chair of the Audit
Committee. The CFO is the individual within the Execu-
tive Management responsible for the disclosure and re-
porting of financial and non-financial matters. The Exec-
utive Management participates in Board meetings with
the Board of Directors and uses their knowledge and ex-
pertise, supported by group departments and the Sus-
tainability board, to guide the Board of Directors and en-
able them to make informed decisions on sustainability
matters. Final decisions on IROs are made by the Board
of Directors.
Sustainability Board
Responsibility for the execution of the strategic sustain-
ability priorities is delegated to Better Collective’s Sus-
tainability Board. The Sustainability Board is responsible
for strategic priorities and integrating sustainability into
business decisions and processes within their respective
functions. Reporting to the Audit Committee and Board
===== SIDA 46 =====
Annual report Page 46
of Directors. The Sustainability Board is chaired by Bet-
ter Collective’s Head of Sustainability and consists of a
cross-functional team with representatives from Sus-
tainability, Finance, People and Culture, Safer Gambling,
and Executive Management. Making up a total of nine
members. The Sustainability board meets quarterly to
address sustainability matters and IROs relating to Bet-
ter Collective’s operations.
Group Finance and Group Investor
Relations
These two are the primary bodies within management
levels responsible for identifying, managing , and com-
municating Better Collective’s IROs. Group Finance and
Investor Relations jointly oversee the financial and non-
financial compliance of our sustainability reporting, en-
suring alignment with relevant standards and regulatory
requirements. While processes for sustaina bility data
collection continue to evolve, disclosures on environ-
mental matters, social impacts across our value chain,
and broader sustainabi lity topics are coordinated be-
tween the two functions to support transparency and
compliance. Sustainability is anchored within Investor
Relations, ensuring a structured approach to reporting
and stakeholder communication.
CSRD task force
The subject -specific “Corporate Sustainability Report-
ing Directive (CSRD) task force” oversees and manages
CSRD implementation and compliance within the group
and is responsible for the management and communica-
tion of Better Collective’s IROs. The task force convenes
regularly and reports to the Sustainability Board, which
reports to the Group Management, which further reports
to the Board of Directors, which ultimately has the final
responsibility.
Group Legal and Compliance
Disclosures of governance matters are anchored within
Group Legal and Compliance, which provides infor-
mation on governance structures, policies, and proce-
dures. Group Legal and Compliance services business
units to ensure services, products, and platforms comply
with applicable sustainability legislation and guidelines.
Group People and Culture
Disclosures on social matters concerning our workforce
are anchored within People and Culture, which reports
data about our employees and social activities for Dou-
ble Materiality Assessment (DMA) and reporting pur-
poses.
===== SIDA 47 =====
Annual report Page 47
Business units
The individual business units are responsible for the re-
search and development of products, platforms, and
projects.
Targets
The Board of Directors, and by extension , the Audit
Committee, utilize the DMA processes, controls, and re-
sults to guide the setting of targets concerning our ma-
terial impacts, risks, and opportunities (IROs) whenever
relevant. When targets are set, these are to be tracked
using appropriate qualitative and quantitative indica-
tors. Currently, we have only set Group level targets re-
lating to gender diversity. We continue to focus on
achieving a sound data foundation and establishing and
building efficient control environments. We are consid-
ering how and where we will set strategic targets to fur-
ther accelerate business strategy and sustainability per-
formance.
Expertise and skills
The Nomination Committee assists the Board of Direc-
tors by nominating candidates and determining whether
appropriate strategic, industry -specific, sustainability ,
and other necessary skills and expertise are available
within the Board of Directors and Executive Manage-
ment.
Each year, the Board of Directors evaluates the skills, di-
versity, knowledge, and experience of its members and
the Executive Management team. This includes
assessing whether the Board collectively possesses and
can effectively leverage sustainability expertise. The
evaluation confirmed that each Board member holds
competencies relevant to our material IROs, the broader
industry landscape, and the geographical scope of our
operations. Additionally, the Executive Management
team possesses deep expertise in v arious aspects of
sustainability directly linked to our material IROs, ensur-
ing alignment between business objectives and sustain-
ability commitments.
For more information on the Board and Executive
Management’s skills and expertise , see page s 36-39.
Any knowledge that the Board of Directors or Executive
Management does not directly possess is leverageable
from internal support functions , including Group Fi-
nance and Group Legal and Compliance , in addition to
external advisors for specific topics.
Sustainability matters
addressed by management
(GOV-2)
The Board of Directors receives regular updates on sus-
tainability matters. This includes communication re-
garding our annual reporting, IRO identification from the
DMA, reporting requirements based on IROs, and up-
dates on significant actual and potential ne gative im-
pacts from value chain activities. Informed by our DMA,
we track actions taken to prevent, mitigate, or remedi-
ate identified impacts and present these alongside our
financial risk assessments, ensuring that sustainability is
fully integrated into our risk management framework.
Beyond quarterly updates, Executive Management is
continuously informed of Better Collective’s sustainabil-
ity activities, ensuring continuous oversight and align-
ment with business objectives. The agenda below re-
flects our 2024 initiatives and plans for 2025.
Q1 - Annual Reporting
The Board of Directors reviews and approves the Annual
Report during the first quarter . This report provides
shareholders and other stakeholders with insights into
the group’s performance, policy effectiveness, key ac-
tions taken, and, where relevant, associated metrics and
targets.
Q2 - IRO Reporting
In the second quarter, the Sustainability Board presents
the outcomes of the DMA assessment, including identi-
fied material IROs and impacted stakeholders, to the Au-
dit Committee. The committee then shares these find-
ings and relevant recommendations with the Board of
Directors. These insights help guide the Board’s deci-
sion-making moving forward.
Q3 - IRO Deep dive
During the third quarter, the Audit Committee thor-
oughly reviews material IROs. This process informs the
scope of disclosures in the Annual Report, ensuring
alignment with ESRS topical standards, disclosure obli-
gations, and key data points that must be reported.
Q4 - Impact and policy review
In the fourth quarter, the Audit Committee and Board of
Directors assess the effectiveness of mitigation and pre-
ventive measures implemented throughout the year.
They also evaluate whether further actions are neces-
sary and determine if any policies should be updated or
revised. The Remuneration C ommittee assesses remu-
neration to the Executive Management according to
their performance during the year, including the sustain-
ability KPIs referred to in the incentive schemes. The
Nomination Committee evaluates t he profiles of the
members of the Board of Directors and subsequently
makes recommendations to the Board of Directors re-
garding gender composition, targets, and policies for
the Board of Directors and other managerial functions.
A list of the material IROs addressed by the Board of Di-
rectors and Executive Management during the reporting
period is disclosed alongside the relevant disclosures.
Incentive schemes (GOV-3)
Better Collective does not currently have a formal incen-
tive scheme with sustainability components.
Incorporated by reference “Remuneration to the
Board of Directors and Executive Management” on
pages 30-31.
===== SIDA 48 =====
Annual report Page 48
Statement on due diligence
(GOV-4)
As a responsible corporate citizen, we are committed to
respecting, protecting , and advancing human rights
across our business operations. Guided by the ten prin-
ciples of the United Nations Global Compact (UNGC),
our four sustainability focus areas integrate the core
principles related to human rights (including labor
rights), the environment (inc luding climate), and anti-
corruption, as reflected in the UN Guiding Principles for
Business and Human Rights and the OECD Guidelines for
Multinational Enterprises . These frameworks underpin
our approach, ensuring that respect for human rights is
fully integrated into our policies and business actions. To
reinforce our commitment, we uphold our Human Rights
policy, which extends to our entire value chain. We con-
tinue to work on our human rights due diligence pro-
cesses to move us from commitment to tangible action.
Currently, our most salient human rights issues pertain
to our workforce. Should Better Collective happen to
cause or contribute to adverse impacts, we com mit to
active remediation, and if adverse impacts are linked to
us through our business relationships, we will leverage
our influence to promote appropriate solutions. We rec-
ognize that our ability to influence human rights impacts
spans the entire value c hain, and we are dedicated to
addressing our responsibilities with integrity, transpar-
ency, and a focus on long-term impact.
Sustainability reporting risk
management (GOV-5)
Better Collective is in the early stages of aligning with
the Corporate Sustainability Reporting Directive and
acknowledges the absence of developed internal con-
trols tailored to sustainability reporting. We are commit-
ted to ensuring the accuracy of our sustainability report-
ing going forward. Following the initial implementation
of the CSRD in 2024, we have begun developing more
robust internal control systems to support the sustaina-
bility reporting process.
Our approach aims to align sustainability reporting con-
trols with financial reporting structures, ensuring a
structured and reliable framework over time. As the
scope of sustainability reporting expands, we are ac-
tively assessing the risks related to data accuracy and
completeness and working to establish appropriate in-
ternal controls through ongoing evaluations in collabo-
ration with internal data owners and external auditors.
Core elements of sustainability due diligence Paragraphs in the sustainability statement
a) Embedding sustainability due diligence in governance, strategy,
and business model.
• GOV-1 Management responsibilities
• GOV-2 Sustainability matters addressed by managed
• SBM-1 Strategy, business model and value chain
• SBM-3 Double materiality assessment
b) Engaging with affected stakeholders in key all steps of the sus-
tainability due diligence.
• SBM-2 Interests an views of stakeholders
• IRO-1 Double materiality assessment process
• GOV-2 Sustainability matters addressed by managed
c) Identifying and assessing adverse impacts • IRO-1 Double materiality assessment process
• SBM-3 double materiality assessment
d) Taking actions to address those adverse impacts • GOV-5 Risk management and internal control
• S1-4 Our approach
• S4-4 Our approach
e) Tracking the effectiveness of these efforts and communicating • GOV-2 Sustainability matters addressed by managed
===== SIDA 49 =====
Annual report Page 49
Strategy and business model
(SBM-1)
Read more about our strategy, business model , and
value chain from page 13-16.
We are guided by a commitment to deliver compelling
and immersive sports content to our users. This focus
has shaped our vision of becoming the leading digital
sports media group, aiming to excite sports fans
through engaging content and fostering passionate
communities worldwide. Positioned at the crossroads of
media, entertainment, sports, and iGaming, we deliver
content, advertising, and safer gambling resources to
hundreds of millions of sports fans. This scale brings a
profound responsibility to approach our operations with
transparency and accountability at the core of our strat-
egy.
Our value chain spans upstream procurement, internal
operations, and downstream distribution, enabling en-
gaging and safer user experiences while maintaining op-
erational efficiency. In the upstream value chain, we de-
pend on IT infrastructure, including data centers, which
are fundamental to our business model but present ma-
terial IROs relating to energy consumption and respon-
sible sourcing. Within our operations, our success is
driven by a skilled workforce specializing in content cre-
ation, publishing, paid media, and digital marketing. En-
suring employee well-being, fostering diversity and in-
clusion, and retaining talent are key priorities while
delivering transparent and ethical services in compli-
ance with regulations, which remain central to our user
and governance approach. Downstream, we engage mil-
lions of sports fans through our sports media platforms,
offering engaging experiences, transparent content, and
safer gambling resources. With + 450 million monthly
visits across our global House of Brands , we prioritize
user protection, data privacy , and ethical marketing to
uphold trust and compliance across regions. While we
cannot control what our partnering sportsbooks do, we
support 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
by providing safer gambling tools and software. As such,
extending our influence in the value chain. By integrat-
ing more sustainable practices into our value chain, Bet-
ter Collective ensures responsible business growth while
addressing critical environmental, social, and govern-
ance challenges within our industry. Our dependencies
described above were carefully considered when per-
forming our DMA.
===== SIDA 50 =====
Annual report Page 50
Interests and views of
stakeholders (SBM-2)
At Better Collective, our key stakeholders include both
internal and external parties who contribute to and ben-
efit from the value we create. Engaging with these
stakeholders in a structured and meaningful way is es-
sential to shaping our strategy, ensuring responsible
business conduct, and addressing material impacts.
Through continuous dialogue, we gather insights that
influence employee well -being, responsi ble marketing
practices, safer gambling efforts, regulatory compli-
ance, digital innovation, and sustainability initiatives.
Stakeholder engagement is a fundamental part of our
strategic decision-making and integral to our daily op-
erations. We assess our stakeholders' needs, concerns,
and expectations to remain agile and responsive to
changing market trends, regulatory developments, and
user preferences. By fostering open dialogue, we iden-
tify our business model's positive and negative impacts
and proactively take action to mitigate risks and maxim-
ize opportunities. Our engagement process is embed-
ded across our group. Stakeholder insights are continu-
ously discussed within relevant departments and busi-
ness units to ensure alignment with strategic priorities.
The Board of Directors is updated regularly, at a mini-
mum, during annual DMA reviews via Executive Man-
agement, ensuring that material stakeholder interests
are considered when shaping our long -term vision and
business model. There have not been any amendments
in 2024.
Our approach to engagement varies depending on the
stakeholder group, and we utilize a mix of formal and
informal channels to ensure that feedback is
consistently gathered, assessed, and integrated into
decision-making. Employees engage through workplace
evaluations and structured dialogues, while user
feedback is gathered via platform in teractions and
content engagement analysis. Our engagement with
industry associations involves direct participation in
policy discussions and compliance initiatives, ensuri ng
that Better Collective contributes to developing
responsible and sustainable business practices in the
iGaming industry. Each stakeholder group has unique
needs and perspectives, influencing how we operate
and create value. While our stakeholders generally
expect ethical conduct, transparency, and responsible
business practices, their specific expectations differ
based on the nature of their relationship with Better
Collective:
• Employees seek an inclusive and motivating work
environment, fair treatment, growth opportunities,
and a commitment to responsible employment
practices.
• Users expect accurate and responsible content,
safer gambling resources, and a transparent ap-
proach to digital engagement.
• Partners and suppliers value strong business rela-
tionships, compliance with responsible marketing
standards, and shared commitments to industry -
wide ethical conduct.
• Shareholders expect sustainable growth, financial
transparency, and strong governance structures
that align with market expectations.
• Regulators require compliance with local laws and
ethical advertising standards while expecting
iGaming affiliates to uphold responsible gaming
practices.
Beyond our key stakeholder dialogue, we engage with
internal subject -matter experts to understand IROs.
These experts include employees with responsibilities
and insights into specific parts of our business model
and activities. Stakeholder engagement is also crucial to
our ongoing sustainability due diligence efforts. Read
more about how we engage our stakeholders and the
topics on the next page. Our DMA and the content of our
sustainability statements underscore the most im-
portant topics for our stakeholders as they consider the
identified interdependencies and IROs related to our
value chain and business activities. Through active
stakeholder engagement, continuous feedback loops,
and monitoring mechanisms, we ensure that Better Col-
lective remains a trusted, responsible, and forward -
thinking leader in the digital sports media and sports
betting industry.
===== SIDA 51 =====
Annual report Page 51
KEY STAKEHOLDER HOW WE ENGAGE WHY WE ENGAGE VALUE CREATION
OWN WORKFORCE
We participate in two-way responsive dialogue. We engage
through:
• Intranet updates
• Development dialogues
• Annual workplace survey
• Manager check-ins
• Global “All hands” meetings
• Social events
• Informal communication channels to raise open questions to the
group or in specific work group form
People are the core of our business, and we engage to:
• Learn about their employees’ values, engagement, and
concerns
• To understand employees’ perceptions and experiences
• Professional development
• Sense of inclusion
• Job satisfaction and well-being
• To maintain a fair workplace and working conditions for all
• Internal policy updates
• Employee-driven initiatives and campaigns
• Career advancement and skills development
• Enhancing employee well-being, inclusion, and a safe work environment
USERS
We engage with our users in various ways through:
• Our sports media, like articles, commentary, communities, videos,
podcasts, and more.
• Through website feedback tools and analysis of user behavior
and feedback
• User interaction with products
We engage to:
• Building trust
• Understand user preferences and behavior
• Enhancing user experience
• User education and empowerment
• Safeguarding users
• Community building
• Offering safer gambling resources, including a Betting Academy and Mindway AI solutions
• Data collection and processing within the GDPR framework
• Ensure quality in Better Collective’s deliveries
PARTNERS AND SUPPLIERS
Formal and informal engagement through a dedicated Investor Re-
lations team and with Executive management:
• Daily operations and collaborative projects
• Reviews
• Industry networking and conferences
• Through contracts and partner / supplier due diligence
• Building trusted partnerships.
• Ensuring compliance with our partners and suppliers.
• To learn about trends and insights related to our specific
industry. Join efforts for industry-wide change.
• Streamlined operations and alignment on sustainability standards with partners.
• Fostering shared responsibility for advancing sustainability and safer gambling practices.
• Supporting partners by holding them to high standards during the customer acquisition and ongoing CRM process
• The development and integration of AdVantage ensures unparalleled engagement and value for both our partners
and audiences
SHAREHOLDERS
• Quarterly roadshows
• Conference calls
• Regular 1-1 meetings
• Capital Markets Day
• ESG ratings
• Annual general meeting
As a dual-listed company, we naturally engage with our share-
holders regularly to:
• Ensure efficient financial allocation
• To understand shareholders’ interests
• Ensure accurate communication
• Ensure shareholder value
• Securing financing
• ESG rating improvement plans
• Responses to investor queries
• Increased investor confidence
• Building and maintaining strong relationships and transparency
INDUSTRY ASSOCIATIONS AND
REGULATORS
• Joint initiatives and programs
• Conferences and meetings
• Inputs into strategic directions
• Knowledge sharing
• Promoting and implementing safer gambling frameworks
• Ensure compliance
• Educating regulators about the affiliate business model and
its role in the sports and iGaming ecosystem
• Contributing to voluntary frameworks and best practices
• Safer gambling week
• Co-founder of RAiG (Responsible Affiliates in Gambling). As a condition of membership in RAiG, each member is
subject to an annual social responsibility audit conducted by an independent third party.
• Expansion into new markets through regulatory changes
• Systemized regulatory compliance through our Legal and Compliance team
===== SIDA 52 =====
Annual report Page 52
Double materiality
assessment results (SBM-3)
Our sustainability strategy is rooted in four strategic fo-
cus areas: Environment, Social (our workforce and us-
ers), and Governance - each with underlying priorities.
These pillars are designed to address our material im-
pacts, risks, and opportunities (IROs). They are a funda-
mental part of how we operate, ensuring that we remain
a responsible leader in our industry, while they also sup-
port our overall strategy to drive innovation, build trust,
and deliver long-term value for our group and our stake-
holders.
Our identified material IROs are outlined in the DMA pro-
cess and further described under each topic in the indi-
vidual sections of our sustainability statements. The ma-
terial IROs are primarily concentrated within our opera-
tions and downstream activities, reflecting our position
in the value chain. The IROs are directly connected to
our ability to create and deliver engaging content, foster
passionate communities, and provide a safer user expe-
rience for our users. Additionally, our IROs extend to our
commitment to responsible business conduct, environ-
mental responsibility, and workforce satisfaction, secu-
rity, and development.
We operate in a digital-first ecosystem, where the utili-
zation of data center services plays a fundamental role
in our infrastructure. While we do not identify environ-
mental risks or opportunities explicitly relating to the
environment, we recognize our actual negative environ-
mental impact. Our upstream activities impact our over-
all environmental footprint, underscoring the im-
portance of working with sustainable data center pro-
viders. Although our direct emissions are limited , our
overall impact relates to the strain our operations and
business model put on the environment regarding car-
bon emissions and energy consumption . The negative
effect of our environmental impact cannot be limited to
the countries where we operate, as climate change is
global.
The identified social impacts for Better Collective are
both negative and positive, as well as actual and poten-
tial, and are primarily shaped by industry-specific chal-
lenges and opportunities. Possible negative impacts
arise from our proximity to gambling and sports betting,
high-performance work environments, and gaps in di-
versity and inclusion. However, we have mitigating ac-
tions to address negative impacts, including responsible
gambling initiatives, flexible work models, and diversity
and inclusion efforts. If these mitigating measures were
discontinued, the potential negative impacts could af-
fect employees’ well -being, user trust, and safety. For
the DMA we have considered only the gross risk, before
mitigating actions. As a digital sports media group, we
also generate positive social impacts. We provide value
to employees through inclusivity, continuous learning,
and flexible working opportunities while fostering a cul-
ture of responsible and ethical user engagement.
Additionally, we enhance overall transparency in the
sports media industry , helping consumers and end -us-
ers make informed decisions through educational con-
tent, community-driven insights, and compliance-driven
marketing practices. Our business is built on strict data
privacy protocols, ethical marketing practices, and a
commitment to safer gambling. By prioritizing ethical
practices and sustainable operations, we aim to create a
positive and lasting impact on our employees, consum-
ers, and end-users, and the wider industry.
The ESRS disclosure requirements cover all identified
material IROs . However, Better Collective also reports
entity-specific metrics on impacts related to safer gam-
bling, tax transparency, and commitment to local com-
munities, as there are no ESRS disclosure requirements
covering these specific impacts that we have identified.
• The material positive impact and opportunity re-
lated to safer gambling - covered as an entity-spe-
cific disclosure under “Consumers and end-users”.
• The material positive impact and opportunity from
contribution to local communities are reported as
entity-specific disclosures under “Governance”.
• Tax transparency reported as an entity-specific dis-
closure under “Governance”
As such, our IROs are categorized under S1 (O ur work-
force), S4 (Consumers and end -users), E1 (Climate
change), and G1 (Business conduct).
The financial effect
The current financial effects of the identified material
risks and opportunities are limited.
As our material IROs are primarily related to our core
business activities and ability to grow, our initiatives to
improve opportunities and mitigate impacts and risks
are embedded in already established governance struc-
tures. As a result, our resilience is deemed high within
the time horizons applied in our 2024 DMA. Our financial
resilience analysis is based on qualitative input by inter-
nal subject-matter experts, including an overall assess-
ment of the mitigating factors across all IROs, as gath-
ered in the DMA process.
Changes to material IROs
In 2024, we updated our existing DMA process to ensure
it aligns with the European Sustainability Reporting
Standards (ESRS). 2024 marks our first year with a com-
pliant Double Materiality Assessment. The material top-
ics described have been assessed considering sub - and
sub-sub-topics as required under CSRD. While our pri-
mary focus this year has been achieving CSRD compli-
ance, we recognize this process is ongoing. Moving for-
ward, we will continue to refine our methodology and
approach, shifting next year’s focus towards enhancing
IRO management and deepening our understanding of
potential sector-specific impacts and opportunities.
===== SIDA 53 =====
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Double materiality
assessment process (IRO-1)
Our DMA process encompasses our operations and up-
stream and downstream value chain , reflecting Better
Collective’s unique strategic and operational environ-
ment. We conduct a mapping based on various internal
and external sources to identify actual and potential
positive and / or negative impacts, risks, and opportuni-
ties. The scope of the DMA was established by identify-
ing relevant sustainability matters across our upstream
and downstream value chain and within our operations,
considering our business relat ionships, operational de-
pendencies, and geographical footprint. Our assessment
was guided by ESRS and supplemented with insights
from internal business functions, regulatory frame-
works, industry benchmarks, and financial analyst per-
spectives.
External advisors further supported the process to en-
sure rigorous and objective identification and assess-
ment to identify the IROs that are material to our busi-
ness model and mandatory for reporting as part of our
sustainability statement. Through the mapping, we
identified various actual and potential IROs across our
business across short -, medium- , and long -term hori-
zons in alignment with ESRS 1. The identified actual and
potential positive/negative impacts, as well as risks and
opportunities, were assessed to determine their materi-
ality and determine which ones are ma ndatory for re-
porting. Identified impacts were assessed based on their
relative severity and likelihood, with severity deter-
mined by evaluating their scale, scope, and remediabil-
ity. Each impact was rated on a scale from 1 to 5. Risks
and opportunities, however, were evaluated separately
based on their probability of occurren ce and financial
magnitude. Ratings were derived from internal and
third-party quantitative data (where available and fea-
sible) and qualitative input from internal and external
stakeholders. When relevant, location -specific factors
were also considered in the impact assessment. Addi-
tional sources, such as pre-existing records, self-assess-
ment results, document analysis, and academic re-
search, were used to inform the assessment process fur-
ther.
Financial risks and opportunities were identified and as-
sessed for the identified actual and potential impacts.
Better Collective’s assessments include potential im-
pacts from future events on assets, performance , value
creation, and data on past events' impacts. Past events
are informed by Better Collective’s own financial data ,
and future events are based on scientific peer-reviewed
publications, best practices, and available guidance. For
financial materiality, the scoring system measured the
likelihood and potential magnitude of financial effects
caused by a sustainability matter. This approach ensures
that material gross risks and opportunities are assessed
in alignment with our ERM (see page 34) framework and
financial performance evaluations.
Stakeholder inclusion was a key component of the as-
sessment. We distinguished between stakeholders di-
rectly affected by our activities and those interested in
our sustainability disclosures, including investors, regu-
lators, employees, and business partners. While we did
not directly consult affected external stakeholders, the
process incorporated insights from internal subject -
matter experts who maintain continuous dialogue with
key stakeholder groups.
The identification and evaluation of
material IROs
Identification of sustainability matters
During individual interviews with subject
matter experts from the Investor Relations
team, Legal and Compliance team, People and Culture,
as well as our Product and Tech team, the long list of
potential material sustainability topics was shared for
them to identify which sustainability matters they found
to be of most relevance to Better Collective. Based on
the identified topics, they were also prompted to iden-
tify significant impacts, risks, and opportunities across
our value chain. The interviews were initiated with a
short introduction to the DMA and the purpose of the
interview. Notes were taken in developed memos
throughout the interviews to capture important obser-
vations and/or takeaways.
Scoping of impacts, risks, and opportuni-
ties
All identified topics and related IROs were re-
viewed by the CSRD working group and consolidated
into a list of overall sustainability topics within the ESRS
and some entity -specific topics. Before the workshop,
the CSRD working group pre -assessed the IROs using
their developed methodology. Assessments were trans-
ferred into a DMA tool to aggregate scores and calculate
the “degree of materiality” split into five levels for the
impacts, risks, and opportunities.
Assessment workshops
Interactive workshops were conducted for
each relevant ESRS topic. Participants in the
workshops were the same subject matter experts who
had been interviewed earlier in the process. Each IRO’s
pre-assessment was systematically walked through to
facilitate discussions on the IRO and the pre -assess-
ments. Participants adjusted the pre -assessed IROs
where relevant and added additional IROs and scored
them according to the developed scoring methodology.
Scoring rationales were documented, and relevant ref-
erence documents were captured. In total, 66 poten-
tially material IROs were scored.
Calibration
All workshop inputs were transferred to the
DMA tool to aggregate scores and calculate
the ‘degree of materiality’ split into five levels.
===== SIDA 54 =====
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Workshop participants were consulted again for valida-
tion. To conclude our assessment, any IROs that met ei-
ther the impact materiality or the financial materiality
thresholds were consolidated into a final list of material
IROs mandatory for reporting. The final calibration of
IROs took place among the CSRD working group before
the double materiality assessment was finalized.
Management review and approval
The DMA findings were reviewed within the
CSRD working group. A consolidated over-
view of the sustainability-related impacts, risks, and op-
portunities was presented to and discussed with the ex-
ecutive management team before final approval of the
DMA by the executive team, the sustainability board ,
and the Audit committee. The DMA is to be reviewed an-
nually. We expect updates along the way as data and
knowledge relating to particular IROs expand, like
changes in the factors and inputs we assessed when
conducting the previous year’s DMA.
The list of material IROs forms the basis for determining
the disclosure requirements and data points to be in-
cluded in line with ESRS 1. When preparing our first dis-
closures under ESRS requirements, we meticulously as-
sessed all requirements on a datapoint-by-datapoint ba-
sis, considerin g the identified IROs and mapping and
preparing all material disclosure requirements, which
are reported in the Sustainability Statements. We have
also assessed data points that are not material, care-
fully considering the intent and contents of the require-
ments, the relevance to our business, and potential de-
cision-usefulness for users of our annual reporting.
Policy overview (MDR-P)
Our policies covering the identified material sustainabil-
ity matter are in place to prevent, mitigate, and remedi-
ate actual and potential impacts, address risks, and pur-
sue opportunities. The most senior person accountable
for implementation continuously monitors effective-
ness, wi th actions reported alongside relevant disclo-
sures. Policies related to specific sustainability matters
are disclosed under each topic on the following pages.
All policies are approved by the Board of Directors.
Annual report Page 54
===== SIDA 55 =====
Annual report Page 55
POLICIES DESCRIPTION OF KEY CONTENT SCOPE OF POLICY ACCOUNTABLE TO
IMPLEMENT
INTERNATIONALLY
RECOGNIZED
INSTRUMENTS
AVAILABILITY IROS COVERED BY POLICY
ANTI-HARASSMENT POLICY
• Framework for addressing/preventing workplace violence and harassment
• Emphasizes confidentiality
• Allows anonymous reporting
• Protects affected and reporting parties
• Zero-tolerance stance on discrimination, harassment, and sexual harassment
• A thorough investigation of reported incidents
• Offenders face employment law sanctions: Warnings, dismissal, termination
Global SVP People & Culture Intranet • Health, safety and mental well-being
• Gender equality
• Diversity
CODE OF CONDUCT • Promotes anti-discrimination and anti-harassment standards
• Ensures a safe and healthy working environment by complying with health and safety
laws
• Implements procedures to prevent work-related accidents
• Upholds fair competition, prohibits corruption, and complies with anti-bribery laws
• Prioritizes data privacy and confidentiality in adherence to relevant laws
• Ensures the highest standards of ethical behavior
• Fosters a respectful, inclusive, and safe working environment
• Safer gambling
Global Board of Directors Corporate website and
intranet
• Secure and transparent employment
• Work-life balance
• Health, safety and mental well-being
• Gender equality
• Diversity
• Personal safety
• Social inclusion
INTERNAL PRIVACY POLICY • Empowers employee privacy rights: Outlines the rights of employees under GDPR,
ensuring they are informed about how their personal data is collected, used, and
protected within the organization.
• Outlines employee responsibilities: Provides clear guidelines on employees’ roles in
safeguarding personal data, emphasizing the importance of compliance with GDPR
principles when handling data.
• Ensures compliance and accountability: Establishes procedures and practices to align
with GDPR requirements, promoting a culture of compliance and accountability in
data processing activities.
• Promotes security and best practices: Highlights the need for robust data security
measures and encourages adherence to best practices, ensuring the protection of
personal data in all business operations.
Global Director of Regulatory
Compliance
General Data Protection Regu-
lation (GDPR)
Intranet • Information-related impacts
HEALTH AND SAFETY • Ensures a safe and healthy working environment for employees
• Committed to compliance with relevant health and safety legislation and regulations
• Focuses on preventing workplace injuries: both physical and sociopsychological
Local level SVP People & Culture Local laws related to labor, em-
ployment, etc.
Intranet • Work-life balance
• Health, safety and mental well-being DATA ETHICS POLICY
• States data ethics principles and processing methods
• Ensures the highest ethical standards
• Emphasises protecting and respecting personal and non-personal data
• Commits to legal compliance and ethical values
• Integrates values into IT services
Global Board of Directors The group’s voluntary commit-
ment to ethical principles re-
garding data use. Influenced by:
OECD principles, existing pri-
vacy legal framework, Corpo-
rate Social Responsibility.
Corporate website and
Intranet
• Information-related impacts
• Personal safety
===== SIDA 56 =====
Annual report Page 56
POLICIES DESCRIPTION OF KEY CONTENT SCOPE OF POLICY ACCOUNTABLE TO
IMPLEMENT
INTERNATIONALLY
RECOGNIZED
INSTRUMENTS
AVAILABILITY IROS COVERED BY POLICY
HUMAN RIGHTS POLICY • Respects human and labor rights: prohibits forced labor, child labor, and human
trafficking
Global SVP People & Culture • The OECD Guidelines for
Multilateral Enterprises
• The OECD Due Diligence
Guidance for Responsible
Business Conduct
• The UN Guiding Principles on
Business and Human Rights
• The UN Declaration of
Human Rights and the
Convention on the Rights of
the Child
• ILO Conventions
Corporate website and
intranet
• Secure and transparent employment
• Work-life balance
• Health, safety and mental well-being
• Gender equality
• Diversity
• Personal safety
• Social inclusion
SUSTAINABILITY POLICY • Commitment to sustainable actions across all operations
• Commits to continuous improvement in eco-friendly practices
• Commits to protecting the environment by preventing pollution and minimising
negative impacts
• Contributes positively to societies we operate in
Global Board of Directors Corporate website and
intranet
• Secure and transparent employment
• Work-life balance
• Health, safety and mental well-being
• Gender equality
• Diversity
TAX POLICY • Ensures compliance with national and international tax regulations
• Actively manages and mitigates tax risks to maintain transparency
• Optimizes tax position to achieve competitive tax levels relative to industry and
geography
• Pursues tax optimization in line with business transactions (e.g., revenue streams, sale
of services)
• Avoids tax avoidance, tax shelters, and transactions with significant reputational risks
• Seeks external expert advice for complex or material tax exposures
• Communicates the Group's effective corporate tax rate openly
• Regularly reports material tax risks to the Audit Committee
• Board of Directors approves and governs the policy, with implementation by
Executive Management
Global VP of Group Finance &
Business Intelligence
Corporate website and
intranet
• Tax transparency
SAFER GAMBLING POLICY FOR
EMPLOYEES
• Educates employees about gambling risks and how to seek support
• Encourages responsible gambling practices, emphasizing entertainment over financial
necessity
• Provides resources for employees to recognize signs of problem gambling
• Offers tools like self-exclusion and self-tests (e.g., Gamalyze) to help manage
gambling habits
• Promotes a supportive environment for employees to discuss gambling concerns
confidentially
• Supports employees struggling with gambling issues via HR and management
assistance
• Regular training on safer gambling for all employees, including new hires
• Ensures continuous improvement of the policy through the Safer Gambling
Compliance Council
• Provides access to external help through country-specific resources
Global Senior Director of Group
Media
Intranet • Safer Gambling
===== SIDA 57 =====
Annual report Page 57
POLICIES DESCRIPTION OF KEY CONTENT SCOPE OF POLICY ACCOUNTABLE TO
IMPLEMENT
INTERNATIONALLY
RECOGNIZED
INSTRUMENTS
AVAILABILITY IROS COVERED BY POLICY
SAFER GAMBLING CODE • Educates employees about gambling risks and how to seek support
• Encourages responsible gambling practices, emphasizing entertainment over financial
necessity
• Provides resources for employees to recognize signs of problem gambling
• Offers tools like self-exclusion and self-tests (e.g., Gamalyze) to help manage
gambling habits
• Promotes a supportive environment for employees to discuss gambling concerns
confidentially
• Supports employees struggling with gambling issues via HR and management
assistance
• Regular training on safer gambling for all employees, including new hires
• Ensures continuous improvement of the policy through the Safer Gambling
Compliance Council
• Provides access to external help through country-specific resources
Global Senior Director of Group
Media
• N/A - varied based on local
regulations
Corporate website • Health, safety and mental well-being
• Safer Gambling
WHISTLEBLOWER POLICY • Encourages confidential reporting of legal violations and misconduct
• Covers issues like fraud, harassment, and financial crimes
• Excludes personal employment matters
• Allows anonymous reports, but names are encouraged for follow-up
• Protects whistleblowers from retaliation
• Reports are handled by the Chair of the Audit Committee
Global Chair of Audit Committee Corporate website • Secure and transparent employment
• Work-life balance
• Health, safety and mental well-being
• Gender equality
• Diversity
• Personal safety
PRIVACY POLICY • Safeguards individual privacy: Outlines measures to protect individuals' privacy rights
and freedoms by ensuring responsible data handling
• Transparent data practices: Describes the processes for collecting and using personal
data with transparency, aiming to secure consent whenever feasible
• Data protection framework: Establishes the mechanisms and arrangements in place to
ensure the secure and lawful handling of personal data
Global Director of Regulatory
Compliance
• General Data Protection
Regulation (GDPR)
Corporate website • Information-related impacts
GAMBLING ADVERTISING
COMPLIANCE POLICY
• Ensures adherence to all compliance and regulatory requirements in all active regions
• Ensures transparent and safe advertising
• Ensures that all advertising is held up to the highest standards of social responsibility
• All employees are expected to act per the principles
Global Director of Regulatory
Compliance
• N/A - varied based on local
regulations
Intranet • Safer Gambling
===== SIDA 58 =====
Annual report Page 58
Social
Our workforce IROs
(S1 SBM-3)
Our business is based on specialized expertise and inno-
vation, which is why we consider people a core element
in everything we do. Therefore, we are committed to
fostering and upholding an inclusive, professional, and
diverse workplace by implementing socially responsible
conduct and eliminating all discriminatory practices.
Our workforce may be and are exposed to different im-
pacts due to our operations, as shown in the IRO table.
Particularly, the challenges and opportunities of our in-
dustry – such as Safer Gambling - may introduce poten-
tial negative impacts, while our positive initiatives aim
to benefit our workforce. The material topics covered in
this ESRS include secure and transparent employment,
work-life balance, health and safety, gender equality ,
and diversity, all identified as impacting our workforce.
We prioritize secure and responsible work opportunities
that align with regional and local conditions and legal
requirements. This approach impacts job stability while
fostering a supportive and motivating work environ-
ment. Secure and transparent working conditions align
with our core values and allow our group to reduce turn-
over rates, increase employee satisfaction, reduce repu-
tational risks, and enhance productivity. Employees
benefit from high flexibility in choosing when and where
to work, supported by clear workpla ce guidelines and
remote work options. Our emphasis on flexibility en-
sures that employees maintain a healthy balance be-
tween work and personal life, making it a potential pos-
itive impact on the workforce. Understanding the im-
portance of health and safety, we are committed to con-
tinuously fostering safe working environments. We rec-
ognize a possible negative impact on our employees’
mental well-being due to their increased exposure to
gambling content as part of their work. This impact re-
sults from the nature of the industry we operate within.
Better Collective has assessed that the employees work-
ing daily with betting are more at risk of harm. While the
overall negative impact on physical health is low, the de-
mands of a high-paced work environment may also neg-
atively impact mental well-being. These impacts interact
with our strategy and business model, potentially influ-
encing employee satisfaction and productivity. Operat-
ing in the digital sports media sphere, we are part of a
male-dominated industr y, which presents impacts re-
lated to gender equality and diversity. This impact di-
rectly interacts with our strategy, emphasizing the need
for diversity, inclusion, and equality practices to
strengthen employee satisfaction, attract and retain
qualified talent, and uphold our reputation as a socially
responsible employer. Moreover, a commitment to di-
versity enhances our competitive edge by leveraging
creativity and innovation from diverse perspectives.
Better Collective has assessed that its activities do not
pose a risk for incidents of forced labor or forced child
labor. None of the negative impacts are assessed to be
systemic. Furthermore, Better Collective has assessed
its business model, activities, and geographic operations
and found no risks of forced or compulsory labor or child
labor.
===== SIDA 59 =====
Annual report Page 59
Own workforce IROs (S1, SBM-3)
VALUE CHAIN LOCATION TIME HORIZON
UPSTREAM OWN OPERATIONS DOWNSTREAM SHORT-TERM MEDIUM-TERM LONG-TERM
SECURE AND TRANSPARENT EMPLOYMENT
Impact on financial security, professional growth, and a
supportive work environment for all employees
Potential positive impact X X
WORK-LIFE BALANCE
Promoting work-life balance helps employees maintain
clear boundaries between work and personal life, foster-
ing well-being, flexibility, and a more sustainable, pro-
ductive work environment
Potential positive impact X X
HEALTH AND SAFETY
Health and safety relating to industry-specific chal-
lenges may impact employee well-being and health, po-
tentially leading to increased sickness and absence rates
Potential negative impact X X
GENDER EQUALITY
Employees could face potential unequal treatment
Potential negative impact X X
DIVERSITY
Impacts related to accommodating the diverse needs of
employees. Creating an inclusive work environment fos-
tering engagement, innovation, and long-term em-
ployee satisfaction, contributing to a more dynamic and
successful group.
Actual positive impact X X X
===== SIDA 60 =====