Kvartalsrapport Q1 2024

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Q1 report 2024   
 
 
 
May 21, 2024  
Better Collective A/S  
Sankt Annæ Plads 28-30 
1250 Copenhagen  (DK) 
 
www.bettercollective.com 
CVR NO.:  27 65 29 13 
Interim report Q1, 2024 
 
• Strong revenue performance of 95m EUR, growth of 8% 
• Recurring revenue of 53 mEUR; growth of 14% 
• Strong EBITDA of 29 mEUR, 31% margin; as expected down 
13% due to the extraordinary performance last year 
• Net debt to EBITDA of 1.7x 
• Announced the acquisition of leading UK sports betting me-
dia AceOdds post Q1 for 42 mEUR  
• Financial targets were upgraded by 5 mEUR on revenue and 
EBITDA following the acquisition

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Q1 report 2024 Page 1  
 
 
  
*Before special items 
Revenue 
mEUR 
EBITDA* 
mEUR 
 
Recurring revenue 
mEUR

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Q1 report 2024 Page 2  
Highlights Q1, 2024 3 
Financial highlights and key figures 4 
CEO letter 5 
Business review and financial performance 7 
Financial targets 12 
Other 13 
Condensed interim financial statements for the 
period 16 
Notes 21 
Parent company 30 
 
A conference call for Better Collective’s stakeholders 
will be held on May 22, at 10:00 a.m. CET and can be 
joined online here. 
To participate telephonically follow  this link.  Once 
signed up you will receive an e -mail with a phone num-
ber and a personal dial-in code for the call. 
The presentation material for the webcast will be avail-
able after market close on May 21 via: 
www.Bettercollective.com  
 
Upcoming events 
• Q2 release - August 21, 2024 
• Q3 release – November 13, 2024  
• Q4 release – February 19, 2025 
• Annual report – March 25, 2025  
  
   
Table of  
contents   Q1 webcast  
May 22, 2024 
Q1 report 2024 Page 2

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Q1 report 2024 Page 3  
Highlights Q1, 2024 
Group revenue expectedly increased by 8% to 95 mEUR 
(Q1 2023: 88 mEUR) with organic growth down 6%. The 
growth was attained despite  to extraordinary perfor-
mance last year, which included the launch of online 
sports betting in two major US states. These state  
launches operated on a CPA -based model, resulting in 
significant one-off upfront revenues. The state launch in 
North Carolina during this quarter entailed a blend of re-
curring revenue share and CPA. 
Recurring revenue was 53 mEUR, posting 14% growth, 
implying higher quality revenue . Recurring revenue 
makes up 56% of total group revenue. This was achieved 
while the sports win margin  was lower than last year. 
Additionally, during Q1, our core revenue share markets 
(Europe & South America)  saw a reduction of over 10% 
in the number of soccer games in major leagues  com-
pared to last year.  
Group EBITDA before special items was  29 mEUR (Q1 
2023: 33 mEUR) down 13% as expected due to extraor-
dinary performance last year The group EBITDA-margin 
before special items was 31%. Group EBITDA margin was 
impacted by the two recent acquisitions in Playmaker 
Capital and Playmaker HQ being short term margin dilu-
tive.  
Cash flow from operations before special items was 22 
mEUR (Q1 2023:  33 mEUR). The cash conversion was 
73%. By the end of Q1, capital reserves stood at 16 4 
mEUR of which cash of 6 1 mEUR, and other current fi-
nancial assets of 6 mEUR and unused credit facilities of  
97 mEUR.  
 
New depositing customers (NDC) numbered more than 
450,000 where 77 % was sent on revenue share con-
tracts.  
Better Collective announced the completion of the Play-
maker Capital acquisition, making it the second -largest 
acquisition to date.  The integration has developed as 
planned. Playmaker Capital and its advertising business 
sees its lowest season during Q1. Due to th is as well as 
the business being taken over from February the impact 
from the two months of Q1 was muted with revenues of 
7 mEUR and EBITDA around breakeven . T he perfor-
mance is expected to pick up over the course of the year 
with the strongest quarter in Q4.  
Q1 was as expected  and following the acquisition of 
AceOdds after Q1 the group’s 2024  financial targets 
were upgraded as follows:
 
• 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) 
The long -term 2023 -2027 financial targets were up-
dated 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 announced a new major shareholder as 
BLS Capital Fondsmæglerselskab A/S now has 11.7% of 
the voting rights. 
 
Better Collective is now included in the Nasdaq Stock-
holm 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.  In Sweden, 
Better Collective hosted the  popular Swedish sports 
journalism award show “Guldskölden”.  
Significant events 
after close 
Better Collective acquired UK sports betting media 
AceOdds for a total consideration of 42 mEUR implying 
4x last twelve months EBITDA. AceOdds  offers a com-
prehensive range of betting tools, odds, reviews, and 
streaming schedules through its web and app- based 
platforms. With a robust presence in the UK market, Bet-
ter Collective’s global reach through local expertise 
aligns perfectly with AceOdds’s vision of expanding its 
influence outside the borders of the UK. Following the 
acquisition Better Collective upgraded its 2024 full year 
financial targets as mentioned. 
On May 5 , Google activated a new policy  focusing on 
third-party content across a variety of commercial cat-
egories. This impacted the rankings and thereby traffic 
to some of Better Collective’s  media partnerships. Bet-
ter Collective remain proud of its media partnerships 
and is working closely together with all parties involved 
to address the changes. Consequently, some of Better 
Collective’s owned and operated sports media portfolio 
has seen an increase in traffic and rankings. 
The Annual General Meeting 2024 was held electroni-
cally on April 22, 2024.

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Q1 report 2024 Page 4  
Financial highlights and key figures 
tEUR Q1 2024 Q1 2023 2023 
        
Income statements       
Revenue 95,031  87,945  326,686  
Recurring revenue 53,286  46,817  191,118  
Revenue Growth (%) 8% 30% 21% 
Organic Revenue Growth (%) -6%  23% 13% 
Operating profit before depreciation, amortization,  
and special items (EBITDA before special items)  29,010  33,275  111,080  
Operating profit before depreciation  
and amortization (EBITDA) 26,468  32,667  109,132  
Depreciation 1,472  713  3,958  
Operating profit before amortization  
and special items (EBITA before special items)  27,538  32,561  107,122  
Special items, net - 2,542  - 607  - 1,948  
Operating profit before amortization (EBITA) 24,996  31,954  105,174  
Amortization and impairment 8,234  3,871  24,283  
Operating profit before special items  
(EBIT before special items)  19,304  28,691  82,839  
Operating profit (EBIT) 16,762  28,083  80,891  
Result of financial items - 6,498  - 735  - 22,881  
Profit before tax 10,264  27,348  58,010  
Profit after tax 7,553  20,935  39,835  
Earnings per share (in EUR) 0.13  0.38  0.74  
Diluted earnings per share (in EUR) 0.12  0.36  0.70  
For a definition of financial key figures and ratios, please refer to page 34. 
 
 
 
tEUR Q1 2024 Q1 2023 2023 
Balance sheet       
Balance Sheet Total 1,153,664  802,970  937,862  
Equity 668,501  423,449  435,273  
Current assets 138,218  107,722  105,812  
Current liabilities 124,041  63,033  103,493  
Net interest bearing debt 178,009  179,865  221,133  
Cashflow       
Cash flow from operations before special items 21,665 33,360  119,384  
Cash flow from operations 10,016 32,966  114,639  
Investments in tangible assets - 961 187  - 5,143  
Cash flow from investment activities - 73,858 - 21,278  - 106,248  
Cash flow from financing activities 90,940 - 7,724  29,334          
Financial ratios       
Operating profit before depreciation,  
amortization (EBITDA) and special items margin (%) 31% 38% 34% 
Operating profit before amortization margin (EBITDA) (%) 28% 37% 33% 
Operating profit margin (%) 18% 32% 25% 
Publishing segment  
- EBITDA before special items margin (%) 34% 43% 37% 
Paid media segment  
- EBITDA before special items margin (%) 23% 27% 29% 
Net interest bearing debt / EBITDA before special items 1.67 1.27 1.99 
Liquidity ratio 1.11 1.71 1.02 
Equity to assets ratio (%) 58% 53% 46% 
Cash conversion rate before special items (%) 73% 100% 103% 
Average number of full-time employees 1,677  926  1,252  
NDCs (thousand) 450  488  1,916

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Q1 report 2024 Page 5  
CEO letter 
 
Good start to 2024 and 
continued business 
diversification to 
future-proof business 
We have come  a long way since our Capital Markets 
Day last year thanks to  our continued  focus on  busi-
ness diversification and profitable growth . 2024 got 
off to a good start despite comparing with extraordi-
nary performance last year , and I look forward to a 
busy summer with many  exciting  sports events ahead 
of us.  
One year ago, we hosted our first Capital Markets Day 
(CMD) to reflect on our achievements since listing in 
2018. Here we showcased our business advancements, 
which included the scaling of our audience from 7 mil-
lion to 180 million monthly visits, reducing dependency 
on search engines and single clients, as well as expand-
ing our revenue streams. Over this period, we grew rev-
enue from 40 mEUR to 269 mEUR, increased opera-
tional earnings from 16 mEUR to 85 mEUR, and boosted 
our market capitalization from 2 bnSEK to 10 bnSEK, all 
with limited shareholder dilution. At the CMD we also 
introduced and dove into what our vision of becoming 
the leading digital sports media group entails.
 
So, what has happened since the CMD ? We have sus-
tained revenue and EBITDA growth. We have broad-
ened our business portfolio by acquiring several busi-
nesses; a social media and podcast production com-
pany, a bolt acquisition enhancing our Paid Media capa-
bilities, and we have added several leading sports media 
brands to the group. This expansion has resulted in fur-
ther audience growth to more than 400 million monthly 
visits (including Playmaker Capital)  and it has posi-
tioned us as the leading sports media group  in the rap-
idly growing South American market. Simultaneously, 
we initiated the development of our proprietary AdTech 
platform, AdVantage, which, if successful, could further 
expand and diversify our revenue streams. If you wish to 
learn more into AdVantage, we did a deep dive in our 
Annual Report 2023. 
 
Following a successful five-year listing in Stockholm, we 
made the strategic decision to expand our  capital mar-
kets presence by dual listing in Copenhagen, at the end 
of last year. This move significantly increased interest 
from investors as well as market analysts, and increased 
media interest, resulting in a significant lift in employer 
attractiveness. There has never been as much interest in 
our company as now. This increased interest enabled us 
to raise 145 mEUR in new capital during  Q1, while also 
welcoming large new shareholders into the group, all of 
which I find very encouraging for executing our future 
strategy and continued focus on M&A.  
This narrative encapsulates our operational philosophy. 
We are constantly scouting for new long -term growth 
opportunities, exemplified by AdVantage - an initiative 
that will diversify and future -proof our business and 
align with our vision. At the same time,  we remain laser 
focused on our operations and delivering value to our 
partners and audience.
 
Since our IPO in 2018, M&A has played a crucial role in 
our transition from a sports betting affiliate to a leading 
digital sports media group. We have successfully built a 
structure, where our group strength acts as an amplifier 
for the acquired media brands, utiliz ing our core com-
petencies to grow audiences, scaling content and opti-
mize monetization. Our Greek brand Betarades, which 
we acquired in 2018, stands as a great example of this. 
Betarades; a true success story 
Back in 2018, we acquired the leading sports betting af-
filiate in the Greek market, laying the foundation for an 
impressive journey as the brand and the team behind 
have consistently surpassed our expectations. Notably, 
the co-founder of Betarades has been instrumental not 
only in leading Betarades but also serving as our Man-
aging Director for Southeast  Europe. As a founder my-
self, I am proud to have built a business where other 
founders thrive and support our long-term journey.  
Since 2018, Betarades' audience has grown  exponen-
tially, establishing itself as the leading sports media 
across social platforms in the market. With more than  
180k subscribers on YouTube and a prominent presence 
on TikTok , the brand's multi -channel approach has 
proven highly effective. Media monetization efforts cou-
pled with an increase in recurring revenue share income 
have resulted in a remarkable five-fold revenue surge.
 
What has made this possible? Since the acquisition, Bet-
ter Collective has assumed the bulk of administrative re-
sponsibilities, allowing the team to focus on their core 
strengths: brand building, quality content production, 
and commercialization. Moreover, our global reach, 
best-in-class partnership contracts, and performance 
marketing expertise have unlocked new opportunities 
that were previously inaccessible to Betarades. This 
strategic support has propelled Betarades to new 
heights.
  
Witnessing Betarades evolve from a dominant player in 
Greek sports media affiliation to a versatile multi -chan-
nel sports media has been nothing short of inspiring. Be-
tarades now works with some of the most well -known 
brand ambassadors in the region including soccer icons 
from the winning 2004 European Championship team. 
The journey of Betarades mirrors the journey Better Col-
lective is currently on  as a group, reinforcing our com-
mitment to innovation and growth in the dynamic world 
of sports media.

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Q1 report 2024 Page 6  
2024 got off to a good start 
In Q1 last year, online sports betting was launched in 
Ohio and Massachusetts, resulting in significant revenue 
generation through CPA -based contracts. This had a 
substantial positive one -time impact, contributing to a 
44% increase in EBITDA from Q1 2022 t o Q1 2023. In Q1 
of this year, we saw the launch of sports betting in North 
Carolina with revenue structured on a combination of 
revenue share and CPA -based contracts. This structure 
delays a portion of revenue but is strategic for future 
growth. Furthermore, the sports win margin during Q1 
was lower than last year and lower than forecasted. 
Lastly, we saw a reduction of more than 10% fewer soc-
cer matches in the major leagues in Europe and South 
America.
 
Despite these circumstances, Q1 marked another strong 
quarter for Better Collective with revenue increasing by 
8% to 95 mEUR. It is worth noting that our recurring rev-
enue grew 14 % to 53 mEUR, now including significant 
audience-driven revenue from Playmaker Capital, hence 
signaling another quarter of higher quality.  EBITDA for 
the quarter was  29 mEUR, reflecting a n expected  13% 
decrease due to the extraordinary performance last year 
mentioned above and ongoing revenue transition in the 
US.  
Positive market trends  
In Q1, we saw good performance across all markets. Eu-
rope & ROW showed outstanding performance with an 
impressive 20% growth of which 5 % was organic . This 
achievement was fueled by a widespread impact across 
markets, facilitated by our owned and operated chan-
nels alongside strategic media partnerships. In anticipa-
tion of the European Championships and Copa America, 
preparations are already in action, including concept de-
velopments and brand strategies tailored to maximize 
our impact.
 
Playmaker Capital integration 
is progressing as planned 
Last year, we mad e public our intention to acquire the 
sports media group, Playmaker Capital, and successfully 
closed the acquisition early this year. Having only taken 
over the company in February, we are already observing 
positive trends. The cultural fit between our organiza-
tions is excellent and we see great opportunities to 
share knowledge across the teams. Overall, the integra-
tion of Playmaker Capital has progressed as planned and 
we have  already observed encouraging early perfor-
mance marketing result s during the quarter  stemming 
from affiliation revenue.  With the acquisition of Play-
maker Capital, we raised the 2027 financial targets for 
EBITDA from 30-40% to 35-40%, underscoring our con-
fidence in achieving synergies over time. This adjust-
ment indicates that the buildup and synergy realization 
will be more pronounced in the latter part of our fore-
casted period. 
North American product 
diversification 
Turning attention to the North American market, we are 
delighted with the progress made in Q1. Our commercial 
position has never been stronger with active partner-
ships established across all major players in the region. 
We achieved notable successes during  the North Caro-
lina state launch and the Super Bowl events.  North 
American NDCs were up versus last year, but revenue 
was down 8% and organic down 22%, due to the already 
mentioned comparison and the ongoing revenue share 
transition. We increased our investment  in revenue 
share, which will set us up well for sustained revenue in 
years to come. The mix of NDCs on revenue share versus 
upfront CPA was similar as in previous quarters.  
Additionally, our expansion into high- level media has 
proven successful following last year’s acquisition of 
Playmaker HQ. At one point three out of the top five 
sports podcasts in the US on Spotify belonged to Better 
Collective – led by Shaquille O’Neal’s “Big Podcast” 
show, as well as “Roommates” featuring New York 
Knicks stars Jalen Brunson and Josh Hart -  and our 
shows have been consistently frequented  by renowned 
celebrities and including many star athletes. This strate-
gic move has enriched our product  offerings and 
amplified our reach within the North American audience 
cementing our leading position. 
A busy summer ahead 
We are looking into a busy summer, with the European 
Championships and Copa America, along with the Olym-
pics. We anticipate that the European Championship will 
be a significant sporting event for our group, positively 
contributing to growth. Due to our limited experience 
with Copa America, we take a more cautious approach  
here, although we acknowledge the tournament’s inter-
est and relevance. We are now the leading digital sports 
media in South America, making  the tournament even 
more interesting.  
Lastly, as we develop AdVantage, the Olympics are be-
coming increasingly relevant, as we observe strong gen-
eral advertising interest surrounding the event.  
I would like to  round off by  thanking all my colleagues 
at Better Collective, now also including the full Play-
maker Capital group. As a co -founder it is a true pleas-
ure being surrounded by so many ambitious colleagues 
that have taken ownership of our strategy and vision 
and continue to deliver strong results. 
Jesper Søgaar d  
Co-founder & CEO

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Q1 report 2024 Page 7  
Business review 
and financial 
performance
 
Group 
Q1 was another solid  quarter for the Better Collective 
group, as revenues grew 8%  of which -6% was organic. 
The Group saw tough comparisons due to extraordinary 
performance last year where Q1 included two state 
launches in the US  mainly on upfront CPA based con-
tracts. During this year there was one state launch which 
was on a mix of CPA and revenue share. Further Q1, saw 
a lower sports win margin versus Q1 last year as well as 
more than 10% fewer European and South American 
soccer matches.  Playmaker Capital was included from 
February and contributed with revenue  of 7 mEUR and 
a breakeven EBITDA. The performance is expected to 
pick up over the course of the year with the strongest 
quarter in Q4. 
Operational earnings (EBITDA before special items) 
were 29 mEUR, implying a margin of 31%. The group ’s 
operational profit decreased by 13% due to the afore-
mentioned factors. 
Recurring revenue came in at 53 mEUR, implying growth 
of 14%, and made up 56% of group revenues.  
The group delivered more than 450,000 new depositing 
customers to partnering sportsbooks and continued its 
strong growth path during its transitional phase to rev-
enue share agreements in the US. Out of the total NDCs 
77% were revenue share contracts. 
 
 
 
 
  
    
Q1 report 2024 Page 7  
       
Key figures for the group  
tEUR Q1 2024 Q1 2023 Growth 2023           
Revenue 95,031  87,945  8% 326,686  
Cost 66,020  54,670  21% 215,605  
Operating profit before depreciation and amortization and special items 29,011  33,275  -13% 111,080  
EBITDA-Margin before special items 31% 38%   34% 
Operating profit before depreciation and amortization 26,468  32,667  -19% 109,132  
EBITDA-Margin 28% 37%   33% 
Organic Growth -6%  23%    13%

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Q1 report 2024 Page 8  
Publishing 
The Publishing business includes revenue from Better 
Collective’s proprietary owned and operated sports me-
dia as well as  media partnerships. The  audiences for  
these brands are mostly generated through direct traffic 
or organic search results.  
Revenues from this segment came in at 66 mEUR imply-
ing a growth of 12%. O rganic growth was flat. Opera-
tional profit came in at 23 mEUR, implying a margin of 
34%. The publishing segment accounted for 70% of 
group revenue and 78% of operational earnings.  
The growth in the P ublishing segment came despite 
very tough comparisons in the US where Q1 2023 in-
cluded two states launches with upfront revenues 
through CPA -based contracts and thereby delivered 
extraordinary performance. This year the state launch of 
North Carolina was based on a mix of revenue share and 
CPA, hence delaying the upfront element, to  gain long-
term profitable growth. Furthermore, the Publishing 
segment’s revenue share income was impacted by a 
lower-than-expected sports win margin, as well as more 
than 10% fewer soccer matches in major leagues  being 
played across Europe and South America as compared 
to last year. 
The performance was broadly based on  owned and op-
erated sports brands as well as media partnerships.  
The North American contractual transition toward reve-
nue share has continued with a similar mix of NDCs sent 
on revenue share versus CPA as previous quarters.  The 
transition postpones revenue and earnings, as it has a 
short-term dampening effect on revenues and earnings.  
Paid Media  
The Paid Media business includes revenue efforts in paid 
advertising on search engines, as well as advertising on 
third party sports media. Given the upfront payment to 
advertise on third party platforms the gross margin is 
lower than in the Publishing business. 
Paid Media revenue was 29 mEUR, implying a flat devel-
opment driven by the Skycon acquisition with organic 
growth down 18% , which is to be compared with last 
year’s organic growth of 51%. 
Operational profit came in at 7 mEUR, down 17%  with a 
margin of 23% . The Paid Media segment accounted for 
30% of group revenue and 22% of operational profit. 
The Paid Media performance had similar high compari-
sons to the Publishing segment from last year.  This can 
be seen in Paid Media CPA revenue decreasing 32% dur-
ing the quarter, while recurring revenue share increased 
by 80%.  During Q1, more NDCs were sent on revenue 
share-based contracts, like the Publishing segment.  
 
Key figures for the Publishing segment 
tEUR Q1 2024 Q1 2023 Growth 2023           
Revenue 66,310  59,204  12% 220,328  
Share of Group 70% 67%   67% 
Cost 43,804  33,795  30% 139,685  
Share of Group 66% 62%   65% 
          
Operating profit before depreciation and amortization and special items 22,506  25,409  -11% 80,642  
Share of Group 78% 76%   73% 
EBITDA-Margin before special items 34% 43%   37% 
Operating profit before depreciation and amortization 19,980  24,802  -19% 78,695  
EBITDA-Margin 30% 42%   36% 
Organic Growth 0%  12%   15%  
Key figures for the Paid Media segment 
tEUR Q1 2024 Q1 2023 Growth 2023           
Revenue 28,721  28,741  0% 106,358  
Share of Group 30% 33%   33% 
Cost 22,217  20,875  6% 75,920  
Share of Group 34% 38%   35% 
          
Operating profit before depreciation and amortization and special items 6,505  7,866  -17% 30,438  
Share of Group 22% 24%   27% 
EBITDA-Margin before special items 23% 27%   29% 
Operating profit before depreciation and amortization 6,488  7,866  -18% 30,438  
EBITDA-Margin 23% 27%   29% 
Organic Growth -18%  51%   13%

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

Q1 report 2024 Page 9  
Europe & Rest of World 
The Europe & Rest of the world (ROW) business includes 
all markets outside of North America. The European 
markets consist of more mature markets and are the leg-
acy markets of Better Collective . South America is a 
strong growth market and makes up an increasingly big-
ger part of the business. Examples of sports brands in-
clude Soccernews in the Netherlands, Betarades in 
Greece, Tipsbladet in Denmark,  Wettbasis in Germany, 
Goal.pl in Poland, and Les Transferts in Franc e, as well 
as Bolavip in all South America, SomosFanaticos in Bra-
zil, and Redgol in Chile. The portfolio further includes the 
esport communities HLTV and FUTBIN.  
Europe & ROW are heavily exposed to recurring revenue 
share income. During Q1, the sports win margin was 
lower than expected and lower than last year. Further, 
Q1 saw more than 10% fewer soccer matches in Europe 
and South America, impacting the quarterly result.  
Despite this, Europe & ROW posted revenue of 61 mEUR, 
implying growth of 20%, of which 5% was organic.  
Operational profits came in at 20 mEUR, giving a margin 
of 33%, which is an increase of 6%. Europe & ROW reve-
nue accounted for 64 % and operational profit ac-
counted for 69% of the group. 
North America  
Both the US and the Canadian markets are recently reg-
ulated. As both markets are young, revenues have 
largely been generated from one-time payments (CPA) 
but have started gradually to transition into revenue 
share. Key North American sports brands include but are 
not limited to  Action Network, Yardbarker, The Nation 
Network, Playmaker HQ VegasInsider, RotoGrinders, 
Sportshandle, and Canada Sports Betting.  
The North American  revenue came in at 34  mEUR, im-
plying a decline  of 8%, and a decline of 22% organic 
growth. The net decline was  impacted by the ongoing 
revenue share transition  and the comparison from the 
two state launches last  year, which were both upfront 
CPA-based revenues.  
Operational profit came in at 9 mEUR, equaling a margin 
of 27%, impacted by the same measures as well as hav-
ing acquired Playmaker HQ and Playmaker Capital 
which are both margins dilutive. The group continues its 
transition towards recurring revenue share  in the North 
American market and saw a similar mix of NDCs as pre-
vious quarters. Revenue share income from North Amer-
ica grew around 25% quarter over quarter. 
Key figures for North America segment 
tEUR Q1 2024 Q1 2023 Growth 2023           
Revenue 34,010  37,143  -8% 108,600  
Share of Group 36% 42%   33% 
Cost 24,902  22,600  10% 77,703  
Share of Group 38% 41%   36% 
          
Operating profit before depreciation and amortization and special items 9,108  14,543  -37% 30,897  
Share of Group 31% 44%   28% 
EBITDA-Margin before special items 27% 39%   28% 
Operating profit before depreciation and amortization 7,313  14,543  -50% 30,009  
EBITDA-Margin 22% 39%   28% 
Organic Growth -22%  15%   5%  
Key figures for Europe & RoW segment 
tEUR Q1 2024 Q1 2023 Growth 2023           
Revenue 61,021  50,802  20% 218,085  
Share of Group 64% 58%   67% 
Cost 41,119  32,070  28% 137,902  
Share of Group 62% 59%   64% 
          
Operating profit before depreciation and amortization and special items 19,903  18,732  6% 80,183  
Share of Group 69% 56%   72% 
EBITDA-Margin before special items 33% 37%   37% 
Operating profit before depreciation and amortization 19,156  18,124  6% 79,123  
EBITDA-Margin 31% 36%   36% 
Organic Growth 5%  29%   17%

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

Q1 report 2024 Page 10  
Financial 
performance first 
quarter 2024  
Revenue growth of 8% to 95 
mEUR and organic growth of  
-6% 
Revenue showed strong growth v ersus 2023 of 8% and 
amounted to 95 mEUR (2023: 88 mEUR). Revenue share 
accounted for 45% of the revenue with 31% coming from 
CPA, 4% from subscription sales, and 20% from other in-
come.  
The acquisition of Playmaker Capital has contributed 
with revenue of 7 mEUR during Q1, 2024.  
Cost of 66 mEUR - up from 55 
mEUR  
The increase in costs compared to Q1, 2023 is primarily 
driven by personnel costs increasing 8 mEUR corre-
sponding to an inc rease of 35 %. The increase is driven 
by an increase in average number of employees increas-
ing from average 926  in Q1 2023 to 1,677 in Q1 2024, 
where 370 employees joined Better Collective as part of 
the acquisition of Playmaker Capital completed Febru-
ary 6, 2024.  
Direct costs related to media partnerships and Paid Me-
dia increased slightly, 0.8m EUR , however less  than 
overall growth in revenue . The cost base excluding de-
preciation and amortization grew 11 mEUR, up to 66  
mEUR (Q1 2023: 55 mEUR).  
Total direct cost relating to revenue increased by 0.8 
mEUR to 28 mEUR (Q1 2023: 27 mEUR) with the growth 
coming from increased cost primarily  related to media 
partnerships. Beyond the cost of paid traffic, this in-
cludes hosting fees of websites, content generation, and 
external development.  
Personnel cost increased 35% from March  2023 to 29 
mEUR 2024 (Q1 2023: 21 mEUR). The average number of 
employees increased 81 % to 1,677 (Q1 2023: 926). Per-
sonnel costs include costs related to warrants of 1 mEUR 
(Q1 2023: 0,1 mEUR).  
Other external costs increased 3  mEUR or 49 % to 9  
mEUR (Q1 2023: 6 mEUR). Depreciation and amortiza-
tion amounted to 10 mEUR (Q1 2023: 5 mEUR). The in-
crease is primarily due to amortization related to the ac-
quisitions in 2023 of Skycon, Playmaker HQ, Digital 
Sportmedia I Norden AB  (the four brands are  Sven-
skaFans.com, Hockeysverige.se, Fotbolldirekt.se and 
Innebandymagazinet.se), Goalmedia Technologia E 
Marketing Digital (the brand is Torcedores.) and 
Tipsbladet as well as new media partnerships. Addition-
ally, Better Collective completed the acquisition of 
Playmaker Capital in February 2024, which also contrib-
utes to the increase in amortizations and depreciations. 
Special items 
Special items amounted to a n expense of 3 mEUR (Q1 
2023: -1 mEUR). The net expense of 3 mEUR is primarily 
related to M&A expenses of 2  mEUR and restructuring 
of 1 mEUR. 
Earnings 
Operational earnings (EBITDA) before special items de-
creased 13% to 29 mEUR ( Q1 2023: 33 mEUR). The 
EBITDA-margin before special items was 31% (Q1 2023: 
38%). Including special items, the reported EBITDA was 
27 mEUR. (Q1 2023: 33 mEUR).  
EBIT before special items de creased 34% to 19  mEUR 
(Q1 2023: 29 mEUR). Including special items, the re-
ported EBIT was 17 mEUR (Q1 2023: 28 mEUR). 
Net financial items 
Net financial costs amounted to 7  mEUR (Q1 2023: 1 
mEUR) and included net interest, fees relating to bank 
credit lines , unrealized losses on shares  and exchange 
rate adjustments. Interest expenses amounted to 4  
mEUR and included non-payable, calculated interest ex-
penses on certain balance sheet items, 5 mEUR had cash 
flow effect.   
Net financial costs are impacted by an unrealized loss of 
1 mEUR on Catena Media shares  and net exchange rate 
loss amounted to 1 mEUR. 
Income tax 
Better Collective has a tax presence in the places where 
the company is incorporated . These places count  Den-
mark (where the parent company is incorporated), Aus-
tria, France, Greece, Malta, Netherlands, Poland, Portu-
gal, Romania, Serbia, Sweden, UK, Canada, Brazil, Co-
lombia, Argentina, Uruguay and the US. Income tax 
amounted to 3 mEUR (Q1 2023: 6 mEUR). The Effective 
Tax Rate (ETR) was 26.4% (Q1 2023: 23.5%) increasing 
primarily due to non-deductible costs. 
Net profit 
Net profit after tax was 8  mEUR (Q1 2023: 21 mEUR). 
Earnings per share (EPS) was  EUR/share 0.13 versus 
0.38 EUR/share Q1 2023. 
Equity 
The equity increased to 66 9 mEUR as per March  31, 
2024, from 435  mEUR on December 31, 202 3. Besides 
the net profit of 8 mEUR, the equity has been impacted 
by the share exchange in connection with the acquisi-
tion of Playmaker Capital of 46 mEUR, disposal of treas-
ury shares of 30 mEUR , the capital increase in March 
with 145 mEUR, and share-based payments of 1  mEUR.

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

Q1 report 2024 Page 11  
The decrease in USD versus  EUR has impacted the eq-
uity by 6 mEUR.  
Balance sheet  
Total assets amounted to 1,15 4 mEUR ( Q1 2023: 803 
mEUR), with an equity of 669 mEUR (2023: 435 mEUR). 
This corresponds to an equity to assets ratio of 58 % 
(2023: 5 3%). The liquidity ratio was 1.11 resulting from 
current assets of 138 mEUR and current liabilities of 124  
mEUR. The ratio of net interest-bearing debt to EBITDA 
before special items was 1.67 at the end of March.  
Investments 
In Q4 of 2023 Better Collective announced the acquisi-
tion of Playmaker Capital, which closed on 6 February 
2024. This strategic move, with a total purchase price of 
111 million EUR, cements our position as a market leader 
in South America while reinforcing our North American 
market presence. Playmaker Capital aligns seamlessly 
with our strategy, offering significant synergies that will 
bring the upfront 11,7x EV/EBITDA below 5x by 2026, 
expecting margins in line with Better Collective's pub-
lishing business. 
Cash flow and financing 
Cash flow from operations before special items was 22 
mEUR (2023: 33 mEUR) with a cash conversion of 73%.  
Better Collective has bank credit facilities of a total of  
319 mEUR. By the end of March 202 4, capital reserves 
stood at 164 mEUR consisting of cash of 61 mEUR, other 
current financial assets of 6  mEUR in form of listed 
shares and unused bank credit facilities of 97 mEUR.  
The parent company 
Better Collective A/S, is the parent company of the 
group. Revenue grew by 26% to 30 mEUR (Q1 2023: 24 
mEUR). Total costs including depreciation and amorti-
zation was 28 mEUR (Q1 2023: 20 mEUR). Profit after 
tax was 13  mEUR (Q1 2023: 3 mEUR). The change in 
profit after tax is primarily due to differences in dividend 
payments from subsidiaries, exchange rate adjustments, 
financial expenses, amortizations and corporate tax. To-
tal equity ended at 673 mEUR by March 31, 2024 (2023: 
443 mEUR). The equity in the parent has been impacted 
by the share exchange in connection with the acquisi-
tion of Playmaker Capital of 46 mEUR, the capital in-
crease in March with 145  mEUR and share -based pay-
ments of 1 mEUR.

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

Q1 report 2024 Page 12  
Financial targets  
2024  
Following the acquisition of AceOdds post Q1, the finan-
cial targets for the Better Collective group for the year 
2024 has been upgraded: 
• Revenue of 395-425 mEUR, implying 21-30% 
growth (previously 390-420 mEUR) 
• EBITDA of 125-135 mEUR implying 17-26% growth 
(previously 120-130 mEUR) 
• Net/debt to EBITDA stay below 3x (unchanged) 
2024 implications  
The targets factor in an eleven -month impact from the 
Playmaker Capital acquisition with the deal closing on 
February 6. The acquisition is expected to ramp up over 
time with expected flat revenue and earnings for 2024. 
More factors are continued investmen t in developing 
the AdTech platform, several AI -projects and scaling 
commercial development. Further the continued North 
American recurring revenue share transition to invest in 
future sustainable growth coupled with high expecta-
tions for the men’s Europea n Championship this sum-
mer. 
 
2023- 2027  
The long -term 2023 -2027 financial targets have been 
updated following the acquisition of Playmaker Capital. 
• Revenue CAGR of +20% (unchanged).  
• EBITDA margin before special items of 35-40% 
(previously 30-40%).  
• Net debt to EBITDA before special items of <3 
(unchanged). 
2023-2027 implications  
The long-term targets include M&A funded by own cash 
flow and debt, and not capital increases. With Play-
maker Capital, Better Collective utilized cash, debt, 
treasury shares and a small capital increase, resulting in 
a minimal dilution of 3%. Hence, a large part of the ac-
quisition was already included in the guidance, making 
the group more comfortable in its ability to reach these. 
Given the opportunity to move revenue from advertis-
ing to performance marketing and the increased profit-
ability therein the margin target is upgraded, narrowing 
it toward the high end. Given the nature of performance 
marketing and the change in cash flow, the margin up-
tick will happen after 12-24 months. 
 
 
Disclaimer 
This report contains certain forward-looking statements 
and opinions. Forward -looking statements are state-
ments that do not relate to historical facts and events. 
Such statements or opinions pertaining to the future, for 
example wording like; “believes”, “deems”, “estimates”, 
“anticipates”, “aims’, and “forecasts” or similar expres-
sions are intended to identify a statement as forward -
looking. This applies to statements and opinions con-
cerning the future financial returns, plans and expecta-
tions with respect  to the business and management of 
the group, future growth , profitability, general eco-
nomic and regulatory environment , and other matters 
affecting Better Collective.  
Forward-looking statements are based on current 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 t he 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 Collective can give no assurance regarding the 
future accuracy of the opinions set forth herein or as to 
the actual occurrence of any predicted developments 
and/or targets. Considering the risks, uncertainties and 
assumptions associated with forward -looking state-
ments, it is possible that certain future events may not 
occur. Moreover, forward -looking estimates derived 
from third-party studies may prove to be inaccurate. Ac-
tual results, performance or events may differ materially 
from those in such st atements e.g. due to changes in 
general economic conditions, in particular economic 
conditions in the markets in which the group operates, 
changes affecting interest rate levels, changes affecting 
currency exchange rates, changes in competition levels, 
changes in laws and regulations, and occurrence of ac-
cidents or environmental damages and systematic de-
livery failures. We undertake no obligation to update or 
revise any forward -looking statements, whether be-
cause of new information, future events or otherwi se, 
except to the extent required by law.

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

Q1 report 2024 Page 13  
Other 
Shares and share capital 
Better Collective A/S is listed on Nasdaq Stockholm 
main market and Nasdaq Copenhagen main market. The 
shares are traded under the ticker “BETCO”. As per 
March 31, 202 4, the share capital amounted to 
628,995.05 EUR, and the total number of issued shares 
was 62,899,505. The company has one (1) class of 
shares. Each share entitles the holder to one vote at the 
general meetings.  
Shareholder structure 
As of March 31, 2024, the total number of shareholders 
was 5,569. A list  of top ten  shareholders in Better Col-
lective A/S can be found on the group’s website.  
Annual General Meeting 2024 
The annual general meeting 2024 w as held on April 22, 
2024. Shareholders who wish to have a specific matter 
brought before the general meeting must submit a writ-
ten request to the company’s Board of Directors no later 
than six weeks prior to the general meeting. If the 
request is received less than six weeks  before the date 
of the general meeting, the Board of Directors must de-
cide whether the request has been made with enough 
time for the issue to be included on the agenda. 
Incentive programs 
To attract and retain key competences, the company 
has established warrant programs for certain key em-
ployees. All warrants with the right to subscribe for one 
ordinary share. If all outstanding warrants are sub-
scribed, then the maximum shareholders dilution will be 
approximately 4.3%. On January 2 , 2024, the board of 
directors implemented a Long-Term Incentive Plan (LTI) 
for key employees in the Better Collective group.  
In total the grants under the LTI in 202 4 cover 61,523 
performance share units and 426, 870 share options to 
79 key employees in total, vesting over a 3-year period. 
The total value of the 2023 LTI grant program is 3.6 
mEUR (calculated Black-Scholes value) measured at the 
target level, which is to say 100% achievement of the fi-
nancial goals.
  
 
 
Program 
Warrants outstanding  
March 31, 2024 Vesting period  Exercise period  
Exercise price  
DKK 
Exercise price  
EUR (rounded) 
2019* 756,308  2020-2023 2022-2024 64.78  8.70  
2020** 25,000  2021-2023 2023-2025 61.49  8.26  
2020* 204,499  2021-2023 2023-2025 106.35  14.28  
2021* 377,372  2022-2024 2024-2026 150.41  20.20  
2021 US MIP Options 43,358  2021-2024 2024-2026 138.90  18.65  
2022 US MIP Options 15,238  2022-2023 2023-2026 107.25  14.40  
2022 Options 22,138  2022-2024 2025-2027 130.98  17.59  
2022 PSU 67,276  2022-2024 2025-2027     
2023 CXO Options 300,000  2023-2025 2026-2028 142.08  19.08  
2023 Options 239,336  2023-2025 2026-2028 85.76  11.52  
2023 PSU 131,311  2023-2025 2026-2028     
2024 Options 426,870 2024-2026 2027-2029 76.67 10.28 
2024 PSU 61,523 2024-2026 2027-2029   
* Key employees and members of executive management 
** Following the AGM on April 22, 2020, 25,000 warrants were issued to the new board member, Todd Dunlap.

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

Q1 report 2024 Page 14  
Risk management 
Through an Enterprise Risk Management process, vari-
ous gross risks in Better Collective are identified. Each 
risk is described, including current risk mitigation in 
place, or planned mitigating actions. The subsequent 
analysis of the identified risks inclu des an inherent risk 
evaluation based on two main parameters: probability 
of occurrence and impact on future earnings and cash 
flow. Better Collective’s management continuously 
monitors risk development in the Better Collective 
group. The risk evaluation is presented to the Board of 
Directors annually, for discussion and any further miti-
gating actions required.  The board evaluates risk dy-
namically to account for this variation in risk impact. The 
policies and guidelines in place stipulate how manage-
ment must work with risk management. 
Better Collective’s compliance with these policies and 
guidelines is also monitored by the management on an 
ongoing basis. Better Collective seeks to identify and 
understand risks and mitigate them accordingly. Also, 
the group’s close and longstanding relationships with 
customers allow Better Collective to anticipate and re-
spond to market movements and new regulations in-
cluding compliance requirements from authorities and 
sportsbooks.  
With the continued expansion in North and South Amer-
ica, the overall  r isk profile of Better Collective has 
changed, and compliance as well as financial risk have  
increased. Better Collective has mitigated the additional 
risks in several ways, compliance risk through involve-
ment of regulatory bodies in our licensing process for 
newly established entities, financial risk through a per-
formance-based valuation of the acquired entities, and 
organizational risk through establishment of local gov-
ernance, and finance, HR, and l egal organization dedi-
cated to the North and South American operations.  
Other key risk factors are described in the Annual report 
2023. 
Contacts 
VP of Group Strategy, Investor Relations and Corporate 
Communications; Mikkel Munch-Jacobsgaard 
investor@bettercollective.com  
This information is such information as Better Collective 
A/S is obliged to make public pursuant to the EU Market 
Abuse Regulation. The information was submitted for 
publication, through the agency of the contact person 
set out above on May 21, 2024, after market close (CET). 
About 
Better Collective owns global and national sport media, 
with a vision to become the leading digital sports media 
group. We are on a mission to excite sports fans through 
engaging content and foster passionate communities 
worldwide. Better Collective's portfolio of digital sports 
media brands includes; HLTV , FUTBIN, Betarades, 
Soc-
cernews, Tipsbladet, Action Network , Playmaker HQ , 
VegasInsider, Bolavip and Redgol. Headquartered in Co-
penhagen, Denmark, and dual listed on Nasdaq Stock-
holm (BETCO) and Nasdaq Copenhagen (BETCO DKK).  
To learn more about Better Collective please visit  
www.Bettercollective.com

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

Q1 report 2024 Page 15  
Statement by the 
Board of Directors 
and the Executive 
Management 
Statement by the Board of Directors and the Execu-
tive Management on the condensed consolidated in-
terim financial statements and the parent company 
condensed interim financial statements for the period 
January  1 – March 31, 2024. 
Today, the B oard of D irectors and the E xecutive  
Management have discussed and approved the  
condensed consolidated interim financial statements 
and the parent company condensed interim financial 
statements of Better Collective A/S for the period Jan-
uary 1 – March 31, 2024.  
The condensed consolidated interim financial state-
ments for the period January 1 – March 31, 2024, are pre-
pared in accordance with IAS 34 Interim Financial Re-
porting as adopted by the EU, and additional require-
ments of the Danish Financial Statements Act. The  par-
ent company condensed interim financial statements 
have been included according to the Danish Executive 
Order on the Preparation of Interim Financial Reports.  
In our opinion, the condensed consolidated interim  
financial statements and the parent company con-
densed interim financial statements give a true and fair 
view of the group’s and parent company’s assets, liabil-
ities, and financial position on March 31, 2024, and of the 
results of the group’s and parent company’s operations 
and the group’s cash flows for the period January  1 – 
March 31, 2024.  
Further, in our opinion, the management’s review gives 
a fair review of the development in the group’s and the 
parent company’s operations and financial matters and 
the results of the group’s and the parent company’s op-
erations and financial position, as well as a description 
of the major risks and uncertainties, the group and the 
parent company are facing. The Interim Report has not 
been audited nor reviewed by the Company’s auditor. 
Copenhagen, May 21, 2024 
 
 
 
  
Executive 
Management 
  
 
 
Jesper Søgaard 
Co-founder & CEO 
 
 
Christian Kirk Rasmussen 
Co-founder & COO  
Executive Vice President 
 
 
Flemming Pedersen 
CFO 
Executive Vice President 
   
Board of Directors   
Jens Bager 
Chair 
 Therese Hillman 
 Vice Chair 
Britt Boeskov 
   
Todd Dunlap   Leif Nørgaard René Rechtman 
   
Petra von Rohr

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

Q1 report 2024 Page 16  
Condensed interim financial statements for the 
period  
Consolidated income statement 
Note tEUR Q1 2024 Q1 2023 2023 
3 Revenue 95,031  87,945  326,686  
  Direct costs related to revenue 27,929  27,149  99,296  
4 Staff costs  28,718  21,226  88,921  
  Other external expenses 9,374  6,295  27,389  
  Operating profit before depreciation and amortization (EBITDA) and special items 29,010  33,275  111,080  
  Depreciation 1,472  713  3,958  
  Operating profit before amortization (EBITA) and special items 27,538  32,561  107,122  
7 Amortization and impairment 8,234  3,871  24,283  
  Operating profit (EBIT) before special items 19,304  28,691  82,839  
5 Special items, net - 2,542  - 607  - 1,948  
  Operating profit 16,762  28,083  80,891  
  Financial income 1,607  2,672  5,987  
  Financial expenses 8,105  3,407  28,868  
  Profit before tax 10,264  27,348  58,010  
6 Tax on profit for the period 2,711  6,414  18,175  
  Profit for the period 7,553  20,935  39,835  
          
  Earnings per share attributable to equity holders of the company       
  Average number of shares 58,511,905  55,154,113  55,186,772  
  Average number of warrants - converted to number of shares 2,481,064  2,419,909  2,658,571  
  Earnings per share (in EUR) 0.13  0.38  0.74 
  Diluted earnings per share (in EUR) 0.12  0.36  0.70 
 
 
Consolidated statement of other comprehensive income 
tEUR Q1 2024 Q1 2023 2023 
Profit for the period 7,553  20,935  39,835  
Other comprehensive income        
Other comprehensive income that may be reclassified to profit or loss in subsequent peri-
ods:       
Fair value adjustment of hedges for the year   483  0 - 483  
Currency translation to presentation currency - 170  - 678  1,318  
Currency translation of non-current intercompany loans 6,278  - 5,107  - 9,440  
Tax on other comprehensive income/loss 0  1,123   0 
Net other comprehensive income/loss 6,591  - 4,661  - 8,605  
Total comprehensive income/(loss) for the period, net of tax 14,144  16,274  31,230  
        
Attributable to:       
Shareholders of the parent 14,144  16,274  31,230

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

Q1 report 2024 Page 17  
Consolidated statement of financial position 
Note tEUR Q1 2024 Q1 2023 2023           
  Assets                 
  Non-current assets       
7 Intangible assets       
  Goodwill 351,240 182,108 255,074 
  Domains and websites 548,228 459,833 466,615 
  Accounts and other intangible assets 86,989 33,046 79,740 
  Total intangible assets 986,457 674,987 801,429           
  Tangible assets       
  Right of use assets 17,056 5,634 15,575 
  Leasehold improvements, Fixtures and fittings, other plant and equipment 6,791 2,758 6,006 
  Total tangible assets 23,847 8,393 21,582           
  Other non-current assets       
  Deposits 1,869  1,623  1,803  
  Deferred tax asset 3,273  10,245  7,236  
  Total other non-current assets 5,142  11,868  9,039            
  Total non-current assets 1,015,446  695,248  832,050            
  Current assets       
  Trade and other receivables 61,670  51,059  48,954  
  Corporation tax receivable 4,177  7,196  2,252  
  Prepayments 5,238  3,499  4,250  
  Other current financial assets 5,639  17,121  6,804  
  Cash 61,494  28,847  43,552  
  Total current assets 138,218  107,722  105,812            
  Total assets 1,153,664  802,970  937,862  
 
 
 
 
  
Note tEUR Q1 2024 Q1 2023 2023           
  Equity and liabilities       
          
  Equity       
  Share Capital 629  552  554  
  Share Premium 465,834  272,594  274,580  
  Currency Translation Reserve 21,162  18,516  15,055  
  Hedging reserves  0  0 - 483  
  Treasury Shares 0  - 13,577  - 21,057  
  Retained Earnings 180,875  145,366  166,624  
  Total equity 668,500  423,449  435,273            
  Non-current Liabilities       
8 Debt to credit institutions 221,820  201,383  248,657  
8 Lease liabilities 14,356  4,931  13,326  
8 Deferred tax liabilities 96,640  81,013  84,670  
8 Other long-term financial liabilities 28,307  29,161  52,443  
  Total non-current liabilities 361,123  316,488  399,096  
          
  Current Liabilities       
  Prepayments received from customers and deferred revenue 5,416  8,136  4,262  
  Trade and other payables 24,211  19,674  27,838  
  Corporation tax payable 7,976  5,343  6,754  
8 Other financial liabilities 83,111  27,482  61,938  
  Debt to credit institutions 0  1,292   0 
8 Lease liabilities 3,327  1,106  2,702  
  Total current liabilities 124,041  63,033  103,493  
  Total liabilities 485,164  379,521  502,589            
  Total Equity and liabilities 1,153,664  802,970  937,862

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

Q1 report 2024 Page 18  
Consolidated statement of changes in equity 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation 
reserve 
Hedging 
reserves 
Treasury 
shares 
Retained 
earnings 
Total  
equity 
                
As at January 1, 2024 554  274,580  15,055  - 483  - 21,057  166,624  435,273  
Result for the period  0  0  0  0  0 7,553  7,553  
                
Fair value adjustment of hedges  0  0  0 483   0  0 483  
Currency translation  
to presentation currency  0  0 6,108   0  0  0 6,108  
Tax on other  
comprehensive income  0  0  0  0  0  0  0 
Total other  
comprehensive income  0  0 6,108  483   0  0 6,591  
Total comprehensive  
income for the year  0  0 6,108  483   0 7,553  14,144  
                
Transactions with owners               
Capital Increase 75  191,254   0  0  0  0 191,329  
Acquisition of treasury shares  0  0  0  0  0  0  0 
Disposal of treasury shares  0  0  0  0 21,057  8,885  29,942  
Share based payments  0  0  0  0  0 670  670  
Transaction cost  0  0  0  0  0 - 2,857  - 2,857  
Total transactions with owners 75  191,254   0  0 21,057  6,698  219,084  
                
At March 31, 2024 629  465,834  21,162  0 0  180,875  668,500  
During the period no dividend was paid. 
 
 
 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation 
reserve 
Hedging 
reserves 
Treasury 
shares 
Retained 
earnings 
Total  
equity 
                
As at January 1, 2023 551  272,550  23,177   0 - 7,669  124,307  412,917  
Result for the period  0  0  0  0  0 20,935  20,935  
                
Fair value adjustment of hedges 0  0 0  0 0 0 0 
Currency translation  
to presentation currency  0  0 - 5,784   0  0  0 - 5,784  
Tax on other  
comprehensive income  0  0 1,123   0  0  0 1,123  
Total other  
comprehensive income  0  0 - 4,661   0  0  0 - 4,661  
Total comprehensive  
income for the year  0  0 - 4,661   0  0 20,935  16,274  
                
Transactions with owners               
Capital Increase 0  43   0  0  0  0 44  
Acquisition of treasury shares  0  0  0  0 - 5,903   0 - 5,903  
Disposal of treasury shares  0  0  0  0  0  0  0 
Share based payments  0  0  0  0  0 126  126  
Transaction cost  0  0  0  0 - 6  - 2  - 8  
Total transactions with owners 0  43   0  0 - 5,909  124  - 5,741  
                
At March 31, 2023 552  272,594  18,516   0 - 13,577  145,366  423,449  
During the period no dividend was paid.

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

Q1 report 2024 Page 19  
Consolidated statement of changes in equity - continued 
tEUR 
Share  
capital 
Share  
premium 
Currency 
translation 
reserve 
Hedging 
reserves 
Treasury 
shares 
Retained 
earnings 
Total  
equity 
                
As at January 1, 2023 551  272,550  23,177   0 - 7,669  124,307  412,917  
Result for the period  0  0  0  0  0 39,835  39,835  
                
Fair value adjustment of hedges  0  0  0 - 483   0  0 - 483  
Currency translation  
to presentation currency  0  0 - 8,122   0  0  0 - 8,122  
Tax on other  
comprehensive income  0  0  0  0  0  0  0 
Total other  
comprehensive income  0  0 - 8,122  - 483   0  0 - 8,605  
Total comprehensive  
income for the year  0  0 - 8,122  - 483   0 39,835  31,230  
                
Transactions with owners               
Capital Increase 3  2,030   0  0  0  0 2,033  
Acquisition of treasury shares  0  0  0  0 - 13,375   0 - 13,375  
Disposal of treasury shares  0  0  0  0  0  0  0 
Share based payments  0  0  0  0  0 2,495  2,495  
Transaction cost  0  0  0  0 - 13  - 12  - 26  
Total transactions with owners 3  2,030   0  0 - 13,389  2,482  - 8,874  
                
At December 31, 2023 554  274,580  15,055  - 483  - 21,057  166,624  435,273  
During the period no dividend was paid.

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

Q1 report 2024 Page 20  
Consolidated statement of cash flows 
Note tEUR Q1 2024 Q1 2023 2023 
          
  Profit before tax 10,264  27,348  58,010  
  Adjustment for finance items 6,498  735  22,882  
  Adjustment for special items 2,542  607  1,947  
  Operating Profit for the period before special items 19,304  28,691  82,839  
  Depreciation and amortization 9,706  4,584  28,241  
  Other adjustments of non-cash operating items 1,112  100  2,581  
  
Cash flow from operations  
before changes in working capital and special items 30,122  33,375  113,661  
  Change in working capital - 8,457  - 15  5,722  
  Cash flow from operations before special items 21,665  33,360  119,384  
  Special items, cash flow - 11,649  - 395  - 4,744  
  Cash flow from operations 10,016  32,966  114,639  
  Financial income, received  724  463  493  
  Financial expenses, paid - 5,908  - 3,168  - 10,712  
  Cash flow from activities before tax 4,832  30,261  104,420  
  Income tax paid  - 3,890  - 3,799  - 15,411  
  Cash flow from operating activities 942  26,462  89,009  
          
10 Acquisition of businesses - 70,279   0 - 57,282  
10 Acquisition of intangible assets - 2,990  - 3,204  - 27,469  
  Acquisition of property, plant and equipment - 961  187  - 5,143  
  Sale of property, plant and equipment 438  - 238  3  
  Acquisition of other financial assets  0 - 14,930  - 14,930  
  Change in other non-current assets - 66  - 3,093  - 1,427  
  Cash flow from investing activities - 73,858  - 21,278  - 106,248  
 
 
Note tEUR Q1 2024 Q1 2023 2023 
          
  Repayment of borrowings - 122,087  - 1,486  - 1,486  
  Proceeds from borrowings 71,859   0 45,490  
  Lease liabilities - 878  - 373  - 2,814  
  Other non-current liabilities - 843   0 - 483  
  Capital increase 145,144  44  2,033  
  Treasury shares  0 - 5,903  - 13,381  
  Transaction cost - 2,857  - 6  - 26  
  Warrant settlement, sale of warrants 602   0  0 
  Cash flow from financing activities 90,940  - 7,724  29,334  
          
  Cash flows for the period 18,024  - 2,540  12,095  
  Cash and cash equivalents at beginning 43,552  31,497  31,497  
  Foreign currency translation of cash and cash equivalents - 82  - 111  - 41  
  Cash and cash equivalents period end 61,494  28,847  43,552            
  Cash and cash equivalents period end       
  Cash 61,494  28,847  43,552  
  Cash and cash equivalents period end 61,494  28,847  43,552

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

Q1 report 2024 Page 21  
Notes 
1. General information 
Better Collective A/S is a limited liability company and is incorporated in Denmark. The parent company and its  
subsidiaries (referred to as the “Group” or “Better Collective”) engage in online performance marketing. Better Collec-
tive’s vision is to become the leading digital sports media group. 
Basis of preparation  
The Interim Report (condensed consolidated interim financial statements) for the period January 1 - March 31, 2024, has 
been prepared in accordance with IAS 34 “Interim financial reporting” as adopted by the EU and additional requirements 
in the Danish Financial Statements Act. The parent company condensed interim financial statements has been included 
according to the Danish Executive Order on the Preparation of Interim Financial Reports. 
These condensed consolidated interim financial statements incorporate the results of Better Collective A/S and its sub-
sidiaries. 
The condensed consolidated interim financial statements refer to certain key performance indicators, which Better Col-
lective and others use when evaluating the performance of Better Collective. These are referred to as alternative per-
formance measures (APM s) and are not defined under IFRS. The figures and related subtotals give management and 
investors important information to enable them to fully analyze the Better Collective business and trends. The APMs are 
not meant to replace but to complement the performance measures defined under IFRS. 
New financial reporting standards 
All new or amended standards (IFRS) and interpretations (IFRIC) as adopted by the EU and which are effective for the 
financial year beginning on  January 1, 2024, have been adopted. The implementation of these new or amended  
standards and interpretations had no material impact on the condensed consolidated interim financial statements. 
Accounting policies  
The condensed consolidated interim financial statements have been prepared using the same accounting policies as set 
out in note 1 of the 2023 annual report which contains a full description of the accounting policies for the Group and the 
parent company.  
The annual report for 2023 including full description of the accounting policies can be found on Better Collective’s web-
site: https://storage.mfn.se/9896a1ee-39d1-49c3-a0fd-7447b83bcb8e/annual-report-2023.pdf
  
 
 
 
 
Significant accounting judgements, estimates and assumptions 
The preparation of condensed consolidated interim financial statements requires management to make judgements, 
estimates and assumptions that affect the reported amounts of revenue, expenses, assets, and liabilities. 
Beyond the risks mentioned above, the significant accounting judgements, estimates and assumptions applied in these 
consolidated interim financial statements are the same as disclosed in note 2 in the annual report for 2023 which  
contains a full description of significant accounting judgements, estimates and assumptions.

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

Q1 report 2024 Page 22  
2. Segments 
Publishing and Paid Media  
Better Collective operates two different business models regarding customer acquisition with different earnings - 
profiles. The segments Publishing and Paid Media have been measured and disclosed separately for Revenue, Cost and 
Earnings. The Publishing business includes revenue from Better Collective’s proprietary online sports media  and media 
partnerships where the audience is coming either directly or through organic search results, whereas Paid Media gener-
ates revenue through paid ad-traffic to our brands, thereby running on a lower earnings margin. 
The performance for each segment is presented in the below tables: 
  Publishing Paid Group 
tEUR Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023               
Revenue Share 29,764  32,424  12,874  7,127  42,638  39,552  
CPA 14,905  13,366  14,335  20,945  29,241  34,311  
Subscription 4,248  4,483   0  0 4,248  4,483  
Other 17,392  8,930  1,512  668  18,905  9,598  
Revenue 66,310  59,204  28,721  28,741  95,031  87,945  
Cost 43,804  33,795  22,217  20,875  66,020  54,670                
Operating profit before depreciation,  
amortization and special items 22,506  25,409  6,505  7,866  29,011  33,275  
EBITDA-Margin before special items 34% 43% 23% 27% 31% 38%               
Special items, net - 2,526  - 607  - 16   0 - 2,542  - 607                
Operating profit  
before depreciation and amortization 19,980  24,802  6,488  7,866  24,468  32,667  
EBITDA-Margin 30% 42% 23% 27% 28% 37%               
Depreciation 1,420  713  52  0  1,472  713                
Operating profit before amortization 18,560  24,088  6,437  7,866  24,996  31,954  
EBITA-Margin 28% 41% 22% 27% 26% 36% 
 
 
 
 
 
 
 
 
 
 
 
 
  Publishing Paid Group 
tEUR 2023 2023 2023         
Revenue Share 120,776  41,049  161,825  
CPA 40,590  63,371  103,960  
Subscription 17,959   0 17,959  
Other 41,004  1,937  42,941  
Revenue 220,328  106,358  326,686  
Cost 139,685  75,920  215,605          
Operating profit before depreciation,  
amortization and special items 80,642  30,438  111,080  
EBITDA-Margin before special items 37% 29% 34%         
Special items, net - 1,948   0 - 1,948          
Operating profit  
before depreciation and amortization 78,695  30,438  109,132  
EBITDA-Margin 36% 29% 33%         
Depreciation 3,909  49  3,958          
Operating profit before amortization 74,785  30,389  105,174  
EBITA-Margin 34% 29% 32%

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

Q1 report 2024 Page 23  
2. Segments, continued 
Europe & Rest of World  and North A merica  
Better Collective’s products cover more than 30 languages and attract millions of users worldwide - with international 
brands with a global reach as well as regional brands with a national reach. Better Collective’s regional brands are tai-
lored according to the specific regions or countries and their respective regulations, sports, betting behaviors, user 
needs, and languages. Better Collective reports on the geographical segments North America and Europe & ROW (Rest 
of World), measuring and disclosing separately for Revenue, Cost and Earnings. Historical financial figures are reported 
accordingly. 
The performance for each segment is presented in the below tables: 
  Europe & RoW North America Group 
tEUR Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023               
Revenue Share 36,567  31,919  6,071  7,633  42,638  39,552  
CPA 13,336  11,192  15,905  23,119  29,241  34,311  
Subscription 619  566  3,630  3,918  4,248  4,483  
Other 10,500  7,125  8,404  2,473  18,905  9,599  
Revenue 61,021  50,802  34,010  37,143  95,031  87,945  
Cost 41,119  32,070  24,902  22,600  66,020  54,670                
Operating profit before depreciation,  
amortization and special items 19,903  18,732  9,108  14,543  29,011  33,275  
EBITDA-Margin before special items 33% 37% 27% 39% 31% 38%               
Special items, net - 747  - 607  -1,795  0  - 2,542  - 607                
Operating profit  
before depreciation and amortization 19,156  18,124  7,313  14,543  26,468  32,667  
EBITDA-Margin 31% 36% 22% 39% 28% 37%               
Depreciation 1,210  713  262  0  1,472  713                
Operating profit before amortization 17,946  17,411  7,051  14,543  24,996  31,954  
EBITA-Margin 29% 34% 21% 39% 26% 36% 
 
 
 
 
 
 
 
 
  
 Europe & Row North America Group 
tEUR 2023 2023 2023         
Revenue Share 136,211  25,614  161,825  
CPA 49,173  54,788  103,960  
Subscription 2,461  15,499  17,959  
Other 30,241  12,700  42,941  
Revenue 218,085  108,600  326,686  
Cost 137,902  77,703  215,605          
Operating profit before depreciation,  
amortization and special items 80,183  30,897  111,080  
EBITDA-Margin before special items 37% 28% 34%         
Special items, net - 1,060  - 888  - 1,948          
Operating profit  
before depreciation and amortization 79,123  30,009  109,132  
EBITDA-Margin 36% 28% 33%         
Depreciation 2,947  1,011  3,958          
Operating profit before amortization 76,176  28,998  105,174  
EBITA-Margin 35% 27% 32%

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

Q1 report 2024 Page 24  
3. Revenue specification 
In accordance with IFRS 15 disclosure requirements, total revenue is split on Revenue Share, Cost per Acquisition 
(CPA), Subscription, and Other as follows: 
tEUR Q1 2024 Q1 2023* 2023         
Revenue category       
Recurring revenue (Revenue share, Subscription, CPM) 53,286  46,817  191,118  
CPA, Fixed Fees 41,500  41,128  135,385  
Other 245   0 183  
Total revenue 95,031  87,945  326,686  
        
%-split       
Recurring revenue 56 53  58  
CPA, Fixed Fees 44 47  42  
Other 0  0 0  
Total 100  100  100  
 
tEUR Q1 2024 Q1 2023* 2023         
Revenue type       
Revenue Share 42,638  39,552  161,825  
CPA 29,241  34,311  103,960  
Subscription 4,248  4,483  17,959  
Other 18,905  9,599  42,941  
Total revenue 95,031  87,945  326,686  
        
%-split       
Revenue Share 45 45  50  
CPA 31 39  32  
Subscription 4 5  5  
Other 20 11  13  
Total 100  100  100  
* Q1 2023 figures have been restated for Revenue Share and CPA because of the reclassification of upfront payments related to hybrid 
revenue share contracts which were reclassified for the first time in Q3 2023.  
 
4. Share-based payment plans 
2019 Warrant programs: 
During the first quarter of 2024 the company did not grant any new warrants and 48,875 warrants were exercised under 
this program.  
2020 Warrant programs: 
During the first quarter of 2024 the company did not grant any new warrants and 15,499 warrants were exercised under 
this program.  
2022 Incentive Program: 
During the first quarter of 2024 the company did not grant any new warrants and 0 warrants were exercised under this 
program.  
2023 Incentive Program: 
During the first quarter of 2024 the company did not grant any new warrants and 0 warrants were exercised under this 
program.  
2023 CXO Options Program: 
During the first quarter of 2024 the company did not grant any new warrants and 0 warrants were exercised under this 
program.  
2024 Incentive Program: 
On January 2, 2024, a new LTI program consisting of Performance Stock Units and stock options was announced. Un-
der the program 426,870 options and 61,523 PSUs were granted to certain key employees. Whereas the options have 
the right to subscribe for one ordinary share, the PSUs have a performance-based element that can increase to two 
shares for one PSU – both are classified as equity-settled share-based payment transactions*. The vesting period runs 
from 2024-2026 and the exercise period runs from 2027 to 2029.  
 
* The Board of Directors keeps the right to change the classification of the share-based programs, to a cash-settled.

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

Q1 report 2024 Page 25  
4. Share-based payment plans, continued 
 
 
Management Incentive Program - Action Network:  
During the first quarter of 2024 the company did not grant any new warrants and 0 warrants were exercised under this 
program.  
Total share-based compensation: 
The total share-based compensation expense for the above programs recognized for Q1 2024 is 1,112 tEUR (Q1 2023: 
134 tEUR).
5. Special items 
Special items consist of recurring and non-recurring items that management does not consider to be part of the 
group’s ordinary operating activities, i.e. acquisition costs, dual listing, adjustment of earn-out payments related to 
acquisitions, and restructuring costs are presented in the Income statement in a separate line item labelled ‘Special 
items’. 
The impact of special items is specified as follows: 
tEUR Q1 2024 Q1 2023 2023         
Operating profit 16,762  28,083  80,891          
Special Items related to:       
Special items related to dual listing  0  0 - 1,129  
Special items related to M&A - 1,779  - 350  - 10,224  
Variable payments regarding acquisitions - cost  0 - 93   0 
Variable payments regarding acquisitions - income 0   0 9,924  
Special items related to Restructuring - 763  - 164  - 519  
Special items, total - 2,542  - 607  - 1,948  
        
Operating profit (EBIT) before special items 19,304  28,691  82,839  
        
Amortization and impairment 8,234  3,871  24,283          
Operating profit before amortization  
and special items (EBITA before special items)  27,538  32,561  107,122          
Depreciation 1,472  713  3,958          
Operating profit before depreciation, amortization,  
and special items (EBITDA before special items)  29,010  33,275  111,080

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

Q1 report 2024 Page 26  
6. Income tax 
Total tax for the period is specified as follows: 
 
Income tax on profit for the period is specified as follows: 
Tax on the profit for the period can be explained as follows: 
7. Intangible assets 
 
*Accounts and other intangible assets consist of accounts (33,299 tEUR), Media Partnerships (51,054 tEUR) and software and others 
(2,637 tEUR) 
 
 
 
 
 
tEUR Q1 2024 Q1 2023 2023 
Tax for the period 2,711  6,414  18,175  
Tax on other comprehensive income  0 -1,223   0 
Total 2,711  5,290  18,175  
tEUR Q1 2024 Q1 2023 2023 
Deferred tax - 436  2,563  3,641  
Current tax 3,143  3,851  16,400  
Adjustment from prior years 4   0 - 1,867  
Total 2,711  6,414  18,175  
tEUR Q1 2024 Q1 2023 2023 
Specification for the period:       
Calculated 22% tax of the result before tax 2,258  6,017  12,762  
Adjustment of the tax rates  
in foreign subsidiaries relative to the 22% 340  501  1,955  
Tax effect of:       
Special items  0  0 868  
Special items - taxable items  0  0 - 233  
Other non-taxable income - 152  - 146  - 410  
Other non-deductible costs 261  42  3,461  
Unrecognized tax losses carried forward  0  0 2,010  
Tax deductable  0  0 - 371  
Adjustment of tax relating to prior periods 4 0 -1,867 
Total 2,711  6,414  18,175  
Effective tax rate 26.4% 23.5% 31.3% 
tEUR Goodwill 
Domains and  
websites 
Accounts and 
other  
intangible assets* Total           
Cost or valuation         
As of January 1, 2024 255,074  466,615  140,065  861,754  
Additions  0  0 7,388  7,388  
Acquisitions through business combinations 93,005  76,523  9,583  179,111  
Transfer  0  0 - 295  - 295  
Disposals  0 0  - 1,694  - 1.694  
Currency Translation 3,161  5,089  522  8,772  
At March 31, 2024 351,240  548,228  155,570 1,055,038  
          
Amortization and impairment         
As of January 1, 2024  0  0 60,325  60,325  
Amortization for the period  0  0 8,357  8,357  
Amortization on disposed assets  0  0 - 169  - 169  
Currency translation 0  0 68  68  
At March 31, 2024  0  0 68,581  68,581  
          
Net book value at March 31, 2024 351,240 548,228  86,989 986,457

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

Q1 report 2024 Page 27  
7. Intangible assets, continued 
 
tEUR Goodwill 
Domains and  
websites 
Accounts and other  
intangible assets* Total 
Cost or valuation         
As of January 1, 2023 183,942  460,513  63,705  708,159  
Additions  0 3,759  10,142  13,901  
Acquisitions through business combinations  0  0  0  0 
Transfer  0  0  0  0 
Disposals  0  0  0  0 
Currency Translation - 1,833  - 4,438  - 459  - 6,731  
At March 31, 2023 182,108  459,833  73,388  715,330  
          
Amortization and impairment         
As of January 1, 2023  0  0 36,688  36,688  
Amortization for the period  0  0 3,843  3,843  
Amortization on disposed assets  0  0  0  0 
Currency translation  0  0 - 189  - 189  
At March 31, 2023  0  0 40,342  40,342  
          
Net book value at March 31, 2023 182,108  459,833  33,046  674,987  
*Accounts and other intangible assets consist of accounts (23,529 tEUR), Media Partnerships (9,023 tEUR) and software and others 
(494 tEUR) 
 
 
 
 
 
 
 
*Accounts and other intangible assets consist of accounts (30,474 tEUR), Media Partnerships (48,769 tEUR) and software and others 
(497 tEUR) 
 
 
  
tEUR Goodwill 
Domains and  
websites 
Accounts and other  
intangible assets* Total           
Cost or valuation         
As of January 1, 2023 183,942  460,513  63,705  708,159  
Additions 0  3,412  53,914  57,326  
Acquisitions through business combinations 75,335  10,842  29,579  115,756  
Transfer  0  0  0  0 
Disposals  0  0 - 6,531  - 6,531  
Currency Translation - 4,203  - 8,151  - 602  - 12,956  
At December 31, 2023 255,074  466,615  140,065  861,754  
          
Amortization and impairment         
As of January 1, 2023  0  0 36,688  36,688  
Amortization for the period  0  0 24,283  24,283  
Amortization on disposed assets  0  0  0  0 
Currency translation  0  0 - 646  - 646  
At December 31, 2023  0  0 60,325  60,325  
          
Net book value at December 31,  2023 255,074  466,615  79,740  801,429

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

Q1 report 2024 Page 28  
8. Non-current liabilities and other current financial liabilities 
Debt to credit institutions: 
As per March 31, 2024, Better Collective has drawn 221.8 mEUR (2023: 248.7) out of the total committed club facility of 
319 mEUR established with Nordea, Nykredit, and Citibank.  
Lease liabilities:  
Non-current and current lease liabilities, of 14.4 mEUR (2023: 13.3 mEUR) and 3.3 mEUR (2023: 2.7 mEUR) respectively.  
Deferred Tax liability:  
Deferred tax liability as of March  31, 2024, amounted to 96.6 mEUR (2023: 84.7 mEUR). The change from January 1, 
2024, originates from changes in deferred tax  related to acquisitions, amortization  of accounts from acquisitions, and 
deferred tax changes in Parent Company and Better Collective US, Inc. 
Deferred Tax asset:  
Deferred tax asset as of March 31, 2024, amounted to 3.3 mEUR (2023: 7.2 mEUR). 
The group has total tax asset of 2,010t EUR related to tax losses carried forward, which are not recognized in the financial 
statement due to the uncertainty of utilizing the tax asset. Of not recognized tax losses carry forwards 2,010t EUR, may 
be carried forward for up to 3 years. 
Other financial liabilities:  
As per March 31, 2024, other financial liabilities amounted to 83.1 mEUR (2023: 61.9 mEUR) due to deferred and variable 
payments related to acquisitions. The increase from January 1, 2024, is related to the capitalization of media agreements. 
Fair Value of financial assets and liabilities  is measured based on level 3 - Valuation techniques. In all material aspects 
the fair value of the financial assets and liabilities is considered equal to the booked value. 
The fair value of financial instruments are measured based on level 2. The fair value is measured according to generally 
accepted valuation techniques. Market-based input is used to measure the fair value. 
 
 
9. Business combinations 
Acquisition of Playmaker Capital 
On November 6, 2023 Better Collective announced the acquisition of Playmaker Capital for a total price consideration 
of 176 mEUR. The consideration comprises 35 % cash and a cap of 65 % shares in Better Collective A/S. The considera-
tion is financed partly by own cash and utilization of available facilities of 72 mEUR as well as a share consideration. 
The share consideration payable to Playmaker Capital shareholders, a total of 3,143,009 Better Collective shares, has 
been provided by Better Collective delivering 1,387,580 existing shares held as treasury shares and by issuing 
1,755,429 new shares.  
Playmaker Capital is a leading digital sports media group that owns and operates several strong sports media brands 
across the Americas. The acquisition has been closed on 6 February 2024, and Playmaker Capital are consolidated into 
Better Collective Group from the closing date.   
The transferred consideration was in cash and shares in Better Collective A/S. 
 
tEUR 
  
Purchase amount 110,762  
Cash and cash equivalents 4,840  
Shares 73,314  
Cash outflow 32,608  
Acquired net assets at the time of acquisition tEUR 
Domains and websites 76,523  
Customer Relations  7,446  
Technology 2,137  
Other assets 18,034  
Deferred tax liabilities - 18,141  
Other liabilities  - 68,242  
Identified net assets 17,757  
Goodwill 93,005  
Total consideration 110,762

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

Q1 report 2024 Page 29  
9. Business combinations, continued 
A goodwill of 93,005 tEUR emerged from  the acquisition of Playmaker Capital as an effect of the difference between 
the transferred consideration and the fair value of acquired net assets. Goodwill is connected to the future growth ex-
pectations given the strong platform and significant synergistic opportunities. The goodwill is not tax deductible.  
Transaction costs related to the acquisition of Playmaker Capital amounts to 6,420 tEUR. Transaction costs are ac-
counted for in the income statements under “special items” since the announcement. The acquisition was completed on 
February 6, 2024. If the transaction had been completed on January 1, 2024 the group’s revenue would have amounted 
to 99 mEUR and result after tax would have amounted to 10 mEUR. The purchase price allocation is provisional due to 
uncertainties regarding measurement of acquired intangible assets. 
 
 
 
 
 
 
 
 
 
 
 
 
10. Note to cash flow statement 
 
 
tEUR Q1 2024 Q1 2023  2023         
Acquisition of business combinations:       
Net Cash outflow  
from business combinations at acquisition - 32,608   0 - 57,282  
Business Combinations  
deferred payments from current period  0  0  0 
Deferred payments  
- business combinations from prior periods  - 37,761  0  0 
Total cash flow from business combinations - 70,279   0 - 57,282  
        
Acquisition of intangible assets:       
Acquisitions through asset transactions  0 - 13,901  - 50,639  
Deferred payments related to acquisition value  0  0 - 494  
Deferred payments  
- acquisitions from prior periods 0  - 425  - 9,745  
Intangible assets with no cash flow effect  0 11,122  33,613  
Other investments - 2,990   0 - 203  
Total cash flow from intangible assets - 2,990  - 3,204  - 27,468

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

Q1 report 2024 Page 30  
Financial statements for the period  
Income statement – Parent company  
tEUR Q1 2024 Q1 2023 2023         
Revenue 29,905  23,699  98,513          
Other operating income 3,122  4,015  12,516          
Direct costs related to revenue 5,178  4,693  23,071  
Staff costs  12,495  8,859  40,796  
Depreciation 688  178  1,438  
Other external expenses 6,036  4,417  18,632          
Operating profit before amortization (EBITA) and special items 8,629  9,567  27,091          
Amortization 3,334  1,594  9,908          
Operating profit (EBIT) before special items 5,295  7,973  17,182          
Special items, net - 588  - 395  312          
Operating profit 4,707  7,578  17,494  
Financial income 15,698  4,003  70,010  
Financial expenses 7,104  7,996  45,054          
Profit before tax 13,301  3,585  42,450  
Tax on profit for the period 336  762  3,181          
Profit for the period 12,965  2,823  39,269  
 
 
 
Statement of other comprehensive income 
tEUR Q1 2024 Q1 2023 2023         
Profit for the period 12,965  2,823  39,269          
Other comprehensive income       
Other comprehensive income that may be  
reclassified to profit or loss in subsequent periods:       
Fair value adjustment of hedges for the year  483  0 - 483  
Currency translation to presentation  
currency - 2,609  - 641  - 910  
Currency translation of non-current  
intercompany loans 0  0  0  
Income tax  0  0  0 
Net other comprehensive income/loss - 2,126  - 641  - 1,393  
Total comprehensive income/(loss) for the period, net of tax 10,839  2,182  37,877

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

Q1 report 2024 Page 31  
Statement of financial position – Parent company 
 
 
 
 
  
tEUR Q1 2024 Q1 2023 2023         
Assets               
Non-current assets       
Intangible assets       
Goodwill 17,797  17,822  17,812  
Domains and websites 167,694  168,504  167,831  
Accounts and other intangible assets 50,608  21,813  50,418  
Total intangible assets 236,099  208,140  236,061          
Tangible assets       
Right of use assets 8,243  283  7,469  
Fixtures and fittings, other plant and equipment 2,959  488  2,494  
Total tangible assets 11,202  770  9,962          
Financial assets       
Investments in subsidiaries 375,971  156,502  234,330  
Receivables from subsidiaries 303,093  268,261  282,016  
Deposits 977  1,096  940  
Total financial assets 680,041  425,859  517,285          
Total non-current assets 927,342  634,769  763,308          
Current assets       
Trade and other receivables 21,364  15,193  15,735  
Receivables from subsidiaries 11,426  24,264  13,153  
Tax receivable 2,579  6,360  1,479  
Prepayments 2,819  2,580  2,453  
Other current financial assets 5,639   0 6,804  
Cash 36,559  26,592  17,825  
Total current assets 80,387  74,989  57,450          
Total assets 1,007,730  709,757  820,758  
tEUR Q1 2024 Q1 2023 2023         
Equity and liabilities               
Equity       
Share Capital 629  552  554  
Share Premium 465,834  272,594  274,580  
Currency Translation Reserve - 2,945  - 67  - 336  
Hedging reserves  0  0 - 483  
Treasury shares 0  - 13,577  - 21,057  
Retained Earnings 209,616  151,161  189,953  
Total equity 673,134  410,662  443,211  
        
Non-current Liabilities       
Debt to credit institutions 221,820  201,383  248,657  
Lease liabilities 6,450   0 6,024  
Deferred tax liabilities 14,058  11,534  13,832  
Other non-current financial liabilities 199  27,331  25,261  
Total non-current liabilities 242,526  240,248  293,774          
Current Liabilities       
Prepayments received from customers and deferred revenue 634  1,749  312  
Trade and other payables 6,879  3,985  11,495  
Payables to subsidiaries 20,931  30,930  11,993  
Tax payable 185  50  196  
Other current financial liabilities 61,675  20,528  58,295  
Debt to credit institutions  0 1,292   0 
Lease liabilities 1,767  314  1,483  
Total current liabilities 92,069  58,848  83,773  
Total liabilities 334,595  299,096  377,547  
Total equity and liabilities 1,007,730  709,757  820,758

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

Q1 report 2024 Page 32  
Statement of changes in equity – Parent company 
 
 
 
 
 
tEUR 
Share  
capital 
Share  
premium 
Currency 
transla-
tion re-
serve 
Hedging 
reserves 
Treasury  
shares 
Retained 
earnings 
Proposed 
dividend 
Total  
equity                   
As of January 1, 2023 551  272,550  574   0 - 7,669  145,047   0 411,054  
Result for the period  0  0  0  0  0 39,269   0 39,269  
                  
Other comprehensive income  0  0  0 - 483   0  0  0 - 483  
Currency translation  
to presentation currency  0  0 - 910   0  0  0  0 - 910  
Tax on other  
comprehensive income  0  0  0  0  0  0  0  0 
Total other  
comprehensive income  0  0 - 910  - 483   0  0  0 - 1,393  
Total comprehensive income 
for the year  0  0 - 910  - 483   0 39,269   0 37,877  
                  
Transactions with owners                 
Capital Increase 3  2,030   0  0  0 3,154  0  5,187  
Acquisition of treasury shares  0  0  0  0 - 13,375   0  0 - 13,375  
Disposal of treasury shares  0  0  0  0  0  0  0  0 
Share based payments  0  0  0  0  0 2,495   0 2,495  
Transaction cost  0  0  0  0 - 13  - 12   0 - 26  
Total transactions with own-
ers 3  2,030   0  0 - 13,389  5,636   0 - 5,720  
                  
At December 31, 2023 554  274,580  - 336  - 483  - 21,057  189,953   0 443,211  
During the period no dividend was paid. 
 
 
 
 
tEUR 
Share  
capital 
Share  
premium 
Currency 
transla-
tion re-
serve 
Hedging 
reserves 
Treasury  
shares 
Retained 
earnings 
Proposed 
dividend 
Total  
equity                   
As of January 1, 2024 554  274,580  - 336  - 483  - 21,057  189,953   0 443,211  
Result for the period  0  0  0  0  0 12,965   0 12,965  
                  
Fair value adjustment of 
hedges  0  0  0 483   0  0  0 483  
Currency translation  
to presentation currency  0  0 - 2,609   0  0  0  0 - 2,609  
Tax on other  
comprehensive income  0  0  0  0  0  0  0  0 
Total other  
comprehensive income  0  0 - 2,609  483   0  0  0 - 2,126  
Total comprehensive income 
for the year  0  0 - 2,609  483   0 12,965   0 10,839  
                  
Transactions with owners                 
Capital Increase 75  191,254   0  0  0  0  0 191,329  
Acquisition of treasury shares  0  0  0  0  0  0  0  0 
Disposal of treasury shares  0  0  0  0 21,057  8,885   0 29,942  
Share based payments  0  0  0  0  0 670   0 670  
Transaction cost  0  0  0  0  0 - 2,857   0 - 2,857  
Total transactions with own-
ers 75  191,254   0  0 21,057  6,698   0 219,084  
                  
At March 31, 2024 629 465,834  - 2,945   0 0  209,616   0 673,134  
During the period no dividend was paid.

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

Q1 report 2024 Page 33  
Statement of changes in equity – Parent company 
tEUR 
Share  
capital 
Share  
premium 
Currency 
transla-
tion re-
serve 
Hedging 
reserves 
Treasury  
shares 
Retained 
earnings 
Proposed 
dividend 
Total  
equity 
                  
As of January 1, 2023 551  272,550  574   0 - 7,669  145,047   0 411,054  
Result for the period  0  0  0  0  0 2,823   0 2,823  
                  
Other comprehensive income        0      0   
Currency translation  
to presentation currency  0  0 - 641   0  0  0  0 - 641  
Tax on other  
comprehensive income  0  0  0  0  0  0  0  0 
Total other  
comprehensive income  0  0 - 641   0  0  0  0 - 641  
Total comprehensive income 
for the year  0  0 - 641   0  0 2,823   0 2,182  
                  
Transactions with owners                 
Capital Increase 1  43   0  0  0 3,158   0 3,202  
Acquisition of treasury shares  0  0  0  0 - 5,903   0  0 - 5,903  
Disposal of treasury shares  0  0  0  0  0  0  0  0 
Share based payments  0  0  0  0  0 134   0 134  
Transaction cost  0  0  0  0 - 6  - 2   0 - 8  
Total transactions with own-
ers 0  43   0  0 - 5,909  3,291   0 - 2,575  
                  
At March 31, 2023 552  272,594  - 67   0 - 13,577  151,161   0 410,662  
During the period no dividend was paid.

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

Q1 report 2024 Page 34  
    
The group uses and communicate certain Alternative Performance Measures (“APM”), which are not defined under IFRS. 
Such are not to replace performance measures defined and under IFRS. The APM’s may not be indicative of the group’s 
historical operating results, nor are such measures meant to be predictive o f the group’s future results. The group be-
lieves however that the APMs are useful supplemental indicators that may be used to assist in evaluating a company’s 
future operating performance, and its ability to service its debt. Accordingly, the APMs are disc losed to permit a more 
complete and comprehensive analysis of the group’s operating performance, consistently with how the group’s business 
performance is evaluated by the Management. The group believes that the presentation of these APMs enhances an 
investor’s understanding of the group’s operating performance and the group’s ability to service its debt. Accordingly, 
the group discloses the APM’s to permit a more complete and comprehensive analysis of its operating performance 
relative to other companies and across periods, and of the group’s ability to service its debt. However, these APM’s may 
be calculated differently by other companies and may not be comparable with APM’s with similarly titled measures used 
by other companies. The group’s APMs are not m easurements of financial performance under IFRS and should not be 
considered as alternatives to other indicators of the Company’s operating performance, cash flows or any other 
measures of performance derived in accordance with IFRS. The group’s APM’s have  important limitations as analytical 
tools, and they should not be considered in isolation or as substitutes for analysis of the group’s results of operations as 
reported under IFRS. Our currently applied APM’s are summarized and described below. 
Alternative Performance Measures 
Alternative  
Performance Measure Description SCOPE 
Earnings per share 
(EPS) 
Net Profit for the period / (Average number 
of shares - Average number of treasury 
shares held by the company) 
The group reports this APM for users to monitor de-
velopment in the net profit per share. 
Diluted earnings  
per share 
Net profit for the period / (Average number 
of shares + Average number of outstanding 
warrants - Average number of treasury 
shares held by the company) 
The group reports this APM for users to monitor de-
velopment in the net profit per share, assuming full 
dilution from active warrant programs. 
Operating profit  
before amortization 
(EBITA) 
Operating profit plus amortizations Better Collective reports this APM to allow monitor-
ing and evaluation of the Group’s operational profit-
ability. 
Alternative  
Performance Measure Description SCOPE 
Operating profit  
before amortizations 
margin (%) 
Operating profit before amortizations / reve-
nue 
This APM supports the assessment and monitoring 
of the Group’s performance and profitability 
EBITDA before  
special items 
EBITDA adjusted for special items This APM supports the assessment and monitoring 
of the Group’s performance as well as profitability 
excluding special items that do no stem from ongo-
ing operations, providing a more comparable meas-
ure over time. 
Operating profit  
before amortizations  
and special items  
margin (%) 
Operating profit before amortizations and 
special items / revenue 
This APM supports the assessment and monitoring 
of the Group’s performance as well as profitability 
excluding special items that do no stem from ongo-
ing operations, providing a more comparable meas-
ure over time. 
Special items Items that are considered not part of ongoing 
business 
Items that are not part of ongoing business, e.g. cost 
related to M&A and restructuring, adjustments of 
earn-out payments. 
Net Debt / EBITDA  
before special items* 
(Interest bearing debt, minus cash and cash 
equivalents) / EBITDA before special items on 
rolling twelve months basis 
This ratio is used to describe the horizon for pay 
back of the interest-bearing debt and measures the 
leverage of the funding. 
Liquidity ratio Current Assets / Current Liabilities Measures the ability of the group to pay its  current 
liabilities using current assets. 
Equity to assets ratio Equity / Total Assets Reported to show how much of the assets in the 
company is funded by equity 
Cash conversion rate 
before special items 
(Cash flow from operations before special 
items + Cash from CAPEX) / EBITDA before 
special items 
This APM is reported to illustrate the Group’s ability 
to convert profits to cash 
NDC New depositing customers A key figure to reflect the Group’s ability to fuel 
long-term revenue and organic growth 
Organic Growth Revenue growth as compared to the same pe-
riod previous year. Organic growth from ac-
quired companies or assets are calculated 
from the date of acquisition measured against 
the historical baseline performance. 
Reported to measure the ability to generate growth 
from existing business 
Alternative Performance Measures  
and Definitions

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

Q1 report 2024 Page 35  
    
Alternative  
Performance Measure Description SCOPE 
Recurring revenue Recurring revenue is a combined set of reve-
nues that is defined as recurring as manage-
ment considers that the sources of these rev-
enue streams will continuously generate reve-
nue over a variable period of time and size e.g. 
if players continue to bet with gaming opera-
tors with which BC has revenue share agree-
ments, customers continue current subscrip-
tions or if BC on a current basis receive reve-
nues from customers having current market-
ing agreements in respect of banners, etc. on 
the group’s websites. Accordingly, it includes 
Revenue share income, CPM /Advertising and 
subscription revenues. 
The group reports this APM to distinguish between 
what management consider as recurring revenue 
streams and what management consider as non-re-
curring revenue streams, e.g. revenues reflecting 
one-time settlements with gaming operators. 
*Net debt definition has been changed from Q3, 2023 so it is excluding earn-outs. Comparatives have been changed accordingly. 
 
Definitions 
Term Description 
PPC Pay-Per-Click 
SEO Search Engine Optimization 
Sports win margin Sports net player winnings (operators) / sports wagering 
Sports wagering The value of bets placed by the players 
Recurring revenue Recurring revenue is a combined set of revenues that is defined as recurring. It includes revenue 
share income, CPM/Advertising and subscription revenues 
Board The Board of Directors of the company 
Executive management Executives that are registered with the Danish Company register 
Company Better Collective A/S, a company registered under the laws of Denmark

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

Q1 report 2024 Page 36  
    
 
 
 
 
Better Collective A/S 
Sankt Annæ Plads 26-28 
1250 Copenhagen K 
Denmark 
CVR no 27 65 29 13 
+45 29 91 99 65 
info@bettercollective.com 
bettercollective.com