Better Collective (Nasdaq Stockholm: BETCO), a Copenhagen, Denmark-based developer of digital platforms for bookmaker information, iGaming communities, and betting tips, completed an acquisition of the shares of the company owning and operating the site mybettingsites.co.uk.
The purchase price has been agreed to amount up to £2.2m, of which £1.5m to be paid in cash at closing, and shares of Better Collective A/S with an approximately market value of £350k issued some days later. The remaining £350k will be paid in 2020 and 2021 pending certain agreed performance criteria.
The deal aims to strengthen Better Collective’s position as sports betting affiliate in the UK market.
Founded in 2015 in the UK by CEO Mr. Ian Bowden, the company has built and runs the sports betting site mybettingsite.co.uk, one of the most visited sites in the UK for learning how betting odds work and lists the best online casino destinations in the UK, which, like other sites abroad like Kingkong online slots are strongly competing with physical facilities in the gambling industry. In 2018, the company generated revenues of approx GBP400k, with an EBITDA of approx. GBP300k. Current 2019 run rate is approximately doubling the performance of the year before.
Adding the site to Better Collective’s portfolio enables the company to continue to educate online bettors, provide transparency and strengthens its position in the UK market. It also adds local SEO knowledge that will be leveraged across products in the group.
Mr. Ian Bowden will remain and join Better Collective.
Led by Jesper Søgaard, CEO, Better Collective is a developer of digital platforms for betting tips, bookmaker information and iGaming communities. Its portfolio includes more than 2,000+ websites and products, among other bettingexpert.com, home of tips from expert tipsters and in depth betting theory.
It is already operating several products targeting the UK market, which is a top 3 market in terms of the Group’s revenue generation. Earlier this year, the company established local presence through establishing a UK office and generally, this large and growing betting market remains as one of the key strategic markets.