Founded in 2015 in the UK, the company has successfully built and run the sports betting site mybettingsite.co.uk, one of the most visited sites in the UK for learning how betting odds work. In 2018, the operation generated revenues of around GBP 400,000, with an EBITDA of about GBP 300,000. Current 2019 run rate is nearly twice the 2018 performance.
Adding the site to Better Collective’s portfolio is supportive of the overall mission, to educate online bettors and providing transparency, the company stated. Also, it strengthens the firm’s position in the important UK market as well as adding local SEO knowledge that will be leveraged across products in the Group. The founder and CEO, Ian Bowden, will stay on and join Better Collective, bringing market insight and specialist skills.
Better Collective 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, Better Collective established local presence through establishing a UK office and generally, this large and growing betting market remains as one of the key strategic markets.
The purchase price has been agreed to amount up to GBP 2.2 million, of which GBP 1.5 million will be paid in cash at closing, and shares of Better Collective A/S with an approx. market value of GBP 350,000 to be issued no later than September 16, 2019. The share price of 84.91 SEK has been determined as a weighted average over 10 trading days prior to closing. The remaining GBP 350,000 will be paid in 2020 and 2021 pending certain agreed performance criteria.
Jesper Søgaard, CEO of Better Collective, commented: “We are excited about the acquisition of mybettingsites.co.uk, as it is a well-established site with many visitors in a market that is one of our key strategic markets. The acquisition is not large; however, it fits all our key criteria for integration into the Better Collective Group, and the founder, Mr. Ian Bowden, adds significant competences within UK sports betting, that we believe we can utilize across other assets.”
Ian Bowden, founder and Editor in Chief of My Betting Sites, said: “I am thrilled mybettingsites.co.uk is becoming part of the Better Collective Group. The site has become one of the leading sources of educational betting content for UK players, and Better Collective's goal of making gaming both transparent and entertaining aligns to our own values. I look forward to leveraging the group capabilities and working across multiple products.”