Better Collective hits $100m US revenue target amid “record breaking” Q4

Better Collective has confirmed it has reached its target of $100m in revenue generated from the US market in 2022, off the back of a strong Q4 2022 for the affiliate.The Copenhagen-headquartered firm made the claim as part of its Q4 2022 unaudited financial results, where it revealed an expectation to post €269.3m (£241m) in full-year 2022 revenue following a “record breaking” end to the year.A strong winter World Cup and its launch in Maryland were cited as key drivers for growth in the final quarter of 2022, with Q4 revenue expected to reach €86.1m, representing year on year (YoY) growth of 63%.Better Collective’s Q4 US revenue is expected to grow by 71% YoY to €33.9m, which helped the firm achieve the $100m target which was set after the firm acquired Action Network in 2021.Full year US revenues for 2022 grew by 102%. Better Collective launched in Maryland when the state’s sports betting market launched in November 2022.In respect of the US, the firm cited “very strong” revenue growth of 370% between 2020 and 2021 as creating the momentum required to reach the 2022 target.The affiliate also touched on its transition in the US from a CPA to revenue share model, which despite resulting in financial impact, is expected to ensure the long-term sustainability of the business.Management noted the push to a revenue share model in the US had seen full-year impact of €14.7m, up from the €10m+ guide from its Q3 results.In October, EGR revealed that Better Collective had made 18 members of staff redundant in the US, out of a need to ensure that the $100m 2022 US revenue target would be met, with confidential sources citing the failure of some of Better Collectives US partnerships as a reason.Better Collective has existing US media partnerships with Boston.com, Chicago Media Tribune Group and The Philadelphia Inquirer, as well as The New York Post.