The leadership of Better Collective A/S has doubled down on Brazil and Esports as the operator’s “new growth engines”.
Unveiling interim 2025 results, Co-CEO Jesper Søgaard acknowledged that corporate results continue to lag year-on-year, reflecting the hangover of 2024’s exceptional sports calendar and the disruptive regulatory shift in Brazil. Q2 revenues came in at €82m with EBITDA at €23m reflecting a sharp drop on 2024 comparatives.
Facing another year of transitions Better Collective maintains its year guidance of generating group revenues of +€320m and EBITDA +€100m. Confidence is underlined by the launch of an additional €20m share buyback programme.
Despite results stagnating, Søgaard stressed that Better Collective’s cost-efficiency programme, which has stripped out €50m in expenses, has created the right foundation to “return to growth in 2026” – Telling investors:
“Q2 performance was fully in line with expectations. We advanced our strategic priorities, reduced costs by 16% year-on-year, and established Esports as a dedicated business segment to sharpen focus on this growth opportunity.”
No Fatigue in Brazil
Brazil remains the group’s most significant battleground, in which Søgaard believes that despite a tough regulatory transitions, Brazil remains on course to become the world’s largest regulated betting market – a “long-term prize” for the markets
Better Collective has established local partnerships, acquisitions, and media footholds, ensuring it is now the “unquestionably the largest digital sports media player in Brazil and South America”.
While the regulatory transition has slowed New Depositing Customer (NDC) volumes largely due to the ban on welcome bonuses — Søgaard told analysts there is “no fatigue in the market, from either media or betting partners.”
Instead, frustrations lie with Brazil’s unsettled regulatory agenda. Søgaard noted: “It’s a very fine balance — creating the right kind of consumer protection in the licensed market without tightening too much, so you end up driving consumers into the unlicensed market.”
Even so, the group’s H1 performance in Brazil was “slightly better than expected, supported by swift adaptation by our local teams and solid work from major partners,” he added.
Esports – Time to Standalone
In parallel, Better Collective has elevated Esports into a standalone business segment, underlining its role as a strategic growth pillar.
With flagship assets HLTV and FUTBIN, the company commands two of the world’s most influential gaming communities. Together, they delivered 11% of group EBITDA in H1, with Q2 margins at an impressive 56%, driven by sponsorships and advertising.
Søgaard told investors: “Esports is a powerful growth engine for Better Collective. With HLTV and FUTBIN, we own two of the most respected community platforms in global Esports, giving us a rare opportunity to serve millions of passionate fans and grow alongside the scene.”
Søgaard reflected on Better Collective’s strategic push into esports following the acquisition of HLTV.org in 2020. He emphasised that the group’s esports media assets have built a rare and hard-to-replicate position, grounded in deep fan loyalty and strong community trust. Establishing esports as a standalone platform, he argued, will enable Better Collective to cultivate new audiences, strengthen its wider media network, and support a return to sustainable growth.
By reporting Esports separately, the company seeks to increase transparency, sharpen strategic focus, and justify further investment.
“Platforms that are deeply embedded in the fabric of Esports are hard to replicate,” Søgaard said. “We are committed to nurturing them for the long-term benefit of fans, partners and shareholders alike.”
New Muscles for World Cup 2026
While short-term comparatives remain tough, with 2025 set against last year’s Euro 2024 and Copa America, Søgaard insisted that strategic investments in Brazil and Esports will pay dividends in the next cycle.
With the FIFA World Cup 2026 in Mexico, the USA and Canada already in its commercial pipeline, Better Collective believes it will enter its busiest-ever growth phase.
“Brazil represents the largest regulated betting transition we’ve ever seen, while Esports gives us a high-margin growth pillar with global fan communities. Together, they are the foundations of Better Collective’s next growth chapter — combining scale in emerging markets with influence in new digital audiences.”
Søgaard concluded. “Looking ahead, we remain confident in delivering on both our 2025 financial targets and our long-term ambitions. We are well positioned for the future, and I’m excited about what lies ahead.”
