Better Collective has completed the acquisition of online gambling information website, MyBettingSites.co.uk, in a deal which is worth up to £2.2m (€2.4m/$2.7m).
Under the deal, Better Collective will be paying £1.5m in cash and will be issuing shares worth £350,000 before the date of September 16, 2019. This will enable them to take control of MyBettingSites.co.uk’s parent company. As well as this an additional £350,000 will be paid in 2020 and 2021, pending certain agreed performance criteria.
The deal comes after Stockholm-listed Better Collective last month reported a significant year-on-year rise in both revenue and operating profit for the first half of the year, as it benefitted from the impact of acquisitions in the period.
MyBettingSites.co.uk was founded in 2015, and lists a wide range of UK-facing casino and sports betting websites, along with the various offers which each site is running.
Ian Bowden, the founder and chief executive of MyBettingSites.co.uk, will remain with the business and join the Better Collective team.
Better Collective chief executive Jesper Søgaard said: “The acquisition is not large; however, it fits all our key criteria for integration into the Better Collective group, and the founder, Mr. Bowden, adds significant competences within UK sports betting, that we believe we can utilise across other assets,” Søgaard explained.
Bowden added: “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.”
2018 saw MyBettingSites.co.uk generate approximately £440,000 in revenue, as well as earnings before interest, tax, depreciation and amortisation of £300,000.
Total revenue for the six months through to June 30, 2019, came to a total of €30.7m, up 79% on €17.2m last year. This was mainly put down to newly-acquired assets, with organic growth accounting for 28% of the increase.
In particular the €30m acquisition of Ribacka Group, agreed in December 2018, helped Better Collective hit downward trend which was reported by many other operators and suppliers in the Swedish market.