Article by Yippee-Ki-Yay

Better Collective: is sports betting a winning proposition?

Buy signal | Free publication | 30 Jun 2026

Better Collective: a hidden gem in sports betting, or a (too) risky bet at 80 DKK?

1. Introduction & overview

If you bet online and have ever clicked on a bookmaker comparison site with headings such as ‘best welcome bonuses’ or ‘PSG odds tonight’, there’s a good chance you’ve already visited a Better Collective site without realising it. The Danish company, listed on the Copenhagen Stock Exchange, never takes bets itself: it specialises in affiliate marketing, which means it manages a portfolio of sports content sites and bookmaker comparison sites, and earns a commission (often a revenue share or CPA) for every player it refers to a betting operator. A clever, asset-light model that looks highly profitable on paper… but one that is 200 per cent dependent on gambling regulations and the whims of Google’s algorithm. Spoiler: that’s exactly what this article is all about.

Since its inception, Better Collective has grown primarily through debt-fuelled acquisitions, buying up dozens of brands (Rotowire, VegasInsider, and many others) to become a global player in the sector. Today, the share price hovers around 80 DKK. Does the price reflect the company’s true value? Let’s take a look at the figures.

2. Detailed financial analysis (rated out of 5)

Turnover (growth and momentum) — 3/5

Revenue soared between 2020 (€91m) and 2024 (€371m), driven by the wave of sports betting legalisation in the US and a series of acquisitions. However, in 2025, it all came crashing down: revenue fell to €336.7m, a drop of 9.4%. Forecasts predict a return to growth (€363.5 million in 2026, €393 million in 2027, rising to €490 million in 2030), but this dip is worth keeping an eye on.

Net profit (overall profitability) — 2.5/5

This is a bit of a sore point. Net profit has plummeted for three years running: €48m (2022) → €39.8m (2023) → €34m (2024) → €23.6m (2025), representing a near halving over three years. The main causes are soaring interest charges (from -€1.3m in 2020 to -€18.3m in 2025, a direct consequence of the acquisition debt) and recurring ‘unusual expenses’. EBITDA, however, remains robust (€102 million, margin ~30%), proving that the underlying business is profitable — it is primarily the financial structure that is dragging down the bottom line.

Debt (financial strength) — 3.5/5

Total debt in 2025: €271.9 million against equity of €631 million, representing a reasonable debt-to-equity ratio (~43%). The real highlight: the projected debt reduction trajectory is clear — net debt is expected to fall from €275 million (2025) to €237 million (2026), €183.6 million (2027) and then €117.7 million (2028). If this plan is confirmed, it is a very positive sign.

Return on equity (ROE) — 3/5

An ROE of 5.16% in 2025 is frankly rather lacklustre for a growth company. The good news is the upward trend: 7% in 2026, 8.65% in 2027 and 9.75% in 2028, according to the forecasts. We’re starting from a low base, but we’re heading in the right direction.

Market performance (valuation) — 4/5

This is where it gets interesting. With ~58.7 M shares at 80 DKK, the market capitalisation stands at around 629 M€ (converting the Danish krone at the pivot rate of ~7.46 DKK/€). However, the net asset value (NAV) is… 631 M€. In other words, the market is valuing Better Collective at almost its book value (P/B ≈ 1x). Based on forecast 2026 earnings (EPS €0.87), this represents a forward P/E of around 12–13x — not cheap, but certainly not expensive for a company that is still targeting +15% annual EPS growth.

🎯 Average rating: 3.2/5

A company with a solid, undervalued business model, weighed down by declining net profitability and a still-heavy debt burden, but with a credible recovery path on paper.

3. Outlook & Forecasts (2026–2027)

Forecasters are more optimistic: turnover of €363.5 million in 2026, rising to €393 million in 2027, EBITDA rising steadily (€115.5 million then €132 million), and, most importantly, EPS set to jump from €0.57 to €0.87 (2026) and then €1.11 (2027) — representing annual growth of around +50% and then +27%. If these targets are met (a big ‘if’), and assuming a stable valuation multiple of around 12–14x earnings:

  • End of 2026: plausible target price of around 100–115 DKK (representing +25% to +45% upside potential).
  • End of 2027: target price of around 130–150 DKK if the trend of debt reduction and earnings growth is confirmed.

Please note that these are estimates based on current multiples remaining unchanged — a further setback to net profit (as in 2025) would clearly derail this scenario.

4. Sector analysis: strengths and weaknesses

Sector highlights:

  • Gradual legalisation of sports betting in new states/countries (US, Brazil, etc.) = a market that continues to expand
  • Asset-light business model, high EBITDA margins
  • Recurring traffic via SEO and brand awareness, low capital expenditure requirements
  • Market consolidation favouring large, diversified players such as Better Collective

Weaknesses of the sector:

  • Critical dependence on Google’s algorithms (an SEO update can cause traffic to drop overnight)
  • Major regulatory risk (advertising restrictions, bans on affiliate marketing in certain countries such as Italy)
  • Growth historically financed by debt → sensitivity to interest rates
  • Sensitive public image (responsible gaming, addiction), a source of constant political pressure

5. Conclusion

Better Collective is the story of a company that grew too quickly by taking on debt, and is now paying the price in terms of its net profit — not a disaster, but clearly something to keep an eye on. On the other hand, there’s an undervalued asset (we’re paying almost the book value), a sector undergoing structural expansion, and a debt-reduction plan which, if adhered to, should give margins some breathing space by 2027–2028. My personal verdict (and this is just my opinion, mind you, I’m neither a financial adviser nor a fortune-teller): this is a ‘reasoned speculative buy’ — interesting for those with a 2–3-year time horizon who can cope well with volatility, but much less so for those seeking peace of mind. Keep a close eye on the 2026 results: if net profit rebounds as expected, the market should take notice quickly.

  • Signal : Buy
  • Budget/Investment : Low/Medium
  • Reinforcement required : No
  • Exposure : Medium
  • Horizon : 2 to 3 years
  • Potential profitability : +62% to +87%
  • Ref. ISIN code : DK0060952240