Better Collective Reports Q2 Revenue Decline but Eyes Growth in Sports-Heavy Second Half

Better Collective has shared its financial performance for the second quarter of 2025, showing a step back in both revenue and earnings. Yet the company stressed that results were expected and that it is positioning itself for a stronger second half of the year.

Good to know

• Q2 revenue fell 18% year-over-year, totaling $95.6m.
• Adjusted EBITDA slipped 21% to $26.8m.
• The company plans to repurchase up to $11.7m in shares before August 26.

The company described the first half of 2025 as a “transition period,” pointing to structural shifts in important markets like Brazil and a softer run in North America. Co-Founder and Co-CEO Jesper Søgaard said he was encouraged by the performance, noting:

“I’m pleased that our Q2 results were in line with expectations. The first half of the year was a transition period mainly driven by structural changes in key markets such as Brazil. We have completed the restructuring of our business and are ready to capture the opportunities of a sports-rich second half of the year, with preparations for the FIFA World Cup 2026 already underway. I would like to extend my sincere appreciation to all colleagues for your dedication and efforts during this transition phase.”

North American Slowdown

Revenue from North America dipped in July 2025, falling around $9.3m year-over-year. The company linked the decline to reduced marketing spend and the costs tied to its debut in North Carolina. Subscription and sponsorship income dropped 8% and 5% respectively, while cost-per-acquisition (CPA) revenue fell 31% compared to the prior year.

Brazil and Regulatory Impact

Brazil continues to be a challenging market for the affiliate group. Revenue share in July declined by another $9.3m year-over-year, weighed down by new regulatory hurdles. Better Collective said cash flow was negatively affected by delayed customer payments, as operators adjusted to fresh requirements and administrative frameworks introduced in the country.

Share Buyback Plan

In the face of short-term headwinds, the company also announced a buyback initiative of up to $11.7m in shares, which is scheduled to be completed before August 26. The move is seen as a show of confidence in its long-term growth prospects and shareholder value strategy.

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