Better Collective, the developer of digital platforms for bookmaker information, igaming communities and betting tips, has paid £2.2m to acquire the firm behind mybettingsites.co.uk.
Founded in 2015 in the UK, the company has built and run the sports betting site mybettingsite.co.uk, one of the most visited sites in the UK for learning how betting odds work.
In 2018, the operation generated revenues of around £400,000, with an EBITDA of £300,000. Current 2019 run rate is approximately double the 2018 performance.
Adding the site to Better Collective’s portfolio is seen as supportive of the company’s overall mission, to educate online bettors and provide transparency. It also strengthens the company’s position in the important UK market as well as adding local SEO knowledge that will be leveraged across products in the group. The founder and CEO of mybettingsites.co.uk, Ian Bowden, will stay on and join Better Collective, bringing market insight and specialist skills.
Earlier this year, Better Collective established a local presence by establishing a UK office and this large and growing betting market remains a key strategic focus.
The purchase price o £2.2m includes £1.5m to be paid in cash at closing. Shares of Better Collective, with a market value of £350,000, will be issued no later than September 16 and the remaining £350,000 will be paid in 2020 and 2021, pending certain agreed performance criteria.
Jesper Søgaard, CEO of Better Collective, said: “We are excited about the acquisition of mybettingsites.co.uk, as it is a well-established site with many visitors in a market that is one of our key strategic markets.
“The acquisition is not large; however, it fits all our key criteria for integration into the Better Collective Group, and the founder, Ian Bowden, adds significant competences within UK sports betting, that we believe we can utilise across other assets.”
