Stockholm-listed iGaming affiliate Better Collective has completed the acquisition of UK-facing betting odds comparison site mybettingsites.co.uk.
The purchase price amounts to £2.2m, of which £1.5m will be paid in cash, together with Better Collective shares with an approximate market value of £350,000. The remaining £350,000 will be paid in 2020 and 2021, subject to certain agreed performance criteria.
Having established a UK office at the start of the year, Better Collective said that the site will strengthen its position in the UK market, as well as adding local SEO knowledge that will be leveraged across other products in its portfolio.
mybettingsites.co.uk founder and CEO Ian Bowden will stay with the business and work closely with the Better Collective team.
“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,” said Jesper Søgaard, CEO of Better Collective. “The acquisition is not large; however, it fits all our key criteria for integration into the Better Collective Group, and the founder, Mr. Ian Bowden, adds significant competences within UK sports betting, that we believe we can utilise across other assets.”
Last year the affiliate site generated revenue of £400,000 with EBITDA of £300,000. This year the current 2019 run rate looks set to double those figures, the company said.
“I am thrilled mybettingsites.co.uk is becoming part of the Better Collective group,” Bowden said of the acquisition. “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.”
Shares in Better Collective A/S (STO:BETCO) were trading up 0.35 per cent at SEK85.00 per share in Stockholm Tuesday morning.