Better Collective has acquired US sports betting media platform Action Network.
An agreement to acquire the company for $240m on a cash and debt-free basis has been signed.
In connection with the acquisition, Better Collective is updating its financial targets for 2021. Total group revenue is now expected to exceed €180m (previously more than €160m); operational profit is now expected to exceed €55m (previously more than €50m). Better Collective will share more details in connection with its Q1 2021 earnings report that will be released on May 12, 2021.
Jesper Søgaard, CEO of Better Collective, said: "This acquisition, which is the largest in Better Collective’s history, gives us a leading position within affiliation in the US and a strong foundation for profiting from the continuous regulation of the US betting market. We add three new, very well positioned US sports media brands to our portfolio and welcome around 100 new colleagues, together representing an invaluable pool of knowledge and expertise on the US sports betting media market. By all accounts, this is a great day for Better Collective.”
Patrick Keane, CEO of Action, said: "In just a few years, our team has managed to build a leading sports betting product and media business in the US market, making us attractive to a leading international player. I am thrilled about this outcome for our employees and investors and we look forward to continuing to forge great relationships with our league, media and sportsbook partners. Under Better Collective’s ownership, we become part of a company with many years of experience and all the resources necessary to further grow our position and develop our offering, to ultimately enhance the betting and entertainment experience for sports fans. We gain new colleagues, career paths and perspectives. I’m looking very much forward to the journey ahead.”