Better Collective has found success by offering solutions to the iGaming community that provide an array of much-needed ancillary products so operators can continue to provide more robust platforms to users. It has a significant presence in the sports gambling arena, a sector that has been hit hard by the coronavirus pandemic. Despite the fact that all major sports leagues were body-slammed into the mat by the virus, Better Collective reassured its customers and shareholders in March that it didn’t anticipate any major financial impact. The company has now presented its full financial report for the first quarter of the year, and it looks as though those previous assertions were right on the money. 

In its Interim Report for the first quarter, Better Collective saw increases in both profit and revenue for the period. It took in about $22.6 million in revenue from January to March, which was an increase of 40.3% over the $16.2 million it reported for the same period last year. It was also better than the company had previously forecast. EBITDA (earnings before interest, taxes, depreciation and amortization) grew by 32%, reaching $9.4 million compared to the Q1 2019 amount of $7.1 million. 

Revenue and profit weren’t the only segments to see jumps. Expenses at the company also went up, with revenue-related direct costs climbing 42.1% to $2.94 million and external spending seeing an uptick of 9.9% to $2.6 million. Across the board, with the exception of special items and amortizations, spending was right at $13.4 million, which represents an increase of 46.4% compared to the $9.1 million figure from Q1 2019. The majority of this spike, according to the company, was due to an increase in the size of its workforce, which went from 268 to 416 employees. 

Even though expenses increased substantially, seemingly negating the jump in revenue, income moved quicker and more than made up for the increased spending. Q1 operating profit climbed 26.9% to reach $7.2 million. Pre-tax profit, calculating for expenses, finished at $6.9 million and, after giving the taxman his cut, the company’s final profit was $5.02 million, beating the Q1 2019 figure by more than $1.1 million.