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Better Collective’s DKK 1.08bn (€145m) capital raise completed overnight as the affiliate gears up for future M&A.

The company has completed the accelerated book-building process announced yesterday (29 Feb) evening.

The offering saw Better Collective issue 5,712,284 shares, which equate to around 10% of the company’s total share capital. The subscription price was DKK 189.4.

Of the total offering, BLS Capital Fondsmæglerselskab bought 50% of the available new shares as an anchor investor.

As announced last night, the affiliate said it intends to use the new capital to pay down its existing debt facilities to prepare for future M&A opportunities.

The business highlighted the “highly fragmented” nature of the sports media landscape, as proof of future attractive acquisition opportunities.

Better Collective by far completed the most deals of any gambling affiliate in 2023.

The company was responsible for seven of the 10 transactions during the year, as well as the top three deals by value.

The business’ last deal, the €176m purchase of Playmaker Capital, closed this month.

The long tail of the sports media industry

Since 2017, the business has acquired 34 companies, and developed a rollout model to integrate the brands into the wider business.

By traffic, Better Collective now receives the third most visits of any sports media brand after ESPN and Cricbuzz.

In the company’s Q4 earnings presentation, the business showed a slide with the sports media industry arranged by web traffic.

“The tail is very long, and we show this to give an impression on how big of a potential there still remains in this fragmented industry, where we believe we are the best owners of sports brands and the best sports partners to legacy media,” said CEO Jesper Søgaard.

However, Søgaard added during the same presentation that Better Collective will devote some time to integration before resuming the M&A push.

“After the seven acquisitions we’ve made during 2023, 2024 calls for some months with consolidation and integration,” he said.

The chief executive said this would involve tech platform migration and revenue model optimisation, resulting in audience growth and improved monetisation.

“These investments will prepare us for the future,” he added.

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