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    BETCO   DK0060952240

BETTER COLLECTIVE A/S

(BETCO)
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Better Collective A/S : U.S. sports betting platform Action Network to be bought by Denmark's Better Collective

05/03/2021 | 04:32pm EDT

May 3 (Reuters) - Better Collective A/S, a Denmark-based company which offers tools and media content to help subscribers place more-informed bets, said on Monday it agreed to buy rival Action Network Inc for $240 million.

"With the acquisition of Action Network, Better Collective gains clear market leadership within sports betting media and affiliation in the U.S. and now expects to increase its revenues in the U.S. to more than $100 million by 2022," Better Collective said in a statement.

Sports betting deals are rising due to several U.S. states legalizing the practice after the U.S. Supreme Court overturned a federal ban in 2018.

Sports betting generated U.S. revenue of $1.5 billion in 2020, according to a report from research firm Eilers & Krejcik Gaming cited in the Wall Street Journal, and is on track to generate $5.8 billion by 2023.

The deal is expected to be completed in the second quarter of 2021, Better Collective said. It added that Action is expected to achieve revenues of about $40 million in 2021, a rise of over 100% year-on-year.

The purchase price of $240 million will be settled in a cash payment and a $12 million issuance of new Better Collective shares to Action's management, key employees and some other individuals, according to the statement.

The cash component of the purchase price will be provided through bank financing, the statement said, adding that Action will continue to operate as a separate business unit.

(Reporting by Kanishka Singh in Bengaluru; Editing by Lisa Shumaker)


ę Reuters 2021
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06/01MAJOR SHAREHOLDER ANNOUNCEMENT : Re-delivery of shares
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05/31MAJOR SHAREHOLDER ANNOUNCEMENT : Notification of major shareholdings
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05/31BETTER COLLECTIVE A/Sá : Change in number of shares and votes in Better Collecti..
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05/31BETTER COLLECTIVE A/Sá : Exercise of warrants in Better Collective A/S; Board of..
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05/28BETTER COLLECTIVE A/Sá : completes acquisition of Action Network
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05/27BETTER COLLECTIVE A/Sá : Reporting of transactions made by persons discharging m..
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05/27MAJOR SHAREHOLDER ANNOUNCEMENT : Share lending arrangements
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05/26BETTER COLLECTIVE A/Sá : has resolved on a directed share issue of 6.9 million s..
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05/26BETTER COLLECTIVE A/Sá : announces intention to carry out a directed share issue..
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More news
Financials
Sales 2021 182 M 218 M 218 M
Net income 2021 37,8 M 45,3 M 45,3 M
Net Debt 2021 232 M 278 M 278 M
P/E ratio 2021 26,2x
Yield 2021 1,91%
Capitalization 1 097 M 1 331 M 1 315 M
EV / Sales 2021 7,32x
EV / Sales 2022 5,25x
Nbr of Employees 480
Free-Float 65,7%
Chart BETTER COLLECTIVE A/S
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Technical analysis trends BETTER COLLECTIVE A/S
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Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 2
Average target price 27,85 €
Last Close Price 20,20 €
Spread / Highest target 48,6%
Spread / Average Target 37,8%
Spread / Lowest Target 27,1%
EPS Revisions
Managers and Directors
NameTitle
Jesper S°gaard Chief Executive Officer
Flemming Heise Pedersen Chief Financial Officer & Executive Vice President
Jens Bager Chairman
Christian Dam Kirk Rasmussen Chief Operating Officer & Executive Vice President
Leif N°rgaard Independent Director
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