Latest News
Better Collective completes acquisition of remaining shareholding in RotoGrinders Network
Driven by significant potential synergy upside and strong US business growth, Better Collective, a leading global sports betting media group, has decided to complete the acquisition of the remaining 40% share stake in the US based RotoGrinders Network at a total price of 33 mEUR. Better Collective acquired its original 60% share stake in Rotogrinders Network in 2019.
The Transaction
The acquisition of the remaining 40% of the shares will be paid through a 22 mEUR cash consideration and the remaining part in shares or cash. Both components will be transferred no later than December 31, 2021. This brings the expected transaction price for 100% of the shares in RotoGrinders Network to a total of 51 mEUR, equivalent to 7.5x the expected 2021 EBITDA. The purchase price of the remaining shares is dependent on financial performance in 2021 and the final price will be adjusted accordingly once financial results for 2021 have been announced. Better Collective and the selling shareholders had mutual options to buy and sell the shares in the period 2022-2024, however the decision has now been made to accelerate the purchase and complete it in one transaction.
Better Collective US will be further strengthened
The decision to accelerate the remaining share purchase is fuelled by the strong growth in RotoGrinders and the entire US business. The full acquisition will provide a strong platform for future growth, supported by underlying US market growth and synergies between RotoGrinders and the other BC US assets that now can be fully realised. Since Better Collective acquired the initial 60% in May 2019, RotoGrinders has seen significant growth within sports betting as well as daily fantasy sports (DFS). Sports betting is driven by sportshandle.com and the usbets.com network, whereas DFS is driven through the leading US DFS brand, RotoGrinders.com. Since the initial share acquisition, the following growth rates have been recorded:
- 2021 revenue more than doubled since 2019 (2.2x), based on a 47% compound annual growth rate
- 2021 EBITDA is 4.4x higher than 2019, growing at a 109% compound annual growth rate
The strong growth is expected to be accelerated further, both as a consequence of more states regulating online sports betting and due to synergies between the RotoGrinders Network and other Better Collective assets, such as Fantasy Labs (DFS), Action Network, vegasinsider.com and Scores And Odds. Synergies are of both product and commercial nature. The DFS and other subscription based assets (such as Action Network and VegasInsider) will continue to be key revenue generators throughout the US, also in states where sports betting remains to be regulated. The US sports betting market is, according to Vixio, expected to grow from a Gross Gaming Revenue (GGR) of ~$2.5bn in 2021 to ~$5.8bn by 2023. By 2030 the market is expected to exceed $40bn GGR. Five of seven of the original founders and shareholders of the RotoGrinders Network, will remain employed in Better Collective and two will continue in advisory roles.
Financial Reporting
The difference between the new estimated purchase price of the shares and the contingent liability recorded in the balance sheet as of June 30, 2021 is 11.5 mEUR and will be disclosed under Special Items in the Profit and Loss account in the Q3 2021 report in accordance with IFRS. The transaction has no impact on the financial guidance for 2021.
Marc Pedersen, CEO of Better Collective US, says:
“We are pleased to settle the full acquisition of the RotoGrinders Network earlier than originally planned. Since the initial acquisition, we have been impressed with the RotoGrinders team and we are excited to now welcome them to the broader Better Collective family and pursue all synergies to the fullest. Furthermore, we are pleased to keep the now previous shareholders in Rotogrinders engaged in Better Collective with the opportunity to benefit from their competences more widely in the organisation.”
Cal Spears, CEO of Rotogrinders, says:
“Joining Better Collective a few years back helped us fully unlock the potential of the RotoGrinders network. We’re proud to announce that our significant growth has led to an accelerated acquisition and that our team of 50+ will be fully integrated into Better Collective US going forward. All seven of the original RotoGrinders network shareholders and co-founders are now assuming full time or advisory roles. Better Collective is perfectly positioned for US growth and we’re excited to help realise its potential.“
Latest News
Week 46/2024 slot games releases
Here are this weeks latest slots releases compiled by European Gaming
Spinomenal has welcomed another title into its Wildlife Series, Majestic Bison. Set in the Wild West, Majestic Bison surrounds players in a landscape populated with wild wolves, elegant eagles, fearsome snakes and formidable goats. A stripped back soundtrack captures the essence of the Wild West, with banjos and harmonicas immersing players in the action as they hunt for gold.
PG Soft, a world-class digital mobile games company, is celebrating the magic of the Rio de Janeiro Carnival with the release of its new slot, Rio Fantasia. A young dancer named Isabella is the star of the show as players join in the rhythm and passion of one of the world’s most spectacular parties. Rio Fantasia is a 3-reel, 3-row video slot featuring Stacked Wild symbols, multipliers, and respin until win.
Hölle Games has released Jumpin’ Jacks, a new Classic title featuring a special Duplicating Wilds mechanic. This 5×3, 15 payline slot has a theme of Halloween harvest, with scarecrows, pumpkins, corn, crows and a creepy midnight sky completing the picture. The atmosphere is there to match, with a cosy yet somewhat spooky soundtrack.
Belatra Games, the specialist online slots developer, has served up Cafe Pin-Up, a slot that whisks players away to a vibrant 1950s diner, where retro glamour meets thrilling gameplay. Players take a seat inside a charming cafe, where pin-up girls are on hand to deliver delicious dishes in a raucous atmosphere created by a jukebox playing toe-tapping tunes. The game is presented in a 5×4 grid with 20 paylines with the Pin-Up Girl Wild symbol playing the key role.
New from Peter & Sons comes Muddy Waters, a game that will send your Geiger counter up to 11. This high-volatility and highly radioactive slot comes packed with symbol multipliers, power-ups and a unique fishing mechanic. Muddy Waters riffs on the popular fishing-slot genre, but since this is the weird and wonderful world of Peter & Sons, it gets flipped on its head, because this game is about reeling in radioactive fish.
Relax Gaming, the iGaming aggregator and provider of unique content, is getting players into the festive spirit with its latest release, Money Sleigh, a Christmas-themed slot guaranteed to deliver stocking-filled fun and the chance to unwrap big wins. Santa and his team of loyal helpers are ready to guide players through this exciting holiday adventure, with the potential to win up to 10,000x their stake.
Latest News
AGREEMENT BETWEEN ZITRO AND GRUPO OSGA TO PROMOTE THE LABOT INTEGRATION OF PEOPLE WITH DISABILITIES
Zitro, a leading company in the gaming industry, has signed a collaboration agreement with Grupo OSGA, a business group committed to promoting the employment of people with disabilities. Grupo OSGA offers job opportunities to people with disabilities and supports their professional development in inclusive and accessible environments.
Through this alliance, Grupo OSGA will provide Zitro with a parcel and documentation service between its offices, optimizing Zitro’s operational efficiency and strengthening its social commitment to creating a more inclusive work environment.
At Zitro, we firmly believe in the power of diversity as a driver of growth and development. This collaboration with Grupo OSGA not only enriches our company but also reinforces our commitment to contributing to a fairer and more inclusive society,” said Albert Zorrilla, Managing Director of Zitro for Spain.
“The collaboration with a prestigious international company like Zitro not only constitutes recognition of the work that Grupo OSGA has been carrying out but also contributes to the generation of real opportunities for people with disabilities to achieve effective and stable integration in the labor market,” said Oscar Galilea, President of Grupo Osga.
Balkans
EGT Digital’s iGaming platform X-Nave and successful titles to deliver high-quality experience to BetHub’s customers
BetHub and EGT Digital have started their successful partnership, as a result of which the leading Bulgarian operator is now using the iGaming platform X-Nave. Its 4 main modules: CRM Engine, Sport product, Gaming Aggregator and Payment Gateway, enable the betting site to effectively manage all online gaming business verticals and further improve its performance.
CRM Engine provides a wide range of player management tools and bonus features, allowing the operator to create more personalized offerings for its customers, based on their preferences and behavior.
Through X-Nave’s Sport product BetHub will enrich even more the sport content it offers.
The Payment Gateway gives access to numerous payment methods and thanks to the Gaming Aggregator EGT Digital’s slot games are already at the disposal of the website’s visitors. The top-performing titles from Bell Link, Clover Chance, High Cash, Single Progressive Jackpot, as well as the multiplayer game xRide quickly gained popularity among BetHub’s customers.
“We are very glad with our collaboration with EGT Digital so far,” commented Kiril Naldzhiev, CEO at BetHub. “The platform has made the management of our business much easier, and the company’s gaming content has shown impressive results that have not only met but exceeded our expectations.”
Tsvetomira Drumeva, Head of Sales at EGT Digital, also gave a positive evaluation to the cooperation. She said: “Partnering with a prominent operator like BetHub is very valuable for us, as it gives us the opportunity to demonstrate the enormous potential of our developments and consolidate our status as a leader in the local market. I am confident that this is the beginning of a very successful collaboration that will bring a lot of positives to both companies and the players themselves.”
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