introduced have created further uncertainty. In our
view, a stable and competitive regulatory landscape is
key to unlocking the full value of the Brazilian market -
both for the country, sports fans, sportsbooks, and part-
ners alike.
Looking ahead, we are focused on three clear priorities:
1) driving global scale across our Publishing operations,
creating commercial advertising success through Ad-
Vantage, and lastly, sustaining product innovation to
ensure long-term relevance and competitiveness.
stable underlying picture. I am also encouraged by the
underlying strength we continue to see in our data-
bases, as pictured in the Value of Deposits, which we are
introducing from now on as a new KPI. This is a sign of
the healthy core our business is built upon.
CEO letter
With the transition period be-
hind us, Better Collective en-
ters a sports-rich second half
of the year with a sharpened
strategic focus, ongoing World
Cup 2026 preparations, and a
solid foundation for growth
across our three global busi-
ness units Publishing, Paid
Media, and Esports.
We are now entering the busier half of the year, when all
major sports begin new seasons, with our new organiza-
tional structure in place, divided into Publishing, Paid
Media, and Esports.
Our Paid Media business was not impacted by the re-
cent strategic restructuring - and for good reason. It re-
mains a core pillar of our overall strategy and a key dif-
ferentiator for Better Collective.
We have introduced Esports as a standalone reporting
segment to reflect its strategic importance and unique
position within Better Collective. With HLTV and
FUTBIN, we own two of the most influential brands in
global Esports media, each serving large and highly en-
gaged communities. Since entering the industry in 2020,
we’ve built a strong foundation.
Our Publishing business has been at the core of our re-
cent strategic restructuring efforts. With a more robust
and scalable setup now in place, we have launched sev-
eral initiatives aimed at restoring momentum and driv-
ing long-term growth.
We invest upfront with a clear view of the near-term
revenue impact and the long-term value creation
through revenue share. This disciplined and data-driven
approach is what makes the business model so effective.
As we close the first half of 2025, I’m pleased to report
that developments have progressed as expected. The
first half has marked the final stretch of a transition pe-
riod, shaped by tough comparative numbers and struc-
tural changes in key markets such as Brazil.
We continue to view Esports as a long-term growth
driver, despite muted performance in recent years and
in the current quarter. In Q2, growth of 4% was impacted
by a global decline in CPM rates over the past year. How-
ever, mitigating actions have been implemented to limit
the impact of this decline. With dedicated leadership
and clear strategic focus, we are now accelerating ef-
forts to deliver richer user experiences, better moneti-
zation tools through AdVantage, and more value to fans
and partners.
While revenue share income throughout the quarter was
impacted by the regulatory transition in Brazil - with
Paid Media revenue share down 22% - the business re-
mains resilient. Performance in other regions continues
to be strong.
One key area of focus is our continued development of
the AdVantage project - our long-term initiative to
strengthen advertising monetization across the busi-
ness. While the broader advertising market has experi-
enced a notable decline in CPM rates, our internal efforts
have helped offset CPM-based revenues especially in
esport. That is a meaningful achievement, even if it does
not yet reflect immediate top-line growth.
Looking at Brazil, I am very satisfied with the first half
year’s development following the market regulation and
our teams have worked very hard to adapt to this new
landscape. The market holds strong potential to return
to growth. But for this to materialize, it is crucial that the
environment becomes truly competitive. Today, the ab-
sence of welcome bonuses makes it challenging for
sportsbooks to effectively attract new users, with many
instead channelized to non-licensed markets. At the
same time, the recent suggestions about increasing
taxes shortly after the regulatory framework was
Looking forward, the focus for Paid Media remains clear:
continue identifying growth globally by supporting our
partners in acquiring high-quality.
The strength of HLTV and FUTBIN lies in their trust and
relevance. By staying close to our communities and in-
vesting in innovation, we aim to build lasting loyalty -
making these platforms both defensible and valuable for
the future.
In addition, our Publishing business continues to build
up a significant base of unrecognized revenue share in-
come in the US - value we expect to realize over the
coming years as revenue share continues to scale.
If we look at our current NDC intake, impacting both
Publishing and Paid Media, it is trending downward,
mainly due to the Brazilian developments. Excluding the
Brazilian NDCs from the development, it shows a more
Q2 report 2025
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