Better Collective, the Danish sports media group, has implemented widespread layoffs across its media portfolio this week, affecting approximately 100 employees according to Front Office Sports.
CEO Jesper Søgaard addressed the workforce reduction in a LinkedIn statement, pointing to shifting market conditions in the United States and ongoing business slowdown in Brazil ahead of upcoming regulatory changes as the key drivers behind this decision.
The announcement comes shortly after Better Collective adjusted its 2024 revenue forecasts downward by 10%. The company now projects earnings between €355-375 million, a notable decrease from its previous estimate of €395-425 million.
This development follows Better Collective's major acquisition last year of Playmaker Capital for a reported $190 million, which brought Yardbarker Media, Futbol Sites, and World Soccer Talk under its umbrella. While the Futbol Sites acquisition had strengthened Better Collective's Latin American presence, particularly in Brazil, recent changes in Brazilian sports betting regulations have prompted the company to take corrective measures.
The layoffs represent a strategic response to evolving market dynamics in two of Better Collective's key territories. The company aims to adapt its operations to navigate through regulatory changes in Brazil while addressing market shifts in the United States.
This restructuring marks a notable shift for Better Collective, which had been expanding its global footprint through acquisitions in recent years. The company now focuses on optimizing its operations to align with current market realities and regulatory landscapes in its major markets.