BlueBet posts record turnover of US$147.7m for Q2

The Australian mobile betting operator has reported that turnover was up 6.6 per cent year-on-year for the second quarter of its 2023 financial year.

Australia.- BlueBet Holdings, the Australian mobile betting operator, has shared its financial results for the second quarter of its 2023 fiscal year. It’s posted a record turnover of US$147.7m, up 6.6 per cent when compared to the previous year.

Nearly all of the revenue came from the domestic market, with sales in Australia of US$146.3m, up 5.6 per cent year-on-year. The company said this was aided by seasonal promotional activity, a temporary mix shift towards sport due to the football World Cup and short-term negative variance on racing margins impacting net win, which remained robust at 9.4 per cent.

BlueBet reported gross profit of US$18.3m for the quarter, down 0.5 per cent year-over-year. Its costs increased over the period due to investments in marketing, promotions and pricing due to an increasingly competitive Australian market.

As regards market share in Australia, active customers grew 32.3 per cent year-on-year to 59,632, which was also up by around 10 per cent against the prior quarter.

BlueBet CEO Bill Richmond said: “BlueBet had another great quarter in Q2 despite the increased market competition, with continued market share gains in Australia driven by strong growth in our sportsbook. 

“After making additional seasonal and tactical marketing investments in H1, quarterly cash outflows are expected to normalise in the second half, with our Australian business expected to return to generating positive operating cash flow as we continue to gain market share with our differentiated brand and product.”