US$146.3m<\/strong>, 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.<\/p>\n\n\n\nBlueBet 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.<\/p>\n\n\n\n
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.<\/p>\n\n\n\n
BlueBet CEO Bill Richmond<\/strong> said: \u201cBlueBet 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. <\/p>\n\n\n\n\u201cAfter making additional seasonal and tactical marketing investments in H1, quarterly cash outflows are expected to normalise in the second half<\/strong>, 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.”<\/p>\n","protected":false},"excerpt":{"rendered":"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.<\/p>\n","protected":false},"author":176,"featured_media":19807,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"BlueBet Holdings reported a record Q2 FY23 turnover of US$147.7m, up 6.6% year-on-year, primarily driven by its Australian mobile betting operations. Despite increased marketing investments in a competitive market leading to a slight gross profit decline, the operator achieved significant active customer growth and anticipates positive operating cash flow from its Australian business in H2.","focusai_entities":"BlueBet Holdings, Bill Richmond","focusai_location":"Australia","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.7), operator_casino (0.9), affiliate_publisher (0.7), product_ux (0.7), tech_data (0.7), marketing_crm (0.9), payments_fraud_aml (0.7), investor_analyst (1.0), supplier_vendor (0.8), journalist_researcher (0.9)","focusai_suggestions":[{"label":"H2 Cash Flow Outlook","query":"What specific operational efficiencies or revenue growth drivers are projected to normalize cash outflows and achieve positive operating cash flow for BlueBet's Australian business in H2 FY23?"},{"label":"Australian Market Dynamics","query":"How is BlueBet's 'differentiated brand and product' strategy specifically enabling market share gains amidst the intensifying competitive landscape in the Australian mobile betting sector?"}],"footnotes":""},"categories":[16336,163],"tags":[],"class_list":["post-777001904","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-australasia-news","category-finance-news"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777001904","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/176"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=777001904"}],"version-history":[{"count":3,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777001904\/revisions"}],"predecessor-version":[{"id":777001945,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/777001904\/revisions\/777001945"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/19807"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=777001904"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=777001904"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=777001904"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}