BlueBet sees full year turnover rise 83%

Finance News

Australian sports betting group BlueBet today reported results for the year ended 30 June 2021.

Revenue was up 83.3% on the prior corresponding period (pcp) to $344.7 million. Wagering revenue (net win) up 92.5% on pcp to $35.6 million.Active customers up 45.7% on pcp to 32,472. Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) up 48.4% on pcp to $7.5 million. Net profit after tax down 33.6% on pcp to $3.0 million.

BlueBet CEO Bill Richmond said: FY21 has been an outstanding year for BlueBet. We have seen a massive increase in our Active Customers this year and our bet count almost doubled. This has flowed through to exceptionally strong and profitable financial results which have exceeded Prospectus forecasts. We are seeing this strong momentum continuing into FY22.

On growth prospects for the current financial year, Richmond added: We are already executing on our US growth strategy and have secured our initial skin agreement in Iowa, where we expect to start taking bets in early 2022. We expect to secure additional licences in other US states in FY22 and grow the business strongly there.