Australian mobile betting operator BlueBet Holdings posted a record full year turnover of $511 million, up 48.5% from FY21’s result.

Wagering revenue of $54.6 million, a gain of more than 53% from the year prior. Gross profit growth of nearly 48% for the 12 months. EBITDA loss of $5.5 million, down from a $4.7 million profit a year earlier.

Net loss after tax of $6.1 million, down from $3 million profit in FY21 . Net cash from operations down 84.7% year on year to $1.5 million.

BlueBet CEO, Bill Richmond said: I am very proud of the progress we have made in our first year as a listed company, having achieved a number of major strategic milestones, including touching down in the US, developing a leading technology platform and continuing to grow our market share in Australia.

Our IPO provided us with the financial firepower to invest for growth. With our US B2C brand ClutchBet now live in the US, having taken our first bets in Iowa in this month, we are committed to executing the first stage of our differentiated ‘Capital Lite’ US strategy. The strength of our technology and our team is now on display as we move towards our B2B Sportsbook-as-a-Solution model in FY23.