BlueBet reports 5.6% revenue increase to $133m 

Finance News

BlueBet Holdings today provided its quarterly cash flow report and quarterly activities report for the quarter ended 30 September 2022.

Turnover was up 5.6% to $133.0 million driven by strong growth in Sports and mobile channel. Lower Gross Win Margin was driven by a reduced contribution from Greyhound racing which is typically higher margin, and short-term negative variance on racing margins.

Importantly Net Win Margin was maintained above 10%, even after Client promotions as a percentage of Gross Win increased from 18.2% in the PCP to 24.2% due to promotional activity around key Australian sporting events such as the NRL and AFL finals.

As at 30 September 2022, BlueBet had 55,920 Active Customers, an increase of 40.1% on the PCP despite cycling over strong customer acquisition during the COVID lockdown period. Continued quarter-on-quarter growth in Active Customers demonstrates BlueBet’s ability to attract and retain quality clients, with September a record month of Active Customers placing a bet in the month and October on track to exceed that mark.