BlueBet Holdings today announced its half year financial results for the six months ended 31 December 2022 (H1 FY23).

Active Customers up 33.8% to 60,328 with continued market share gains in Australia. Top line growth continues, with Turnover up 6.1% to $280.5 million driven by strong growth in sports and mobile.

Net Win down 5.1% to $27.1 million due to mix shift to Sport and increased promotional investment, net margin expected to return to above 10% in H2. Significant marketing and product investment positions BlueBet for continued market share growth.

BlueBet Chief Executive Officer, Bill Richmond, commented: “The BlueBet team delivered a strong performance in H1, remaining focused on delivering the strategy and on providing an excellent experience for our customers in the face of increased market competition. As a result, we continue to gain market share in Australia and make strides in our US market entry.

“Our effective investment in brand and product continues, with our differentiated approach winning new customers and delivering marketing efficiencies. In H2 our cash outflows are expected to normalise, with our Australian business returning to generating positive operating cash flow.