BlueBet reports 9% third-quarter revenue dip

Finance News

BlueBet Holdings has provided its quarterly cash flow report and quarterly activities Report for the quarter ended 31 March 2023 (Q3 FY23).

BlueBet continued to gain market share in Q3, with strong growth in Active Customers and Bet Count. The Net Win margin returned above 10%, reflecting a strong trading performance and demonstrating BlueBet’s ability to deliver profitable growth.

In Australia, marketing and promotional activity normalised, with marketing efficiencies delivering a 14.0% increase in First Time Depositors despite a 26.9% lower marketing spend, reflecting an improved CFTD of $310.

On 31 March 2023, the Company’s cash balance was $27.5 million, including customer deposits of $4.4 million.

Net Win from customers for the quarter ended 31 March 2023 totalled $12.0 million. Net cash used from operating activities in the quarter ended 31 March 2023 was $2.3 million, with the Australian business returning to cash flow positive (including Corporate costs), offset by a cashoutflow of $2.4 million in the US.

BlueBet CEO Bill Richmond said: “We continued to make good progress in Q3, with market share gains in Australia driven by strong growth in Sports.

With our Net Win margin back above 10% and our Australian business back to generating positive operating cash flow, we have demonstrated our ability to deliver sustainable, profitable growth.“In the US, we are now live in two states after launching in Colorado in April, with two more states due to go live by the end of 2023 as we progress our “Capital Lite” US market entry strategy.“Our US expansion will be underpinned by our significant investment in developing a scalable proprietary technology platform. 

The platform’s multijurisdictional capability enables us to expand rapidly into additional B2C markets, while unlocking our B2B Sportsbook-as-a-Solution offer which is attracting interest from potential partners.”