BlueBet shares jump on Q4 earnings

Finance News

BlueBet Holdings today provides its quarterly cash flow report and quarterly activities report for the quarter ended 30 June 2023.

Record quarterly Net Win of $14.9 million driven by strong 11.0% margin. Continued market share growth in Australia, with Active Customers up 22.7% to 65,415 and BetCount up 6.3% to 3.0 million

Strong performance in Australian Sport with Turnover up 25.5%. Marketing efficiencies deliver good growth in First Time Depositors at attractive ratio of Annual Client Value to CFTD of 2.3x. Australian business remains operating cash flow positive (including corporate costs).

Strong US B2C momentum continues, with ClutchBet live in two states and Louisiana applicationwell advanced. Product enhancements and localised marketing driving improved uptake, with local Colorado and Iowa partnerships secured.

Discussions ongoing with potential US B2B partners, with proprietary technology platform a key selling point BlueBet CEO Bill Richmond said: “Q4 was a very strong quarter for our Australian business, with record Net Win, strong margins and market share growth in our Sportsbook, where the BlueBet brand keeps punching above its weight.

The Australian business remained operating cash flow positive, benefiting from our strong trading performance and disciplined marketing strategy, which continues to deliver efficient customer acquisition.“In the US, we are gaining traction in our two initial B2C markets of Iowa and Colorado, and progressing towards approval in two more states, where we expect to be live by the end of the calendar year. Our US customers are responding to ClutchBet’s differentiated offer and proprietary technology platform, which delivers a unique betting experience.“We remain in discussions with potential partners for our B2B Sportsbook-as-a-Solution offer.

Our turnkey solution enables partners to leverage the BlueBet team’s decades of experience running profitable sportsbooks with the power of the BlueBet Global Platform.“The significant investment we have made in our proprietary technology is bearing fruit, with monthly releases in Australia and the US greatly enhancing the customer experience. Our Global Trading Platform is now ready to be deployed and will deliver significant operating leverage as we grow.”