BlueBet Holdings is pleased to announce its full year financial results for the 12 months to 30 June 2023.

Turnover was up 4.8% to $536.6 million, Net Win down 1.3% to $53.9 million and Gross Profit down 8.1% to $24.8 million, with net margin remaining robust at 10.0%, impacted by a mix shift to Sport and an increase in investment in promotions. Margin normalised above 10% in H2 on reduced competition which is expected to remain at those levels in FY24

Continuing to gain market share in Australia despite increased competition, with Group Active Customers up 25.5% to 66,929. Significant technology progress in both Australia and the US has positioned BlueBet for continued market share growth in FY24. The investment in the BlueBet Global Platform will drive scalability and operational efficiencies when launched in FY24. Australia delivered strong growth in Sports, with Turnover up 34.8% with higher margin same game multi up 52%.

BlueBet Chief Executive Officer, Bill Richmond, commented: “FY23 was a year of strategic execution and laying platforms for long-term growth in Australia and the United States.“BlueBet was founded by career bookmakers that understand providing bettors with market leading product is essential. Product is BlueBet’s key differentiator and the primary reason for impressive market share expansion in Australia and the driver of our early success in the US.

The enhancements in our core product will set the business up for efficient and sustainable growth in Australia and the US.“We won market share despite facing increased competition and a challenging economic environment which is testament to our dedication to Product and tactical approach to media and marketing spend.

“We were delighted to take bets in Colorado and Iowa during the period, and we’re looking forward to doing the same in Louisiana and Indiana in FY24. When all markets are live, we will have access to over 20 million American consumers and alongside our multi-jurisdictional proprietary technology, BlueBet is in ongoing discussions with potential partners for Phase 2 of our US market entry, delivering our SportsBook-as-a-Solution offering.“The scale provided by securing B2B partners will accelerate our path to profitability in the US.“

We entered the US with a clearly defined, staggered, strategy and I am pleased with the results to date. We are well positioned to grow with the market in the US and share our expertise as we commence phase 2 of our B2B strategy in the US to complement our B2C channels.“In FY23 we successfully scaled our business and won market share while maintaining strong margins and generating cash. We remain focused on running a capital efficient and nimble company that wins customer loyalty through product and innovation.”