BlueBet reports record q3 as revenue tops AUD$151.6 million

Finance News

BlueBet Holdings today provided its quarterly cash flow report and quarterly activities report for the quarter ended 31 March 2024 ( Q3 ).

Accelerating growth and focus on profitability drove BlueBet’s first cash flow positive quarter in Q3 since IPO rapidly gaining market share, with record quarterly Q3 turnover of $151.6 million (+26.1%) and active customers up to 73,089 (+13.7%).

Outperforming the market, with record Net Win of $16.4 million (+36.7%) and strong Net Win margin of 10.8% (Australia 11.4%). Disciplined and efficient customer acquisition drives significantly improved Average Annual Customer Value to Cost per First Time Depositor ratio of 3.6x.

BlueBet CEO Bill Richmond said: “BlueBet reached a major milestone in Q3, with our first cash flow positive quarter since IPO, driven by accelerating growth and a strong focus on profitability, as we continue to rapidly gain market share and outperform the market in Australia and continue to scale the US.“Earlier this month we announced a proposed merger with betr that on completion will be transformational for BlueBet, creating a leading Australian online wagering company.

It will combine our best-in-class technology platform with betr’s large and high-quality customer base, and we are excited about the potential to generate significant long-term value for BlueBet shareholders.“In the US, we reached a major milestone, kicking off Stage 2 of our ‘Capital-Lite’ market entry with our maiden B2B sportsbook agreement in Ohio, while also taking first bets in our third B2C state of Louisiana.