Seasonal promotional activity and the FIFA World Cup helped increase BlueBet’s sports betting revenue according to the company’s quarterly cash flow and activities report.
The Q2 trading update reveals that BlueBet Holdings Limited (ASX: BBT) continued to grow its Australian market share and increased its customer base by 32.3% (59,632 active customers compared to last year’s 45,087).
Another Great Quarter for BlueBet Says CEO
BlueBet’s Q2 turnover was up 6.6% to $147.7 million. Australian turnover also increased – up 5.6% to $133 million. The betting operator attributed the increase to the FIFA World Cup that took place in November and December, and “short-term negative variance on racing margins” which, according to the bookmaker “remained robust at 9.4%.”
BlueBet CEO Bill Richmond said that the bookmaker had “another great quarter in Q2” and that it managed to grow its Australian market share despite increased competition.
He added that the company expected to see a normalization of cash outflow levels after it made “additional seasonal and tactical investments” in the first half of the fiscal year.
Richmond stated that BlueBet’s Australian division, with its differentiated brand and product, would continue to attract new customers and generate positive cash flow.
What makes BlueBet’s figures so impressive is that the company continued to achieve growth despite heavy investment in promotions and marketing in Q2. As the group’s marketing spend normalizes in the second half of the fiscal year and with new and enhanced products on the way, BlueBet expects to see customer retention and turnover figures increase in 2023 too.