BlueBet Holdings reported wagering revenue of $27.8 million for the first half of the 2024 financial year. It represents a 12.6% increase compared to H1 in 2023.
The group said the double-digit increase in revenue was driven by the record sports betting and thoroughbred racing turnover of $319.5 million, which outperformed the market and was a 13.9% increase compared to the same period last year.
Active customer figures reached 71,789 group-wide, resulting in a significant 19% year-to-date (YTD) increase.
Mix Shift to Sports Results in Strong Australian Net Win Margin
BlueBet’s performance in the Australian market was strong and produced a robust net win margin, according to the company’s half-yearly report, with the number of active customers a particular highlight, hitting 67,391 active users in H1 FY24, a 13% YTD increase.
The betting operator’s Australian turnover of $298.7 million, up 6.9% compared to last year, warrants a mention too, with BlueBet attributing the growth to increased betting activity on the NRL, AFL, cricket, tennis, and US sports.
BlueBet’s disciplined promotional activity was one of the main reasons for the company’s 10.2% increase in gross win – it hit $40 million in H1 FY24. Promotional activity was at 23.2% of gross win, an improvement to the 25.2% the betting operator reported in H1 FY23.
Lastly, BlueBet’s net win increased by 12.9%, from $27.2 million in H1 FY23 to $30.7 million in H1 FY24. The company’s net win margin remained strong at 10.3% with the bookie reporting its shift to betting on sports as the main reason. Sports betting turnover went from $41.2 million in H1 FY23 to $58.1 million in H1 FY24, a massive 42.3% increase.
