Turnover Perks Up as BlueBet Announces Expansion Plans

Ben H / 8 September 2023

Last Updated on 8 September 2023

BlueBet Holdings Ltd has reported a company-wide FY23 turnover of $536.6 million, a 4.8% year-on-year increase. The bookmaker pointed to its performance in the Australian market as a particular highlight, with the number of active customers in Australia up 25.5% to 66,929.

BlueBet’s overall revenue was $49 million, and gross profit was $24.8 million. In its announcement to the ASX, the bookmaker communicated that the net margin “remained robust at 10%” and there was an increase in investment in promotions.

Continuing to Gain Market Share in Australia

For the Australian market, in addition to the significant increase in the number of active customers, BlueBet informed of an increase in turnover of 34.8%, “with higher margin Same Game Multi up 52%.”

In its FY23 report, the sportsbook highlighted that after tweaking the seasonal and tactical marketing strategy in the first half of FY23, its Australian operations returned to positive cash flow in H2.

The company said it expected EBITDA (earnings before interest, tax, depreciation and amortization) in Australia to be positive in FY24.

Expansion in Australia and Early Success in the US

BlueBet CEO Bill Richmond called FY23 “a year of strategic execution and laying platforms” in both Australia and the United States.  The betting operator launched in Iowa in August 2022 and went live in Colorado in April 2023.

Richmond said that “product” was the sportsbook’s “key differentiator” and was the main reason for BlueBet’s expansion in the Australian market and drove the company’s early success in the US.

The BlueBet chief claimed that core product enhancements will ensure they continue to be efficient and have sustainable growth in both Australia and the US.

Upon releasing the FY23 results, BlueBet announced plans to go live in Louisiana in October 2023 and launch in Indiana in January 2024. Richmond said that when all markets will be live, the sportsbook would have access to more than 20 million American customers.

 

Ben H
Ben Harris is the Communications Manager for KRUZEY, an AFL and NRL expert, and writer. He has one daughter that he loves dearly and five... [Read full bio]

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