BlueBet, a mobile-first online wagering provider based in Australia, has announced its half-year financial results for the six months which ended on December 31, 2022, (H1 FY23).
BlueBet Posts Negative EBITDA and Profit After Tax
BlueBet’s turnover increased by 6.1% to AUD280.5 million ($189.3 million) in H1 FY23, with strong growth in sports and mobile. However, the net win decreased by 5.1% to AUD27.1 million ($18.3 million) due to a shift in the mix to sports and increased promotional investment.
The company’s gross profit decreased by 10.7% to AUD13.1 million ($8.8 million), while EBITDA was negative at AUD10.5 million ($7 million) and profit after income tax was negative at AUD9.9 million ($6.7 million).
Despite these challenges, BlueBet has continued to invest in marketing and product to position itself for continued market share growth. The company soft-launched ClutchBet in Iowa in August, with the Colorado launch on track for H2. BlueBet also made a strategic investment in Low6, which allowed it to launch its first free-to-play game ahead of the NFL Super Bowl.
In addition, the company has continued to invest in product development, with the BlueBet Global Platform expected to drive scalability and operational efficiencies after its launch in late FY23. BlueBet is also exploring opportunities in the B2B Sportsbook-as-a-Solution model and has discussions underway with a number of potential partners.
Bluebet’s Objective Is to Achieve Positive Cash Flow
BlueBet CEO Bill Richmond commented that the company delivered a strong performance in H1, remaining focused on delivering its strategy and providing an excellent experience for its customers in the face of increased market competition.
Richmond added that BlueBet is well capitalized to execute its growth plans in Australia and the US, and with a strong US team now in place, the company is well-placed to deliver its growth strategy in H2 and beyond.
Looking ahead, BlueBet’s priorities for H2 include returning its Australian business to positive operating cash flow, continuing to invest in product development, launching its first free-to-play game, and enhancing its US product by introducing HyperLive micro-live betting functionality. The company also aims to progress discussions around its B2B Sportsbook-as-a-Solution offering.
Despite some challenges in H1, BlueBet has continued its strong growth trajectory, driven by its differentiated brand and market-leading product. The company’s continued investment in marketing, product, and strategic partnerships positions it for continued market share growth in both Australia and the US.