BlueBet reports strong growth in Australia and US markets

SYDNEY, AUSTRALIA: BlueBet Holdings, a leading online sports betting company, has announced its financial results for the fiscal year 2023, highlighting its strong performance in both Australia and the US markets.

According to the company’s CEO, Bill Richmond, FY23 was another strong year for BlueBet, as it continued to achieve significant strategic milestones and make good progress in Australia and the US. “We are delighted with the results we have delivered in FY23, which reflect our continued market share growth, our capital-lite US entry strategy, and our ongoing investment in our proprietary technology platform,” he said.

In Australia, BlueBet reported a 25.5% increase in active customers to 66,929, and a 4.8% increase in turnover to $536.6 million, despite facing increased competition and a changing portfolio mix.

The company also maintained robust margins, thanks to its effective marketing investment and its enhanced user experience. Richmond said that the BlueBet Global Platform, which was largely delivered in FY23, would enable the company to drive further scalability and operational efficiencies in the future.

He also noted that the Australian trading business was operating cash flow positive in the second half of the year and was expected to remain so in FY24.

In the US, BlueBet’s subsidiary, ClutchBet, launched its online sports betting operations in its first two markets of Iowa and Colorado, and was preparing to take its first bets in Louisiana in the coming weeks. Richmond said that the company’s capital-lite US entry strategy was progressing well, as it secured access to four initial markets with a combined population of over 20 million people, providing a clear path to profitability in each jurisdiction.

He also said that the company was thrilled with the local sponsorships it had secured in Iowa and Colorado, including ClutchBet branded sports lounges and partnerships with local recreational and professional sporting teams.

“These sponsorships will help us build brand awareness and loyalty among our US customers, as well as generate additional revenue streams,” he said.

BlueBet also continued to enhance its core product, with a wide range of new enhancements and products launched in both Australia and the US, including its HyperLive Micro in-play betting feature, which provides customers with hundreds of additional markets on major US sports events.

Richmond said that in-play betting was a key driver of growth in the US market, and that the company had focused on increasing the number of betting opportunities available to customers in these key events.

He also said that the company had made significant investments in its core platform, with five updates released in Australia and four in the US in the first quarter of FY24 alone.

He said that this investment was crucial to attract and retain customers and was a key selling point for potential B2B partners in the US market. He also mentioned the introduction of the Multi-Jurisdictional App, which enhances platform efficiencies and enables the development of new products and features.

The company also launched a refreshed brand campaign in Australia, spearheaded by brand ambassador, Matt Nable. The new “Home Grown Bookie” campaign has been successful in efficiently raising brand awareness and driving new customers to the site, with branded search impressions up 55% and unique visitors to BlueBet up 70% despite lower overall investment.

The company also leveraged its partnerships with the Dolphins NRL team and BlueBet Stadium to navigate the competitive market and drive growth and brand awareness.

Richmond said that the company’s strong momentum had continued into FY24, with continued market share gains in Australia and the US. He said that the company was well-positioned to capitalize on the growing opportunities in both markets, and that it had a clear vision and strategy to deliver long-term value for its shareholders, customers, and partners.

“We are confident that we have the right team, the right technology, and the right approach to achieve our ambitious goals and become a leading player in the global online sports betting industry,” he said.

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