BlueBet Records Record Turnover Revenue in H1 Despite Widening Net Loss

Author:

Anastasia Petkov

|Published: February 29th, 2024

BlueBet Holdings has reported a remarkable 12.6% surge in revenue during the first half of 2024, fueled by a record-breaking turnover, but increased costs contributed to a broader net loss.

Revenue for the six months ending December 31 reached AU$27.8m, marking a significant rise from $24.7m in H1 2023.

This surge was attributed to the unprecedented wagering turnover of $319.5m in the same period.

BlueBet experienced substantial growth in its Australian operations, with revenue climbing 13.0% to $27.9m.

The local customer base expanded by 13.0%, propelling turnover to $298.7m. However, amidst this growth, BlueBet faced regulatory challenges in Australia.

The Victorian Gambling and Casino Control Commission charged the company for breaching state advertising rules in August, with a potential fine of up to AU$ 945,187 pending.

In the US market, BlueBet reported a loss of $131,000 for H1, which was wider than the $71,000 loss in the previous year.

Despite this, turnover saw a staggering increase of 1,050.0% to $20.7m, reflecting the operator's expansion into four states: Colorado, Indiana, Iowa, and the recent addition, Louisiana.

While costs surged across various areas, including a 12.9% increase in the cost of wagering, BlueBet reduced advertising and marketing expenses by 27.2% to $8.3m.

The overall spending surge offset revenue growth, resulting in a pre-tax loss of $12.1m, up from $11.4m in 2023.

Despite receiving $1.8m in tax benefits, coupled with a $61,000 negative impact from foreign currency translation, the net loss for H1 amounted to $10.4m, compared to $9.9m in the previous year.

Nevertheless, the operator reduced consolidated EBITDA loss from $10.5m to $9.2m during the half.

BlueBet CEO Bill Richmond expressed optimism about progress in the US market, particularly in launching a white-labelled B2B sportsbook-as-a-solution offer in collaboration with potential partners.