Betr has confirmed it has hit its target of positive growth for the 2024/25 financial year, posting a $7.2 million EBITDA figure, 12 months on from its transformative merger with BlueBet.
With turnover of $1.4 billion, gross win of $196 million and net win of $147.8 million, betr experienced year-on-year growth of 140 per cent on the pre-merger BlueBet business.
Its $132 million of wagering revenue was comprised of 83 per cent from racing and 17 per cent from sports. That was derived from 155,420 active customers.
As well as onboarding BlueBet, and exiting the American market, it also completed and acquisition of TopSport for $10 million in the last financial year.
It also conducted a $130 million equity raise, helping it acquire a near 20 per share of takeover target PointsBet.
Betr has targetted three areas of opportunity during the coming financial year.
The first is to expand scale through disciplined, strategic investment, the second is to grow brand presence via a bran refresh and the third is to deliver innovative products.
“With strong momentum in our core business, a repeatable and proven M&A playbook, and a disciplined approach to organic and inorganic growth, betr is well positioned to keep building scale and long-term shareholder value,” betr chief executive Andrew Menz said.
Chairman Matt Tripp said betr remains determined to secure PointsBet despite strong competition from rival MIXI.
“We continue to believe that our Offer for PointsBet presents superior value for both betr and PointsBet shareholders, and we remain disciplined as we evaluate further opportunities to accelerate growth,” he said.
