BlueBet continues to build momentum from its recent merger, with the parent company of betr confirming it had posted positive EBITDA numbers for November, as it remains on track for overall profitability this financial year.
The result, confirmed to the Australian Stock Exchange on Thursday, is described as a critical inflection point as it starts to see the benefits of the merger of the BlueBet and betr brands in July this year.
The online wagering company said it had outperformed its rivals during the spring racing carnival by increasing year on year turnover by 131 per cent in October and November and achieving a net win margin of 12.8 per cent for the past month.
Its net win percentage for the corresponding two months was 11.5 per cent compared to 10.5 per cent in September, the first full month since the migration of customers from BlueBet onto the new betr platform.
“We committed to achieving monthly EBITDA positivity by the end of FY25 H1, and are thrilled to deliver this within three months of the customer migration,” BlueBet CEO Andrew Menz said.
“This achievement, and our outperformance and market share gains over the peak wagering period, is a testament to the quality of our technology and team, as well as the rapid execution we have delivered since completion.
“Our strong quarter-to-date results in Q2 show continued strong momentum from Q1, reinforcing the significant opportunity in front of us as we continue the strategic reactivation of the large betr database.”
The increase in betr’s wagering turnover and yield corresponds with the completion of the Sydney and Melbourne spring racing carnivals.
Bren O’Brien
Racing Victoria (RV) reported at its annual general meeting (AGM) that overall spring carnival turnover, from August 31 to November 10, declined by $2.3 billion or 8.2 per cent on the same period in 2023.
RV CEO Aaron Morrison also told the meeting that data showed that there was a similar number of active betting accounts but punters were betting in smaller amounts and betting less frequently.
BlueBet’s share price on Thursday closed at 30 cents, up 5.26 per cent. It is the first time it has been at that level since April.
Matthew Tripp will assume the chairmanship of BlueBet from Michael Sullivan in January.
