The Australian betting operator turned over AU$265m (US$191m) in the first six months of its financial year, beating its prospective forecast by $46m, or 21%. This also eclipsed last year’s H1 turnover figure by $100m, or 61%.
However, while BlueBet posted profits of $3.4m for H1 2021, the company oversaw a net loss for the same period this time around, falling $0.8m in the red. While this was down $3.5m, or 123%, year-on-year, this was a slight improvement over the company’s initial net loss projection of $0.9m.
EBITDA also followed a similar trend to net profit, which amounted to a loss of $0.3m. This represented a drop of $4.9m, or 106% year-on-year, though was an improvement over the $0.8m loss initially projected.
Indeed, all metrics represented an improvement over initial expectations; net cash from operating activities saw the largest positive variance, tracking 413% ahead of forecast.
Bill Richmond, CEO, BlueBet, commented: “We have carried strong momentum into FY22, with our Australian business beating all first-half forecasts as our effective marketing strategy continues to drive market share gains.
“We are making further inroads in the US, with market access secured in Canada and in our US headquarters established in Denver, and we are in discussions regarding opportunities in other US states. Our capital-lite model differentiates us and we are well-funded to continue our growth in Australia and the US.”
BlueBet also shared other highlights from the first six months of its fiscal year, including increasing its active customer base from 26,000 to 45,000, improving gross win from $21m to $36m and launching three new digital platforms for its Australian business.