BlueBet Q3 FY24 Quarterly Activities Report and Business Update

BlueBet Holdings Limited (ASX: $BBT) has reported its Quarterly Cash Flow Report (Appendix 4C) and Quarterly Activities Report for the quarter ended 31 March 2024 (Q3 FY24). The company achieved its first cash flow positive quarter since IPO, with record Q3 turnover of $151.6 million and active customers reaching 73,089, marking a 13.7% increase. BlueBet's net win also saw a significant rise of 36.7% to $16.4 million, with a strong net win margin of 10.8% in Australia.

Executive Commentary on Q3 FY24 Performance and Merger with betr

BlueBet CEO Bill Richmond expressed satisfaction with the company's performance, highlighting the achievement of the first cash flow positive quarter since IPO. He emphasized the rapid market share growth, outperforming the market in Australia, and the strategic milestone of securing a B2B Sportsbook partner in Ohio. Richmond also discussed the proposed merger with betr, emphasizing the potential to create a leading Australian online wagering company and generate significant long-term value for BlueBet shareholders. Additionally, he outlined the company's plans for reduced US expenditure and a strategic review of US operations post-merger completion.

Summary of Q3 FY24 Report and Future Outlook

BlueBet's Q3 FY24 report demonstrates accelerating growth, market share gains, and a strong focus on profitability, leading to the company's first cash flow positive quarter since IPO. The strategic merger with betr is expected to create a leading Australian wagering operator, providing increased scale, market share, and operational synergies. The company's strong year-to-date performance positions it to maintain cash flow neutrality in the second half of FY24, excluding one-off costs related to the proposed merger. BlueBet's focus on platform enhancements and pre-migration activities indicates a commitment to long-term growth and efficiency. The outlook includes a reduction in US expenditure, a strategic review of US operations post-merger, and the successful completion of a fully underwritten conditional placement to fund operational and strategic growth initiatives.