BlueBet Q3 FY24 Quarterly Results & Investor Presentation

BlueBet Holdings Limited (ASX: $BBT) has reported its Q3 FY24 results, achieving its first ever cash flow positive quarter with a 26.1% increase in turnover to $151.6m. The company's focus on profitability and strong Net Win margin drove this positive outcome, with active customers up 13.7% to 73,089. BlueBet continues to gain market share in Australia and has made further traction in lowa, Colorado, and Louisiana.

Executive Commentary on Q3 FY24 Results

BlueBet's Q3 FY24 results demonstrate the company's commitment to achieving a cash flow positive quarter and driving market share growth. The strong Net Win margin of 10.8% and the record quarterly turnover reflect the effectiveness of our strategies. We are pleased with the progress in the US market, securing the first B2B Sportsbook partner in Ohio and gaining traction in lowa, Colorado, and Louisiana. The proposed merger with betr is expected to create a profitable, leading Australian wagering operator, and we are on track to be cashflow neutral in H2 FY24, excluding one-off costs related to the merger.

Q3 FY24 Results Summary and Outlook

BlueBet's Q3 FY24 results mark a significant milestone with the company achieving its first ever cash flow positive quarter and recording a 26.1% increase in turnover. The strong focus on profitability and the successful market share growth in Australia and the US demonstrate the effectiveness of BlueBet's strategies. The proposed merger with betr is expected to create a leading Australian wagering operator, with the combined business aiming to reach monthly EBITDA profitability in 1H FY25 and be EBITDA profitable in FY25. BlueBet's outlook remains positive, with a continued focus on profitability and the anticipation of the completion of the proposed merger in late May 2024.