BlueBet Holdings reports financial milestone

BlueBet Holdings (ASX:BBT) has announced that it reached a monthly EBITDA positive status for November 2024. The company attributes this achievement to its successful merger with betr and strong performance during the Spring Racing Carnival, achieving a Net Win Margin of 12.8%. BlueBet is now on track to achieve EBITDA profitability for the fiscal year 2025.

BlueBet Holdings strategic outlook and future plans

BlueBet Holdings' recent announcement of reaching a monthly EBITDA positive status marks a significant milestone following its merger with betr. The merger has been instrumental in enhancing the company's scale and synergies, contributing to improved financial performance. BlueBet's proprietary technology platform has played a crucial role in achieving strong trading performance and effective promotional strategies, as evidenced by the Net Win Margin of 12.8% in November. The company has seen significant growth in key wagering metrics, with turnover and net win both doubling in recent months. BlueBet remains optimistic about its growth trajectory, driven by the strategic reactivation of the betr database and aims to continue leveraging its competitive advantage in the online wagering market. Led by a seasoned board and management team, BlueBet is poised for continued success in the Australian online wagering industry.

CEO Andrew Menz comments on company's success

We are delighted to have achieved monthly EBITDA positivity ahead of our FY25 H1 target. This achievement is a testament to our rapid execution and the quality of our team and technology.