BlueBet Achieves EBITDA Growth After Betr Merger

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BlueBet’s first financial report since merging with Betr demonstrates substantial operational improvements.

In November, BlueBet reported monthly EBITDA positivity. This accomplishment aligns with the company’s forecast of full-year EBITDA profitability in FY25, excluding one-off merger-related expenses.

In November, the company posted a net win margin of 12.8%, exceeding market benchmarks during the competitive Spring Racing Carnival season. This result reflects the effectiveness of its promotional strategies and the excellence of its technological systems.

Andrew Menz, CEO of BlueBet, mentioned:

This achievement, and our outperformance during the peak wagering period, is a testament to the quality of our technology and team.

He pointed out that reactivating Betr’s substantial customer database that is guided by Matthew Tripp represents a major growth opportunity for the company as it consolidates its position in the market.

Outstanding performance metrics​

The company’s Q2 FY25 trading update reveals outstanding year-on-year growth across major metrics. Turnover increased by 131%, gross win surged by 149%, and the gross win margin rose to 15.5%. Net win grew by 144%, with a modest improvement in the net win margin to 11.5%. These results are about the effectiveness of the merged entity’s strategies and the benefits of operating on a larger scale.

This progress builds on the strong performance seen in Q1, following the migration of Betr’s customer base to BlueBet’s platform. September 2024, which was the first complete month post-migration, delivered strong growth with turnover and gross win rising by 119% and 133%.

Focusing on market leadership​

BlueBet’s impressive performance during the Spring Racing Carnival stands out as a defining moment in its journey. Known as one of Australia’s busiest betting seasons, this period put the company’s enhanced operations to the test. By using its advanced platform to engage customers and optimize promotions, the company made significant steps in capturing market share.

The merger has also set BlueBet up for success in Australia’s tough online wagering landscape. Its decision to adopt the Betr brand for customer-facing activities has further amplified its visibility and strengthened its brand appeal.

BlueBet’s is now able to take advantage of market opportunities and generate shareholder value. Reaching EBITDA positivity so soon after the merger demonstrates the company’s strong operational foundation and the well-planned strategy behind the merger.

Andrew Menz, CEO of BlueBet, added:

Our strong quarter-to-date results in Q2 reinforce the significant opportunity in front of us as we continue the strategic reactivation of the large Betr database.