BlueBet turnover soars 131% following strong horseracing run

BlueBet has recorded turnover of A$357m (£178.6m) for Q2 of the company’s fiscal year 2025, running from 1 September to 31 December 2024.

The figure represents a 131% year-on-year (YoY) increase when compared to the same time period in fiscal year 2023-24.

The turnover contributed to a gross win margin of 14.6% for Q2, a record for the operator during a quarter and up from 13.7% last year.  

Gross win for the reporting period came to A$52.2m, up 146% YoY. Net win also experienced a major spike, rising 142% YoY to A$39.2m.

Net win margin for the quarter was 11%, up from 10.5% the previous year, which BlueBet said was assisted by the reactivation of the Betr customer base and personalised promos.  

The quarter represents the first in which the combined BlueBet and Betr business was fully operational following last year’s merger.

Additionally, BlueBet partly attributed its gains to a strong performance during horseracing’s Spring Racing Carnival, held in Melbourne in November 2024.  

Following the event, the company recorded a gross win margin of 16.8%, beating out the 12.2% industry average.  

BlueBet also experienced an 18.7% increase in net win on racing YoY, as well as a 30.5% increase in net win on multi and exotic bets, in addition to a 14.2% YoY decrease in promotional costs.  

BlueBet further benefitted from an enhanced customer base thanks to its merger with Betr back in April, with Betr customers migrating over to BlueBet’s platform. 

The operator had 144,697 active cash users during Q2, an increase of 20% when compared to the previous quarter.  

When looking at the year-to-date (YTD), BlueBet’s turnover increased 116% YoY to A$645.1m.  

Gross win for the year so far totalled A$93.1m, up 128% YoY, while YTD net win came to A$67.4m, representing a 120% yearly increase.  

BlueBet CEO Andrew Menz praised the company for returning to profitability earlier than expected. 

He said: “We are pleased to have outperformed our profitability target, delivering normalised EBITDA positivity for the first half-year as a combined business. 

“We reached this milestone ahead of schedule through strategic customer reactivation, product and platform delivering higher margins, a strong performance during the Spring Racing Carnival and the accelerated realisation of cost and revenue synergies. 

“This momentum has continued into January, as we continue to focus on profitably scaling the business through organic and inorganic growth.

“Our market-leading product, experienced team and ready-to-execute M&A playbook remain key strategic differentiators for us,” he added.

The post BlueBet turnover soars 131% following strong horseracing run first appeared on EGR Intel.

 Australian operator reaches profitability target “ahead of schedule” as net win margins increase year on year
The post BlueBet turnover soars 131% following strong horseracing run first appeared on EGR Intel.