BlueBet, a finance company, generated AU$49.0m (£25.1m/€29.3m/US$31.7m) in revenue for the 12 months ending on June 30. This was a slight decline of 1.3% compared to the previous fiscal year. However, its turnover increased by 4.8% to AU$536.6m.
BlueBet highlighted its strong performance in Australia during the year, although it also faced challenges. The company was fined $945,187 by the Victorian Gambling and Casino Control Commission (VGCCC) for violating state marketing laws. This fine may change pending further legal action.
Despite this setback, BlueBet saw a significant increase in its active customer base in Australia, which grew by 22.7% to reach 65.4 million. The company attributed this growth to a 24.0% increase in marketing spend. BlueBet expects to achieve positive earnings before interest, tax, depreciation, and amortization (EBITDA) in Australia in FY24.
BlueBet also made progress in its expansion plans for the US. It launched its ClutchBet brand in Iowa in August 2022, primarily focused on product enhancement. The company went live in Colorado in April 2023. BlueBet is on track to launch in Louisiana in October 2023 and Indiana in January 2024.
In terms of financial performance, BlueBet experienced a wider net loss in FY23. Payouts totaled $465.0m, an increase of 5.3%. Gross revenue amounted to $71.5m, up 1.5%. After deducting expenses including promotions, taxes, and cost of sales, the net profit for the year was $24.8m.
Expenses such as advertising and marketing costs ($19.2m) and employee benefits ($12.4m) contributed to the company’s negative EBITDA of $18.2m, a significant decline from the previous year’s loss of $5.4m. Depreciation and amortization expenses were $2.7m, and finance costs totaled $517,000. BlueBet recorded a pre-tax loss of $21.5m. The company paid $2.7m in taxes and had a foreign currency translation expense of $152,000, resulting in a total loss for the year of $18.6m.
