BlueBet CEO Andrew Menz declared that the the impact of the acquisition of betr is “playing out exactly as we expected” as the company reported its Q1 results.
BlueBet announced plans to rebrand as betr in August after announcing a merger with the company in April.
Q1 was BlueBet’s first operating as betr and its results report, the company said, has driven “immediate scale.”
BlueBet said turnover in September this year was up 119 per cent to AU$114.6m from $52.4m in the same month last year.
Gross win climbed 133 per cent from September 2023 to September 2024, up to $19.8m.
“With the strength of our platform delivering strong revenue outcomes for migrated betr customers, the transaction rationale is playing out exactly as we expected, and the reactivation opportunity for the remaining betr customers over the next 12 months is material,” said Menz.
“Importantly, our Australian business was operating cash flow positive in Q1, reflecting our disciplined approach to reactivating the betr customer base and efficiencies enabled by the market-leading BlueBet technology platform.”
Menz said BlueBet is now a “much larger, leaner and Australia-focused business” which is on track to be monthly EBITDA positive by the end of H1 – and to be EBITDA positive across FY25.
Last week, BlueBet revealed it closed all three of its US-facing ClutchBet sportsbooks on September 16 “without any material, regulatory or customer issues.”
“Our staged entry into the US was differentiated by its disciplined and ‘Capital Lite’ nature, which has continued as we exit the market on favourable financial term,” Menz said.
