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BlueBet wins on strong growth

While hundreds of company released quarterly updates on Thursday, BlueBet Holdings were one of the best performers across the market, after it provided an overview of its trading performance for the first quarter of FY22.


BlueBet continued its strong performance in the quarter, ending the period with turnover of $125.9 million, up 67.4% relative to the PCP and Net Win of $14.8 million, up 87.6% relative to the PCP. BlueBet noted that importantly this growth was profitable growth with its Net Win Margin at 11.8% for the quarter, up 1.3pp relative to the PCP.


Due to the solid results, BlueBet remains confident of meeting its Prospectus forecasts for the half, as the company looks ahead to the seasonally strong December quarter and the Spring Racing Carnival. At the September quarter the company had achieved 57.5% of the 1H FY22 Turnover Forecast, 60.2% of Betcount and 66.4% of the Net Win metric of the Forecast thus far.

As of 30 September 2021, BlueBet had 39,195 Active Customers, a 63.8% increase compared to the PCP.



At the end of the quarter, BleuBet’s Australian business released its new website providing several new features providing an enhanced customer experience. The company also has plans for iOS and Android apps to be released in the second quarter.


ENTRY INTO THE US MARKET


BlueBet noted that its licencing process in Iowa remains on track after its Advanced Deposit Sports Wagering Operator Agreement with Q Casino was approved by the Iowa Racing and Gaming Commission. The company is also in pursuit of further licences in addition to its current targets being Colorado, Tennessee and Maryland. There are ten states where sports betting is legal but not yet operational and these are all being reviewed and assessed against BlueBet’s entry criteria, as a result, it sees considerable scope to complement its licence in Iowa.


During the quarter BlueBet and its partner Colorado River Indian Tribes, were advised by the Arizona Department of Gaming that it was unsuccessful in its application for one of the 10 licences to operate an online sportsbook in the state. The company also withdrew an application for a Sports Betting Permit in Virginia and on advice from the regulator that licenses would, at this stage, be granted to operators who had experience in other states. However, BlueBet confirmed it remains interested in operating an online sportsbook in both Virginia and Arizona.