BlueBet posts 83% annual turnover rise as profit slips by more than a third

Australian sports betting operator BlueBet has posted an 83.3% year-on-year (YoY) rise in turnover for 2021 as it continues to ramp up its US-facing strategy. The ASX-listed firm recorded A$344.7m in turnover for the full year, up from A$188.1m in 2020 while it posted a 48.4% YoY increase in underlying EBITDA from A$5m to A$7.5m. The operator also posted a 92.5% rise in wagering revenue from A$18.5m in FY20 to A$35.6m in FY21.

Additionally, BlueBet saw its active customer numbers rise by 48.4% to reach 32,472, while the operator also launched its first-ever major brand campaign across free-to-air and pay TV. However, the group’s post-tax profit slipped by more than a third (33.6%) to A$3m. In July 2021, BlueBet completed an A$80m IPO to launch on the Australian Stock Exchange. Bill Richmond, BlueBet CEO, said: “With the execution of our hugely successful IPO we have strongly capitalised BlueBet to aggressively pursue market share growth in Australia and to establish our US business, where the pace of market continues to defy even the most bullish expectations. “As we deploy our IPO capital in the coming year and beyond, we expect to see our growth accelerate. “We are already executing on our US growth strategy and have secured our initial skin agreement in Iowa, where we expect to start taking bets in early 2022. “We expect to secure additional licences in other US states in 2022 and grow the business there strongly,” he added. In addition to launching in Iowa, BlueBet is targeting Colorado, Tennessee, Maryland and Virginia, with a pending licence application in the latter, as part of its US expansion roadmap.