BlueBet Profits on the Up

BlueBet announced a 17.2% increase in turnover during Q3 of its financial year 2024, propelled by its strong sports betting performance in Australia. Key segments like horse racing horse and greyhound racing were pivotal in driving this success.

Who is BlueBet?

Since its inception in 2015, BlueBet has secured a 1.2% foothold in the market, offering Australian punters a seamless online betting experience. online gambling in Australia As one of Australia’s top wagering platforms, BlueBet demonstrated growth in Q3 2024, bolstered by its robust performance in sports betting, especially in horse and greyhound racing segments.

During Q3 in Australia, BlueBet’s turnover reached AU$ 139.6 million, marking a 17.2% increase. This growth can be attributed to its thriving sports betting markets, with notable expansions seen in horse and greyhound races.

Greyhound racing made a leap to $33 million, ascending over 22% compared to figures from Q3 2023. Meanwhile, horse racing climbed 6.4%, rising to $65.2 million during the same timeframe.

BlueBet, while predominantly Australian, also experienced progress in the US betting landscape, ending Q3 2024 with a turnover of $12 million, a significant climb from just $1.1 million at the same time in 2023.

With more US states considering online sports betting legalization, BlueBet aims to broaden its reach. Early 2024 saw its debut in Louisiana, following earlier launches in Iowa and Colorado.

Australia’s impressive BlueBet Figures

BlueBet’s Q3 2024 stats paint a picture of growth and opportunity. The company enjoyed a 7.3% increase in active Australian users, totaling 67,732, paired with an 18.4% boost in gross win, reaching $18.7 million.

Most of BlueBet’s Australian platforms reported gains in Q3. For instance, the iPhone app saw a turnover of $77 million, while the website generated $46.7 million, reflecting the company’s expansion.

Though smaller, BlueBet’s US figures are notable. The operator reported a $800,000 gross win alongside a $500,000 net take, with bets numbering 64,799. mobile betting in Australia more broadly.

Are the rising customer numbers a hint at future progress?

BlueBet is trending positively in acquiring active users. The company’s performance in Q3 saw user numbers rise to 73,089 from the previous year.

These active users brought in nearly $50 million, while outlays to customers came to $31.8 million, and expenses for staff and suppliers totaled $15.5 million.

BlueBet’s upward movement underscores its potential as a top-tier betting operator. One catalyst for this momentum is the anticipated acquisition of Betr, a strategic move that’s been in the works for some time now.

BlueBet Joining Forces with Betr for Greater Growth

BlueBet unveiled plans to acquire Matt Tripp’s Betr, with Betr shareholders set to receive approximately 265.4 million fully paid shares as part of the agreement. This deal is anticipated to close by July 1, 2024.

Since its kickoff in October 2022, Betr has flourished, becoming a beloved name in the Aussie sportsbook scene.

The union will place Tripp as a non-executive director, while Michael Sullivan of BlueBet will take on the role of Executive Chairman.

Australia remains central to BlueBet and Betr’s strategies, but the merger is expected to stir further developments across the US market.

Despite strong progress, BlueBet faced a hefty penalty in April 2024. The Victoria Gambling and Casino Control Commission fined BlueBet $50,000 for placing gambling ads on a public road.

A slight drawback for BlueBet

In addition to the financial penalty, BlueBet was charged with 43 violations. The company admitted guilt, stating it was unaware of the legal breach.

BlueBet is required to settle the $50,000 fine with the VGCCC, including covering all related expenses.

The BlueBet penalty showcases Victoria’s firm position on

and serves as a reminder that some public zones ban gambling advertisements. responsible gambling BlueBet’s growing reputation and trajectory in Australia are likely to please investors and stakeholders. With the acquisition of Betr and new opportunities on the horizon, continued success is within reach.

The future’s blue

Significant progress is also expected in the US market as more states embrace legal sports betting and regulatory changes pave the way.

If BlueBet maintains its growth pattern, the future certainly looks promising.

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