BlueBet Holdings Limited (ASX:BBT) Achieves EBITDA Positivity
Trading Update
BlueBet Holdings Limited (ASX:BBT) reported a significant milestone, achieving positive EBITDA in November 2024. This marks a pivotal moment in the company’s trajectory, as it aims for consistent EBITDA profitability in FY25. The strong performance follows the merger with betr and signals a continuation of growth momentum, particularly during the Spring Racing Carnival.
Performance Highlights
November’s trading results revealed exceptional outcomes for BlueBet, including a notable Net Win Margin of 12.8%. The company’s performance is attributed to an effective combination of strategic trading and its market-leading proprietary technology. Year-to-date figures for FY25 Q2 demonstrate a remarkable increase in turnover and gross win, with turnovers up 131% and a Gross Win increase of 149% compared to the previous corresponding period.
Executive Comments
BlueBet CEO, Andrew Menz, expressed enthusiasm about the company’s recent achievements. “We committed to achieving monthly EBITDA positivity by the end of FY25 H1 and are thrilled to deliver this within three months of customer migration,” he stated. Menz also highlighted the ongoing reactivation of the betr database as a crucial opportunity for future growth.
Future Outlook
Looking ahead, BlueBet expects continued sustainable growth driven by the successful integration of betr’s resources and the implementation of enhanced synergies. The company remains optimistic about capitalising on its momentum in the competitive online wagering market.
Motley Fool contributor Lianne Eastty has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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