The Australian wagering firm, BlueBet, witnessed a significant surge in sports betting revenue during the latter half of 2022. This upswing was attributed to the FIFA World Cup and attractive promotions offered on American sporting events.
Their quarterly report for the final three months of 2022 revealed a 6.6% increase in total revenue compared to the same period in the previous year. This growth was primarily driven by an increase in sports betting activity, particularly through mobile devices.
The majority of their revenue originated from within Australia, with a notable 5% year-on-year increase. BlueBet attributed their strong performance to special promotions, the World Cup, and adjustments in horse racing. Despite rising expenses, they still managed to achieve a healthy profit.
The number of Australian users on the BlueBet platform saw an impressive rise of over 30% compared to the previous year. Additionally, they experienced a 10% increase in user base compared to the preceding quarter.
BlueBet commenced trading on the Australian stock exchange in July 2021. They also expanded their operations to Iowa, USA, under the brand name ClutchBet. In the last three months, they secured the ninth position among wagering companies in Iowa.
BlueBet’s revenue for the final quarter was slightly lower than the corresponding period in the previous year. This decline was attributed to increased spending on advertising and promotions to compete with other wagering companies in Australia.
BlueBet anticipates that marketing and promotional expenditures will revert to standard levels in the latter half of the year. They have been pouring resources into product development, including a novel global platform set to debut in the middle of 2023, which they are confident will aid in customer retention. They have utilized the earnings generated from heightened marketing efforts in the preceding fiscal year to finance this development.
Chief Executive Officer Bill Richmond stated that they experienced another robust quarter, marked by sustained market share expansion in Australia, particularly in the realm of sports wagering. They anticipate cash flow to normalize in the second half of the year as their Australian operations continue to expand.
ClutchBet, their American brand, made its debut in Iowa towards the end of August and has garnered favorable feedback. They are currently refining their product for the American market and are projecting a launch in Colorado around the middle of March. They are also investigating business-to-business collaborations for their sports betting platform within the United States.
In the preceding year, BlueBet committed $500,000 to Low6, a complimentary sports gamification platform.
The firm declared in a recent announcement that their initial free-to-play game will be released during the Super Bowl in the United States.
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