BlueBet Reports Record Wagering Turnover Revenue in H1 Despite US Loss
Date: 2024-03-01 Author: Dima Zakharov Categories: SPORTS BETTING
Revenue Surge Driven by Record Turnover
BlueBet Holdings announced a notable 12.6% rise in revenue for the first half of 2024, reaching AU$27.8m. This increase was primarily propelled by the unprecedented wagering turnover of $319.5m, marking a significant milestone for the company.
Australian Growth Amid Challenges
Despite the positive revenue surge, BlueBet faced regulatory challenges in Australia. The company encountered legal issues with the Victorian Gambling and Casino Control Commission, potentially facing a substantial fine for breaching state advertising regulations.
Mixed Results in US Expansion
In the United States, BlueBet experienced mixed results. While the company reported a loss of $131,000 for H1, wider than the previous year, there was a remarkable increase in turnover, soaring by 1,050.0% to $20.7m. BlueBet's expansion efforts in new states such as Louisiana demonstrate a commitment to establishing a strong presence in the competitive US market.
Costs Impact Bottom Line
Despite revenue growth, increased expenses dampened BlueBet's financial performance. Higher spending across various areas, including wagering costs and staff benefits, contributed to a pre-tax loss of $12.1m. Despite efforts to mitigate losses, net loss for H1 amounted to $10.4m, reflecting the challenges faced by the company in balancing revenue growth with rising costs.
