BlueBet, which recently merged with Australian gambling brand betr, posted Q2 turnover of AU$357m, up 131 per cent year-on-year.
After the merger last year, BlueBet said in December that it reached a “critical inflection point” by finishing the month of November with positive EBITDA.
And in its Q2 update more recently, the company posted normalised positive EBITDA for the half-year due to the “strategic reactivation of the betr database and personalised promotions contributing to an attractive normalised net win margin of 10.8 per cent.”
Elsewhere, BlueBet posted gross win of $52.2m in Q2, up 146 per cent from the $21.2m posted in Q2 last year.
Net win of $39.2m was a 142 per cent increase from $16.2m in Q2 last year.
For the year-to-date, turnover is up 116 per cent to $645.1m while gross win is up 128 per cent to $91.3m.
Net win for the year-to-date is up 120 per cent to $67.4m.
BlueBet CEO Andrew Menz said: “We are pleased to have outperformed our profitability target, delivering normalised EBITDA positivity for the first half-year as a combined business.
“We reached this milestone ahead of schedule through strategic customer reactivation, product and platform delivering higher margins, a strong performance during the Spring Racing Carnival and the accelerated realisation of cost and revenue synergies.
“This momentum has continued into January, as we continue to focus on profitably scaling the business through organic and inorganic growth.
“Our market-leading product, experienced team, and ready-to execute M&A playbook remain key strategic differentiators for us.”
