BlueBet Profits on the Up

Article by Simon Young
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Last Updated: Jun 3rd, 2024 Share On Your Network:

BlueBet reported a 17.2% turnover hike in Q3 of its 2024 financial year, driven by its sports betting performance in Australia. Crucial markets like horse racing and greyhound racing were major contributors to performance.

Who is BlueBet? 

Established in 2015, BlueBet has attained a 1.2% market share of online gambling in Australia, offering a fully integrated online gambling experience to Aussie bettors. 

BlueBet—one of Australia’s leading wagering operators—saw profits increase in Q3 of its 2024 financial year, fuelled by its improvements and successes in horse racing and greyhound racing in particular. 

In Australia, in Q3, BlueBet reported a turnover of AU$ 139.6 million, up 17.2%. The wagering giant credits a significant improvement in its sports betting markets, with horse and greyhound racing delivering substantial growth. 

Specifically, greyhound racing grew to $33 million, up more than 22% on the exact figures posted at the end of Q3 in 2023. Horse racing increased by 6.4% in the same period, up to $65.2 million. 

Though primarily an Australian wagering operator, BlueBet also operates in US markets. The company also saw growth stateside, reporting a turnover of $12 million at the end of Q3 in 2024. At the end of the same quarter in 2023, the US turnover was just $1.1 million.

As more states legalise online sports betting in the United States, BlueBet hopes to increase its operations. In January 2024, the operator launched in Louisiana, following its arrival in Iowa and Colorado. 

BlueBet’s impressive numbers in Australia 

BlueBet’s numbers for Q3 2024 are impressive and indicate a company on the up. The number of active Australian customers increased by 7.3% to 67,732. This was coupled with an 18.4% in gross win, up to $18.7 million. 

The majority of segments in Australia recorded growth in Q3 for BlueBet. For instance, the iPhone channel generated a turnover of $77 million, while the website accounted for $46.7 million. This indicates the growth of mobile betting in Australia more broadly. 

The US figures are smaller but still impressive. BlueBet reported a US gross win of $800,000 and a $500,000 net win, while the bet count was $64,799. 

Is increasing customer numbers a sign of things to come? 

BlueBet is heading in the right direction in terms of active customers. The company’s overall Q3 performance saw active customers grow to 73,089 year-on-year. 

Receipts from these active customers totalled just shy of $50 million, while payments to customers totalled $31.8 million. Payments to employees and suppliers were recorded at $15.5 million.

BlueBet’s upward trajectory is impressive and a sign of a wagering operator headed in the right direction. It’s also one of the reasons the company has been so keen to get its acquisition of Betr over the line, something that has been in the pipeline for a while now. 

BlueBet and Betr – further growth expected 

BlueBet recently announced that it would acquire Matt Tripp’s Betr. Betr shareholders will receive around 265.4 million fully paid shares as part of the acquisition, which is expected to be completed by July 1, 2024. 

Since launching in October 2022, Betr has grown and scaled, becoming one of the most popular Aussie sportsbooks.  

The merger will see Tripp become a non-executive director on the board, while BlueBet’s Michael Sullivan will serve as the Executive Chairman. 

Australia will remain the key focus of BlueBet and Betr’s operations, though the acquisition will likely lead to developments in the US market, too. 

A slight drawback for BlueBet 

Though BlueBet is undoubtedly on the up, the operator was hit with a significant fine in April 2024. The Victoria Gambling and Casino Control Commission (VGCCC) issued a $50,000 fine to BlueBet for displaying gambling advertising on a public road. 

In addition to the fine, the Commission found BlueBet guilty of 43 related charges. In its defence, BlueBet said in court that it was unaware of the breach of law but admitted guilt. 

BlueBet must pay the $50,000 fine to the VGCCC and all associated costs. 

The BlueBet fine is evidence of Victoria’s stance on responsible gambling and reiterates that gambling advertising is prohibited in some public areas. 

The future’s blue 

BlueBet’s prominence in Australia and upward trajectory will impress investors and shareholders. The company’s rise is only likely to continue, considering the acquisition of Betr and its opportunities. 

We are also likely to see significant strides made in the US market as more legislation is passed and sports betting becomes legal in different parts of the country. 

If BlueBet continues its recent growth, the future is undeniably blue. 

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