BlueBet Holdings Limited (ASX: BBT) has announced a pivotal milestone, reaching monthly EBITDA positivity in November 2024, following the successful merger with betr. The company is now on track to achieve full-year EBITDA profitability for FY25, marking a transformative period in its growth trajectory.
Key Highlights
- EBITDA Positive in November:
- The company exceeded its goal of achieving monthly EBITDA positivity by FY25 H1, reaching the milestone just three months after completing the customer migration.
- BlueBet expects this to translate into sustainable EBITDA profitability for FY25 (excluding certain transaction-related costs).
- Spring Racing Carnival Success:
- Delivered a strong Net Win Margin of 12.8% in November, outperforming the market during this critical wagering period.
- Achieved through efficient promotional strategies and the utilization of its proprietary technology platform.
- Momentum Continues in FY25 Q2:
- The company’s strong performance in Q1 has carried over, showing continued momentum and market share gains.
CEO Comments
Andrew Menz, CEO of BlueBet, emphasized the importance of this milestone:
“We committed to achieving monthly EBITDA positivity by the end of FY25 H1, and are thrilled to deliver this ahead of schedule. Our outperformance during the Spring Racing Carnival and market share gains highlight the strength of our technology, team, and the rapid execution of our post-merger strategy.”
Menz also pointed to the reactivation of betr’s large customer database as a key growth driver:
“The significant progress we’ve made in strategically reactivating the betr database reinforces the substantial opportunities ahead.”
Post-Merger Synergies
The merger with betr has enabled BlueBet to achieve a step-change in scale and realize upgraded synergies, including:
- Access to a larger customer base, enhancing operational leverage.
- Improved trading efficiencies through BlueBet’s proprietary technology platform.
- Optimized promotional activity, contributing to higher Net Win Margins.
Looking Ahead
With the momentum from Q1 and Q2, and the strong trading performance during the Spring Racing Carnival, BlueBet is well-positioned for continued success. The company’s focus on technology, operational efficiency, and customer reactivation is expected to drive further profitability and market share growth throughout FY25.
This milestone not only validates BlueBet’s strategic direction but also underscores its potential as a leading player in the Australian wagering market.
