Bluebet Holdings Ltd
ASX:BBT
Bluebet Holdings Ltd
BlueBet Holdings Ltd. engages in online wagering. The company is headquartered in Sydney, New South Wales. The company went IPO on 2021-07-02. The firm is engaged in offering sports and racing betting products and services to online and telephone clients, via its online wagering platform and mobile applications. The firm offers a range of traditional wagering products, such as Exotics, Same Game Multis and Same Race Multis. The company offers customers access to a range of wagering markets. The firm also offers wagering products on 31 sports in Australia and internationally, plus entertainment and politics wagering markets. The firm has developed its customer-facing technology platform, Website and native applications with a mobile-first strategy, to deliver a mobile experience to the customer. The Company’s subsidiaries include BlueBet Pty Ltd and BlueBet USA, Inc.
BlueBet Holdings Ltd. engages in online wagering. The company is headquartered in Sydney, New South Wales. The company went IPO on 2021-07-02. The firm is engaged in offering sports and racing betting products and services to online and telephone clients, via its online wagering platform and mobile applications. The firm offers a range of traditional wagering products, such as Exotics, Same Game Multis and Same Race Multis. The company offers customers access to a range of wagering markets. The firm also offers wagering products on 31 sports in Australia and internationally, plus entertainment and politics wagering markets. The firm has developed its customer-facing technology platform, Website and native applications with a mobile-first strategy, to deliver a mobile experience to the customer. The Company’s subsidiaries include BlueBet Pty Ltd and BlueBet USA, Inc.
Turnover Growth: betr achieved record H1 turnover of $444.4 million, up 25% year-on-year and underlying growth of 13%, about four times the market growth rate.
Customer Base: Active cash customer numbers rose to 163,504, a 5.7% increase quarter-on-quarter, driven by brand and product investments.
Margin Volatility: Net win margin was negatively impacted by customer-friendly Spring Carnival results, lowering Q2 net win margin by 175 basis points, but normalized to above 11% in December and January.
Profit Guidance: Normalized EBITDA is expected to be between $5 million and $8 million for H2 FY '26, and $13 million to $19 million for FY '27, assuming net win margins in the 10% to 11% range.
Investment & Costs: H1 normalized EBITDA loss of $13.2 million reflects substantial front-weighted investment in brand, marketing, and technology, with spending expected to drop in H2.
Share Buyback: A buyback for up to 10% of shares was announced, as management believes the shares are undervalued.
Cash Position: Company closed the quarter with $41 million in cash and does not expect to require external capital for its current plan.
