BlueBet smashes turnover record again in Q2

Australian mobile betting operator BlueBet Holdings posted record turnover for the second consecutive quarter in Q2, helped by an increase in active customers to an all-time quarterly high.

Revenue – net win from players who placed losing bets, minus winnings and promotional costs – for the three months to 31 December 2021 amounted to AUS$13.8m (£7.3m/€8.7m/US$9.9m), up 51.6% year-on-year, but down 6.8% from $14.8m in Q1 of this year.

Turnover, the amount wagered before any winnings are paid out or losses incurred, reached $138.6m, a new monthly record that was 54.8% higher than Q2 of 2021 and also 10.1% up from Q1 of 2022.

BlueBet said it was helped in the quarter by the launch of a new website and mobile apps, which it said offers players faster operation and a number of new features for betting.

The number of active customers also reached an all-time high of 45,087 for the quarter, up 76.5% from 25,540 in the same quarter in 2021, while first-time depositors also increased 86.9% year-on-year.

Shortly after the end of Q2, BlueBet announced that its wholly owned subsidiary BlueBet Colorado had signed a skin agreement with The Wild Card Saloon & Casino in Blackhawk, Colorado, to launch online sports betting in the state.

This marked the operator’s second such agreement in the US, with BlueBet expecting to roll out online sports wagering in Iowa next month, while plans are also in place to go live in a number of other regulated states.

BlueBet has been pursuing a licence in Virginia but withdrew its application in September after being deemed ineligible for a permit.

In terms of how Q2 impacted year-to-date, revenue for the first half of the operator’s 2022 financial year reached $28.6m, an increase of 68.3% on the corresponding period in 2021.

Turnover for the period was also up 60.06% from $164.7m to $264.5m.

Author: Raymond Fleming