BlueBet posts record turnover and revenue in Q1

Revenue – net win from players who placed losing bets, less the amount paid to customers who placed winning bets and promotional costs – was AUS$14.8m (£8.1m/€9.6m/US$11.2m), up 87.6% year-on-year.

This increase was primarily down to a rise in turnover, with the amount wagered by players in Q1 rising 67.4% to $125.9m. 

The majority of wagers placed in the quarter were on thoroughbred racing, with the $59.3m accounting for 47% of all bets. Some $37.3m was spent on greyhound betting and $12.0m on harness racing, with the remaining $17.3m split across other sports.

In terms of how customers were betting, $83.5 was spent on mobile across Apple iPhone and Android devices, while $39.5m was wagered via the BlueBet website and $2.9m via call centres.

BlueBet also saw active customers numbers reach a new quarterly-high of 39,195, up 63.8% year-on-year.

Other developments in Q1 included BlueBet’s advanced deposits sports wagering operator agreement securing approval from the Iowa Racing and Gaming Commission, paving the way for it to launch in the state.

BlueBet is also in the process of applying for licences in Colorado, Maine and Tennessee, but was unsuccessful in its joint effort with Colorado River Indian Tribes to secure a licence in Arizona. 

In addition, BlueBet withdrew its application for a licence in Virginia after being deemed ineligible for a permit.

BlueBet noted it is still interested in securing a sports betting licence in both Arizona and Virginia. 

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