Net revenue at sports betting operator BlueBet decreased marginally year-on-year for FY23, while turnover perked up as its US expansion plans took shape.
Revenue was AU$49.0m (£25.1m/€29.3m/US$31.7m) for the 12 months to 30 June, dipping by 1.3% compared to FY22. Turnover increased by 4.8% to AU$536.6m.
BlueBet pointed to its performance in Australia as a particular highlight for the year. But its full-year results came days after it was issued a $945,187 fine by the Victorian Gambling and Casino Control Commission (VGCCC). This figure could change subject to further legal proceedings. BlueBet displayed three advertisements on billboards between 29 August and 11 September last year, breaching state laws on marketing.
BlueBet’s active customers in Australia shot up by 22.7% to 65.4 million. Turnover grew 3.5% to $530.0m, accounting for a majority of the overall turnover for the year. BlueBet attributed this growth to a 24.0% increase in marketing spend, which was due to increased inv..