BlueBet set for US debut after marketing spend drives growth
BlueBet said investment in marketing and technology and a successful US entry strategy were key as it exceeded financial targets during the year to 30 June 2022.
The mobile-first online wagering services provider, which listed on Australia’s ASX in July 2021, posted turnover of AUS$511.9m during the financial year, which was up 48.5% on the previous 12 months.
It cited a strong performance in its Australian business, with active customers, turnover, net win and gross profit all increasing significantly as it grows market share. It also now has market access in four US states through its ‘capital lite’ US entry strategy, and has this week announced the debut of its ClutchBet B2C brand in the Iowa market.
It noted high return on marketing investment demonstrated by growing brand recognition and
annual customer value to cost to acquire a first time depositor ratio of 2.7x. It had 53,000 active customers by the end of the financial year, some 64.2% more than 12 months previously.