{"id":277,"date":"2024-06-28T08:00:44","date_gmt":"2024-06-28T05:00:44","guid":{"rendered":"https:\/\/islandreelsnodepositbonuscodes.icu\/2024\/06\/28\/bluebet-reports-half-year-earnings-decline\/"},"modified":"2024-06-28T08:00:44","modified_gmt":"2024-06-28T05:00:44","slug":"bluebet-reports-half-year-earnings-decline","status":"publish","type":"post","link":"https:\/\/islandreelsnodepositbonuscodes.icu\/2024\/06\/28\/bluebet-reports-half-year-earnings-decline\/","title":{"rendered":"BlueBet Reports Half-Year Earnings Decline"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/b30qKQCezVs\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The drop in BlueBet&#8217;s earnings is linked to a rise in promotional outlays.<\/p>\n<p>The Australian Securities Exchange-listed sports wagering firm BlueBet revealed earnings of A$24.7 million (\u00a313.8 million\/\u20ac15.6 million\/$16.5 million) in its 2023 half-year financial report, representing a 5.1% dip compared to the same period in the previous year.<\/p>\n<p>BlueBet attributed the revenue decrease to heightened marketing expenditures and instability in the sports market.<\/p>\n<p>The firm invested a total of $11.4 million in advertising and marketing over the six-month period. This marked a 67.5% increase compared to the first half of 2022.<\/p>\n<p>Despite the revenue downturn, BlueBet CEO Bill Richmond stated that the company had achieved success in the Australian market and made progress in the US market during the six-month period.<\/p>\n<p>&#8220;The BlueBet team has performed well in the first half of the year, remaining focused on executing our plan and providing a superior experience for our customers in a competitive marketplace,&#8221; Richmond said. &#8220;As a result, we continue to gain market share in Australia and make progress in the US market.&#8221;<\/p>\n<p>In May 2022, BlueBet announced the launch of its ClutchBet brand in the US in its third-quarter financial results. Richmond stated that the brand launch was ongoing.<\/p>\n<p>&#8220;In the US, the ClutchBet launch continues, with the first wagers placed in Iowa in August and we anticipate going live in Colorado in March,&#8221; he added. <\/p>\n<p>Our business-to-business sports wagering solutions offering in the United States has been performing exceptionally well, and we are engaging with a significant number of prospective collaborators.<\/p>\n<p>**Mid-Year Report**<\/p>\n<p>Our earnings for the initial six months of the year reached $280.5 million, demonstrating a 6.1% rise in comparison to the previous year.<\/p>\n<p>After deducting payments (excluding Goods and Services Tax), our total earnings for the six-month period amounted to $36.2 million, which is essentially on par with the $36.4 million generated during the first half of 2022.<\/p>\n<p>We allocated $9 million towards promotional activities, resulting in a reduction of our revenue to $27.1 million. This figure is prior to the deduction of GST.<\/p>\n<p>Following the subtraction of GST, which totaled $2.4 million, our revenue decreased to $24.7 million.<\/p>\n<p>Our cost of goods sold remained consistent with the previous year at $11.6 million, leading to a gross profit of $13 million.<\/p>\n<p>Our earnings before interest, taxes, depreciation, and amortization (EBITDA) resulted in a loss of $10.5 million for the period. This encompasses management and IT expenses, with advertising and marketing representing the most substantial expenditure.<\/p>\n<p>Examining our various locations, EBITDA included $4.6 million from Australia, $3.8 million from the US, and $2.1 million from our corporate operations.<\/p>\n<p>After accounting for depreciation and amortization expenses of $0.889 million and financing costs of $0.022 million, our pre-tax profit amounted to $11.3 million.<\/p>\n<p>The final two factors to consider are income tax expense and foreign currency translation. These elements contributed to a total comprehensive loss of $9.8 million for the six-month period, representing a substantial increase of $9.1 million compared to the previous year. <\/p>\n<p>##  Australian Business Ventures<\/p>\n<p>BlueBet&#8217;s Australian operations produced a total income of 27.2 million Australian dollars, a decline of 4.9%.<\/p>\n<p>The Australian business also contributed nearly all of the company&#8217;s total income, reaching 279.3 million Australian dollars. Thoroughbred horse racing accounted for more than half of this revenue, reaching 143.5 million Australian dollars, closely followed by greyhound racing at 70.1 million Australian dollars. Sports income reached 41.2 million Australian dollars, while harness racing generated 24.5 million Australian dollars.<\/p>\n<p>By distribution channel, the majority of the revenue originated from the iPhone application, reaching 157.9 million Australian dollars, an increase of 6.5%.<\/p>\n<p>BlueBet declared that its &#8220;strong performance&#8221; was driven by an increase in active users in the first half of the year. The total number of active users reached 59,632 at the end of the second quarter of fiscal year 2023, a 32.3% increase compared to the second quarter of 2022.<\/p>\n<p>##  Prospects for the Latter Half of the Year<\/p>\n<p>Marketing will be BlueBet&#8217;s primary focus in the latter half of 2023. The company plans to increase its investment in marketing technologies such as Salesforce and Other Levels.<\/p>\n<p>BlueBet also predicts that its Australian operations will return to positive operating cash flow in the latter half of the year. In the first half of 2023, its net cash flow from investing activities was a loss of 6.3 million Australian dollars.<\/p>\n<p>Shifting our attention to the United States, BlueBet stated that it plans to launch in Colorado and continue to focus on the licensing process in Louisiana and Indiana. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The drop in BlueBet&#8217;s earnings is linked to a rise in promotional outlays. The Australian Securities Exchange-listed sports wagering firm BlueBet revealed earnings of A$24.7 million (\u00a313.8 million\/\u20ac15.6 million\/$16.5 million) in its 2023 half-year financial report, representing a 5.1% dip compared to the same period in the previous year. BlueBet attributed the revenue decrease to [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BlueBet Earnings Dip: Marketing Costs Take a Bite<\/title>\n<meta name=\"description\" content=\"BlueBet\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/islandreelsnodepositbonuscodes.icu\/2024\/06\/28\/bluebet-reports-half-year-earnings-decline\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"BlueBet Reports Half-Year Earnings Decline\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"BlueBet\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/islandreelsnodepositbonuscodes.icu\/2024\/06\/28\/bluebet-reports-half-year-earnings-decline\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Immerse Yourself in a World of Licensed Online Casino Thrills\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-28T05:00:44+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/islandreelsnodepositbonuscodes.icu\/2024\/06\/28\/bluebet-reports-half-year-earnings-decline\/\",\"url\":\"https:\/\/islandreelsnodepositbonuscodes.icu\/2024\/06\/28\/bluebet-reports-half-year-earnings-decline\/\",\"name\":\"BlueBet Earnings Dip: Marketing Costs Take a Bite\",\"isPartOf\":{\"@id\":\"https:\/\/islandreelsnodepositbonuscodes.icu\/#website\"},\"datePublished\":\"2024-06-28T05:00:44+00:00\",\"dateModified\":\"2024-06-28T05:00:44+00:00\",\"author\":{\"@id\":\"https:\/\/islandreelsnodepositbonuscodes.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"BlueBet\",\"breadcrumb\":{\"@id\":\"https:\/\/islandreelsnodepositbonuscodes.icu\/2024\/06\/28\/bluebet-reports-half-year-earnings-decline\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/islandreelsnodepositbonuscodes.icu\/2024\/06\/28\/bluebet-reports-half-year-earnings-decline\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/islandreelsnodepositbonuscodes.icu\/2024\/06\/28\/bluebet-reports-half-year-earnings-decline\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/islandreelsnodepositbonuscodes.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"BlueBet Reports Half-Year Earnings Decline\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/islandreelsnodepositbonuscodes.icu\/#website\",\"url\":\"https:\/\/islandreelsnodepositbonuscodes.icu\/\",\"name\":\"Immerse Yourself in a World of Licensed Online Casino Thrills\",\"description\":\"Unleash your gambling potential with the help of our latest casino news, game reviews, and informative articles. 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