Insights

BlueBet (ASX:BBT) share price jumps on EBITDA boost

Shares in the Aussie sports betting company are climbing higher on Tuesday.
The post BlueBet (ASX:BBT) share price jumps on EBITDA boost appeared first on The Motley Fool Australia. –

The BlueBet Holdings Ltd (ASX: BBT) share price is rebounding strongly on Tuesday. It comes as the Aussie sports betting group reported results for the year ended 30 June 2021 (FY21) to the market this morning.

BlueBet share price jumps on EBITDA boost

BlueBet provided its latest financial and operational update including the following key points:

Revenue up 83.3% on the prior corresponding period (pcp) to $344.7 million
Wagering revenue (net win) up 92.5% on pcp to $35.6 million
Active customers up 45.7% on pcp to 32,472
Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) up 48.4% on pcp to $7.5 million
Net profit after tax down 33.6% on pcp to $3.0 million

At the time of writing, the BlueBet share price is up 1.2% to $2.54, having slipped 3.5% lower on Monday.

What happened for BlueBet in FY21?

BlueBet’s FY21 results exceeded its prospectus forecasts with strong growth in revenue, earnings and active customers. The wagering group increased market share in Australia and pushed into the lucrative US sports betting market.

BlueBet pointed to increased marketing efforts and headcount as helping boost revenue and underlying EBITDA in a strong year of growth.

Subsequent to 30 June, BlueBet’s US subsidiary and its partner unsuccessfully applied for one of 10 licences to operate an online sportsbook in Arizona, USA. News that it failed to secure the licence sent the BlueBet share price plummeting lower in yesterday’s trade.

What did management say?

BlueBet CEO Bill Richmond was positive about the result:

FY21 has been an outstanding year for BlueBet. We have seen a massive increase in our Active Customers this year and our bet count almost doubled.

This has flowed through to exceptionally strong and profitable financial results which have exceeded Prospectus forecasts. We are seeing this strong momentum continuing into FY22.

On growth prospects for the current financial year, Richmond added:

We are already executing on our US growth strategy and have secured our initial skin agreement in Iowa, where we expect to start taking bets in early 2022. We expect to secure additional licences in other US states in FY22 and grow the business strongly there.

What’s next for BlueBet and its share price?

The Arizona licence rejection is a blow for the Aussie sports betting company but it did secure the Iowa agreement. However, BlueBet said it enters the current financial year with strong momentum across key markets and an eye on further US licences to maintain growth.

The BlueBet share price is up 122% in 2021 with a market capitalisation in excess of $500 million.

The post BlueBet (ASX:BBT) share price jumps on EBITDA boost appeared first on The Motley Fool Australia.

Should you invest $1,000 in BlueBet right now?

Before you consider BlueBet, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and BlueBet wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

Why Altium, BlueBet, Healius, & HUB24 shares are tumbling lower

Why the BlueBet (ASX:BBT) share price is crashing 13% lower today
2 growing small cap ASX shares

Top brokers name 3 ASX shares to buy today

Why Accent, Bluebet, IAG, & Megaport shares are tumbling lower

Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended BlueBet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!