Betr Entertainment Limited · ASX:BBT
Betr Entertainment — BlueBet Holdings — H1 FY2024 Earnings Presentation
26 slides from Betr Entertainment's earnings presentation, Feb 28, 2024
Slide 1: ASX Announcement: H1 FY24 Results & Investor Presentation
ASX Announcement (ASX:BBT) 28 February 2024 H1 FY24 Results & Investor Presentation BlueBet Holdings Limited (ASX:BBT) (BlueBet or the Company) is pleased to provide the attached H1 FY24 Results and Investor Presentation. AUTHORISATION For personal use only This announcement has been authorised for
Slide 2: H1 FY24 Results & Investor Presentation
For personal use only H1 FY24 RESULTS & INVESTOR PRESENTATION February 2024 1
Slide 3: Important Notice & Disclaimer
IMPORTANT NOTICE & DISCLAIMER Acceptance included in this presentation. The non-IFRS financial information in this presentation has not been audited or reviewed in accordance with AAS. All This presentation has been prepared by BlueBet Holdings Ltd (ACN 647 124 641) (BlueBet). By accepting, accessin
Slide 4: H1 FY24 Highlights
H1 FY24 HIGHLIGHTS Continued outperformance and share gains in Australia; ClutchBet now live in three US states For personal use only Australia to EBITDA positive Turnover up 13.9% Active Customers¹ up Robust Net Win in FY24 to $319.5m 19.0% to 71,789 of 9.6% Australian business on track for Record
Slide 5: Key Operational Highlights – H1 FY24
KEY OPERATIONAL HIGHLIGHTS – H1 FY24 Apr-2023 Dec-2023 For personal use only Launched online Aug-2023 Record Quarterly Feb-2023 sports betting Brand refresh Turnover and Net Oct-2022 Exhibited at Indian operations in spearheaded by Win, continuing to Strategic investment Gaming Tradeshow Colorado Br
Slide 6: Group Key Metrics Dashboard - H1 FY24
GROUP¹ KEY METRICS DASHBOARD - H1 FY24 Market share gains driving strong top line growth; trading outperformance delivers robust margins For personal use only 6.3 million 71,789 Bet Count Active Customers2 (+4.8%) (+19.0%) $319.5 million 9.6% Turnover Net Win margin (+13.9%) (-0.1pp) $40.9 million $
Slide 7: Australian Trading Business
For personal use only AUSTRALIAN TRADING BUSINESS 6 6
Slide 8: Australia Key Metrics - 1H FY24
AUSTRALIA KEY METRICS - 1H FY24 Strong performance with market share gains and robust Net Win margin YTD FY23 YTD FY24 PCP • Turnover up 6.9% to $298.7m, driven by Sports and For personal use only 59,632 67,391 ACTIVE Thoroughbred Racing where we are outperforming +13.0% CUSTOMERS¹ • Growth in Activ
Slide 9: Record Active customers and bet count
Record Active customers and bet count1 Active Customers up 13.0% to 67,391 12-month rolling Bet Count over 11.7m +13.0% on PCP +4.7% on PCP For personal use only 67,391 11.7 66,526 65,415 11.4 11.6 11.5 63,118 11.2 11.0 59,632 10.6 54,920 9.7 53,328 49,556 8.8 45,087 7.7 39,195 6.5 6.0 32,472 5.1 26
Slide 10: Turnover by Product - Australia
TURNOVER BY PRODUCT - AUSTRALIA Outperforming the market with Turnover up 6.9% to $298.7m driven by strong growth in Sport For personal use only $298.7m H1 FY24 Turnover Thoroughbred Greyhound Harness Sport $147.2m $71.0m $22.4m $58.1m (H1 FY24) 51% 25% 9% 15% +2.5% +1.2% -8.6% +42.3% $279.3m H1 FY2
Slide 11: Mobile First Focus - Australia
MOBILE FIRST FOCUS - AUSTRALIA Mobile Turnover up to 69% of total, with Mobile margin remaining strongest at 11.3% For personal use only Turnover ($ million) by channel Net Win Margin % by channel (H1 FY23 – H1 FY24) (H1 FY23 – H1 FY24) +7.9% 170.3 12.8% 157.8 12.1% 11.1% 11.1% 10.6% +3.9% 7.6% 7.7%
Slide 12: FY24 Marketing Priorities
FY24 MARKETING PRIORITIES Launched new brand campaign, refreshed brand design and focus on customer value driving initiatives • Launch of new brand campaign featuring well-known media and sports personality For personal use only Enhanced CRM Matt Nable Better promotional targeting • Refreshed BlueBe
Slide 13: Australian Regulatory Environment
AUSTRALIAN REGULATORY ENVIRONMENT BlueBet is well positioned ahead of potential regulatory change impacting the Australian online wagering industry Parliamentary enquiry into For personal use only online wagering Launch of BetStop Safer Gaming Federal government enquiry into online National Self-Exc
Slide 14: US Market Update
For personal use only US MARKET UPDATE 1313
Slide 15: Current State of Play in US
CURRENT STATE OF PLAY IN US Legal online sports betting expected to be available in >40 states by end 20231 and to 96% of US population by 20252 For personal use only Legal sports betting in the US Now 23 states with full mobile betting 4 states with limited mobile betting 10 states with in- person
Slide 16: US Market Entry
US MARKET ENTRY ClutchBet gaining traction in Iowa and Colorado with Louisiana going live in January 2024 AUD $m H1 FY24 H1 FY23 For personal use only Turnover/Handle 20.7 1.8 Gross Win 1.0 0.1 Net Win 0.1 (0.1) Active Customers 4,398 696 Bet Count 112,714 7,753 • Capital-lite strategy well progress
Slide 17: FY24 US Marketing Priorities
FY24 US MARKETING PRIORITIES Differentiated brand and product with hyper localised marketing strategy gaining traction • Focus on local partnerships and delivering efficiencies through stronger brand For personal use only Product enhancements to grow margin awareness, scale in paid search and affili
Slide 18: Financials
For personal use only FINANCIALS 17 17
Slide 19: Group Results – Income Statement
GROUP RESULTS – INCOME STATEMENT H1 highlights H1 FY24 H1 FY23 $000'S Turnover (gross of GST) 319,483 280,512 • Turnover up 13.9% vs. PCP, For personal use only Payouts (gross of GST) (278,544) (244,287) driven by market share growth Gross Revenue 40,939 36,225 in Australia and US Promotions given (
Slide 20: Group EBITDA Reconciliation
GROUP EBITDA RECONCILIATION Strong Australian performance supports technology investment; marketing efficiencies to support future growth For personal use only EBITDA H1 FY23 (10,457) • Gross profit up 12.3%, driven by growth in Active Customers (+19.0%) and Turnover (+13.9%) • Global IT expense inc
Slide 21: Group Results – Balance Sheet
GROUP RESULTS – BALANCE SHEET $000'S 31 DEC 2023 30 JUN 2023 Assets Current assets Cash and cash equivalents 8,567 22,695 Trade and other receivables 528 363 Income Tax refund due - 46 Other assets 1,365 597 Total current assets 10,460 23,701 Non-current assets For personal use only Investments 839
Slide 22: Group Results – Cash Flows
GROUP RESULTS – CASH FLOWS • Net Cash used in $000'S 31 DEC 2023 31 DEC 2022 operating activities was Cash flows from operating activities Receipts from customers (Client deposits) ($10.7m) after investing 91,712 74,602 For personal use only Payments to customers (Client withdrawals) (62,384) (47,59
Slide 23: FY24 Priorities
For personal use only FY24 PRIORITIES 22 22
Slide 24: H2 FY24 Priorities
H2 FY24 PRIORITIES Strategic execution to achieve scale in Australia and US and continue strong business momentum For personal use only Continue B2C progress by scaling Outperform market and grow share 3 live states Embed BlueBet Global Platform to drive scale Product enhancements to enhance margins
Slide 25: Update on Strategic Initiatives
UPDATE ON STRATEGIC INITIATIVES • BlueBet continues to demonstrate strong trading performance, with H2 Net Win to 25 February For personal use only +35.1% vs PCP. Existing cash reserves and loan facility provide financial flexibility, with further levers to pull if required. • As disclosed on 5 Janu
Slide 26: For personal use only
For personal use only 25