Betr Entertainment Limited · ASX:BBT
Betr Entertainment — H1 FY2025 Earnings Presentation
18 slides from Betr Entertainment's earnings presentation, Feb 27, 2025
Slide 1: H1 FY25 Results & Investor Presentation
H1 FY25 Results & Investor Presentation COMMERCIAL IN CONFIDENCE
Slide 2: Important Notice & Disclaimer
IMPORTANT NOTICE & DISCLAIMER Acceptance This presentation has been prepared by BlueBet Holdings Ltd (ACN 647 124 641) (BlueBet). By accepting, accessing or reviewing this presentation, Effect of rounding you acknowledge and agree to the terms set out in this Important Notice and Disclaimer. A numbe
Slide 3: H1 Highlights
H1 HIGHLIGHTS
Slide 4: A Record Of Delivery Since Merger
A RECORD OF DELIVERY SINCE MERGER Successful migration, and sustainable profitability ahead of schedule MIGRATION COST SYNERGY REVENUE RECORD PROFITABLE ACHIEVED IN OUTPERFORMANCE SYNERGIES WAGERING AHEAD OF RECORD 59 DAYS APPARENT PERFORMANCE SCHEDULE Rapid rebrand and Cost synergies were more Fast
Slide 5: H1 FY25 Recap
H125 RECAP JUL AUG SEP OCT NOV DEC PREPARATION FOR MIGRATION DRIVE INCREASED EMERGING PROFITABILITY ENGAGEMENT AND MOMENTUM AT SCALE Legacy betr platform has ~3x higher promotional Period of heavy investment to migrate betr customers to BlueBet Retaining valuable customers, with product cost to reac
Slide 6: H1 Key Metrics And Financials
H1 KEY METRICS AND FINANCIALS
Slide 7: Key Trading Metrics – H1 FY25
KEY TRADING METRICS – H1 FY25 EBITDA positive1 half delivered ahead of schedule, driven by strong Gross Win Margin and efficient conversion to Net Win H1 FY25 H1 FY24 CHANGE Turnover $645.1m $298.7m 116% Gross Win Margin % 14.2% 13.4% +0.8pp Gross Win $91.3m $40.0m 128% Net Win Margin % 10.4% 10.3%
Slide 8: Normalised Group Results Summary
NORMALISED GROUP H1 FY25 A$m H1 FY24 A$m CHANGE RESULTS SUMMARY Turnover (gross of GST) Payouts (gross of GST) 645.1 -553.8 298.8 -258.8 116% - CONTINUING OPERATIONS Gross Revenue 91.3 40.0 128% Promotions given (gross of GST) -21.4 -9.3 GST -6.3 -2.8 NET REVENUE Wagering Revenue 63.6 27.9 128% Turn
Slide 9: Balance Sheet
31 DEC 24 30 JUN 24 A$m A$m BALANCE Assets Current Assets SHEET Cash & cash equivalents 16.0 24.5 Trade & other receivables 2.1 1.0 Income tax refund due 0.0 0.0 Other assets 2.0 1.5 Total current assets 20.1 27.0 Non-current assets Property, plant & Equipment 1.1 0.4 Right of use assets 5.6 0.2 Int
Slide 10: Summary Of Cash Flows
SUMMARY OF $000's 31 DEC 24 31 DEC 23 CASH FLOWS Cash flows from operating activities $m $m Cash position in line with expectations, on track to Receipts from customers (Client deposits) 217.6 91.7 be cashflow positive from H2 Payments to customers (Client withdrawals) -159.0 -62.4 Payments to suppl
Slide 11: Delivering Inorganic Growth
DELIVERING INORGANIC GROWTH
Slide 12: TopSport Acquisition
TOPSPORT ACQUISITION A material acquisition that will drive scale and > 30% EPS accretion in FY26 and FY271 ACQUISITION OF TOPSPORT OFFERS : 2 TRANSACTION BENEFITS Limited additional cost BlueBet has only acquired the assets it requires to maintain and INCREASED SCALE ENABLED BY grow Net Win from To
Slide 13: 'Bolt On' Revenue Optimised For EBITDA Uplift
‘BOLT ON’ REVENUE OPTIMISED FOR EBITDA UPLIFT TopSport customers receive a superior customer experience at a lower cost to service TOPSPORT WITHIN BETR STANDALONE1 OPERATIONS1 MORE EFFICIENT CONVERSION In 1H FY25, TopSport incurred $7.1m of operating expenses. Net Win Net Win Going forward betr IMME
Slide 14: Looking Ahead
LOOKING AHEAD We are on track to migrate Topsport customers and the transaction is a model for further M&A Tier 1 product Net Win Significant Ready to go resonating with optimised with experience in ‘playbook’ to target customers market-leading strategically drive further and providing data models,
Slide 15: Appendix
APPENDIX
Slide 16: Statutory Income Statement - Group
STATUTORY INCOME H1 FY25 H1 FY24 STATEMENT - GROUP A$m A$m Revenue 61.5 27.8 Cost of Sales -33.7 -13.1 Gross Profit 27.8 14.7 Other Income 0.4 0.0 Impairment of US Operations 11.7 0.0 Advertising & Marketing expense -10.2 -8.3 Employee benefits expense -13.8 -8.5 Licencing, platform and subscription
Slide 17: Statutory P&L Reconciliation
STATUTORY P&L RECONCILIATION H1 FY25 H1 FY25 A$m A$m A$m Normalised Adjustments Statutory Revenue 63.6 -2.1 61.5 Cost of Sales -33.7 -33.7 Gross Profit 29.9 -2.1 27.8 Other Income 0.4 0.4 Impairment of US Operations 11.7 11.7 Sales & Marketing expense -9.9 -0.3 -10.2 Employee benefits expense -10.4
Slide 18: BlueBet | Betr
BlueBeti | B betr