betr Entertainmen (BBT) H1 2025 earnings summary

Executive summary

• Achieved normalized EBITDA profitability ahead of schedule for H1 FY2025, driven by successful merger, rapid migration, and synergy gains.

• Completed the acquisition of TopSport, expected to deliver over 30% EPS accretion in FY2026 and FY2027 and accelerate scale and integration capabilities.

• Announced a non-binding indicative offer to acquire PointsBet, aiming to create a leading Australian-owned scale player with significant synergy potential.

• Achieved record wagering performance with accelerating turnover, net win, and active customer momentum post-migration.

• Net loss after tax for H1 FY2025 was $496,000, a significant improvement from the prior period.

Financial highlights

• Turnover for H1 FY2025 was $645.1 million, up 116% year-over-year.

• Gross win reached $91.3 million, up 128% year-over-year, with a gross win margin of 14.2%.

• Net win was $67.4 million, up 120% year-over-year, with a net win margin of 10.8%.

• Normalized EBITDA for the half was $1.7 million, excluding one-off costs.

• Cash and cash equivalents at period end were $16.0 million, including client balances.

Outlook and guidance

• Strong momentum in activity and margin has continued into the second half, with a focus on scaling both organically and through further M&A.

• On track to be cash flow positive in H2 FY2025, with continued sustainable profitability expected.

• The TopSport acquisition is expected to complete in Q4 FY25, with client migration to the Betr platform.

• Further details on the PointsBet acquisition proposal to be released, with anticipated $40 million in annual synergies.