betr Entertainmen (BBT) H2 2024 earnings summary

Executive summary

• Completed transformational merger with betr, creating a leading Australian wagering operator and enhancing scale and technology for profitable growth.

• Achieved record performance in the Australian business, with first EBITDA positive year and strong trading momentum.

• Exited US market to focus capital and operational efforts on Australia, redeploying $6m–$8m for domestic growth.

• Rapid integration and rebrand to betr completed in 59 days, leveraging a younger, sports-focused brand.

• Realised substantial synergies ahead of schedule, particularly in technology and labour.

Financial highlights

• Group turnover increased 18% year-over-year to $633.0m, driven by growth in active customers and bet count.

• Gross profit rose 25.1% to $31.1m, with gross profit margin up 2.6pp to 53.2%.

• Australian business delivered first normalised EBITDA positive full year; group normalised EBITDA loss improved to $(12.9)m from $(18.3)m.

• Net loss after tax widened to $(46.9)m, impacted by a $26.2m impairment of US operations.

• Net cash used in operating activities was $(13.3)m, with H2 FY24 showing significant improvement.

Outlook and guidance

• Expecting monthly EBITDA profitability in 1H FY25 and full-year EBITDA profitability in FY25, excluding one-off costs.

• Focus on organic and inorganic growth in Australia, leveraging enhanced technology and scale.

• Targeting increased customer engagement and retention through product innovation and personalised promotions.

• Growth to be driven by merger synergies and continued market share gains.