betr Entertainment’s FY25: 140% Turnover Growth and $6.8M Loss Reduction

A Year of Strategic Transformation

FY25 was a watershed moment for betr Entertainment Limited, formerly BlueBet Holdings Ltd. The company successfully completed the merger of BlueBet and betr, rebranding under the betr name and consolidating its customer base onto a single technology platform. This integration was complemented by the acquisition of Queensland-based TopSport, further expanding market share and operational scale.

Crucially, betr exited the US market during the year, closing its sportsbooks in Iowa, Colorado, and Louisiana. This move was executed in a capital-efficient manner, enabling the company to refocus resources on the Australian market where it holds a stronger competitive position.

Financial Recovery and Growth Metrics

The financial turnaround was striking. betr Entertainment reduced its net loss after tax to $6.8 million, a significant improvement from a $46.9 million loss the previous year. More tellingly, the company delivered a normalised EBITDA of $7.2 million, up from just $0.2 million in FY24, surpassing consensus estimates by 15%.

Operationally, turnover soared 140% to $1.42 billion, driven by a 121% increase in active customers to over 155,000. Gross win climbed 147% to $196.2 million, with net win reaching $147.8 million and margins holding steady above 10%. These figures underscore the strength of betr’s technology platform and customer engagement strategies, including personalised promotions and machine learning enhancements.

Capital Raises and PointsBet Takeover Ambitions

To fuel its growth ambitions, betr raised $130 million through a fully underwritten equity placement, entitlement offers, and retail offers. It also secured a $35 million loan facility from National Australia Bank. These funds were deployed to acquire a 19.9% stake in PointsBet Holdings Limited, a major player in the Australian wagering market.

Subsequent to year-end, betr announced a takeover offer for PointsBet, proposing 4.375 betr shares for each PointsBet share. Alongside this, the company revealed a selective buy-back program of at least $90 million, aimed at providing liquidity to shareholders who prefer cash. This bold move signals betr’s intent to consolidate its position as a leading Australian-owned digital wagering operator.

Risks and Governance

betr’s annual report highlights a comprehensive risk framework addressing regulatory compliance, technology reliability, anti-money laundering, and competitive pressures. The wagering industry’s complex and evolving regulatory environment remains a key challenge, alongside the need to maintain technological innovation and customer trust.

The company’s governance structure is robust, with a board comprising seasoned industry veterans including Executive Chairman Matthew Tripp and CEO Andrew Menz. The financial statements were audited by Ernst & Young, who issued an unmodified opinion, underscoring the integrity of the reported results.

Looking Ahead

With a proven M&A model, a scalable technology platform, and a clear strategic focus, betr Entertainment is well positioned for further growth. The integration of recent acquisitions and the outcome of the PointsBet takeover bid will be pivotal in shaping the company’s trajectory in FY26 and beyond.