Edison Investment Research - BLUEBET HLDGS LTD (BBT) BlueBet - Dual-track growth strategy

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Edison Investment Research

Kate Heseltine

BlueBet - Dual-track growth strategy

BlueBet’s (BBT’s) two-prong strategy is to build on its core online betting brand in Australia and develop the US market. Funded by positive operating cash flow from the Australian business and the July 2021 A$80m (gross) initial public offering (IPO), BBT is investing in its proprietary gaming platform and is increasing marketing spend, to build on the current strong growth in active customers and revenue and to further its US ambitions. BBT’s share price has declined by 74% since IPO, against a backdrop of share price volatility in the gaming sector and despite reported FY22 KPIs exceeding targets set out at the time of the IPO.

30/09/2022 1 EN

Underlying

BLUEBET HLDGS LTD

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AU0000157075 Australian Securities Exchange Australia

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Edison Investment Research

Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.

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Analysts

Kate Heseltine

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BlueBet - Dual-track growth strategy

BlueBet Holdings - Robust core and executing in the US

Biodexa Pharmaceuticals - In a period of transition

Norcros - Sale of Johnson Tiles UK agreed

Henderson Far East Income - Repositioning to raise total returns

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