Sydney, Sep 23, 2022 AEST (ABN Newswire) - BetTube Corporation Ltd (NSX:BOX) completed its first full year of trading as a sports bookmaker in Australia launching a betting brand into the most competitive betting market in the world. BetTube acquired Clients, serviced Clients, grew to 63 employees and reported a positive EBIT for the trading entity and introduced "Bet Right". In addition, the company listed on the National Stock Exchange in an exercise, completing the entire task in-house.
BetTube's first year of operation yielded the following results and highlights:
- Turnover of more than $280m in first full year of trading.
- Revenue of $20m (after promotions given).
- Margin (after promotions) of 7.2%.
- Net Receipts from Clients of $11.1m.
- Marketing and Advertising expenses of $0.521m.
- Group loss of $408k.
- Trading entity EBIT of $1.1m.
- NSX listing cost of less than $80k (all done internally).
- Cash at bank of $11.1m at year's end.
- Leveraging the New Payments Platform (NPP) via PayID (an experience Clients are familiar with through other interactions in their lives), allowing Clients near instant use of their deposited funds without using credit cards.
- Introduction of fast withdrawals, providing Clients with access to their withdrawn funds twice daily within seconds, 365 days a year.
- Expansion of the Same Game Multi product (beyond NBA, NRL and AFL which were available at launch) into additional sports including soccer, baseball, American football and cricket.
- LOOT bonusing system distinct and differentiated from the rest of the market.
- Focus on client communications and alternatives to email and SMS by increasing usage of app push notifications across, which provide clients with greater visibility of updates to their account and their upcoming favourite racing runners. This demonstrates increased interactions over time.
- Addition of Next Up sports feature, allowing Clients to quickly find the upcoming sport events, a functionality that has been interacted with by 95% of logged-in Clients.
- Racing and Sports expert comments and tips to assist Clients in their racing betting decisions.
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About BetTube Corporation Ltd
The BetTube Group began in 2018, on the cusp of the new Computer Revolution based on data analytics, machine learning and AI and the maturity of behavioural science, to build an online cloud-based platform providing a better wagering entertainment solution with innovative offerings on wagering products and services with responsible gambling and harm minimisation embedded in BetTube Group's ethos, structure and processes. The BetTube Group is committed to building wagering infrastructures which offer wagering Platform as a Service (PaaS) to entities wanting to enter the wagering industry. The BetTube Group's long term PaaS strategy begins with the Group using its proprietary platform to compete with Australian existing operators through its B2C brand "Bet Right".
BetTube Corporation Ltd