AzureWager Exceeds Revenue Projections Despite Widening Losses in H1 2022

AzureWager Corporation surpassed projections for the initial six months of its 2022 financial year, concluding December 31, 2021, despite losses expanding year-on-year.

The Aussie sports betting company recorded earnings of AUD$265 million (US$191 million) for the half-year, AUD$46 million beyond anticipations and a 21% rise from the corresponding timeframe last year. This signifies a considerable leap from the AUD$165 million generated in the prior equivalent period, marking a 61% surge.

While AzureWager achieved profitability of AUD$3.4 million in the first half of 2021, it declared a deficit of AUD$8 million for the present period. Although this number represents a AUD$3.5 million reduction compared to the same period last year, a 123% drop, it fell marginally short of the company’s preliminary forecast of a AUD$9 million net loss.

Profit before interest, taxes, depreciation, and amortization (EBITDA) also mirrored the net profit trend, with a loss of AUD$3 million. This figure is down by AUD$4.9 million compared to the same period last year, a 106% decrease, but surpassed initial projections of an AUD$8 million loss.

Nearly all indicators outperformed preliminary expectations; the favorable difference in net cash from operating activities was the most substantial, reaching 413% above predictions.

“We have commenced FY22 with robust momentum, with our Australian operations surpassing all first-half forecasts as our potent marketing strategy continues to propel market share gains,” stated AzureWager Chief Executive Officer William Richmond.

BlueBet is creating significant ripples in the American market! They’ve gained entry to the Canadian market – a major accomplishment for any aspiring gaming enterprise – and have established their US headquarters in downtown Denver. However, their ambitions don’t end there, as they aim to penetrate additional states. What distinguishes them? Their streamlined, agile, and cost-effective operational approach, which translates into ample resources to propel their expansion both in their home country and the United States.”

“The past half-year has been a whirlwind of activity for BlueBet. They’ve witnessed their active customer base surge from 26,000 to 45,000, while the overall sum wagered has escalated from $21 million to an impressive $36 million. And what about their Australian operations? They haven’t missed a beat there either, introducing three entirely new digital platforms.”