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Sports wagering company BlueBet sees strong debut on ASX

Australian sports wagering company BlueBet successfully completed its IPO and launched on the Australian Stock Exchange on Friday.

In early trading the stock shot up some 84 percent, from an initial valuation of AU$1.14 to AU$2.10.

This followed the successful completion of its AU$80 million IPO, with some AU$47 million in primary IPO proceeds to be invested in its further growth.

Current plans are to use the funds to establish its business in the United States, targeting five priority states for initial market entry as a B2C wagering provider.

It will also go towards marketing in Australia and technology and platform development.

Over the past year the group has doubled its customer base to about 90,000.

ASX filing

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