There have been a couple of big moves in the betting industry on Wednesday following the release of quarterly updates.

Let's dig a little deeper into these releases now and see what's getting investors excited:

The BlueBet share price is up 4.5% to 23 cents.

This morning, the ASX betting share released its third quarter update and revealed a 26.1% increase in turnover to $151.6 million. Management advised that this was driven partly by continued market share gains in Australia.

Growing at an even stronger rate was its key net win metric. BlueBet reported a 36.7% increase in its net win to a new quarterly record of $16.4 million. This reflects a 0.8 percentage point increase in its net win margin to 10.8%.

This ultimately led to BlueBet achieving its first cash flow positive quarter since its IPO.

BlueBet's CEO, Bill Richmond, was pleased with the company's performance during the quarter. He commented:

BlueBet reached a major milestone in Q3, with our first cash flow positive quarter since IPO, driven by accelerating growth and a strong focus on profitability, as we continue to rapidly gain market share and outperform the market in Australia and continue to scale the US.

The Pointsbet share price is up 5% to 83 cents. This follows the release of a couple of announcements from the ASX betting share.

The first was its third-quarter update, which revealed a 7% increase in turnover to $676.4 million.

Like BlueBet, things were even better for the company's net win. PointsBet advised that its Sports Betting net win increased to $65.1 million for the three months.

Combined with its iGaming net win of $5.5 million, the company's total net win grew 24% in the third quarter to $70.6 million.

PointsBet also separately announced plans for its second capital return following the completion of the sale of its US business earlier this month.

The company will be returning $127 million or $0.39 per share to shareholders via the capital return. This means that a total of $442.37 million will have been returned across its first and second capital returns.

Its shares will trade ex-capital return on Tuesday 30 April. After which, eligible shareholders can look forward to being paid this capital return on 16 May.

Based on its current share price, this return equates to a mouth-watering yield of approximately 47%.