PointsBet Records Record Net Win in Australia and Canada

In its Q2 report, PointsBet has announced record net wins in both Australia and Canada. The company’s sports betting activities have continued to drive the results, with increases in both handle and net win. Additionally, PointsBet has seen significant growth in its iGaming vertical.

In Australia, PointsBet posted a total net win of AUD 59.5 million, representing a 3% year-on-year increase. The company also reported a 33% decrease in marketing expenses in the region, as well as improved efficiency leading to a smaller gross win percentage from promotions.

In Canada, the total net win reached a record AUD $10.5 million, a 109% increase. Net win from sports betting in the country increased by 94% year-on-year, while net win from iGaming increased by 119% year-on-year. Sports betting gross win margin expanded, and marketing expenses declined by 12%.

Overall, PointsBet recorded a total sports betting turnover of AUD 976.4 million, resulting in a gross win of AUD 94.4 million and a 6% increase in sports betting net win.

The iGaming vertical posted a total net win of AUD 6.4 million, representing a 119% year-on-year growth. This impressive performance contributed to PointsBet’s total net win for the quarter of AUD 69.9 million, an 11% increase.

Following the divestment of its US business to Fanatics Betting and Gaming, PointsBet expects total operating cash flows for H2 FY24 to be positive. The company also anticipates FY24 total net win to be 10%-20% higher than FY23, with operating expenses not exceeding AUD 60-70 million.

PointsBet also expects its EBITDA to normalize from April 2024, aiming to deliver positive EBITDA next year. These expectations are a part of the company’s ongoing strategy to streamline its business and focus on stable and lucrative markets.

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