Pointsbet reports 236% revenue increase for first quarter

Finance News

Pointsbet has reported that its total turnover increased by 236% to $905.2 million, with US turnover surging 431% to $482 million.

The company posted quarterly growth in all key metrics both locally and internationally with net customer receipts coming in at $64.9 million for the quarter.

This is a 246 per cent increase on the same time period last year and takes Pointsbet’s net win for the 2021 financial year so far to $147.7 million.

PBH management said.: “The US business achieved a quarterly Gross Win of $45.8 million, compared to Gross Win of $5.6 million in the PCP, with a Net Win of $26.7 million, compared to Net Win of $3.3 million for the PCP. This quarterly result was assisted by a reversal of the short-term negative variances experienced during the December quarter predominantly in New Jersey. As a result, the US business also achieved a record quarterly Gross Win Margin of 9.5% and a record quarterly Net Win Margin of 5.5%.”

“During the period, the Company had a successful Super Bowl LV, recording 4 times the handle and 12 times the number of first time bettors as compared to the previous year’s Super Bowl. Importantly, unlike some of the Company’s competitors who rely on third party platform providers, PointsBet suffered no technical issues or delays during this high-volume betting event.”