PointsBet posts record first quarter revenue of $979.9 million

Finance News

PointsBet has reported a solid quarter of growth fuelled by the fast-growing North American sports betting market. Turnover rose 42% on prior corresponding period to $979.9 million.

Gross win margin improved to 11.9% from 10.2% gross win is the dollar amount received by PointsBet from clients who placed losing bets less the dollar amount paid to clients who placed winning bets, excluding promotional costs.Net win increased 76% to $67.3 million net win factors in promotional costs. Cash active clients in Australia rose 79% to 222,622. Active clients in the US surged 367% to 185,880.

PBH noted that the company’s quarterly marketing expense of $22.1 million for the Australia segment and US$27.6 million for the US segment, assisted in cash active clients. Despite the growth in clients and volume, PBH posted an operating cash loss from operating activities worth $26.56 million.