PonitsBet reports ‘record quarter’ as US revenues rise

Finance News

PointsBet has reported an operating loss of $51.8 million in the December quarter, with revenue at $90.4 million.

The sports betting business reported investing cash outflows of $43.6 million, as the company finished the quarter with net cash on hand of $569 million. PointsBet said total turnover climbed 11 per cent on the prior correspodning quarter to $1.33 billion. Meanwhile active clients in the US grew 210 per cent on the prior corresponding quarter, while clients in Australia grew 63 per cent. 

PointsBet launched in New York on January 24, while Bally Bet, Resorts World Bet and WynnBet are still waiting for their official launches. Revenue from PointsBet’s Australian and US sports businesses was up 11 per cent year-on-year to $1.33bn.