PointBet turnover surges by 54% to $1,398m

Finance News

For the three months ended 31 March, PointsBet reported a 54% increase in turnover to $1,398 million. This was driven by a 37% increase in Australian turnover to $579.4 million and a 70% jump in US turnover to $818.6 million.

PointsBet’s third quarter net win increased 10% to $71.4 million, reflecting a 37% jump in Australian net win to $52.3 million and a 29% decline in US net win to $19.1 million.

Commenting on the Q3 trading results, PointsBet Group CEO Sam Swanell said: “PointsBet has driven strong growth over the quarter improving our core trading metrics and expanding our addressable market. Sport Betting turnover was up 54 per cent marking a new quarterly company record of $1.4 billion and total Net Win was up 18% at $76.9 million versus the PCP, which is testament to the quality of our team andour expansion strategy.

“In the United States, Net Win is now up 157% year to date compared to the PCP. PointsBet is among an exclusive group of operators that are live in New Jersey, Pennsylvania and New York.

We are pursuing the US opportunity by building a business focused on customer economics, spearheaded by industry leading technology and innovation across in-play betting. With our iGaming offering gathering steam, the expansion into more US states and our recent launch in the Ontario market in Canada, the building blocks are in place.

We remain focused on efficient marketing spend that delivers long-term, high value customers. “The Australian trading business continued its strong performance during the quarter with Net Win up 37% on the PCP. With a focus on profitability for the remainder of the financial year, we continue to expect positive EBITDA for the Australian Trading business for FY22.”