Record quarter for PointsBet as net win surges 11%
PointsBet Holdings Limited today reported its Q2 FY24 Quarterly Activities Report (Appendix 4C). All numbers referred to below are unaudited and in Australian dollars.
Net Win of $69.9m up 11%.Record quarterly Net Win results from both the Australian ($59.5m up 3% vs the PCP) and Canadian ($10.5m up 109% vs the PCP) businesses.
Net Win from Sports Betting of $63.5m, up 6% vs PCP. Net Win from iGaming of $6.4m, up 119% vs PCP.
First quarter of positive operating cash flows in the Company’s history of $0.1m, and the Company expects H2 FY24 operating cashflows to be positive.
Re-iterate previous FY24 guidance and provide FY24 Normalised EBITDA Loss guidance of between $9m and $14m, down from $49m in FY23.
Managing Director and Group CEO Sam Swanell said: “Our strategy in Australia and Canada has delivered record quarterly Net Win, building upon our strong Q1 FY24 result, while also executing more targeted marketing that saw marketing expense for the half fall by 30.1% vs PCP.
Importantly, the significantly increased efficiency of marketing and promotions is supported by the continuing evolution of our products and the advanced technologies which drives them.
We also reported our first positive operating cash flow quarter in the company’s history.
The combined Australian and Canadian businesses have grown revenue from $26 million in FY19 to an anticipated $230 million to $250 million in FY24 in line with guidance.
We expect a Normalised EBITDA loss of between $9 million and $14 million for the full year of FY24, a significant decrease to the full year loss of $49.0 million reported for FY23. The Company expects to be EBITDA positive in FY25.”