PointsBet generates AU$115.1m in revenue for Q1 2023

Gross win margin was subsequently down too, dropping 2% to a margin of 10%.

However, net profit for PointsBet’s sports betting vertical was up 4% at $70.3m, while net profit for its iGaming services rose 287% to AU$8.5m.  

Total net profit across PointsBet’s verticals, therefore, totalled AU$78.8m, up 13% on Q1 2022. 

Handle was also up a marked 18%, rising to AU$1.15bn for Q1 2023.  

Breaking down its successes in the markets it operates, PointsBet’s financial results from the US were a somewhat mixed bag. 

While handle in the US rose by 50% to AU$523.8m for Q1 2023, figures were down sequentially by 24%, perhaps owing to a limited number of high-profile sporting events over the quarter. 

This trend is widespread in the US market for PointsBet, who, despite posting net profits for sports betting 78% higher year-on-year, saw profits drop 6% sequentially. 

PointsBet’s iGaming segment in the US saw the greatest gains across the board, rising 229% year-on-year and up 8% quarter-over-quarter.  

The picture was gloomier in Australia, where PointsBet’s handle dropped by 3% compared to the prior-year period.  

Its generated revenue for Q1 stood at $73m, down 17% year-on-year and 8% from Q4 2022.  

As such, PointsBet’s profits from Australia took a 13% hit year-on-year, and a 14% fall sequentially.  

However, PointsBet saw greater success in Canada, having only launched in the country earlier in 2022.  

Handle rose by 31% from Q4 2022, while revenue saw a marked sequential rise of 138%.  

What’s more, iGaming saw success too – as it did for PointsBet in the US – rising 96% in the company’s latest financial results.  

PointsBet’s total net win in Canada stood at AU$1.7m, an 887% sequential rise.  

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Louis Thompsett

Gambling Writer

Louis Thompsett is a journalist and editor who served as a Staff Writer at Gambling Insider from February 2022 to April 2023, covering key developments across the global gambling, sports betting and iGaming sectors. During his time with the publication, he reported on regulatory updates, operator strategy, technological innovation and market trends, contributing both news coverage and in-depth editorial features for Gambling Insider and its associated titles.

Louis later advanced into senior editorial roles and now works as Editor-in-Chief of FinTech Magazine and InsurTech Digital, where he oversees content strategy and reporting for a global B2B audience across financial and technology sectors.

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