PointsBet releases Q2 FY24 report: Record net win at AU$69.9m
It’s been a busy time for PointsBet, with the company transferring US operations over to Fanatics and partnering with Strive Gaming for the Canadian market.
And the operator has now released its Q2 FY24 documents.
Continued operations
Handle for sports betting across all continuing operations was AU$976.4m (US$644m), a 4% decrease when looking at the figures from the same period last year.
Gross win also saw a dip of 3%, down to AU$94.4m, although sports betting net win actually increased 6% to AU$63.5m.
This was supported by a 119% growth in the iGaming sector, which rose to AU$6.4m.
Overall, this was a record quarter for net win, which was AU$69.9m across all divisions, an 11% increase annually.
As for its US operations, 13 out of 14 states have successfully transferred ownership of the business over to Fanatics Betting and Gaming.
The company also announced several staff changes at the end of December, including the appointment of Alister Lui to CFO.
Australia
Operations in Australia were primarily sports betting and so the following figures will represent that industry focus.
Both handle and gross win decreased this quarter from last year, a dip of 4% and 6% respectively.
This translates to handle of AU$901.6m and gross win of AU$88.1m.
However, Q2 FY2024 provided a record net win quarter in Australia too, with an annual increase of 3% to AU$59.5m.
PointsBet also reported a 33% decrease in marketing expenses when compared to 2023, as well as improved promotions efficiency in 38% gross win conversions.
Canada
PointsBet operated both sports betting and iGaming divisions in Canada.
Handle for sports betting in Canada decreased by 7% annually to AU$74.8m, although this was the only decrease on the board.
Gross win increased 81% up to AU$6.4m and net win increased 94% to AU$4m.
Net win, as discussed earlier, grew 119% to AU$6.4m.
This was facilitated by a partnership with Strive Gaming that was signed on 19 December 2023, which will support PointBet’s expansion into the Canadian iGaming scene.
Going forward, the two expect to triple the current game selection as well as add both promotional and engagement tools.
In Canada, PointsBet also reported an 18% increase in cash active clients when compared to Q1 FY24.
The company also recorded the highest quarterly number of first-time bettors since the launch of the Ontario market in April 2022.
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