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.
