PointsBet has released its half-year financial report for FY24, with a focus on its performance in Australia. The company's results indicate growth and strategic developments.
In Australia, PointsBet showcased progress, with revenue reaching $15.9m, marking a 138% increase compared to the same period last year.
This growth was reportedly fuelled by a surge in the sportsbook's in-play handle, which reached 66%, up from 62% in the previous corresponding period.
Additionally, a recent partnership with Strive Gaming aims to further improve growth in the iGaming segment.
Financially, PointsBet demonstrated prudent management by reducing marketing expenses by 10% compared to the previous year. Moreover, the company is on track to approach EBITDA breakeven in FY25, with the segment's statutory EBITDA loss narrowing to $12.0m from $19.4m in the previous year.
In Canada, PointsBet completed the initial phase of its US business transfer to Fanatics, resulting in capital returns to shareholders. Ownership transfer of 13 out of 14 US state legal entities to Fanatics Betting and Gaming aims to further build on PointsBet's strategic positioning.
On a corporate level, PointsBet reported revenue of $101.7m, marking a 7% increase compared to the previous year. Gross profit increased to $50.1m, up 12% from the previous year, with the gross profit margin improving to 49% from 47%.
Notably, segment statutory EBITDA witnessed a turnaround to $0.9m, marking the first positive H1 in the company's history.
Looking ahead, PointsBet has confirmed its FY24 guidance, anticipating a normalised Group EBITDA loss between $9m and $14m.
Furthermore, recent reports from Q2 FY24 highlight continued operations and growth for PointsBet. Despite a slight decrease in handle and gross win in Australia, the region saw a record net win quarter, indicating resilience and potential for further expansion. In Canada, partnerships and expansion efforts are also driving positive results.
