PointsBet has released its financial results for the fiscal year ending 30 June 2024, highlighting a 17% increase in net revenue to $245.5m year-on-year.
The gross profit margin for FY24 rose to 52.8%, up 2.5%, reflecting better operational efficiency. PointsBet's efforts to reduce costs were evident in a 21% decrease in marketing expenses, which fell to $71m. Operating expenses, excluding marketing, were reduced by $10.3m from FY23.
A key development in FY24 was the completion of the sale of PointsBet's US business to Fanatics Betting and Gaming for $225m. This sale, which concluded a 10-month process, enabled the company to return $442.4m to shareholders. The Australian Taxation Office confirmed that this capital return would not be treated as a dividend.
PointsBet also reported a strong cash flow performance in the second half of FY24, with net operating cash flow reaching $16.8m. The company ended the fiscal year with $28.1m in cash and cash equivalents, providing a strong financial foundation for future operations.
In its Australian segment, PointsBet achieved record revenue of $211.5m, a 10% increase. The gross profit margin improved to 52.9% and marketing expenses were reduced by 26% to $45.2m. In Canada, the company saw significant growth, with total net win increasing by 86%, driven by improvements in both sports betting and iGaming.
In February 2024, PointsBet appointed Daniel Lucas as CTO, following the sale of its US business. This appointment is reportedly part of the company's ongoing efforts to strengthen its leadership team and focus on its core markets in Australia and Canada.
