PointsBet experiences no change in total net win within Q2 FY25 report

Key points: 

– Australian sports betting saw handle down 34% 

– Turnover strong in Canada, but net win drops 

– H1 FY25 figures show solid improvement in revenue and profit 

PointsBet has released its Q2 FY25 report, highlighting a period with very little change compared with the same period last year. 

Q2 FY25 

Overall, for the second quarter of FY25, the operator reported total net win of AU$69.9m (US$43.5m), which represents the exact same number seen in Q2 FY24. 

Sports betting net win made a very marginal gain, going from AU$63.5m in the second quarter of FY24 to AU$63.6m in Q2 FY25. 

But in terms of iGaming, the net win decreased 2% to AU$6.3m. 

When looking at these results compared to Q1 FY25, there have been improvements. Total net win was up 7% compared to the last quarter, while individually sports betting net win rose 5% and iGaming net win increased 39%. 

Australia Q2 FY25 

In Australia, PointsBet’s operations are solely sports betting, where handle suffered a drop of 34% year-on-year to AU$591.5m, impacted by high staking, low-margin clients. 

Gross win was down 9% to AU$80.5m, but on the other hand net win saw growth of 2% to AU$60.5m. Gross profit was 16% higher, valued at a figure of AU$28.9m. 

These figures come while cash active clients were said to be up 8% to around 235.1k. 

Good to know: In November, PointsBet denied reports which claimed it was engaging in takeover discussions with an overseas company

Canada Q2 FY25 

Meanwhile, in Canada where PointsBet operates both sports betting and iGaming, total net win across both segments was down 10% to AU$9.4m, with sports betting in particular suffering the most. 

Looking into the numbers, sports betting net win experienced a decrease of 23% to AU$3.1m, while for iGaming net win went from AU$6.4m in Q2 FY24 to AU$6.3m in Q2 FY25. 

The operator explained that net win was impacted by customer friendly NFL results and a negative variance on iGaming slots. 

This all comes despite turnover in sports betting increasing 30% to AU$97.4m, while for iGaming, turnover jumped 20% to AU$310.6m. 

H1 FY25 

The operator also released figures for the first half of FY25 with net win up 6% from H1 FY24 to AU$135.1m, with both sports betting and iGaming rising 5% and 15% respectively compared to the same period last year. 

Total revenue went from AU$117.6m in H1 FY24 to AU$124.4m in H1 FY25, while total gross profit increased 11% to AU$65m. 

PointsBet’s total normalised EBITDA was the standout from the H1 figures, showing a 75% improvement to a loss of AU$3.3m.