PointsBet reports impressive growth in H1 FY24

News Team February 27, 2024

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PointsBet reports impressive growth in H1 FY24

PointsBet, an ASX-listed sports wagering operator and iGaming provider, has recently released its half-year financial report for FY24, focusing on its performance in Australia. Letìs take a look at the details of the company’s growth and strategic developments.

Australia revenue surge

In the Australian market, PointsBet has made significant strides. The company’s revenue reached $15.9 million, representing a remarkable 138 percent increase compared to the same period in the previous year. This impressive growth was primarily driven by a surge in the sportsbook’s in-play handle, which rose to 66 percent, up from 62 percent in the corresponding period.

PointsBet’s recent partnership with Strive Gaming aims to further enhance its presence in the iGaming segment. By leveraging this collaboration, PointsBet seeks to tap into the growing demand for online gaming experiences, positioning itself for sustained growth.

EBITDA outlook

Demonstrating prudent financial management, PointsBet reduced marketing expenses by 10 percent compared to the previous year. This cost-conscious approach reflects the company’s commitment to optimizing its resources while driving growth. Moreover, PointsBet is on track to achieve EBITDA breakeven in FY25, with the segment’s statutory EBITDA loss narrowing from $19.4 million to $12.0 million year-on-year.

US transfer to Fanatics

In Canada, PointsBet successfully completed the initial phase of transferring its US business to Fanatics. This strategic move resulted in capital returns to shareholders and further solidified PointsBet’s position in the competitive US market. The transfer involved 13 out of 14 US state legal entities, reinforcing the company’s commitment to strategic expansion and market penetration.

At the corporate level, PointsBet reported?total revenue of $101.7 million, reflecting a?7 percent increase?compared to the previous year. The company’s?gross profit?also saw substantial growth, reaching?$50.1 million, a?12 percent increase?from the prior year.?Importantly, the?gross profit margin improved, rising from 47 percent to 49 percent.

In summary, PointsBet’s H1 FY24 results underscore its resilience, prudent financial management, and strategic vision. As the company continues to expand its footprint, it remains well-positioned to capitalize on the dynamic landscape of sports wagering and iGaming.

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