PointsBet has recently released its Q2 report, revealing record net wins in both Australia and Canada. The company saw significant growth in its sports betting activities, as well as in its iGaming vertical.
In Australia, PointsBet reported a total net win of AUD 59.5 million, representing a 3% increase from the previous year. At the same time, the company’s marketing expenses in the region decreased by 33%, leading to improved efficiency.
In Canada, PointsBet experienced even more remarkable growth, with a total net win reaching a record AUD $10.5 million, a 109% increase from the previous year. Both sports betting and iGaming net win saw significant year-on-year increases of 94% and 119%, respectively.
Overall, PointsBet recorded a total sports betting turnover of AUD 976.4 million, resulting in a gross win of AUD 94.4 million and a sports betting net win of AUD 63.5 million. The iGaming vertical also saw a total net win of AUD 6.4 million, representing a 119% year-on-year growth.
Following these positive results, PointsBet expects total operating cash flows for H2 FY24 to be positive. The company also anticipates a 10%-20% increase in total net win for FY24 compared to FY23, with operating expenses not exceeding AUD 60-70 million. Additionally, PointsBet expects its EBITDA to normalize from April 2024, aiming to deliver positive EBITDA next year.
In Q2, PointsBet completed the transfer of its US business to Fanatics Betting and Gaming as part of its strategy to focus on stable and lucrative markets. This move, combined with the outstanding Q2 results, positions PointsBet for continued success in the coming year.