PointsBet Hits Revenue High in First Half of Fiscal Year 2024
PointsBet has reported a significant 15% increase in revenue during the first half of the fiscal year 2024, reaching AU$117.6 million.
Despite a 4% decline in overall turnover/handle to $1.6 billion and a slight 1% decrease in gross win to $169.7 million, the net win surged by 14% to $128.1 million. This growth was accompanied by a 21% rise in total gross profit, reaching $58.5 million from the previous year’s $48.2 million.
EBITDA and iGaming Performance
The total normalized EBITDA experienced a substantial 71% year-on-year uplift, standing at $13.3 million. A remarkable 124% increase in iGaming net win to $9.5 million significantly contributed to PointsBet’s positive performance.
In Australia, PointsBet enjoyed a 7% revenue increase to $101.7 million, marking a record half-year performance. The Canadian market also saw record-breaking sports betting and iGaming net win figures for the same period.
US Market Transition
PointsBet’s strategic maneuvers in the US market are notable, with 13 out of 14 state legal entities successfully transferred to Fanatics Betting and Gaming. The anticipated completion and receipt of the balance and consideration amounting to US$50 million, along with the second capital distribution, are expected early to mid-Q4 FY24.
Our Commentary on PointsBet’s Performance
PointsBet’s impressive half-year results underscore the company’s resilience and strategic adaptability in a fluctuating market. The remarkable growth in net win and EBITDA, coupled with the significant strides in iGaming, highlight PointsBet’s potential for further expansion and profitability.
The strategic shift in the US market, in collaboration with Fanatics Betting and Gaming, positions PointsBet for sustained growth and diversification in its offerings. As the iGaming and sports betting landscape continues to evolve, PointsBet’s innovative approach and regional expansions are likely to drive its success in upcoming fiscal periods.
