Date: 25.04.2024

by Adam Dworak

Last update: 08.05.2024 10:58

PointsBet Reports Record Q3 Earnings with Focus on Australian and Canadian Markets

PointsBet, has announced a record net win of AU$70.6 million for its combined Australian and Canadian operations in Q3, marking a 24% increase year-on-year.

This financial achievement comes shortly after the sale of its US business to Fanatics Betting and Gaming, highlighting a strategic shift and renewed focus on its core markets.

Financial Milestones

In a statement that underscored its financial health, PointsBet reported a positive net cash flow of $2 million for the quarter. The positive cash flow marks the first instance of such financial performance and is seen as a crucial achievement as the company moves forward.

Despite predicting a normalised group EBITDA loss of between $9 million and $14 million for FY24, PointsBet remains optimistic about its financial trajectory, projecting a positive normalised group EBITDA for FY25.

Performance Breakdown by Sector

PointsBet’s sports betting sector witnessed a robust 22% increase in net win, reaching $65.1 million. This growth is supported by a 12% climb in gross win, totaling $83.4 million. The company also noted a 7% rise in turnover, which reached $676.4 million.

The combined iGaming sector, representing both Australia and Canada, also showed impressive growth. The net win for iGaming surged by 52%, from $3.6 million in Q3 of the previous year to $5.5 million in the current quarter.

Regional Highlights

The Australian market continues to be a stronghold for PointsBet, with a 20% increase in net win to $60.8 million. The Canadian operations, however, displayed even more dynamic growth, with a 62% rise in net win to $9.9 million.