Australia’s PointsBet Doubles Revenue In Second Quarter

PointsBet, the rapidly expanding bookmaker and casino operator from Australia, has reported its financial results for the second quarter of the 2021-2022 fiscal year, and the number shows the sportsbook managed to double its revenue. In the quarter that ended on 31 December PointsBet recorded revenue of 90.4 million Australian dollars.

In the second quarter of its fiscal year, PointsBet took in bets worth 1.33 billion Australian dollars, a figure which represents an increase of 11.1 percent over the same period of the previous financial year.

The bulk of these bets originated from Australia, where the bookmaker recorded a revenue increase of 33.6 percent to 727 million Australian dollars. However, revenue from the company’s operations in the United States dropped by 9.2 percent to 598.9 million dollars.

The Australian company has high hopes for its presence in the United States as it entered more and more territories in recent months. During the second quarter of the financial year, PointsBet had a 7.4 percent market share in the sports betting market of Illinois, 5.1 percent in Michigan, 3.5 percent in Colorado, 3.1 percent in New Jersey, 2.8 percent in Indiana, 2.3 percent in Iowa and 1.4 percent in West Virginia.

The company’s gross sports betting revenue grew by 60.4 percent to 133.8 million Australian dollars overall. In Australia, the growth was of 22.2 percent compared to the second quarter of the previous fiscal year, to 92.2 million Australian dollars, while in the United States the gross betting revenue increased fivefold to 41.6 million Australian dollars.

Net sports betting revenue, which is the figure obtained after the company deducts promotional costs, recorded an increase of 60.7 percent to 71.9 million Australian dollars. Most of this money, roughly around 53 million dollars, came from the Australian sports betting market.

The company’s financial results received a boost from net online casino revenue, all from the United States as its online casinos are not allowed in Australia. PointsBet generated 5.4 million Australian dollars in net revenue from its online casinos, bringing the total net revenue for the quarter to 77.3 million Australian dollars.

The sportsbook and casino operator also revealed that the number of active clients in Australia was 232,785, while in the United States there were 211,113 active customers. However, despite the encouraging numbers when it comes to revenue and active clients, PointsBet also had big expenses which brought its bottom line to a net loss from operating activities of 51.8 million Australian dollars.

Overall, PointsBet made a net loss of 96.5 million Australian dollars, a figure which is 61.4 percent bigger than the net loss recorded in the second quarter of the 2020-21 financial year.

Source: . iGaming Business. January 28, 2022.