Australia’s PointsBet Records Significant Revenue Growth

PointsBet, the fast-growing global online bookmaker based in Australia, has reported a 153.9% year-on-year revenue increase in the 2020-21 financial year, which ended on 30 June.

The company’s revenue was 210.1 million Australian dollars, which is 128 million more compared to what PointsBet had in 2020. The bookmaker’s total net win from gaming was worth 208.5 million Australian dollars.

PointsBet noted that this difference between the revenue and the total net win from gaming was due to the acquisition of Banach Technology in April 2021, which brought another 1.5 million dollars into the company’s coffers.

Sports betting was responsible for a huge chunk of the company’s revenue, 207 million Australian dollars came from this sector, while iGaming brought up just 1.5 million dollars. However, the company has just started to explore this vertical. In August 2020, they signed an agreement with Evolution to launch live casino services in the United States online gambling market.

As for the full-year turnover, PointsBet raked in 3.7 billion Australian dollars, which represents an increase of 228.3 percent compared to the company’s full year 2020 turnover of 1.1 billion Australian dollars. The successful figures of 2021 are due to the company’s great results in Australia and the United States. The company generated 166.1 million dollars in revenue in Australia, while the remaining 42.3 million came from its United States operations.

The amounts wagered in the company’s facilities were almost equal in Australia and the United States. The total handle in Australia was almost 2 billion dollars, 63.3 percent more than last year. Gross win from the country also went up by 155 percent compared to 2020, to 257.3 million dollars, and net win rose by 121.2 percent to 166.1 million dollars.

In the United States, the handle was almost 1.8 million dollars, a huge rise of 458.4 percent compared to 2020. Gross win also saw a dramatic rise by 481% to 95.8 million dollars, while net win also went up by 481% to 42.3 million Australian dollars.

The company’s overall handle total was 986.1 million dollars, which represents a year-on-year increase of 182.2 percent. The company operates in six American states: New Jersey, Illinois, Iowa, Michigan, Indiana and Colorado. The state that performed best was New Jersey, which generated 23.8 million dollars in revenue.

Despite the strong result, the company’s expenses were so high that PointsBet concluded the fiscal year with an operating loss of 119.1 million Australian dollars. However, the Australian company spent lots of money into its expansion in the United States, which is expected to generate substantial revenue in the coming years.

Source: . iGaming Business. July 29, 2021.