Total net win for Q2 was AU$59.5m, up 3% on the previous year. PointsBet put this down to continued improvements in promotions efficiency, with marketing expense 33% lower than the previous year.
Having gone live in Ontario when the market launched in April 2022, PointsBet reported a total net win of $10.5m in Canada, again a record quarter.
Total handle across all operations was AU$976.4m, down 4% on the previous year. Gross win also fell to AU$94.4m from Q2 FY23’s figure of AU$97m.
Igaming saw significant growth, with a net win of AU$6.4m, up 119% from the previous Q2’s AU$2.9m. This was attributed to its integration of the platform provider Strive, which it says will “increase game and promotional offerings”.
In its report, PointsBet pointed to Strive’s key benefits. These include “enhanced acquisition of casino-first customers”, which will deliver higher gross win margins.
Changes at PointsBet
In December, PointsBet appointed Alister Lui as its new group chief financial officer, replacing the outgoing Andrew Mellor. Lui will assume the role on 29 February.
Lui’s appointment came after the Fanatics Betting and Gaming (FBG) arm of Fanatics Holdings launched its sportsbook in Colorado, taking it a step closer to completing the acquisition of PointsBet US.
FBG agreed a deal worth $225.0m (£178.4m/€208.1m) in June to acquire the US operations of PointsBet. FBG was approved to acquire PointsBet US in eight states in September, before also completing the acquisition of its operations in New York, Wyoming and Colorado.
It had initially agreed a deal worth $150m in May, although a rival bid of $195m from DraftKings forced Fanatics to increase its offer. PointsBet shareholders approved the higher offer in June and Fanatics has started to take over its operations in the US following the approval.
In November, chief executive Sam Swanell revealed the company was on course to deliver financial growth in FY25. Technology is set to be at the core of that growth, powering its and Fanatics’ platforms.
Original article: https://igamingbusiness.com/finance/pointsbet-reports-record-net-win-for-q2-fy24/
