PointsBet records Q1 net win increase after strong US performance

This represented an 82% increase on the previous year.

Net win from sports betting amounted to AD$67.3m, up by 76% from the year prior. PointsBet’s overall net win was AD$69.5m after factoring in the AD$2.2m generated from igaming.

PointsBet Australia saw a 79% increase in active clients to 222,662 while the US division’s active players increased 367% to 185,880.

Turnover figures for the company were AD$979.9m, up 42% from last year. AD$631.4m came from the Australia side of the business, while AD$348.6m was derived from US business – a 112% increase on 2021.

For PointsBet Australia, net win from sports betting were AD$54.8m with a margin of 8.7% – a 56% and 2% increase respectively.

Regarding PointsBet USA, Illinois was the best performing state with sports betting turnover of AD$131.8m. New Jersey was next with Ad$102.1m, followed by Colorado with AD$38.5m. Michigan, where PointsBet launched in January, generated AD$32.0m.

2021 saw PointsBet launch its first igaming offerings in the US, debuting in Michigan and New Jersey. In addition to launching sports betting in West Virginia, the company also secured a market access deal for Texas with Major League Soccer team Austin FC.

PointsBet’s revenue, calculated from combining net win with B2B revenue, was AD$72.4m.

Expenses totaled AD$110.5m for the first quarter. Operating costs were AD$33.0m, advertising and marketing expenses came to AD$46.5m, staff costs were AD$19.3m, while administrative costs came to AD$11.7m.

Overall, the company posted operating losses of AD$25.6m for Q1 of 2022.