Ontario launch contributes minimal revenue for PointsBet in Q4

Q4 included PointsBet’s launch in Ontario, a market that opened on 4 April.

This was also the first quarter since PointsBet launched online in Pennsylvania. It soft launched in February but was officially rolled out in April.

Of the total turnover, AU$598.6m of this came from Australia. This was 20.9% more than Q4 2021. Its US operations generated turnover of AU$687.9m, up by 40%.

Overall net win – which is B2C revenue after deducting the costs of promotional bets – for the quarter came to AU$85.8m, a rise of 41.1%. Sports betting accounted for the majority of this, at AU$78.5m, while igaming made up the remaining AU$7.3m.

In Canada, sports betting turnover came to AU$16m. However, the sports betting net win was negative AU$500,000. With online gaming net win of AU$700,000, the total net win in Canada was AU$200,000.

During the quarter, PointsBet was issued a penalty in Ontario by the province’s regulator, the Alcohol and Gaming Commission of Ontario.

PointsBet received a fine of CA$30,000 for allegedly breaching advertising standards.

Receipts from customers for the quarter – including B2B operations – added up to AU$87.4m. Following a number of costs – including sales, staff and administration expenses – the business made an operating loss of AU$60.8m.

For the full year, turnover was AU$5bn, 32.3% higher than in FY21. Turnover was split almost exactly evenly across Australia and the US, with Australia contributing AU$2.53bn and the US contributing AU$2.45bn.

Out of the total net win – which amounted to AU$309.4m – AU$289.1m came from sports betting, while the remaining Au$20.3m came from igaming.

Net win in Australia was AU$215.4m, making up the majority, while the AU$74.1m in net win from the US accounted for the remainder.