Sports betting operator PointsBet said that increased spending on expansion efforts in both Australia and the US led to it reporting a net loss of AUD$32.3m (£16.4m/€19.5m/US$21.2m) for the first half of its financial year.
Net revenue for the six months to December 31, 2019 amounted to AUD$27.4m, up from $12.1m in the corresponding period in 2018.
Australia remains PointsBet’s core market, with revenue in the country rising by 105.0% to $24.8m during the period, while turnover was also up by 66.6% to $349.2m.
The operator put these increases partly down to growth in its Australian customer base, with 81,014 registered players by December 31, a 76.8% rise. PointsBet also highlighted its ongoing focus on client retention, as well as the introduction of new products and updates to its offering.
In terms of the US, net revenue for the first half came in at $2.6m, as PointsBet said its New Jersey business progressed from the launch phase to the execution stage. In addition, PointsBet was boosted by launching retail and digital services in the state of Iowa during the half.