Home > Finance > PointsBet turnover up 14.6% after Fanatics sale agreed

PointsBet turnover up 14.6% after Fanatics sale agreed

| By Marese O'Hagan
PointsBet reported AU$5.74bn (£2.98bn/$3.81bn/€3.48bn) in turnover for its full-year 2023 results, following the sale of its US arm to Fanatics in the final quarter.
PointsBet Q2

This was up by 14.6% compared to full-year 2022.

In total, AU$2.91bn came from PointsBet’s US operations, while AU$2.82bn came from its combined Canada and Australian operations.

During Q4 – ended 28 July – both Fanatics Betting and Gaming and DraftKings put forward bids to acquire PointsBet’s US division, for US$150.0m and US$195.0m respectively.

Although PointsBet said it would engage with DraftKings on its proposal, Fanatics’ improved US$225.0m bid ultimately knocked DraftKings out of the race.

The sale was approved by PointBet shareholders at the end of June.

Full-year results

Net win for the full year was AU$391.1m, a rise of 26.4% year-on-year. In total, AU$161.1m came from the US and AU$230.0m came from the US and Canada.

Sports betting across all regions accounted for AU$335.8m of the total net win, while igaming made up the remaining AU$55.3m.

In terms of Q4, total turnover was AU$1.06bn, down by 17.9%. This was split fairly evenly, with AU$524.4m coming from the US and $544.8m coming from Australia and Canada.

Net win totalled AU$102.3m for the period. Of this figure AU$61.1m was derived from Australia and Canada and AU$41.2m from the US.

Cost of sales for the fourth quarter came to AU$56.7m, up by 2.2% compared to the previous quarter. Sales and marketing costs were down quarter-on-quarter, by 47.6% to AU$36.1m. Staff costs also decreased, but only slightly by 3.7% to AU$25.8m.

Administration, corporate costs and goods and services tax totalled AU$24.9m, a rise of 26.4%.

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