PointsBet records 153.9% revenue growth in FY2021

| By Marese O'Hagan
Australia-based online bookmaker PointsBet has reported a 153.9% year-on-year revenue increase in its results for the 2020-21 financial year, ended 30 June.
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Revenue came to AUD$210.1m (£111.4m/€131.0m), a rise of $128m compared to the operator’s revenue in its full year 2020 results. PointsBet’s total net win from gaming, however, was reported as $208.5m.

PointsBet noted that this discrepancy was related to its Banach Technology acquisition in April this year, as this brought in around $1.5m in B2B revenue.

Sports betting made up $207.0 of the total, while igaming at $1.5m brought up the remainder.

The company’s full-year turnover came to AUD$3.7bn, a rise of 228.3% compared to its full year 2020 turnover of AUD$1.1bn.

The successful year is due to strong results in both of PointsBet’s main territories, Australia and the US. A total of $166.1m was generated in Australia. The remaining $42.3m came from PointsBet’s US operations.

However, amounts wagered were almost equal in the two territories. Australia’s handle totalled $1.99bn, a 63.3% rise year-on-year. Gross win from the country – before bonuses were accounted for – also increased by 155.0% to $257.3m, and net win was also up by 121.2% to $166.1m.

US operations saw handle amount to $1.79bn, a drastic rise of 458.4% compared to 2020. Gross win rose by 481% to $95.8m and net win also rose 481% to $42.3m.

Combined, the overall handle total was $986.1m, a year-on-year increase of 182.2%.

The US operations comprise of the six states PointsBet operates in. The most revenue, $23.8m, was generated in New Jersey. Illinois was second with $14.6m, while Iowa came in third with $1.6m. Michigan, Indiana and Colorado collectively totaled at $2.3m.

Expenses left PointsBet with an operating loss of $119.1m, however.

Advertising and marketing costs amounted to $166.1m, while sales costs came to $100.0m. Leased assets, staff costs, administration and interest further affected the operating result.

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