PointsBet’s Australian turnover grew by 80 per cent over the past year, creating record growth for the sports betting operator.
Australia.- Sports betting operator PointsBet has reported 58 per cent growth in turnover year-on-year, largely driven by its Australian business.
In what the company calls its fourth quarter of 2020, the group’s total turnover reached AUS$349.4 million (US$250 million). But while US turnover fell 13 per cent to US$33.2million, revenue in Australia grew by 80 per cent to AUS$302.9 million (US$216.7 million).
Group net win revenue hit AU$33.5 million (US$23.9 million), up 356 per cent year-on-year, most of that from the Australian unit (AU$32.4 million / US$23.1 million).
In a presentation to investors, PointsBet said its Australian trading business had a “strong quarterly performance” with net winnings growth of 109 per cent on the same quarter in 2019. It noted it had been delivering positive EBITDA in the last two quarters.
After announcing unaudited results, CEO and Co-founder Sam Swanell said: “The Australian trading business performed exceptionally well, achieving a record net win for the quarter of AU$32.4 million, up 330.4 per cent from the previous 4Q, with each month successively breaking PointsBet’s net win record.”
He added that performance had been driven by PointsBet raising turnover growth in percentage terms, the improvement in overall product offering, leading to a greater share of wallet from existing clients, and the shift of gambling spend online as a result of Covid-19-enforced retail closures.
He said: “As well as delivering record monthly net win in each of April, May and June, the Australian Trading business had its second and consecutive positive EBITDA quarter. Despite a lack of sport for a large part of the quarter, Australia saw significantly improved results compared to Q4 FY ’19 across metrics such as bets per client, turnover per client and net win per client.”
In the US, PointsBet said results had been impacted by the suspension of all four major sporting leagues in the country due to the pandemic. In response, the company launched a client engagement and activation strategy by offering non-traditional sports wagering markets.
Net revenue for the 12 months to June 30 amounted to AU$82.1 million (US$58.6 million), up from AU$28.2 million (US$20.17 million) at the same point in 2019.
The company said full year results will be released at the end of August.