PointsBet posts turnover of US$935.3m for Q2
Turnover in Australia increased 29 per cent to $938.5m, with a gross win up slightly to $93.5m.
Australia.- The Australian gaming group, PointsBet has reported a 56 per cent increase in its turnover to AU$1.33bn (US$935.3m) for the three months ending December 31, 2022. Growth was particularly strong in the US.
PointsBet saw a 75 per cent rise in its US turnover ($1.05bn) and a 32 per cent increase in its US gross win ($41.6m). The company attributed this to its strong trading performance in October and November, driven by in-play betting, which made up 53 per cent of its handle. The number of active clients in the US rose 39 per cent from the previous year.
In Australia, the company’s turnover increased by 29 per cent to AU$938.5m, with a slight rise in gross win to $93.5m. PointsBet recorded $80.4m in turnover in Canada, up 284 per cent from the previous quarter.
PointsBet also experienced an increase in operating costs, including a 50 per cent quarter-on-quarter rise in the cost of sales to $61.3m. Marketing expenses rose to $67.5m, but the company expects its full-year marketing expenses to decrease to around $90m compared to $118m in full-year 2022.
Earlier this month, PointsBet announced it is in talks to sell its Australian arm to NTD Limited, the News Corp-led business behind Australia’s Betr brand.