PointsBet buoyed by 34% growth in total net win as igaming and US focus pays dividends
ASX-listed operator reports 56% increase in turnover during Q2 FY 2023 with Canada also performing well
PointsBet has reported a 34% year-on-year (YoY) increase in its total net win for its fiscal Q2 2023 to A$103.4m, thanks to strong performances in the US, Canada, and across the igaming vertical.
Releasing its latest set of financial results, the ASX-listed operator reported turnover from sports betting of A$2bn ($1.4bn), up 56% YOY on Q2 FY22, with sports betting net win jumping 23% to $88.2m.
A key part of this strong performance was total igaming net win, which rocketed 183% YOY to A$15.2m in the Q2 FY23 period.
At a divisional level, both the US and Canada saw strong growth in all key areas during the period.
The US division reported a 68% YOY rise in total net win to $40.6m, buoyed in part by a 128% jump in igaming net win to A$12.2m, with sports betting net win growing by 51% to A$28.4m.
US sports betting turnover/handle increased by 75% YOY during Q2 FY23 to A$1bn.
The quarter saw the group launch in Maryland and Ohio, with PointsBet now live in 13 US states for sports betting and four for igaming.
PointsBet has said it expects its US marketing expense for FY23 to be circa $90m, down from $118m in FY22. The firm recently maintained third place in Eilers & Krejcik’s US Sport Betting Apps Tested, Scored, and Ranked report in January 2023.
A big part of this increase is PointsBet’s emphasis on live betting, through single-game parlays and Lightning Bets. Live betting handle made up 53% of overall handle during Q2 FY23, up from 47% in Q2 FY22.
NFL Lightning Bets (micro-markets) accounted for 20% of cash in-play bets for Q2 FY23.
PointsBet’s Canadian operations, which encompasses its Ontario assets, reported strong quarter on quarter (QOQ) growth in Q2 FY23, with total net win rocketing by 284% to A$5m.
Within this figure, igaming net win amounted to A$2.9m, up 128% QOQ on Q1 FY23, while sports betting net win rose 382% to A$2.1m. Sports betting turnover in the Canadian division amounted to A$80.4m, up by 284% on a QOQ basis.
PointsBet’s Australia division returned to positivity in its Q2 FY23 numbers, albeit with just single-digit growth in its total net win, which rose 9% YOY to A$57.7m.
Turnover from sports betting, the group’s sole operational element in Australia, grew 29% to A$938.5m over the same period.
PointsBet group cash-active clients numbers rose 23% YOY during the Q2 FY23 period to 548,236 clients.