PointsBet records 13% net win growth for Q1

Updated:2024-03-21 13:15    Views:172

PointsBets has dropped its Q1 report, showing that its sports betting handle increased by 18% – totalling AU$1.16bn (US$760m).

Furthermore, during the first three months of the year, PointsBet recorded a total net win of AU$78.8m, up 13% on Q1 2022 – with its sports betting gross win margin falling by 2% (as seen in the graph below).

In Australia, its operations suffered losses across the board, with its handle falling by 3% to AU$611.9m and its net win recording AU$47.5m, representing a 13% loss.

Highlighting its US operations, the sportsbook operator’s total net win was up 101%, totalling AU$29.5m. Much of this came from its iGaming vertical,Online Casino Games which saw an increase of 229% to AU$7.2m.

PointsBet’s US sportsbook operations also saw growth, reaching AU$22.3m for Q1 2023, against a 2022 total of AU$12.5m.

Despite the positive Q1 report from PointsBet in the US, which showed that its operations were healthy, the company recently announced that it had begun the process of a strategic review to either sell its US operations or merge with another company.

It hired investment banking firm Moelis & Company to handle the sale, with the Australian company saying in a statement: “We believe further industry consolidation is inevitable.”

PointsBet withdrew its application for a sports betting licence in Massachusetts in March, indicating that it was no longer committed to expanding its presence in the US at the same pace as some of its competitors, such as FanDuel or DraftKings.

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