PointsBet FY24 Results Reveal 17% Boost and Record Revenues in Australia

PointsBet FY24 Results Reveal 17% Boost and Record Revenues in Australia for the full financial year 2024 revealing a 17% year-on-year increase in revenues to AU$245.5 million across all operations.

PointsBet FY24 Results Reveal 17% Boost and Record Revenues in Australia Betting and Gaming for AU$225 million. This transaction, finalized after a 10-month process, allowed the company to distribute AU$442.4 million to shareholders. The Australian Taxation Office confirmed that this capital return would not be classified as a dividend.

The gross profit margin for FY24 increased to 52.8%, a 2.5% improvement, demonstrating enhanced operational efficiency. PointsBet’s cost-cutting initiatives were evident in a 21% reduction in marketing expenses, which dropped to $71 million. Additionally, operating expenses, excluding marketing, were reduced by AU$10.3 million compared to FY23.

In Australia, PointsBet reported record revenues of AU$211.5 million, marking a 10% growth. The gross profit margin rose to 52.9%, while marketing expenses were cut by 26% to AU$45.2 million. In Canada, the company experienced substantial growth, with total net win surging by 86%, fueled by strong performance in both sports betting and iGaming.

Speaking of the results, Chairperson Brett Paton said:

Our Australian operation has a strategically important place in the Australian wagering market and we intend to continue to grow our online share in this market.
PointsBet FY24 Results Reveal 17% Boost and Record Revenues in Australia

FY2024 Key Highlights

Group Normalised EBITDA – ($1.8 million), up by $47.2 million
Total Group Net Revenue – $245.5 million, up 17%
Sports Betting Net Win – $248.3 million, up 14%
iGaming Net Win – $18.8 million, up 63%

Jenny Tang

An experienced iGaming commentator and analyst based in New York City - Jenny reports on regulation and gambling industry news and events.