PointsBet’s has released its latest report covering the first half of FY24 revealing a 14% increase in revenues to AU$128.1 million across its global operations.
PointsBet Reports 138% Canada Revenue Increase in First Half of FY24In Australia, the company reported revenues of $101.7 million, up by 7% on the same period in FY23. Meanwhile gross profits came to $50.1 million for the six month period, up by 12%. This represents an all-time record profit in a six month period for the company.
H1 FY2024 Key Highlights
Sports betting
- Turnover / Handle – $1,587.4 million, down 4%
- Gross Win Margin % – 10.7%, +0.3pp
- Gross Win – $169.7 million, down 1%
- Net Win Margin % – 7.5%, +0.9pp
- Net Win – $118.6m, up 10%
iGaming
- Net Win – $9.5 million, up 124%
Total figures
- Net Win – $128.1 million, up 14%
Group Financials
- Total Revenue – $117.6 million, up 15%
- Total Gross Profit- $58.5 million, up 21%
- Total Normalised EBITDA – ($13.3 million), up 71%
The report also confirmed that the initial completion of its US business took place on August 31st 2023 with Fanatics paying the US$175 million first instalment of its takeover deal. Ownership of 13 out of 14 US state legal entities transferred to Fanatics Betting and Gaming while the subsequent completion and receipt of balance of consideration (US$50 million) remains on track for completion in early to mid Q4 FY24.
Olivia has worked as an editor and writer for major brands across multiple niches. She now focuses on the iGaming and sports betting industries.