PointsBet has recorded a record net win quarter of AU$69.9m (PS36.2m/EUR42.5m/$46.1m) for its Q2 financial year 2024.
The total net profit for the second quarter was AU$59.9m. This is a 3% increase over last year. PointsBet attributed this to the continued improvement in promotion efficiency. Marketing expenses were 33% less than they had been last year.
PointsBet, which launched the Ontario market in April of 2022, reported an overall net profit in Canada of $10,5m, another record.
The total handle for all operations fell by 4% to AU$976.4m. The gross win fell from AU$97m in Q2 FY23 to AU$94.4m.
Igaming experienced significant growth with a win net of AU$6.4m. This is up 119% compared to the Q2’s AU$2.9m. The company attributed this to the integration of platform provider Strive which, according to it, will “increase its game and promotional offering”.
PointsBet’s report outlines the key benefits of Strive. This includes “improved acquisition of Casino-First Customers”, which is expected to deliver higher win margins.
Alister Lui, the new Group Chief Financial Officer of PointsBet, was appointed in December to replace Andrew Mellor. Lui is expected to take over the position on February 29.
Lui was appointed after Fanatics Holdings’ Fanatics Betting and Gaming arm launched its Colorado sportsbook, bringing it one step closer to the completion of the acquisition of PointsBet US.
FBG and PointsBet agreed to a $225.0m deal (PS178.4m/EUR208.1m), in June, for the acquisition of US operations. FBG received approval to purchase PointsBet US operations in eight states by September. The company then completed the acquisitions of New York, Wyoming, and Colorado.
Fanatics had originally agreed to a $150m deal in May. However, a competing bid from DraftKings of $195m forced Fanatics into increasing its offer. In June, PointsBet’s shareholders voted to accept the increased offer. Fanatics began taking over the company in the US after the vote.
Sam Swanell, the chief executive of Fanatics and its subsidiary Sam Swanell announced in November that they were on track to achieve financial growth for FY25. The technology that powers its platforms and Fanatics is expected to drive this growth.