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PointsBet Reports Slight Dip In Turnover Post US Assets Sale

The leading betting and iGaming company with a strong presence across Australia and North America, PointsBet , released its Q1 FY24 activities report , sharing insights regarding its performance for the latest trading period. The company released its report Wednesday, revealing that its total sports betting handle halted at AU$611.0 million ($387.5 million) for Q1 FY24. This result, when compared to the corresponding period in FY23 , marked a slight 3% decrease.

The latest announcement comes after earlier this year, PointsBet agreed to sell its US assets to Fanatics . Initially, Fanatics proposed $150 million for PointsBet’s US operation, a bid that was later surpassed by an offer from DraftKings that was $195 million. However, in the end, Fanatics acquired PointsBet’s US operations in a deal for $225 million . The latest report is the first one that excludes its US-facing operations .

The recent trading update reveals that sports betting gross win for Q1 FY24 hit AU$75.3 million ($47.6 million), marking an increase of 1% year-over-year. The reported gross win margin percentage for the latest trading period was 12.3%, up by 0.5% points when compared to the gross win margin from Q1 FY23. Overall, sports betting net win increased by 15%, hitting AU$55.1 million ($34.9 million) for Q1 FY24.

The total net win reported by PointsBet for Q1 FY24 was AU$58.2 million ($36.9 million), representing an increase of 18% year-over-year.

Canada Remains a Priority Market for PointsBet

Providing a breakdown of the total net win, PointsBet revealed that its sports betting operations in Australia saw an uptick of 11% to AU$52.8 million ($33.5 million) in net win. In contrast to the positive result, the betting handle in Q1 FY24 for Australia decreased by 7% to AU$566.9 million ($359.5 million).

On the other hand, the company’s betting operations in Canada saw AU$44.2 million ($28 million) in turnover for Q1 FY24, a result that represents an increase of 111%. Net win from sports betting for the region increased by a staggering 440% to AU$2.3 million ($1.5 million). Similarly, iGaming net win in Canada soared by 136% to AU$3 million ($1.9 million). Overall, the total net win for PointsBet’s Canadian operations was up 212% to AU$5.4 million ($3.4 million).

“ Well, in general, it’s definitely going better. I mean we’re clearly on a path to profitability. It’s very clear. “
Sam Swanel, CEO at PointsBet

Sam Swanel , PointsBet’s CEO, explained that the latest results underline the growth trajectory of the company . He spoke about PointsBet’s operations in Canada, explaining that the company wants to keep the region profitable . Swanel also praised the Canadian market for its potential, explaining that it is far more attractive than some markets across the United States . always shares this Contents with License.

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