Australia provides solid base for PointsBet as FY22 revenue climbs 32%

By | August 1, 2022

PointsBet experienced positive trading across the Australian, US and Canadian betting markets throughout 2022, although finding minimal success in the latter.

As detailed in its financial results for Q4 and FY 2022, the ASX-registered enterprise saw its sports betting turnover increase by 32% from $.78bn in 2021 to $5bn, with a gross profit of $497.8m – a 41% rise on the $353.1m recorded the year prior.

Meanwhile, the group’s Q4 revenue also rose by 32% to $1,302.5m (2020: $986.1m), whilst gross profit increased by 24% to $122.0m ($98.7m), with sports betting by far the most dominant vertical throughout the year in comparison to igaming. 

PointsBet’s home market of Australia continued to provide a strong base for the company, producing Q4 revenue growth of 21% to $598.6m ($494.8m) coupled with FY22 turnover of $2.5bn ($1.9bn), a 28% increase.

Looking to Europe, PointsBet Europe entered into an agreement with the SIG Group’s Nellie Analytics for provision of exclusive sports analytical service, as the firm seeks to accelerate its technological rollout as well as risk management and trading algorithms. 

The group’s European operations during 2022 have so far focused predominantly on supporting its stateside activity with a strong technological backing, demonstrated most recently by the opening of a new Dublin hub for this purpose.

On the other side of the Atlantic, a significant development for the company during the quarter was the launch of the regulated Ontario market on 1 April, although admittedly the earnings from Canada’s largest province have so far been somewhat marginal. 

The group reported sports betting turnover of $11.2m in Canada, with profit of $0.14m. However, although igaming provided profit at $0.49m in igaming, it has declared a net loss of $0.35m in sports betting.

Despite the prominence of its Australian activity and gradual rollout of its operations in Canada, US markets remained the most dominant revenue generator for PointsBet during Q4.

PointsBet’s sports betting turnover for Q4 came in at $482.9m, a 40% uptick YoY (2021: $344.9m), whilst during FY22 its US sports betting handle stood at $1.72bn, a 37% increase YoY (2021: $1.26bn).

The operator declared a total US net win for the quarter of $21.3m, a 72% gain YoY (2021: $12.4m). Sports betting profit came in at $16.7m (2021: $11.4m), and igaming achieved a net win of $4.7m (2021: $1.1m).

For the full year, the operator achieved a total US net win of $65.9m, a 122% improvement YoY (2021: $29.7m). Sports betting profit stood at $52m (2021: $28.7m), while igaming reported a net win of $13.8m (2021: $1.1m).

Per state, Illinois proved to be the most successful market with revenue of $183.7m and profit of $5.97m for PointsBet in Q4, followed by New York (turnover: $102.2m, profit: $4.35), and New Jersey (turnover: $53.2m, profit: $3.3m).

PointsBet closed FY22 operating in 10 US States – New York, New Jersey, Illinois, Michigan, Indiana, Colorado, Pennsylvania, Iowa, West Virginia, and Virginia – as well as Canada’s Ontario province.

SBC News Australia provides solid base for PointsBet as FY22 revenue climbs 32%

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