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PointsBet Reports Strong Q2 FY24 Performance: Achieves Record Net Win of AU$69.9m


PointsBet Reports Strong Q2 FY24 Performance: Achieves Record Net Win Of AU$69.9m
PointsBet Reports Strong Q2 FY24 Performance: Achieves Record Net Win Of AU$69.9m

PointsBet has been making significant moves in the iGaming industry, including transferring its US operations to Fanatics and forming a strategic partnership with Strive Gaming for the Canadian market.


In Q2 FY24, the handle for sports betting across all continuing operations amounted to AU$976.4m (US$644m), marking a slight decrease of 4% compared to the same period last year. Despite this, sports betting net win experienced a 6% increase, reaching AU$63.5m, supported by a remarkable 119% growth in the iGaming sector, which surged to AU$6.4m.


Overall, PointsBet achieved a record net win of AU$69.9m across all divisions, reflecting an 11% increase from the previous year.


In the US, PointsBet successfully transferred ownership of its business to Fanatics Betting and Gaming in 13 out of 14 states. Additionally, the company underwent several personnel changes, including the appointment of Alister Lui as CFO.


Australia

PointsBet's operations in Australia primarily focused on sports betting. Despite a 4% decrease in handle and a 6% dip in gross win compared to the previous year, Q2 FY24 marked a record net win quarter for the region, amounting to AU$59.5m, reflecting a 3% annual increase.


Furthermore, PointsBet reported a 33% decrease in marketing expenses and a 38% improvement in gross win conversions efficiency.


Canada

In Canada, where PointsBet operated both sports betting and iGaming divisions, handle for sports betting experienced a 7% annual decrease to AU$74.8m. However, gross win increased significantly by 81%, reaching AU$6.4m, with net win rising by 94% to AU$4m.


The partnership with Strive Gaming, signed in December 2023, played a pivotal role in this growth, facilitating PointsBet's expansion into the Canadian iGaming market. The collaboration aims to triple the current game selection and introduce new promotional and engagement tools.


Furthermore, PointsBet reported an 18% increase in cash active clients in Canada compared to Q1 FY24, along with recording the highest quarterly number of first-time bettors since the launch of the Ontario market in April 2022.

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