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.
According to the announcement, Canadian revenues saw the biggest increase as revenues came to AU$15.9 million for the first six months of the financial year. This marked a 138% increase on the same period in the previous financial year. This upswing was primarily driven by a surge in the sportsbook’s in-play handle (live betting wagers), which grew to 66% of all wagers, up from 62% in the previous corresponding period. The company also cited its recent partnership with Strive Gaming as a potential driver of future growth in the iGaming segment.
In 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.