PointsBet reports record second-quarter results in Australia and Canada

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PointsBet published its second-quarter report, posting record net wins in both Australia And Canada. The company’s point betting activities continued to support results with increased handle and net profit. However, the biggest growth was recorded by PointsBet’s iGaming segment.

Taking a look at PointsBet’s performance in Australia, the company recorded a gross net profit of 59.5 million Australian dollars ($39.15 million USD, current prices). This figure, according to the company, represents an increase of 3% year-on-year compared to the same period of the previous year.

At the same time, the company’s marketing expenses in the region decreased by 33%. Improved efficiency also resulted in a lower overall win percentage from upgrades. For reference, the ratio of promotions to gross profit was 32.5% in the second quarter, compared to 38.2% in the same period a year earlier.

In Canada, on the other hand, the net win total reached a record high 10.5 million Australian dollars ($6.9 million), which represents an excellent increase of 109%. Meanwhile, net profit from sports betting in the country rose by 94% year-on-year, while net profit from iGaming increased by 119% year-on-year.

Sports betting gross profit margin expanded, supported by a high bonus mix, according to the company. In addition, the company’s marketing expenses decreased by 12%.

Overall, PointsBet recorded total sports betting turnover 976.4 million Australian dollars ($642.4 million), an increase of 4%. This resulted in an overall win of 94.4 million Australian dollars ($62.1 million), an increase of 3% year-over-year. On the other hand, net profit in sports betting was 6% higher. 63.5 million Australian dollars.

On the other hand, iGaming recorded an overall net win of 6.4 million Australian dollars ($4.21 million). While this number has yet to catch up with PointsBet sports betting results, it represents 119% year-over-year growth, demonstrating the potential of this sector.

PointsBet’s total net win for the quarter 69.9 million Australian dollars ($46 million), an increase of 11%.

PointsBet expects adjusted EBITDA

In the second quarter, PointsBet moved its US business to Betting and gaming fanatics. The move is part of the former company’s ongoing strategy to streamline its business and focus on stable and profitable markets.

As a result of the impressive second quarter results and divestiture of the US business, PointsBet expects total operating cash flows for the second half of FY24 to be positive.

Talking about PointsBet’s guidance, the company expects FY24 gross net profit 10%-20% higher From FY23. Operating Expenses It should not exceed AUD 60-70 million.

The company also expects EBITDA normalization From April 2024. The group hopes so Delivering positive EBITDA Next year.

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