PointsBet reports a 138% increase in revenue in Canada in the first half of FY24

PointsBet’s has released its latest report covering the first half of fiscal 2024, showing a 14% increase in revenue to AU$128.1 million across its global operations.

According to the announcement, Canadian revenue saw the largest increase as revenue for the first six months of the fiscal year reached AU$15.9 million. This represents an increase of 138% compared to the same period in the previous financial year. This uptick was primarily driven by an increase in the sportsbook’s in-play (live) betting, which rose to 66% of all bets, up from 62% in the corresponding period last year. The company also cited its recent partnership with Strive Gaming as a potential driver for future growth in the iGaming segment.

In Australia, the company reported revenue of $101.7 million, up 7% over the same period in FY23. Meanwhile, gross profit for the six-month period was $50.1 million, up 12%. This represents a record six-month profit for the company.

The most important highlights of the first half of the 2024 financial year

Sports betting

  • Sales/Revenue – $1,587.4 million, down 4%
  • Gross profit margin % – 10.7%, +0.3 percentage points
  • Gross profit – $169.7 million, down 1%
  • Net profit margin % – 7.5%, +0.9 percentage points
  • Net income – $118.6 million, up 10%

iGaming

  • Net income – $9.5 million, up 124%

Total numbers

  • Net income – $128.1 million, up 14%

Group finances

  • Total Revenue – $117.6 million, up 15%
  • Total gross profit: $58.5 million, up 21%
  • Total Normalized EBITDA – ($13.3 million), up 71%

The report also confirmed that the first closing of its US deal occurred on August 31, 2023, with Fanatics paying the first installment of its $175 million acquisition agreement. Ownership of 13 of 14 state legal entities has been transferred to Fanatics Betting and Gaming, with subsequent completion and receipt of the remaining consideration ($50 million) remaining on track for early to mid-fiscal fourth quarter to be completed in 2024.



Olivia Richardson

Olivia Richardson

Olivia has worked as an editor and writer for major brands in various niches. She is now focused on the iGaming and sports betting industries.



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