PointsBet reports record net win of $61.5M CAD for Q2 FY24

PointsBet has recently released the documents of its Q2 FY24 report.  

Across all divisions located in Canada and Australia, PointsBet has recorded a total net win of $61.5M CAD.  

The sports betting company experienced an increase in both handle and net win values. The biggest growth that they experienced, however, was by PointsBet’s vertical. 

The results of PointsBet Canada 

The total net win of PointsBet Canada resulted in CAD $9.2 million (AUD 10.5 million). This value represents a whopping 109% increase from the values reported during the same period last year. 

In addition to this, the country experienced a significant increase in sports betting net wins: 94% year-over-year (YoY) increase. The net win from iGaming in Canada also increased, with a 119% year-over-year (YoY) increase. 

The marketing expenses accrued by PointsBet Canada also declined by 12%. 

The results of PointsBet Australia 

PointsBet recorded a net win of around CAD $52.3 million (AUD $59.5 million) in Australia. When compared to the figures recorded during this same period last year, the company achieved a 3% year-over-year (YoY) increase. 

In addition to this, the marketing expenses of PointsBet Australia decreased by 33%.  

The company’s gross win percentage from promotions also resulted in a significant reduction, with 32.5% recorded in the Q2 financial report. This can be compared to the figures recorded during the same period the previous year which resulted in 38.2%. 

Overall Results 

The total sports betting turnover recorded by PointsBet across all divisions consisted of approximately CAD 858.9 million (AUD 976.4 million). This value represents an increase of 4% from the values recorded during the same period the previous year. 

A sports betting gross win of CAD $83.04 million (AUD $94.4 million) was accumulated. This resulted in a year-over-year increase of 3%.  

In addition to this, the total net win for sports betting resulted in CAD $55.9 million (AUD $63.5 million), and therefore a 6% year-over-year increase. 

The total net win accumulated for iGaming, on the other hand, was significantly lower: CAD 5.6 million (AUD 6.4 million). Despite this value being considerably smaller than that corresponding to the net win accumulated for sports betting, this figure also represents a 119% year-over-year increase. 

In this way, PointsBet’s total net win for the second quarter of their 2024 financial report resulted in CAD $61.5 million (AUD $69.9 million).