Total net win for Q2 in the finance sector was AU$59.5m, reflecting a 3% increase compared to the previous year. This growth can be attributed to PointsBet’s improved efficiency in promotions, resulting in a 33% reduction in marketing expense. PointsBet had a successful launch in Ontario, Canada in April 2022, achieving a record net win of $10.5m in the Canadian market.
Despite a slight decrease of 4% from the previous year, the overall handle across all operations reached AU$976.4m in Q2. Gross win for this quarter was AU$94.4m, lower than the AU$97m achieved in Q2 FY23. However, the iGaming sector experienced substantial growth, with a net win of AU$6.4m, a significant increase of 119% from the previous Q2’s AU$2.9m. This growth can be attributed to PointsBet’s integration of the platform provider Strive, which allows for an expansion of game and promotional offerings.
In terms of key personnel changes, PointsBet appointed Alister Lui as its new group chief financial officer in December, replacing Andrew Mellor. Lui will officially assume the role on 29 February. This appointment aligns with the ongoing acquisition of PointsBet US by the Fanatics Betting and Gaming (FBG) arm of Fanatics Holdings. FBG agreed to acquire PointsBet US for $225.0m in June, with approvals granted in multiple states. The acquisition process also involved the addition of operations in New York, Wyoming, and Colorado.
PointsBet’s CEO, Sam Swanell, has expressed confidence in achieving financial growth in FY25, with technology playing a crucial role in fueling this growth for both PointsBet and Fanatics’ platforms.
