PointsBet, a prominent player in the betting industry, has announced its financial results for the full year of 2024, reflecting a robust performance across its segments. The company achieved a notable 16% increase in total net win, reaching AU$267.1 million (US$173.6 million). This growth is largely driven by significant advancements in both sports betting and iGaming sectors.
Sports Betting Performance
In the sports betting arena, PointsBet reported a turnover rise of 4% year-on-year, amounting to AU$2.93 billion. The net win in this segment increased by 14%, totaling AU$248.3 million. These figures highlight a steady expansion in sports betting activities, underscoring PointsBet’s competitive edge in this market.
Australia Segment
Focusing on the Australian market, PointsBet’s sports betting segment achieved a 10% increase in net win, reaching AU$233.1 million for FY24. The turnover in Australia stood at AU$2.68 billion. The company saw a 3% increase in active clients during Q4 FY24, with 227,900 cash-active clients—those who placed a cash bet in the past 12 months.
iGaming Growth
iGaming emerged as the standout performer for PointsBet, showcasing remarkable growth. The net win in iGaming surged by 63% to AU$18.8 million. This substantial increase reflects PointsBet’s successful strategies and expansions in the iGaming domain, contributing significantly to the overall financial performance.
Canadian Market Expansion
Canada proved to be the most dynamic market for PointsBet in FY24. The company saw an impressive 86% growth in total net win, reaching AU$34 million. This was driven by a 124% increase in sports betting net win to AU$15.2 million and a 63% rise in iGaming net win to AU$18.8 million. Notably, in Q4 FY24, sports betting net win in Canada soared by 147% compared to Q4 FY23, reaching AU$4.6 million. These figures highlight PointsBet’s accelerated market penetration and expanding presence in Canada.
Strategic Developments
The results reflect PointsBet’s strategic pivot following its exit from the US market. The company has effectively leveraged its position in Australia and Canada, demonstrating resilience and adaptability in its operations.
PointsBet’s FY24 results reflect a period of notable growth, particularly in the Canadian market and iGaming sector. The company’s strategic focus on expanding in key markets while adapting to market conditions post-US exit has been successful. Meanwhile, Caesars Entertainment’s Q2 2024 results underscore a strong revenue performance tempered by financial challenges, pointing to areas for potential improvement.