PointsBet, a major player in the iGaming and sportsbetting industry, has released its Q3 financial report, showcasing remarkable growth and expansion. The company’s success in North America and its continued efforts in the Australian market paint a promising picture for the future.
North America Drives Growth with 128% Net Win Increase
PointsBet’s expansion into new markets, including the recent launch in Ohio, has contributed to a significant 128% increase in Net Win compared to the prior corresponding period (PCP). With operations now live in 14 U.S. states, serving 35% of the adult population, PointsBet’s North American business continues to be a major growth driver.
Australian Market Sees Slight Dip, but Mass Market Segment Shows Promise
Although the Australian market experienced a 3% decrease in Net Win compared to the PCP, there is reason for optimism. The Australian Net Win contribution from mass market clients has increased by 15% compared to the previous year, indicating improved long-term sustainability for the company.
Streamlining Operations for Enhanced Efficiency
PointsBet’s cost and efficiency review of its North American workforce has resulted in a 12% reduction in headcount, paving the way for annualized cost savings of approximately $6 million. This strategic move highlights the company’s commitment to optimizing operations and improving global business performance.
iGaming Strengthens PointsBet’s Position in North America
The financial report reveals that iGaming represents 28% of PointsBet’s Net Win in North America, underlining the company’s strong position in the growing online gaming sector. Additionally, live betting in the U.S. accounted for 59% of the total Q3 turnover/handle, surpassing the market average and showcasing PointsBet’s prowess in the sportsbetting industry.
Positive Outlook and Future Projections
Looking ahead, PointsBet expects a H2 FY23 Normalized Group EBITDA loss between $(77.0)m and $(82.0)m. The company also anticipates a net cash outflow for H2 FY23, excluding movement in player cash, to be approximately 30% lower than H1 FY23. Despite these projections, the company remains confident in its long-term growth prospects.
PointsBet’s Q3 financial report demonstrates robust growth and expansion in the iGaming and sportsbetting industries. With a strong presence in North America and ongoing efforts in the Australian market, the company is well-positioned for future success. The strategic expansion into new markets, streamlining of operations, and focus on iGaming contribute to PointsBet’s continued growth and solidify its position as a major player in the industry.