PointsBet Enjoys Significant FY24 Growth in Canada and Australia
PointsBet, the Australian-based global bookmaker, has announced its results for FY23, with a steady performance from the Australian operations and eye-catching progress in its Canadian business for the year.
PointsBet continues to grow its market share in Australia and Canada in FY23.
LISTEN TO THIS ARTICLE:As well as the operator starting the sale of its business operations in the US. The Net Win for the group was AU $267.1 million for FY23, which is a 16% rise in a year-on-year comparison. Other key financial indicators were a Normalised EBITDA figure of $(1.8)m which exceeded the upper range of guidance figures. As well as the group continues to increase its market share in Australia and Canada.
PointsBet also outlined the efforts it had made during 2023 to create a safe environment for gamblers and ensure it adheres to an effective responsible gaming policy. These measures include not advertising during daytime hours and reducing stadium adverts in sporting venues, which are designed to protect vulnerable and minors from gambling-related harm.
Canada Achieves Strong Results for FY23
In a summary of results by region, Canada enjoyed a strong performance in this new market. The bookmaker saw a dramatic rise in its Total Net Win revenue up to $34m for FY23, an increase of 86% from $18.3m for the same period in 2022.
In a breakdown of the business in Canada the Net Win for Sports betting surged by 124% to $15.2m, and the same metric for the iGaming sector saw revenue up to $18.8m an increase of 63%.
In Canada, we completed our first full year of operations in Ontario. Total net revenue came in at $18.2 million, with iGaming net win of $11.5 million and Sportsbook net win of $6.8 million. The FY '23 statutory EBITDA loss for Canada was $35.8 million and that is expected to be the maximum annual EBITDA loss for the Canadian Trading segment. As in Australia, the Canadian business will reduce marketing expenses by 15% to 20% in FY '24. We expect this savings to fall straight to the bottom line.
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US Exit Main Event in 2023
In the statement senior leadership at PointsBet said the sale of its US business to Fanatics had dominated operations during FY23, and they expect the sale to be completed by the end of this year.
The key event during the year was the approval by shareholders on 30 June 2023 of the sale of the U.S. business to Fanatics Betting and Gaming for a headline purchase price of US$225 million. Completion of the sale will take place over a multistage process with the first stage being referred to as the initial completion and the second stage being referred to as a subsequent completion.
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