PointsBet’s has released its latest report for the full financial year 2024 revealing a 17% year-on-year increase in revenues to AU$245.5 million across all operations.
According to the announcement, a significant milestone in FY24 was the successful sale of PointsBet’s US business to Fanatics Betting and Gaming for AU$225 million. This transaction, finalized after a 10-month process, allowed the company to distribute AU$442.4 million to shareholders. The Australian Taxation Office confirmed that this capital return would not be classified as a dividend.
The gross profit margin for FY24 increased to 52.8%, a 2.5% improvement, demonstrating enhanced operational efficiency. PointsBet’s cost-cutting initiatives were evident in a 21% reduction in marketing expenses, which dropped to $71 million. Additionally, operating expenses, excluding marketing, were reduced by AU$10.3 million compared to FY23.
In Australia, PointsBet reported record revenues of AU$211.5 million, marking a 10% growth. The gross profit margin rose to 52.9%, while marketing expenses were cut by 26% to AU$45.2 million. In Canada, the company experienced substantial growth, with total net win surging by 86%, fueled by strong performance in both sports betting and iGaming.
Speaking of the results, Chairperson Brett Paton said:
Our Australian operation has a strategically important place in the Australian wagering market and we intend to continue to grow our online share in this market.
We are equally excited in the outlook for our Canadian business. The Canadian business provides shareholders continued exposure to the North American Market through a jurisdiction that is more attractive than most US states. The lower capital requirements and higher operating margins benefited from lower gaming tax relative to most US states create strong prospects for attractive future economics with additional provinces going live over the next two years.
FY2024 Key Highlights
- Group Normalised EBITDA – ($1.8 million), up by $47.2 million
- Total Group Net Revenue – $245.5 million, up 17%
- Sports Betting Net Win – $248.3 million, up 14%
- iGaming Net Win – $18.8 million, up 63%
- Group Gross Profit Margin – $71 million, down by 21%
An experienced iGaming commentator and analyst based in New York City – Jenny reports on regulation and gambling industry news and events.
PointsBet, a leading online sports betting company, has reported a 17% increase in its full-year 2024 results, along with record revenues in Australia. The company’s strong performance in the past year is a testament to its growing presence in the competitive sports betting market.
One of the key factors driving PointsBet’s success is its innovative approach to sports betting. The company offers a wide range of betting options, including traditional sports like football and basketball, as well as niche sports like darts and table tennis. This diverse offering has helped PointsBet attract a wide range of customers, from casual bettors to serious sports fans.
In addition to its diverse betting options, PointsBet has also invested heavily in technology to enhance the user experience. The company’s mobile app is user-friendly and offers a seamless betting experience, allowing customers to place bets quickly and easily. This focus on technology has helped PointsBet differentiate itself from competitors and attract a loyal customer base.
Another key driver of PointsBet’s success is its strong marketing strategy. The company has invested heavily in advertising and sponsorships to raise brand awareness and attract new customers. PointsBet’s partnerships with major sports leagues and teams have helped it reach a wider audience and establish itself as a trusted name in the sports betting industry.
Looking ahead, PointsBet is well-positioned for continued growth in the coming years. The company’s strong financial performance and record revenues in Australia demonstrate its ability to thrive in a competitive market. With its innovative approach to sports betting, focus on technology, and strong marketing strategy, PointsBet is poised to maintain its position as a leader in the online sports betting industry.
