PointsBet sees 17% revenue jump to $165.3M in FY2024, driven by strong performances in Australia and Canada

Australian sports betting and iGaming operator PointsBet announced a 17% increase in revenue for the fiscal year that ended on June 30, reaching AUD 245.5 million ($165.3 million), driven by cost-cutting measures and strong operational performance in Australia and Canada. 

The gross profit margin for FY24 increased to 52.8%, up 2.5%, reflecting better operational efficiency. PointsBet's efforts to reduce costs resulted in a 21% reduction in marketing expenses, which dropped to AUD71 million. 

Operating expenses, excluding marketing, were decreased by AUD10.3 million ($6.9 million) compared to FY23. Meanwhile, PointsBet’s core sports betting business saw a net win increase of 14% year-on-year to AUD248.3 million ($166.7 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. Meanwhile, in Australia, PointsBet reported record revenues of AUD211.5 million ($142.06 million), marking a 10% growth. The gross profit margin rose to 52.9%, while marketing expenses were cut by 26% to AUD45.2 million ($30.3 million).

Brett Paton, Non-Executive Chairman, 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 about 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 creating strong prospects for attractive future economics with additional provinces going live over the next two years," he added.

A highlight in FY24 was the successful sale of PointsBet’s US business to Fanatics Betting and Gaming for AUD225 million ($151 million). This transaction, finalized after a 10-month process, allowed the company to distribute AUD442.4 million ($297.09 million) to shareholders. The Australian Taxation Office confirmed that this capital return would not be treated as a dividend.