PointsBet, the global online bookmaker based in Australia, has announced its results for the 2022 fiscal year and the numbers show the company lost even more money than it did in the previous year.
In fact, the Australian company reported that its losses amounted to 267.7 million Australian dollars, a figure which represents an increase of 42.6 percent compared to the 187.7 million that were lost in the previous year. The announcement had an immediate impact on the company’s share price, which recorded a drop of more than 11 percent.
On the positive side, the company did manage to grow its revenue quite significantly, from 194.8 million Australian dollars in the first half of the 2022 fiscal year to 296.5 million in the second half. However, the additional revenue was gobbled up by the increased cost of sales, which went up from 107 million to 174.9 million australian dollars.
The largest expense for PointsBet during this period was on sales and marketing, going up from 170 million to 236.8 million Australian dollars. Most of that money was invested in the United States market, where PointsBet is trying to make a significant presence as more and more states regulate sports betting. In fact, PointsBet’s revenue from the United States rose 122 percent year-on-year.