PointsBet, the powerful online bookmaker and iGaming services provider from Australia, has announced its results for the first quarter of the 2022-2023 fiscal year and the numbers show a decrease when it comes to revenue.

In fact, the Australian company generated revenue of 115.1 million Australian dollars in the first quarter of the fiscal year and that figure represents a decrease of 2 percent compared to the same quarter of the previous financial year.

Moreover, gross win margin also recorded a decrease, going down by 2 percent to a margin of 10 percent. However, the company’s net profit as far as the sports betting vertical is concerned recorded an increase of 4 percent to 70.3 million Australian dollars.

The Australian company’s iGaming services division recorded an even more impressive net profit increase, going up by no less than 287 percent to a total amount of 8.5 million Australian dollars.

Across all verticals, PointsBet managed to record a net profit of 78.8 million Australian dollars, a figure that represents an increase of 13 percent compared to the first quarter of the 2021-2022 financial year.

The total betting handle also recorded an increase of 18 percent year-on-year, rising to an amount of 1.15 billion Australian dollars in the first three months of the 2022-2023 fiscal year.

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Mixed Results In the United States

The Australian company has a growing presence in the United States market, but the results generated there in the first quarter are not entirely positive. The betting handle did grow by 50 percent year-on-year to 523.8 million Australian dollars in the first quarter, but then recorded a drop of 24 percent compared to the previous quarter.

The same thing happened with net profits from sports betting, which recorded a 78 percent increase year-on-year before seeing a drop of 6 percent compared to the previous quarter. However, the iGaming sector did a lot better in the United States, recording a staggering increase of 229 percent year-on-year.

PointsBet also recorded great results in Canada, even though it launched in the country in 2022. The company’s handle in the country went up by 31 percent compared to the previous quarter and revenue went up by 138 percent. The iGaming sector also delivered great results, rising 96 percent.

The company’s results in Australia were not that good, the betting handle dropped by 3 percent compared to the same quarter last year and revenue was just 73 million Australian dollars, down 17 percent year-on-year. That led to a profits decrease of 13 percent compared to the previous fiscal year and 14 percent compared to the last quarter.

SOURCE: “PointsBet generates AU$115.1m in revenue for Q1 2023“. Gambling Insider. October 25, 2022.