While operators and observers wait for official numbers regarding the first months of Ontario’s regulated online gaming and betting market, PointsBet has been one of the first companies to offer its own revenue insights.
PointsBet reported on July 28 that it handled approximately $14 million in sports bets alone in Ontario during the three months ended June 30, which is nearly three months to the day after the province’s new market launched on April 4.
The Canadian branch of Australia-based PointsBet was a Day 1 operator in Ontario.
The company announced that its gross win from sports betting in Ontario during the quarter was around $600,000 and its hold was approximately 4.2 per cent.
Including the cost of promotions and free bets, the company reported a net loss from sports betting in the province of around $445,000. PointsBet also said it had 7,239 betting customers in Ontario for the three months ended June 30.
In May, PointsBet was also ordered to pay a $30,000 fine for an alleged failure to comply with the Alcohol and Gaming Commission of Ontario’s standards around gambling inducements.
PointsBet Canada CEO Scott Vanderwel said on a conference call for analysts and investors, per Covers, that they were pleased with their performance thus far, which has included a partnership with Maple Leaf Sports & Entertainment, the owner of the NHL’s Toronto Maple Leafs and the NBA’s Toronto Raptors.
“PointsBet is a new brand in Ontario, so we continue to focus on building awareness of who we are given the levels of competitive intensity, with 19 licensed operators and existing grey market providers still in operation,” Vanderwel said, as quoted by Covers. “Our approach has been to stand out from the sea of sameness that customers are seeing through mass media and to engage with our target customers more directly through our strategic partnerships with key sports teams and organizations.”
PointsBet’s financial update added that it also took around $600,000 in net winnings from online casino gaming during the quarter, for a total net win in the province of around $175,000.
Vanderwel added that PointsBet Canada’s overall financial performance in Ontario “was helped by having our casino offering live from day one, which served to stabilize some of the expected volatility in the sportsbook”.