Points Bet’s entrance into the Ontario market last year has paid dividends following the announcement that its revenues were up 28% to $162.7m in H1FY23.
Publishing its results for the six-month period ended Dec. 31, 2022, the sportsbook nearly doubled its US revenue, while revenue in Canada came in at $6.1m, and EBITDA at $17.3m.
Sportsbook gross win was $4.6m, net win came in at $2.2m, and casino delivered $3.8m in net win.
“These results show our North American strategy is delivering – revenue growth is up and costs are going down, and the Australian business is continuing to deliver,” said Sam Swanell, Managing Director and CEO.
“To put it simply, the jaws at PointsBet are positive. Revenue is growing strongly, and costs are reducing. We held $293.1m in corporate cash as at Dec. 31, 2022, and we have no corporate debt.”
Looking ahead, Swanell added: “We expect a normalised EBITDA loss of between $70.3m and $74.9m for the second half of FY23 – this a significant decrease to both the first half loss of $136.2m and the H2FY22 loss of $107.4m.
“These results show our strategy, backed by world leading technology and a world leading team, is building a platform for future growth and profitability.”
A breakdown of its results in Canada show its sportsbook handle was $92.5m, driven primarily by the NFL, NBA, NHL and FIFA World Cup.
Cash actives in the 12 months to Dec. 31 grew to 20,777, with average bets per customers and average bet size metrics exceeding expectations.
Furthermore, customer churn and NPS metrics improved steadily over H1FY23 as customers became more familiar with the product and overall experience.
Marketing spend was $13.7m in H1FY23, and PointsBet expects the H2FY23 marketing expense to be a similar level as the business continues to build up its position in the market, while ensuring it optimises its Net Win Payback Ratio.