PointsBet US revenues up 81% amid NJ market share loss
Operator attributes lowered market share in the state to decreased turnover from high staking bettors
PointsBet has recorded US revenues of $75.7m in the three months to December 31, 2019 with New Jersey revenues up 81% on the previous quarter to $67m.
Overall net profits came in at $2.3m on a 3% profit margin across its New Jersey and Iowa operations.
The firm attributed the growth to three successive all-time high months as the NFL and NBA seasons progressed.
“This was PointsBet’s first positive margin quarter for the US business since launch,” the company reported.
However, its New Jersey market share dropped to 5.9% from 6.7% in the previous quarter on lower turnover from high staking bettors.
The operator launched its app in Iowa during the quarter, with customer acquisition efforts focusing on local marketing and omni-channel promotions (considering the in-person registration requirement).
It expects to launch mobile betting in Indiana in the next quarter and then retail and mobile betting in Illinois in six months.
In January the firm announced market-access deals in Michigan and Kansas, giving it access to a total of 12 states.