Revenue growth, US expansion among highlights of PointsBet’s half-year report
Gaming operator reports net win of $22.7m as US presence expands from six states to ten
PointsBet is making strides in the US market despite significant competitive headwinds, as the gaming operator detailed across-the-board growth in its half-year report covering the final six months of 2021.
The results revealed total sports betting handle of $686.6m – up 15.6% from the first half of the year – and $51.3m in gross gaming revenue (GGR), a 299% increase from the $12.8m PointsBet totaled in H1 FY21.
Net win for the period was $22.7m, in contrast to a net loss of $1.45m in the previous period. Those figures were bolstered by $5.51m in net win from igaming across three states of operation.
The gains stand in contrast to an overall EBITDA loss of $68.3m for the US trading segment – on the heels of a $50.1m EBITDA loss in the first half of 2021 – with the operator primarily attributing the loss to $56.7m in marketing expenses.
Expansion has represented a focal point since July 2021, as PointsBet has launched online sports betting in West Virginia, Virginia, New York, and Pennsylvania during that time. It has also rolled out its online casino product in Michigan, New Jersey, and West Virginia.
Despite having increased its presence from six states to ten, PointsBet has just a 4.2% blended market share in the US.
The operator is nevertheless making continued efforts to build brand awareness, highlighted by an ambassador deal with NFL legend and NBC analyst Drew Brees that served to strengthen its ongoing NBCUniversal partnership.
On a local level, PointsBet struck partnerships with Austin FC of Major League Soccer – which includes market access to Texas – as well as the University of Maryland.
While carving out a bigger slice of the US pie remains a priority, PointsBet also has its sights set squarely on Canada, evidenced by its formulation of a Canadian executive team in advance of the rollout of online betting in Ontario. It has also forged partnerships with Curling Canada and the NHL Alumni Association.
Global CEO Sam Swannell underscored PointsBet’s bullishness on the Canadian opportunity, announcing on the earnings call that his firm “will be on the starting line on April 4” when commercial operators are permitted to launch in Ontario.