PointsBet announces strong start to FY2021

first_img PointsBet saw turnover and revenue grow significantly in the first quarter of its 2021 fiscal year, thanks to customer acquisition efforts in its native Australia, and expansion into new US states. Q1 results 2020 In the US, it continued its expansion will a re-launch of its offering in Indiana, as well as going live in Illinois, and gaining a presence in the national media through its partnership with NBC Sports. Email Address Turnover for the three months ended 30 September grew 193.4% year-on-year to $691.9m (£378.9m/€417.6m/$493.3m), of which $527.7m came from Australia, up 221.0%. US stakes contributed the remaining $164.2m, a 130.0% improvement on the first quarter of FY2020.  AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter This came during a period where PointsBet looked to take advantage of structural changes in Australia to grow its audience, such as the merger of BetEasy and SportsBet following from Flutter’s acquisition of The Stars Group, and customers shifting online.  Topics: Finance Sports betting Q1 results 2020 Online sports betting Sportsbook Australia contributed the vast majority, at $35.1m, while the US contribution swung from an $0.8m loss in Q1 2020 to $3.1m.  Subscribe to the iGaming newsletter This saw customer numbers in Australia grow 73.2% to 124,715, while its US customer base grew 158.9% to 39,816.center_img PointsBet announces strong start to FY2021 Regions: Oceania US Australia Illinois Indiana Iowa 27th October 2020 | By Robin Harrison Capital expenditure for the quarter stood at $15.3m, and thanks to the operator’s $353.1m capital raise, after transaction costs it held $342.1m in net cash for financing activities as of 30 September. It therefore held cash and cash equivalents of $457.1m at the end of the quarter, having had reserves of $144.3m at the beginning of the reporting period, and no corporate borrowings. This, PointsBet noted, meant it had the necessary funds to achieve its strategic objectives and planned activities.  Personnel and administrative costs both declined marginally during the quarter, and thanks to an $11.6m increase in amounts held in player accounts, PointsBet’s net spend on operating activities came to $10.0m.  After player winnings, gross revenue came to $70.4m, a 282.6% rise from the prior year. This broke down to a $60.5m contribution from Australia, and $9.8m from the US.  Once revenue-related costs were factored in, including losses from Illinois and Indiana due to high levels of investment in customer acquisition, net revenue for the quarter amounted to $38.1m, a 222.9% year-on-year rise.  Turning to outgoings, PointsBet’s cost of sales, comprising product manufacturing and operating costs, jumped to $19.0m, while advertising and marketing spend jumped 261.7% to $28.6m. last_img

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