PointsBet reaped the benefits of a series of launches across North America as it recorded a 24% year-on-year increase in revenue during Q3, thanks to a large rise in turnover.
The gaming operator’s turnover was AUS$1.40bn (US$1.0bn/€948.4m/£797.7m) in the three months to 31 March 2022, up from $905.2m during Q3 2021.
While there was impressive growth in both its North American and Australia segments, the 70% uptick in the former means that it now generates almost four-fifths of overall turnover. Some $818.6m was generated in North America, while Australia saw growth of 37% to $579.4m.
From this turnover figure, the group recorded gross win of $124.9m during Q3, which was up 24% year-on-year.
Gross win was up just 1% to $46.1m in the US but grew by 44% in Australia to $78.8m.
The group’s growth has been driven by launches in New York, West Virginia, Pennsylvania and Ontario during the period, and it is now active in 10 US states plus the Canadian province. PointsBet has seen a 96% rise in cash active clients in North America compared to a year ago, with that figure now at 249,497.
PointsBet said it accounts for 3.6% of overall US online gambling handle, including an 8.9% share of the Illinois market. It currently accounts for 4.3% of the fledgling Ontario betting market that went live at the start of April.
PointsBet’s iGaming product is also now live in four US states plus Ontario and generated $5.5m of net win during the period.
Growth in Australia was powered by 47% increase in cash active clients compared to the same period in 2021, with that figure now at 232,763. That number was slightly down on Q2, although PointsBet said Q3 is historically seasonally quieter due to the sporting calendar.
Total net win was up 18% to $76.9m, with Australia up 37% to $52.3m and the US down 8% to $24.6m.
After including B2B operations, PointsBet reported revenue of $78.0m for the quarter.
Cost of sales were $51.3m during the period, with sales and marketing at $53.7m, staff costs at $23.4m and administration expenses at $13.6m. The group also spent $16.5m on US business development.
Marketing costs were down quarter-on-quarter due to scaling back in Australia. Some $33.2m was spent on marketing in the US. PointsBet spent US$11m on market access payment to the Pennsylvania Gaming Control Board, while cost of sales cash payments rose as a result of increased trading activity in the US.
As a result of these costs, PointsBet made a net loss of $58.5m for the quarter.
