By BBBB
PointsBet’s has released its latest report for the full financial year 2024 revealing a 17% year-on-year increase in revenues to AU$245.5 million across all operations.
According to the announcement, a significant milestone in FY24 was the successful sale of PointsBet’s US business to Fanatics Betting and Gaming for AU$225 million. This transaction, finalized after a 10-month process, allowed the company to distribute AU$442.4 million to shareholders. The Australian Taxation Office confirmed that this capital return would not be classified as a dividend.
The gross profit margin for FY24 increased to 52.8%, a 2.5% improvement, demonstrating enhanced operational efficiency. PointsBet’s cost-cutting initiatives were evident in a 21% reduction in marketing expenses, which dropped to $71 million. Additionally, operating expenses, excluding marketing, were reduced by AU$10.3 million compared to FY23.
In Australia, PointsBet reported record revenues of AU$211.5 million, marking a 10% growth. The gross profit margin rose to 52.9%, while marketing expenses were cut by 26% to AU$45.2 million. In Canada, the company experienced substantial growth, with total net win surging by 86%, fueled by strong performance in both sports betting and iGaming.
Speaking of the results, Chairperson Brett Paton said:
Our Australian operation has a strategically important place in the Australian wagering market and we intend to continue to grow our online share in this market.
We are equally excited in the outlook for our Canadian business. The Canadian business provides shareholders continued exposure to the North American Market through a jurisdiction that is more attractive than most US states. The lower capital requirements and higher operating margins benefited from lower gaming tax relative to most US states create strong prospects for attractive future economics with additional provinces going live over the next two years.
FY2024 Key Highlights
- Group Normalised EBITDA – ($1.8 million), up by $47.2 million
- Total Group Net Revenue – $245.5 million, up 17%
- Sports Betting Net Win – $248.3 million, up 14%
- iGaming Net Win – $18.8 million, up 63%
- Group Gross Profit Margin – $71 million, down by 21%
English