PointsBet has released its annual report for the 12-month period ending June 30, 2023.
Revenue from ordinary activities was up 29 per cent against the previous year to AU$383,142. Net loss attributable to members after tax was down three per cent to -$276,313.
The results reflect an eventful year for the company, which saw it sell its US business to Fanatics for US$225m.
“The sale to Fanatics was validation and recognition of the value that our technology, established state market access, necessary partnerships and experienced team could bring to a strong brand and an extensive sports customer base with a fanatical interest in sport like the Fanatics,” said chairman Brett Paton and group CEO Sam Swanell in a joint letter.
“Post the sale of the US business to Fanatics, we intend to distribute capital to shareholders of approximately A$1.39 to $1.44 per share. We expect to make the distribution over two tranches, with the first tranche of approximately A$1 per share expected to be paid in mid-September 2023 and the remaining A$0.39 to $0.44 at close of the transaction.
“Notwithstanding the sale of the US business, for the 2023 financial year, total group net win was $391m, growing 26 per cent versus FY22.
“The company saw solid trading results from our US business, with sports betting net win increasing by 58 per cent to $117.3m, US igaming new win grew 122 per cent to $43.8m. For the 12 months to June 30, 2023, the US business had 276,875 cash active clients, a four per cent increase compared to the 12 months to June 30, 2022.
“The Canadian business which launched only in April 2022, saw significant growth in sports betting net win to $6.8m and igaming net win at $11.5m for total net win of $18.3m with 30,423 cash active clients.
“In Australia, the combination of the continued shift away from racing as a result of the softness in the online racing wagering industry, towards sports turnover has been offset by continued improvements in the efficiency of our client promotions capability, leading to a statutory EBITDA positivity.
“As we look ahead to FY24, we are looking forward to delivering growth in Canada. The company will maintain a top tier North American sports betting product, an exciting product roadmap and will continue to invest in our product and app experience for both our Australian and Canadian businesses, underpinned by OddsFactory.”
