PointsBet has posted total net win of AU$58.2m in Q1 of the financial year, up 18 per cent on Q1 2023’s $49.3m.
Sports betting net win reached $55.1m, up 15 per cent, from a handle of $611m, which dropped by three per cent year-on-year.
However, PointsBet’s igaming operations showed a 136 per cent increase in net win, rising from $1.3m to $3m.
Total net win in Australia and Canada grew 11 per cent and 212 per cent, respectively, to $52.8m and $5.4m.
PointsBet said it expects its FY24 total net win to be between 10 and 20 per cent higher than FY23 and forecasted group EBITDA to be at or close to breakeven from April 2024.
Fanatics deal update
The company said it has transferred operations in 10 out of the 14 US states where it was live to Fanatics Betting and Gaming in Q1 2024, as part of its US$225m deal with the company. PointsBet added that it has received the first instalment of consideration of $175m.
It said subsequent completion and receipt of balance, as well as transfer of its operations in the other four states, is on track for completion in Q3.
