PointsBet has posted record net win for Q4, driven by record figures for its Canadian and Australian operations.
Total net win for the group hit AU$69.9m, up 11 per cent year-on-year.
PointsBet’s Australian business contributed a record $59.5m to this figure, up three per cent, while the record quarter in Canada amounted to net win of $10.5m, up 109 per cent.
The company said it enjoyed “continued improvement in promotions efficiency” in Australia versus the prior-year period, with promotions as a percentage of gross win down to 32.5 per cent from 38.5 per cent. Marketing expense was also 33 per cent lower year-on-year.
In Canada, igaming net win increased by 119 per cent and sports betting net win jumped 94 per cent.
As for the progress of its deal to sell its US operations to Fanatics Betting and Gaming, PointsBet said operations in 13 out of 14 states have now been transferred across.
Subsequent completion and receipt of the US$550m cost of the deal is “on track for completion in early-to-mid Q4 FY24,” the company added.
PointsBet furthermore revealed Q4 was the first quarter of positive operating cash flows in its history, of $0.1m, and it now expects total operating cash flows for H2 FY24 to be “positive.”
