PointsBet FY24 Results Show 17% Increase and Record-Breaking Revenues in Australia

PointsBet has released its financial report for the full year 2024, revealing a 17% year-on-year revenue increase to AU$245.5 million across all operations.

A key highlight of FY24 was the successful sale of PointsBet’s US business to Fanatics Betting and Gaming for AU$225 million. This transaction, completed after a 10-month process, enabled the company to return AU$442.4 million to shareholders, with the Australian Taxation Office confirming that this capital return would not be treated as a dividend.

The gross profit margin for FY24 improved to 52.8%, reflecting a 2.5% increase, which underscores the company’s enhanced operational efficiency. PointsBet’s cost-reduction efforts were evident, with marketing expenses cut by 21% to AU$71 million, and operating expenses, excluding marketing, reduced by AU$10.3 million compared to FY23.

In Australia, PointsBet reported record revenues of AU$211.5 million, representing a 10% growth. The gross profit margin increased to 52.9%, while marketing expenses were reduced by 26% to AU$45.2 million. In Canada, the company saw significant growth, with total net win increasing by 86%, driven by strong performances in both sports betting and iGaming.

Commenting on the results, Chairperson Brett Paton stated:

“Our Australian operation holds a strategically important position in the Australian wagering market, and we are committed to further growing our online share in this market. We are also optimistic about the future of our Canadian business, which offers shareholders continued exposure to the North American market in a jurisdiction more favorable than many US states. With lower capital requirements, higher operating margins, and lower gaming taxes relative to most US states, we see strong prospects for attractive future returns as additional provinces come online over the next two years.”