PointsBet Canada Reports First Ontario Numbers – Casino Reports

PointsBet Canada Reports First Ontario Numbers - Casino Reports

Ontario’s gaming industry has finally heard some financial feedback on the province’s new iGaming market. On Thursday, July 28, 2022, the Australian-based PointsBet reported that it has accumulated over CA$14 million in online sports wagers for the first three months of operations in the new market. However, the province is still taking its time to publish the official reports.

The province’s private business model for iGaming operators and online sportsbooks launched on April 4, 2022. Since then, the Alcohol and Gaming Commission has approved more than 20 operators to join as regulated brands. But there is still no official fiscal report on how the market has performed, thus causing slight upset throughout the sector.

First Three Months’ Results

PointsBet Canada which debuted early into the market has recently reported that it has generated approximately CA$14 million in online handle from its launch to June 30, 2022. According to the sportsbook, during that time it accumulated a gross gaming revenue of CA$600,000 and its total market share was at approximately 4.2% in comparison to other operators.

After calculating the cost of free bets and other promotions in the province, the betting company reported a net loss of around CA$445,000. It also revealed that for the first three months of operations it has welcomed 7,239 wagering customers, which have registered on its platform. The gaming leader among 19 other sportsbooks is now live in the local market.

CEO of the company, Scott Vaderwel, shared that the team is quite pleased with the sportsbook’s performance in Ontario. He said that the firm has done quite well in the first three months, as during that time it has struck lucrative agreements with Maple Leaf Sports & Entertainment, which is the owner of the Toronto Maple Leafs and one with the Toronto Raptors.

According to the CEO, the company’s commercial deals are pushing its expenses higher in the short term, as it reported CA$7 million in Ontario-related advertising costs for the quarter. The gaming leader also offers iCasino products in the province, and for the first three months, it amassed over CA$600,000 in net winnings from it. Thus, reporting a total net profit of CA$175,000.

Ontario Partnerships

In March, PointsBet Canada also agreed to a deal with the Ottawa Redblacks, through which the sportsbook became an official sports betting partner to the team for the season. The deal also sees the sportsbook’s logo on the team’s kits for the season, and the company will be promoted across TD Place. The sportsbook will become the new presenting sponsor of the PointsBet Sideline Club with over 800 seats at TD Place.

And more recently in July, the sportsbook also announced a team-up with the country’s Bottcher curling team. This is another important partnership for the development of curling in the province, as last year, the company became sports betting partner to Curling Canada. The sportsbook also informed that it will be hosting PointsBet Invitational, which will be held from September 21 to 25 at the Willie O’Ree Place in Fredericton, New Brunswick.

Source: Zochodne, Geoff “Ontario Sports Betting: PointsBet Claims $14M in Handle as Provincial Numbers Still MIA”, Covers, July 29, 2022

Author: Ian Douglas