Australian-based sports betting operator PointsBet released today its quarterly financial results for the three months ended June 30, 2022, posting impressive performance for the fourth quarter of the fiscal year 2022.
Significant Increase in Q4 FY2022 Net Win
PointsBet registered a turnover of AU$1.3 billion ($906 million), up 32% on the AU$986 million (%687 million) the operator accounted for in Q4 of the fiscal year 2021.
Sports betting operations in the US generated AU$688 million ($480 million), an increase of 40% on the previous comparable period while domestic operations added another AU$599 million ($417 million) to post 21% more compared to Q4 FY2021.
Gross win from sports betting came at AU$122 million ($85 million) to post an increase of 24% on the AU$99 million ($69 million) PointsBet accounted for in the previous comparable period despite the decrease in gross win margin from 10% to 9.4%.
Net sports betting win was AU$78.5 million ($54.7 million), representing an increase of 32% on the AU$59.3 million ($41.3 million) in Q4 FY2021.
Online casino gaming operations added another AU$7.3 million ($5.1 million) in net win, nearly five times more than in the previous comparable period, to bring Pointsbet’s total net win to AU$85.8 million ($59.8 million), up 41% on the AU$60.8 ($42.4 million) in Q4 FY2021.
Compared to a sequential base, the total net win in Q4 FY2022 increased by 11.6% to the AU$76.9 million registered in the previous quarter.
Impressive FY2022 Performance
For the fiscal year 2022, PointsBet amassed over AU$5 billion ($3.49 billion) of sports betting turnover to post an increase of 32% year-over-year.
Turnover was almost equally split between the US and Australia, AU$2.45 billion ($1.7 billion) and AU$2.54 billion ($1.77 billion) respectively, but sports bettors in the US proved to be the bigger experts contributing more than two times lower gross win margin, 6.5% as opposed to 13.3% in Australia.
Total FY2022 net win was AU$309 million ($215 million) comprising AU$289 million ($201 million) from sports betting and AU$20 million ($13.9 million) from iGaming, registering an increase of 48% on the AU$208 million in FY2021.
Among the key developments in the fourth quarter and FY2022, PointsBet outlined the AU$94 million ($66 million) investment made by Sports Investment Corp at the end of the quarter. SIG Sports purchased 38.75 million shares to acquire a 12.8% stake in the company and become the largest shareholder. PointsBet said that the investment made by SIG Sports would help the business grow and compete across sports betting markets in North America.
Another key development was the exploratory agreement with Nelly Analytics to provide PointsBet with exclusive sports analytical services comprising highly sophisticated risk management and trading algorithms and enhance its operational capabilities.