PointsBet Annual report: Exec salaries almost double
However, the company didn’t achieve its diversity goal at Board level.
PointsBet has released its yearly report ending June 30 2023.
In the report, a letter to shareholders was written by Chairman Brett Paton and Group CEO Sam Swanell, in regards to PointsBet’s US$225m sale of its US business to Fanatics and what it expects its future to look like post-acquisition.
The company notified that it intends to distribute capital to shareholders of approximately AU$1.39 (US$0.99) to AU$1.44 per share. The first AU$1 per share is expected to be paid in mid-September 2023 and the remaining AU$0.39 to AU$0.44 will be paid at close of the transaction.
With its Canadian and Australian operations still active, PointsBet expects EBITDA to break even this year with it increasing in FY25.
In spite of the sale of its US Business, for the 2023 financial year, total group net win was AU$391m, growing 26%.
The report stated the company will be focusing on its growth in Canada following the sale of its US operations, “As we look ahead to FY24, we are looking forward to delivering growth in Canada.
“The company will maintain a top-tier North American sports betting product, an exciting product roadmap and will continue to invest in our product and app experience for both our Australian and Canadian businesses, underpinned by OddsFactory.”
When speaking about its Canadian business, the letter stated that it is more attractive than most US states because, “The lower capital requirements and higher operating margins benefited from lower gaming tax relative to most US states create strong prospects for attractive future economics with additional provinces going live over the next two years.”
Singh’s salary isn’t available for 2023 as he was given AU$129,169 in 2022 in termination payments.
PointsBet also reported its executive salaries, which reflects the growth of the business, as Swanell’s salary (with bonuses) has increased to AU$3.3m, up from AU$1.8m, with his performance-related bonus increasing from 45% to 76%.
The report also revealed that the percentage of women in the company has increased 3% from last year; however, the company did not achieve its FY23 measurable objective as the number of women in the Leadership Group decreased compared to the prior.
The diversity report showed that there are 80% men and 19% women in the company, 82% men and 18% women in senior management roles and 75% of Board members are male while the remaining 25% are female.
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