PointsBet maintains $69.9m net win for Q2 FY25
The report reveals a consistent growth trajectory and a focus on operational efficiency.
Key Points
- PointsBet reported a stable net win of $69.9m in Q2 FY25, with a 6% increase in total net win for H1 FY25
- The company achieved group EBITDA profitability, improving by $10m year-over-year.
- Australian operations showed continued growth, while Canadian performance was impacted by customer-friendly sports outcomes
- The company expects positive cash flows in H2 FY25
PointsBet has released its Q2 FY25 quarterly activities report, reflecting stable performance across its sports betting and iGaming operations.
The company recorded a total net win of $69.9m for the quarter, maintaining parity with the previous year’s Q2 results.
For the first half of FY25, total net win reached $135.1m, representing a 6% increase year-over-year.
Total revenue stood at $124.4m, a 6% rise from the previous year, while total gross profit increased by 11% to $65.0m.
A key highlight was the company’s achievement of group EBITDA profitability, with normalised EBITDA up by $10m.
In sports betting, net win for the quarter reached $63.6m, showing minimal change from $63.5m in Q2 FY24.
However, total betting turnover declined by 34% year-over-year to $591.5m, reflecting a shift away from high-staking, low-margin clients.
Despite this, the company’s gross win margin improved to 13.6%, up from 9.8% in Q2 FY24.
PointsBet’s iGaming division reported a net win of $6.3m, marking a 2% decline compared to Q2 FY24. However, sequentially, iGaming revenue demonstrated strong growth, rising by 39% from Q1 FY25.
Good to know: Operationally, the company reached an all-time high of 292.6k cash active clients
PointsBet’s performance in key markets showed a mixed but overall positive trajectory.
In Australia, net win for FY24 increased to $237.9m, a 9% improvement from the previous year. Gross profit also rose by 13.5%, with net win margins consistently performing above 10%.
The company attributed this growth to its combination of technology, branding and a refined approach to customer promotions.
In Canada, PointsBet continued to grow its customer base, with cash active clients increasing by 49% from the previous year.
However, net win was impacted by customer-friendly NFL outcomes and lower-margin slots, resulting in an estimated $3.9m variance.
Despite these setbacks, H1 sports betting net win still grew by 13%, while iGaming net win increased by 15% year-over-year.
A key factor in the improved financial performance was enhanced gross profit efficiency, with marketing generosity costs declining from 32% of gross win in Q2 FY24 to 25% in Q2 FY25.
The Canadian iGaming division also continued its expansion by adding three new content providers and increasing its game portfolio by 40%, now offering more than 600 games.
As of 31 December 2024, PointsBet held $15.3m in statutory corporate cash.
The company reported net cash inflows of $2.7m from operating activities, excluding player cash accounts, and expects positive cash flow in H2 FY25.
Looking forward, the organization remains optimistic about its growth trajectory, emphasizing continued investment in product development and market expansion.
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