PointsBet has published its financial results fort the first quarter of 2023. The Canadian company noted growth throughout the US and Canada during Q1.
During the period, PointsBet reported an overall sportsbook handle totaling $732.3m. When compared to last year’s corresponding quarter, the company’s total handle represents an 18% increase.
Total net earnings reached $49.9m, which reflected a 13% boost year-over-year. In a breakdown by market, sports betting yielded $44.5m, while iGaming net earning grew by 287% to reach $5.4m.
Total cash and cash equivalents climbed to $300.7m at the end of Q1 2023.
In the US alone, PointsBet’s sportsbook handle yielded $331.6m, a rise of 50% when compared to the previous year’s quarter. During Q1, the company reported an increase in its net win by 101%, bringing the Q1 total to $18.7m.
Sports betting in the US showed similar trends to the company’s overall growth trajectory. During the first quarter, PointsBet brought in $14.1m in net revenue through its sports betting arm.
The company reported $4.6m in net revenue through iGaming. When compared to last year’s same period, iGaming figures rose by 229%.
In addition to financial growth, PointsBet reported strong results in its market expansion plan. PointsBet launched multiple sportsbooks throughout the US during the quarter, including online sportsbooks in Kansas and Louisiana, as well as a retail sportsbook in Maryland.
Currently, the company’s online sportsbook is live in 12 US states, with iGaming operations live in four states.
PointsBet is a corporate bookmaker listed on the Australian Stock Exchange with operations in Australia, the US, Canada and Ireland. The company recently extended its partnership with Team Einarson. PointsBet will represent the team as its official sports betting partner this year.
