Australian-based sportsbook PointsBet has released its first quarter financial results for 2023. The company plans to sell its US operations and is currently ranked the seventh-largest sportsbook in the states.
PointsBet reported a gross win of AU$115.1m (US$75.8m), a 2.2% decrease year-on-year, as well as a 5.6% decrease from the previous quarter. A net win of AU$70.3m in its sports betting division was posted; furthermore, it achieved a net win of AU$8.5m from its iGaming operation.
The sportsbook’s overall handle increased 18% year-on-year to reach AU$1.16bn – but dropped 11% from the previous quarter’s results. PointsBet's US business accounted for AU$523.8m, circa 45% of that total handle.
In Canada, the company's handle rose annually to AU$20.9m – though, this only accounts for 1.8% of the total. Australia remains PointsBet’s largest market with a handle of AU$611.9m, a 50% rise year-over-year.
According to PointsBet’s report, it recently launched in Kansas and Louisiana online and in Maryland as a retail sportsbook, it is now live in a total of 12 states with it online sportsbook. Meanwhile, Its iGaming offers are live in four states.
US marketing expense totalled US$22.8m for the first quarter of 2023, and the report cited a focus on “regional/local investments” in states where PointsBet is live. The targeted demographic, called the ‘Super User’ within the report, is an engaged player who bets an average of three days per week.
PointsBet’s results state, “Super Users are bettors first, sports watchers second. They love to bet on live events – double that of the average user – and they love to bet across a wide range of sports.”
PointsBet is currently working with Moelis & Company investment bank to sell its North American assets to a potential “super buyer.”
