Q2: PointsBet generates $6.9m net win from Canada operations

January 31, 2024
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The company reported that its quarterly results were the highest on record.

PointsBet has published its financial and business report for the second quarter of 2024. In Canada, the operator posted total net win of AU$10.5m (US$6.9m) for the quarter, reflecting a 109% increase in activity when compared to figures from the previous year’s period and a 95% increase quarter-over-quarter.

Net win from sports betting in Canada rose by 94% year-over-year to reach AU$4m, while net win from iGaming rose to AU$6.4m and surpassed the previous year’s total by more than 119%.

The company reported a net win margin of 5.4%, which was nearly twice what PointsBet posted during the same quarter last year.

Gross win from Canadian sports betting climbed to AU$6.4m during the second quarter.

PointsBet reported that its Canadian numbers set a new quarterly record. The company went on to add that more first-time bettors in Ontario placed wagers during the second quarter than they have during any quarter since the province opened its commercial market almost two years ago.

However, the company’s Canadian handle fell by nearly 7% year-over-year during the second quarter. The company reported that its handle from Canadian operations reached AU$74.8m in Q2.

PointsBet also provided a business update for its projects in the US. During the second quarter, the company transferred ownership of 13 out of its 14 US state legal entities to Fanatics Betting and Gaming.

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