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- Shares in online sports betting company PointsBet (PBH) are up this morning after releasing its third quarter report
- The company has seen a 54 per cent increase in turnovers to over $1.3 billion which was driven by a 70 per cent increase in US turnover to $818.8 million
- Customers receipts totalled $77.9 million, however, it did spend $53.7 million on advertising and marketing, totalling an operating cash outflow of $58.5 million
- At the end of the third quarter, PointsBet had over $475 million in cash and cash equivalents
- PointsBet is up 12.6 per cent with shares trading at $3.05
Online bookmaker PointsBet Holdings (PBH) shares have grown this morning after releasing its third quarter report.
The company has seen a 54 per cent increase in turnovers to over $1.3 billion, compared to this time last year. This result was driven by a 70 per cent increase in US turnover to $818.8 million and a 37 per cent increase in Australia to $579.4 million.
The sports betting agency recorded a group total net win of $7.6 million, up 19 per cent from the third quarter of FY21. Its Australian business saw a 37 per cent increase in total net win to $52.3 million.
Over in the US, PointsBet had an eight per cent increase in total net win to $24.6 million, compared to this time last year.
In the US, clients who placed a cash bet in the last 12 months increased 96 per cent to 249,497, while Australia’s cash active clients grew 47 per cent to 232,763, compared to Q3 FY22.
During the period, the company saw customer receipts of $77.9 million, however, it did spend $53.7 million on advertising and marketing, totalling an operating cash outflow of $58.5 million for the period.
At the end of the third quarter, PointsBet had over $475 million in cash and cash equivalents.
Over the period, PointsBet’s subsidiary, PointsBet Canada, was approved by the Alcohol and Gaming Commission of Ontario as a licensed sportsbook in Ontario, which will commence from April.
The company highlighted the Ontario regions benefits including a large population and a host of professional sports teams.
“Being recognised for the second consecutive year as the top sports betting operator at the EGR North America Awards is a tremendous honour the PointsBet team does not take lightly,” Pointsbet USA CEO Johnny Aitken said.
“We extend our sincere thanks to the judges, sponsors, industry colleagues, and entire EGR team for the recognition and validation of our hard work in the past year, which featured PointsBet extending its operations further across North America to jurisdictions like New York, Pennsylvania, and Ontario.”
“Looking at the opportunity ahead, we are excited to continue proving our vision and ability to execute.”
On the market, PointsBet was up 12.6 per cent and last traded at $3.05 per share at 12:36 pm AEST.
