- PointsBet (PBH) has reported $51.8 million in cash outflows for its quarterly update as the company spends big on marketing and developing its US operations
- The group spent $35.9 million on developing its US businesses and also spent $65.6 million on marketing over the quarter, split between $22.6 million in Australia and US$29.7m in the US
- Despite this, when compared to the prior corresponding period, PointsBet saw growth in all of its primary KPIs for the three months ending December 2021
- The company increased turnover (money wagered) to $1,326 million, representing 11 per cent year on year growth
- Shares are trading 0.40 per cent lower at $5.01 each
PointsBet (PBH) has reported $51.8 million in cash outflows for its quarterly update as the company spends big on marketing and developing its US operations.
The group spent $35.9 million on developing its US businesses and also spent $65.6 million on marketing over the quarter, split between $22.6 million in Australia and US$29.7m in the US.
Despite this, when compared to the prior corresponding period, PointsBet saw growth in all of its primary KPIs for the three months ending December 2021.
The company increased turnover (money wagered) to $1,326 million, representing 11 per cent year on year growth.
The company reported a total net win of $77.3 million, a 73 per cent increase from the previous corresponding period (pcp).
Australia had a net win of $53.1 million, a 7 per cent increase while the US had a net win of $24.1 million.
Cash active clients have increased across both Australia and the US. The company saw 63 per cent growth in Australia and 210 per cent growth in the US from the pcp.
The company expanded its operations in the US by launching in Virginia, West Virginia and New York. It is preparing to launch in Pennsylvania and Ontario during the second half of the financial year.
At the quarter’s end, the company generated $90.4 million in receipts from customers.
However, its largest expense was for sales and marketing with $65.6 million spent. With cost of sales at $44.8 million, staffing costs at $18.9 million, and administration costs at $17 million, the quarter ended with operating activities at a loss.
PointsBet finished the period with $569 million in cash and cash equivalents.
Shares are trading 0.4 per cent lower at $5.01 each at 1.34 pm AEDT.