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- Australian bookmaker PointsBet Holdings (PBH) shares drop on its 2021 financial year results as it posts a big loss, despite increasing revenue
- The company recorded a loss of $187 million, a 351 per cent increase on last year
- However, its revenue increased 159 per cent to $197 million, which was driven by growth in both Australia and US
- PointsBet is currently aiming to expand in Canada following the Canadian Senate passing the bill to legalise single event sports betting
- On the market PointsBet was down 2.45 per cent, trading at $9.96 per share
PointsBet Holdings (PBH) shares have dropped on its 2021 financial year results.
The online bookmaker recorded a loss of $187 million, a 351 per cent increase on last year, due to the cost of sales and operating expenses.
However, its revenue increased 159 per cent to $197 million, this was driven by growth in both Australia and US. Gross profit was 87.6 million, up from last year’s $38.2 million.
In Australia, revenue for the year was $150.7 million, a 121 per cent growth, while the US grew 506 per cent to $42.3 million.
PointsBet continued to expand its US presence over FY21 through key hires across all departments and rolling out sport betting in Illinois, Colorado and Michigan.
Over the period, PointsBet reported a 228 per cent increase in turnover to $3.7 million. This was driven by a 117 per cent annual increase in Australian active clients and 661 per cent increase in US active clients.
The company saw its gross win increase by 201 per cent to $353 million, and its net win was up 152 per cent to $207 million.
Cash at the end of the period was $276 million.
PointsBet is currently aiming to expand in Canada following the Canadian Senate passing the bill C-218 in June, legalising single event sports betting.
On the market PointsBet was down 2.45 per cent, trading at $9.96 per share at 11:24 am AEST.
