During Q1, PointsBet’s US operations recorded a total net gain of AU$29.5 million, representing growth of 101%. The company released its Q1 report, showing that its sports betting account increased by 18% – totaling AU$1.16 billion (US$760 million).
Furthermore, during the first three months of the year, PointsBet recorded a total net gain of AU$78.8 million, up 13% from Q1 2022 – with its gross winning margin on sports betting down by 2 %.
In Australia, its operations suffered losses across the board, with turnover falling 3% to AU$611.9 million and net gain to AU$47.5 million, representing a loss of 13%.
Highlighting its US operations, the sportsbook operator’s total net income was up 101% to AU$29.5 million. Much of this came from its iGaming vertical, which saw a 229% increase to AU$7.2 million.
PointsBet’s sports betting operations in the US also saw growth, reaching AU$22.3 million in Q1 2023, up from AU$12.5 million in 2022.
Despite PointsBet’s positive Q1 US report which showed its operations to be healthy, the company recently announced that it had begun the process of a strategic review to either sell its US operations or merge with another company.
The company has retained investment banking firm Moelis & Company to handle the sale, with the Australian firm saying in a statement: “We believe further industry consolidation is inevitable.”
PointsBet withdrew its Massachusetts sports betting license application in March, indicating it was no longer committed to expanding its US presence at the same pace as some of its competitors such as FanDuel or DraftKings.