PointsBet recorded AU$5.74 billion in trading volume in its 2023 annual results, following the sale of its US division to Fanatics in the last quarter. This represented an increase of 14.6% compared to the year 2022.
In total, AU$2.91 billion came from PointsBet’s US operations, while AU$2.82 billion came from its combined operations in Canada and Australia.
During the fourth quarter – ending July 28th – both Fanatics Betting and Gaming and DraftKings submitted bids to acquire PointsBet’s US division, worth $150.0 million and $195.0 million respectively.
Although PointsBet stated that it would engage with DraftKings in relation to its proposal, Fanatics’ improved offer of $225.0 million ended up leaving DraftKings out of contention.
The sale was approved by PointBet shareholders at the end of June.
PointsBet annual results
Net profit for the full year was AU$391.1 million, an increase of 26.4% over the previous year. In total, AU$161.1 million came from the US and AU$230.0 million came from the US and Canada.
Sports betting across all regions accounted for AU$335.8 million of the total net profit, while online gaming accounted for the remaining AU$55.3 million.
Compared to the fourth quarter, total trading volume was AU$1.06 billion, down 17.9%.
This was split fairly evenly, with AU$524.4 million coming from the US and AU$544.8 million coming from Australia and Canada.
Net income amounted to AU$102.3 million for the period. Of this amount, AU$61.1 million came from Australia and Canada, and AU$41.2 million from the US.
Cost of sales for the fourth quarter was AU$56.7 million, an increase of 2.2% compared to the previous quarter.
Sales and marketing costs decreased from the previous quarter by 47.6% to AU$36.1 million. Personnel costs also decreased, but only slightly, by 3.7% to AU$25.8 million.
Administration, Corporate and Goods and Services Tax costs totaled AU$24.9 million, an increase of 26.4%.