PointsBet increases turnover by 14.6% after Fanatics deal
PointsBet increases turnover by 14.6% after Fanatics deal

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.

The operator is a renowned brand in the North American market.

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%.