PointsBet hails “strong performance” in Australia during lockdown
Operator attributes profit growth to retail betting shutdown and product enhancements
PointsBet has hailed the “strong performance” of its Australian business which recorded $12.1m (£6.5m) in profit between April 1 and May 25, despite the Covid-19 disruption.
In a statement, the firm said its performance was down to a shift to online as retail venues remained closed, as well as increased racing turnover as racing continued to go ahead in the country.
It also attributed the growth to product updates implemented during the period.
“The improvement in PointsBet’s overall product offering led to a greater share of wallet from existing clients,” the statement said.
Prior to the Covid-19 disruption to betting, the firm reported record revenue in March.
PointsBet has also signed a deal in Australia as the exclusive betting partner of Fox Sports AFL (Fox Footy) as the Australian Football League is set to return in June.
In its latest trading update, PointsBet also reported $200,092 (£162,000) in profit for its US business in the two-month period between 1 April and May 25.
The operator said it had continued to keep users engaged with new markets and its free-to-play offering despite a lack of professional sport in the US.
Last month the operator’s US business reported positive net revenue growth to $2.2m (£1.7m) in the quarter ending March 31, 2020, up from a $300k loss the previous year.