PointsBet records third consecutive quarter of positive revenue in US
Active users in US dropped slightly during Covid-19 lockdown despite group-wide growth
Despite PointsBet’s US business experiencing a 13% annual drop in turnover in Q2, net revenue (minus bonuses) was positive for the third consecutive quarter at $861,875.
Despite the lack of professional sports in US during the period, PointsBet said it kept bettors engaged on lower tier sports after having reduced marketing spend.
While active users across the business increased 9% from December 2019 to 30 June 2020, its US client base dropped slightly from 21,141 to 20,939.
New Jersey accounted for 92% of US revenue during the period, as it held off its post-execution plans in Indiana after college basketball’s ‘March Madness’ was cancelled.
The operator reported a 356% year-on-year rise in revenue in Q2 to $24m on record performance in Australia as bettors migrated online during the Covid-19-induced lockdown.
Turnover in Australia grew 81% on the previous quarter to $217.5m, boosting the group’s overall net win margin by 6% to 9.6%.
Expenses for the quarter came in at $23.4m across marketing, staff costs, corporate expenses and cost of sales.
Its market share in New Jersey was up 3% on t11.2+he previous quarter to 8.7%.
The operator plans to launch retail and online betting in Illinois this month, shortly after the state’s governor ordered the resumption of in-person registration.
PointsBet expects to roll out its product in Colorado and Michigan soon after.