US growth leads the way for PointsBet during its fiscal Q1
Australian operator reports double-digit growth in all key metrics despite registering continuing net-cash losses
PointsBet has reported year-on-year (YoY) growth in both its US and Australian operations during Q1 FY2022, with US turnover surging by triple digits.
Publishing its latest set of financial results, the ASX-listed operator confirmed a 66% increase in gross win to A$117.1m ($88m/£64m) and a 42% jump in handle, which grew to A$979.9m.
Net win derived from sports betting operations rose 76% YoY to A$67.3m, however igaming net win registered no growth due to its newly launched status, registering just A$2.2m during Q1 FY2022.
However, it was the US that proved to be the big winner for PointsBet during Q1 FY2022.
At a turnover/handle level, US operations reported a 112% YoY increase to A$348.6m, compared to YoY growth of just 20% for the Australian division, which hit A$631.4m.
US operations also led the gross win numbers, generating YoY growth of 197% to A$29.2m, while Australian gross win was up 45%, or A$87.9m.
US net win amounted to A$12.5m, up 305% from the same period in 2021 and corresponding to a margin of 3.6%. Australian net win leapt 56% YoY to A$54.8m, corresponding to a margin of 8.7%.
PointsBet’s cash active client numbers rocketed 367% in the US to 185,880 players and in Australia by 79% to 222,682 players.
The firm’s net cash from operational activities amounted to a negative figure of A$26.6m, with net cash from investing activities also generating a loss of A$11.6m.