Australian sports betting and gaming operator PointsBet released today its fiscal year 2022 first quarter report (Q1 FY2022), posting exceptional performance across its core markets.
PointsBet registered growth across all key metrics as on its domestic Australian market, as well as in the US. Turnover for the three-month period ended September 30, 2021, was AU$979.9 million ($734.9 million), up 42% on AU$691.9 million ($518.9 million) in the respective three-month period in 2020.
Australian operations registered a turnover of AU$631.4 million ($473.6 million), driven by an increase in the number of active customers by 13.3% on a sequential basis to reach 222,662. Q1 FY 2022 turnover represents 20% growth year-over-year.
Quarterly gross win and net win came up 45% and 56%, respectively, as PointsBet accounted for a record net win of $54.8 million ($41.1 million), while the net win margin was 8.7%.
Marketing expense for the three months of operations, which posted a record for first-time bettors and 10.1% of all wagering categories app downloads, was $22.1 million ($16.6 million).
Another significant event for PointsBet to report in the quarter was the deal with the Manly Sea Eagles that made the sportsbook the Major Partner of the team from the National Rugby League, featuring the brand on the main front position on the team’s jerseys for the next four years.
US operations generated AU$348.6 million ($261.5 million), fueled by a 16.7% growth in the number of active clients from the previous quarter to 185,880. Q1 FY2022 turnover represents 112% revenue growth year-over-year.
Quarterly sports betting gross win and net win spiked 197% and 307%, respectively, reporting net win of AU$12.5 million ($9.4 million), while sports betting net win margin was 3.6%. Q1 FY2022 marketing expense in the US was $27.6 million.
At the beginning of the quarter, PointsBet announced the appointment of NFL all-time great Drew Brees as a brand ambassador, a development that saw the brand launch an advertising spot featuring the NFL star and current analyst for NBS Sports.
Also in July, PointsBet officially launched iGaming operations in New Jersey, while in August, the brand went live with sports betting in West Virginia. In September, PointsBet teamed with Major League Soccer Austin FC to become the team’s exclusive sportsbook partner. A market access agreement with the team’s home stadium ensured entry into Texas sports betting if and when the state legalizes it.
PointsBet is actively preparing for its launch north of the US border by signing several multi-year deals, including with DailyFaceoff.com and The Nation Network in September to become their exclusive sports betting partner and adding several high-profile figures to its ranks, including Chantal Cipriano, Scott Vanderwel, Dale Fallon and Jeff Gamble.
Post the quarter close, PointsBet executed an agreement to become the official and exclusive sports betting partner of Curling Canada.
In terms of balance sheet metrics, PointsBet revealed, as of September 30, 2021, a cash balance of AU$626.7 million ($470 million), with no borrowings. Cash outflows comprised of cost of sales, non-capitalized staff costs, marketing costs, administration and corporate costs amounted to AU$110.5 million ($82.9 million).