PointsBet Updates Its FY 2024 EBITDA Guidance

PointsBet Holdings, a corporate ASX-listed bookmaker, has published a new update, drastically improving its EBITDA guidance. The announcement comes amid strong year-to-date trading and increased operational efficiency and productivity, the company announced.

As announced by PointsBet, the operator now expects normalized EBITDA loss for the fiscal year to be in the range of AUD 4 ($2.6 million) to AUD 6 million ($4 million). This represents a vast improvement on the previous FY24 guidance, which expected an EBITDA loss in the range of AUD 9 ($6 million) to AUD 14 million ($9.3 million).

Additionally, the projected EBITDA loss “reflects a significant improvement” compared to the FY 2023 normalized EBITDA loss of ($32.7).

Sam Swanell, PointsBet’s group chief executive officer and managing director, commented on the update, saying that it comes as a result of the company’s continued strong trading performance together with improved efficiency and productivity.

It is particularly notable to see that the Company has been able to continue to deliver such impressive results, whilst simultaneously undertaking a complex technical and operational migration, separation, and re-organization, with the recent completion of the sale of the US business.

Sam Swanell, group CEO & MD, PointsBet

Swanell added that his team will continue to invest in PointsBet, growing the company and enhancing its core tech and product capabilities. The company’s current strategy is to increase its market share and set PointsBet up for further successes in FY 2025 and beyond, the CEO concluded.

PointsBet’s Business Remains Stable

PointsBet is an international company with operations in Australia and Canada. The company recently posted its Q3 results and expressed its confidence that additional tax hikes in Australia are unlikely. The report outlined positive trends across the board, sparking confidence in the company’s future success.

Earlier this year, PointsBet completed the sale of its US assets to Fanatics. The $225 million arrangement was a strategic move that allowed PointsBet to focus its efforts on markets where it has an established presence.

The deal greatly benefitted both companies as it allowed PointsBet to streamline its business and expanded Fanatics’ presence across the highly competitive US market.