PointsBet reported AU$5.74bn (£2.98bn/$3.81bn/€3.48bn) in turnover for its full-year 2023 results, following the sale of its US arm to Fanatics in the final quarter.
During the full-year of 2023, PointsBet saw a significant increase in its operations. The total revenue was AU$2.91 billion from the US operations and AU$2.82 billion from the combined Canada and Australian operations, showing a growth of 14.6% compared to the previous year.
In the fourth quarter, which ended on 28th July, both Fanatics Betting and Gaming and DraftKings expressed interest in acquiring PointsBet’s US division, with bids of US$225.0 million and US$195.0 million, respectively. After considering both proposals, PointsBet chose Fanatics’ improved bid and decided to move forward with the sale.
CEO, PointsBet USA
For the full year, the net win amounted to AU$391.1 million, marking a 26.4% increase from the previous year. Out of this, AU$161.1 million came from the US and AU$230.0 million from the US and Canada. Sports betting accounted for AU$335.8 million of the total net win, while AU$55.3 million came from igaming.
In terms of the fourth quarter, the total turnover was AU$1.06 billion, which represented a 17.9% decrease. This decrease was evenly distributed between the US (AU$524.4 million) and Australia and Canada (AU$544.8 million). The net win for the quarter was AU$102.3 million, with AU$61.1 million generated from Australia and Canada, and AU$41.2 million from the US.
The cost of sales for the fourth quarter was AU$56.7 million, showing a 2.2% increase compared to the previous quarter. However, both sales and marketing costs decreased by 47.6% to AU$36.1 million, and staff costs saw a slight decrease of 3.7% to AU$25.8 million. Administration, corporate costs, and goods and services tax rose by 26.4% to AU$24.9 million.
PointsBet stock price
Let’s see how the results have affected the company’s stock price.
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PointsBet historical stock price evolution:
Undoubtedly, the stock valuation curve is opposite to that of another major player in the gaming industry, Betsson Group which reports a revenue record in Q2 2023
