Australian bookmaker PointsBet Holdings, parent of PointsBet US, has published its half-year 2020 results, showing that the firm moved into its first positive net revenue half in America after a “transformational” 12 months of trading there.
Overall, the company reported strong growth across its key metrics, noting turnover ahead by 67% from US$137.8 to US$229.6 year-on-year. Gross win also improved, up from $14.3m to $25m, while net win rose from $8.8m to $17.9m. Net revenue improved from $8m to $16.3m.
Addressing the firm’s US performance, turnover for the period was $120.9m, with gross win of $6m yielding a margin of 5%. Overall net win came in at $1.7m with a margin of 1.4%.
A breakdown of the key US KPIs shows that in New Jersey, PointsBet achieved $117.9m in turnover, of which $101.6m was generated by digital. Net win in the Garden State was $1.6m with high staking clients eating into digital net win of circa $3m. In retail-only Iowa, turnover reached $2.9m with a net win of $0.1m.
Looking ahead, the firm updated investors on plans to launch in Indiana in March, saying that it has a chance to establish itself as one of the earliest operators in the state. Illinois also came in for mention, with a September date earmarked for launch.
Sam Swanell, Managing Director and Group CEO, told investors: “PointsBet continues to innovate in the US market. With continued investment and building our brand and free-to-play database outside of New Jersey.
“Not only does this mean that PointsBet will enter new states with this existing brand recognition, but it will also assist in PointsBet’s market access strategy to expand across the United States. The results are clear, with PointsBet now having market access and deals in place for 12 states.”
He added: “I was thrilled to announce that PointsBet had entered into a multi-year partnership with the NBA, making PointsBet an authorized sports betting operator and representing PointsBet’s first partnership with a professional sports league in the US.
“As part of the partnership PointsBet will integrate the first ever win probability metric across the key NBA platforms including on NBA.com and NBA social media channels. Powered by PointsBet, the win probability metric will provide fans with real time insight towards projected outcomes utilizing the same analytics and statistics that fuel PointsBet’s sportsbook.
“Transactions of this nature highlight the growing reach of PointsBet in the United States and a confidence shown by some of the world’s most known sporting organizations in the PointsBet brand.”