PointsBet has published its half-year results for FY 2022, reporting a substantial uptick in revenue year-over-year, but also EBITDA losses.
The sportsbook also continued its expansion across North America during the measuring period, noting it also aims to launch in Ontario, Canada in the coming months.
Posting its financial results for H1 FY22, ended December 31, 2021, PointsBet reported net revenue of $100.05m, an 85% improvement on the previous year’s $54.02m. Gross profit went up to $39.35m as well (H1 FY21: $18.41m).
However, it also declared a statutory EBITDA loss of $93.94m during the measuring period, an 83% change YoY (H1 FY21: $51.29m).
PointsBet noted that its group marketing expense was $32.15m, adding it has delivered ‘significantly improved brand awareness and customer growth leading into the second half’, helping to contribute significantly to H2 FY22 revenue.
The sportsbook added that H2 FY22 group marketing expense will be significantly reduced to around $11.5m for the half, leading to an expected EBITDA positive FY22.
PointsBet saw a group sports betting handle of $1.658bn, a 22% increase YoY (H1 FY21: $1.359bn), and a net win of $105.52m, a 77% growth YoY (H1 FY21: $59.56m).
In the US, the handle stood at $681.54m, a 16% growth YoY (H1 FY21: $589.18m). Its blended US online handle sports betting market share was 4.2% and a total net win of $27.91m (sports betting: $22.51m, igaming: $5.47m).
During the measuring period in the US, PointsBet launched sports wagering operations in West Virginia, Virginia, New York, and Pennsylvania, igaming operations in New Jersey and West Virginia, and it also became an authorized partner of the NFL.
Looking ahead, PointsBet expects to launch igaming in Pennsylvania next month, as well as launch B2B services for Resorts World in New York. In April, it is expecting to launch sports wagering and igaming in Ontario, Canada as the market goes live.