PointsBet has published its financial results for the fourth quarter and the fiscal year 2022, reporting year-over-year gains in sports betting turnover/handle and total net win across both measuring periods, both as a group and in the US.
The operator also highlighted the progress it has made in Ontario since launching its sports betting and igaming offerings in the Canadian province when it went live in April.
Q4 and FY22 growth
For Q4, PointsBet declared a group sports betting turnover of $914.4m (AUS$1.3bn), a 32% gain YoY on the $692.2m reporting during the same period the previous year. For FY22, the group sports betting handle came in at $3.51bn, a 32% improvement YoY (2021: $2.65bn).
The operator has reported a total net win for the quarter of $60.2m, a 41% increase YoY (2021: $42.7m). Sports betting achieved a net win of $55.1m (2021: $41.6m) while igaming recorded a net win of $5.1m (2021: $1.1m).
For the full year, PointsBet declared a total net win of $217.2m, a 48% improvement YoY (2021: $146.4m). Sports betting earned a net win of $202.9m (2021: $145.3m) while igaming came in with a net win of $14.3m (2021: $1.1m).
PointsBet’s cash and cash equivalents at the end of the quarter came in at $364.8m, including the strategic investment of $66.1m the operator received during the measuring period from SIG Sports Investment.
PointsBet grows across North America
Across North America, PointsBet offers sports betting in 10 US states (New York, New Jersey, Illinois, Michigan, Indiana, Colorado, Pennsylvania, Iowa, West Virginia, and Virginia) plus the Canadian province of Ontario.
The operator also offers igaming in four US states (New Jersey, Pennsylvania, Michigan, and West Virginia) plus Ontario.
During the quarter, PointsBet launched its igaming services in Pennsylvania, and the operator made upgrades to its MLB offerings to include lightning bets and live same-game parlay.
In the US, PointsBet’s sports betting turnover for Q4 came in at $482.9m, a 40% uptick YoY (2021: $344.9m). For FY22, the US sports betting handle stood at $1.72bn, a 37% increase YoY (2021: $1.26bn).
The operator declared a total US net win for the quarter of $21.3m, a 72% gain YoY (2021: $12.4m). Sports betting came in with a net win of $16.7m (2021: $11.4m), while igaming achieved a net win of $4.7m (2021: $1.1m).
For the full year, the operator achieved a total US net win of $65.9m, a 122% improvement YoY (2021: $29.7m). Sports betting achieved a net win of $52m (2021: $28.7m), while igaming reported a net win of $13.8m (2021: $1.1m).
Per state, Illinois delivered the biggest turnover ($183.7m) and net win ($5.97m) for PointsBet in Q4, followed by New York (turnover: $102.2m, net win: $4.35), and New Jersey (turnover: $53.2m, net win: $3.3m), who also had the biggest igaming net win figure ($1.83m).
PointsBet Canada kicks off in Ontario
PointsBet also began its operations in the Canadian province of Ontario during Q4 in April. During the same month, PointsBet Canada became the official sportsbook partner of Maple Leaf Sports & Entertainment.
Since its April launch, the operator has achieved a sports betting turnover of $11.2m in Canada, and a total net win of $0.14m. While the operator has reported a net win of $0.49m in igaming, it has declared a net loss of $0.35m in sports betting.
SIG Sports Investment
During Q4, SIG Sports Investment became a strategic investor in PointsBet, providing its sportsbook brand with $66.1m in funding. SIG Sports is now the operator’s largest shareholder at 12.8%.
PointsBet notes the SIG Sports investment will help the operator compete and grow in the North American sports betting market. Nellie Analytics, SIG’s sports trading operation, will provide PointsBet Europe with access to its quantitative research as part of the investment.
At the time of the deal, Group CEO Sam Swanell stated that Nellie Analytics will help the operator improve its US and Canadian sports betting product with “more accurate lines and sharper risk management”.