PointsBet enjoys good FY22 and fourth quarter results

PointsBet, the leading sports betting operator, released its fiscal year and fourth quarter 2022 financial results last week. Based on the recent results, the company has seen a strong Q4 and FY22. Overall, PointsBet's net win for the fourth quarter this year hit AU$85.5m ($59.5m). This result marked a significant 41% increase when compared to the AU$60.8m ($42.3m) reported for Q4 last year.

A breakdown of that total reveals that the company's iGaming net win for the period was AU$7.3m ($5.1m), up 400% when compared to the AU$1.5m ($1.04m) in net win from iGaming reported for Q4 in 2021. Another strong increase was observed in the net win for PointsBet's sports betting operations during the fourth quarter this year. In Q4, the company's sports betting net win hit AU$78.5m ($54.7m), up 32% when compared to the AU$59.3m ($41.3m) reported for the same period last year.

The Australian operator released a breakdown per market for its total net win for Q4 this year. The net win for PointsBet's US-facing operations hit AU$30.4m ($21.2m), up 72% when compared to Q4 last year. Similarly, the company's Australian-facing operations reported strong growth. The total gaming win reported for PointsBet's Australian operations was AU$55.2m ($38.4m), marking a 28% increase when compared to the fourth quarter in 2021.

In terms of turnover, Q4 marked another increase. The overall handle for the quarter was AU$1.3bn ($0.91bn), up 32% from the AU$986.1m ($686.6m) from Q4 last year. On the other hand, for the fiscal year 2022, the betting handle increased by 32% as well to AU$5bn ($3.48bn).

For the fiscal year that ended June 30, 2022, PointsBet's total net win hit AU$309.4m ($215.4m). When compared to the AU$208.5m ($145.2m), this result marked a strong 48% growth. Primarily, the growth for the fiscal year was driven by the company's US-facing operations. For FY22, the net win for PointsBet's US operations marked a 122% increase to AU$93.3m ($65m). Not unexpectedly, the company's Australian operations have grown by 30% to AU$215.4m ($150m).

As a part of its latest report, PointsBet highlighted key achievements it completed recently. Early in April, the company launched its sports betting and iGaming operations in the new market in Ontario, Canada. After that, PointsBet Canada was named the official sportsbook partner of Maple Leaf Sports and Entertainment. Again in April, the company boosted its presence in the US by adding its online casino to Pennsylvania. Late in June, PointsBet unveiled a strategic investment and partnership with SIG Sports Investment Group.

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