PointsBet reports 42% increase in group turnover in Q1 2022 results

Online gaming operator PointsBet has published its financial results for Q1 2022, recording a 42% increase in turnover year-on-year.
Image source: PointsBet

Online gaming operator PointsBet Holdings Limited has published its financial results for the first quarter of its 2022 fiscal year, ending 30 September 2021, recording a 42% increase in turnover year-on-year.

For Q1 2022, PointsBet declared a group turnover of $735.6m, a 42% improvement on Q1 2021’s $519.4m. The group’s gross win came in at $87.9m, up 66% on last year’s $52.9m, while its net win for the quarter was $50.5m, a 76% rise on the previous year’s $28.6m during the same period.

Specifically in the US, the operator recorded sports betting turnover of $261.7m in Q1 2022, a 112% increase on Q1 2021’s $123.3m.

The region’s gross win for the quarter came in at $21.9m, up 197% on last year’s $7.4m, while net win for the region was $9.4m, a 307% rise on the previous year’s $2.3m during the same period. The firm also noted an igaming net win for Q1 2022 of $1.7m.

PointsBet made some significant movements in the US/Canadian market during the financial period including launching its igaming product in the state of New Jersey, launching sports betting operations in West Virginia, becoming an approved sportsbook operator of the National Football League (NFL), as well as completing a $300m capital raise.

During the quarter, the operator also became the official sportsbook partner of Austin FC of Major League Soccer (MLS), the official sports betting partner of Curling Canada, and it kicked off its ‘Live Your Bet Life’ ad campaign with NFL icon Drew Brees who became a Global Ambassador for the operator in July.

Broken down by US state, Illinois was the best-performing state during Q1 2022 with a turnover of $98.9m, followed by New Jersey ($76.7m), Colorado ($28.9m), Michigan ($24m), Indiana ($21.8m), Iowa ($10.4m), and West Virginia ($980,000).