PointsBet has released the financial results for the fiscal year ending June 30. It highlights a 17& increase in net revenue to $245.5 million year-on-year.
For FY24, the gross profit margin rose to 52.8%, up 2.5%. This reflects better operational efficiency. The efforts of PointsBet to reduce costs were evident in a 21% decrease in marketing expenses. It fell to $71 million. From FY23, the company reduced operating expenses, excluding marketing, by $10.3 million.
In FY24, a key development was the completion of the sale of PointsBet’s US business to Fanatics Betting and Gaming for $225 million. This sale concluded a 10-month process. It enabled the company to return $442.4 million to shareholders. This capital return would not be treated as a dividend as confirmed by the Australian Taxation Office.
A strong cash flow performance in the second half of FY24, with net operating cash flow reaching $16.8 million as reported by PointsBet. The company has ended the fiscal year with $28.1 million in cash and cash equivalents. It provides a strong financial foundation for future operations.
PointsBet achieved record revenue of $211.5 million in its Australian segment. This is a 10% increase. The gross profit margin improved to 52.9%. The company reduced marketing expenses by 26%, bringing them down to $45.2 million. The company saw significant growth in Canada. It has a total net win increasing by 86%. This was driven by improvements in both sports betting and iGaming.
PointsBet appointed Daniel Lucas as CTO last February. This follows the sale of its US business. This appointment is reportedly part of the company’s ongoing efforts to strengthen its leadership team and focus on its core markets. This includes Australia and Canada.
