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- PointsBet (PBH) has reported a 174 per cent increase in revenue for H1 FY21, up to more than $75.1 million
- However, the company reported an earnings before interest, taxes, depreciation and amortisation (EBITDA) loss of $71.2 million – a 143 per cent increase over the prior corresponding period (pcp)
- For the 12 months ending December 31, PointsBet’s Australian business had 142,992 active clients, while its U.S. business had 68,094 active users
- This represents respective increases of 77 per cent and 222 per cent over the pcp
- In the U.S., the company entered multiple new states and signed a five-year partnership with media giant NBC
- As of December 31, PointsBet had net assets totalling $513.2 million, a 190 per cent increase over the pcp
- Throughout the second half, the company will focus on maximising client engagement and growing its market share in U.S. states where it operates
- PointsBet is down 0.77 per cent on the market and shares are trading at $15.40
PointsBet (PBH) has reported a 174 per cent increase in revenue for H1 FY21, up to more than $75.1 million.
However, the betting platform reported an earnings before interest, tax, depreciation and amortisation (EBITDA) loss of $71.2 million – a 143 per cent increase over the prior corresponding period (pcp).
Operations
Clients
For the 12 months ending December 31, PointsBet’s Australian business had 142,992 active clients, while its U.S. business boasted 68,094 regular users.
This represents respective increases of 77 per cent and 222 per cent over the pcp.
Online
More than 31.5 million online bets were accepted in 2020 — more than double the 12.6 million accepted in 2019.
On Melbourne Cup Day, PointsBet processed more than 428,000 bets and on Super Bowl LV, the company had 12 times the amount of first-time bettors.
U.S. development
On July 9, PointsBet’s wholly-owned subsidiary, PointsBet USA, signed an agreement with BetMakers (BET) to offer fixed odds betting on horse racing in the state of New Jersey.
On August 6, another PointsBet subsidiary, PointsBet New Jersey, entered a ‘primary skin’ agreement with Twin River Management Group.
Subject to Twin River acquiring Bally’s Atlantic City Hotel and Casino, PointsBet will provide iGaming and online casinos in New Jersey.
In September, PointsBet was the fourth company to launch online sports betting in Illinois. It followed up with a Colorado launch in November.
Finally, PointsBet’s biggest announcement revealed a five-year partnership with NBC.
Under the partnership, PBH will become NBC’s official sports betting partner, giving it access to more than 184 million viewers.
Outlook
As of December 31, PointsBet had net assets totalling $513.2 million — a 190 per cent increase over the pcp.
Throughout the second half, the company will focus on maximising client engagement and grow its market share in the U.S. states where it operates.
PointsBet is down 0.77 per cent on the market and shares are trading at $15.40 at 11:11 am AEDT.
