PointsBet has announced a record net win quarter of AU$69.9m for its Q2 financial year 2024, setting a new high for the company. The total net win for Q2 was AU$59.5m, representing a 3% increase from the previous year. PointsBet attributed this to continued improvements in promotions efficiency, with marketing expense being 33% lower than the previous year.

The company reported a total net win of $10.5m in Canada after going live in Ontario in April 2022, also marking a record quarter for its Canadian operations. However, total handle across all operations was down 4% to AU$976.4m, and gross win fell to AU$94.4m from Q2 FY23’s figure of AU$97m.

One area that saw significant growth was iGaming, with a net win of AU$6.4m, up 119% from the previous Q2. This growth was attributed to the integration of the platform provider Strive, which is expected to increase game and promotional offerings.

PointsBet also pointed to the benefits of Strive’s integration, including enhanced acquisition of casino-first customers, delivering higher gross win margins.

In December, PointsBet appointed Alister Lui as its new group chief financial officer, replacing outgoing Andrew Mellor. Lui is set to assume the role on 29 February. This change came as Fanatics Holdings’ FBG arm launched its sportsbook in Colorado, marking a step closer to completing the acquisition of PointsBet US.

The deal between FBG and PointsBet US was initially worth $150m but was increased to $225.0m in June, following a rival bid from DraftKings. PointsBet shareholders approved the higher offer, and Fanatics has begun taking over its operations in the US.

Chief executive Sam Swanell revealed that the company is on track to deliver financial growth in FY25, with technology playing a central role in powering PointsBet’s and Fanatics’ platforms.

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