PointsBet full-year revenue rises 159% as losses widen
Australian operator hails “transformational” 2021 despite 350% increase in annual losses
PointsBet has reported a 159% year-on-year rise in revenue for full year 2021 to A$194.7m (£103.6m).
Publishing its latest set of financial results, the ASX-listed operator confirmed a 201% increase in gross win to A$353.1m amid a 228% jump in handle, which grew to A$3.78bn.
Gross profit for the firm skyrocketed 129% to A$87.6m during 2021 but losses after tax for the year increased by 351% to A$164.3m.
Company EBITDA losses also tripled during 2021, from a 2020 cost of A$37.6m to A$156.1m in 2021.
PointsBet took more than 45 million bets during 2021, recruiting more than 355,000 so-called cash active clients.
Operating expenditure rose to A$244.1m in 2021 thanks to investments in advertising campaigns in Australia, where expenditure amounted to A$51.4m, and the US, where marketing expense amounted to A$119.2m.
The firm’s headcount grew by triple digits during 2021 to 431 employees spread over offices in Australia, North America and Europe.
At divisional level, PointsBet Australia’s total handle increased 140% annually to $1.98bn, with gross win also growing 155% to A$257.3m.
PointsBet is aiming to achieve a 10% market share in its domestic Australian market by 2025.
The firm’s US sports betting segment posted the biggest rise in 2021, with handle climbing 458% to $1,792.4m and gross win jumping 481% to A$95.8m.
PointsBet’s US igaming gross win amounted to just A$1.5m in 2021.
As with Australia, PointsBet is aiming to achieve a 10% market share in each US market, with the firm approaching this goal in both New Jersey and Illinois.
PointsBet CEO Sam Swanell said the results capped off a “transformational” year for the business.
“PointsBet has put together all the pieces of the puzzle needed to take advantage of the significant North American opportunity with a continued focus on first class execution and building upon the growth and success achieved to date,” Swanell added.
PointsBet’s US ambitions received a boost this week with the firm added to the list of the NFL’s official sports betting partners, joining the likes of DraftKings, Caesars, FanDuel, BetMGM and Fox Bet.
However, PointsBet’s plans to enter Arizona were kicked into touch over the weekend when regulators declined to award a licence to the firm’s tribal betting partner, the Yavapai-Apache Nation.
Two of the states 20 licences are still up for grabs, prompting speculation the firm could return with a fresh application.