Australian bookmaker PointsBet Holdings, PointsBet US parent, published their Half Year 2020 results, showing that the company moved into its first positive net income half in America after a 12-month “transformational” trading there.
Overall, the company reported strong growth across its key metrics, ranging from US$ 137.8 to US$ 229.6 year-on-year sales ahead by 67 percent. Gross win also improved, from $14.3 m to $25 m, while net win increased from $8.8 m to $17.9 m, respectively. Net income grew from $8 m to $16.3 m.
Turning to the US performance of the company, the turnover for the period was $120.9 million, with a gross win of $6 million yielding a 5 percent margin. Overall net win was $1.7 m, with a 1.4 percent margin.
A breakdown of key US KPIs shows PointsBet achieved $117.9 m in turnover in New Jersey, of which $101.6 m was generated through digital. Garden State’s net win was $1.6 m with high staking customers eating in about $3 m of digital net win. Turnover in retail-only Iowa reached $2.9 m, with a net win of $0.1 m.
Looking ahead, the firm briefed investors on plans to launch in Indiana in March, saying it has an opportunity to establish itself as one of the state’s earliest operators. Illinois also came in for mention, with a launch date set for September.
The Managing Director and CEO of the Group, Sam Swanell, told investors:
“PointsBet continues to innovate in the US market. With continued investment and building our brand and free-to-play database outside of New Jersey.
“Not only does this mean that PointsBet will enter new states with this existing brand recognition, but it will also assist in PointsBet’s market access strategy to expand across the United States. The results are clear, with PointsBet now having market access and deals in place for 12 states.”
He added: “I was thrilled to announce that PointsBet had entered into a multi-year partnership with the NBA, making PointsBet an authorised sports betting operator and representing PointsBet’s first partnership with a professional sports league in the US.
“As part of the partnership PointsBet will integrate the first ever win probability metric across the key NBA platforms including on NBA.com and NBA social media channels. Powered by PointsBet, the win probability metric will provide fans with real time insight towards projected outcomes utilising the same analytics and statistics that fuel PointsBet’s sportsbook.
“Transactions of this nature highlight the growing reach of PointsBet in the United States and a confidence shown by some of the world’s most known sporting organisations in the PointsBet brand.”