{"id":229,"date":"2024-06-27T11:04:17","date_gmt":"2024-06-27T08:04:17","guid":{"rendered":"https:\/\/winportnodepositbonus.icu\/2024\/06\/27\/pointsbet-reports-increased-revenue-despite-expanded-losses\/"},"modified":"2024-06-27T11:04:17","modified_gmt":"2024-06-27T08:04:17","slug":"pointsbet-reports-increased-revenue-despite-expanded-losses","status":"publish","type":"post","link":"https:\/\/winportnodepositbonus.icu\/2024\/06\/27\/pointsbet-reports-increased-revenue-despite-expanded-losses\/","title":{"rendered":"PointsBet Reports Increased Revenue Despite Expanded Losses"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/uwfODJPn6dU\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>PointsBets chief executive officer asserts that the company&#8217;s approach in the United States is yielding positive results despite expanded financial setbacks in the initial six months of the year.<\/p>\n<p>PointsBet recorded earnings of A$178.1 million (\u00a3989,877\/\u20ac1.1 million) for the half-year concluding on December 31, 2022, showing a 28% year-over-year increase. However, losses expanded to A$178.2 million.<\/p>\n<p>The net loss rose by 21.7% year-over-year.  During the six-month period, PointsBets expenditures on its American operations constituted the majority of its costs, and these operations also significantly contributed to its revenue, accounting for A$75 million of the total. This represents an 86.1% increase from the initial six months of 2022.<\/p>\n<p>PointsBet introduced its sports betting offering in Kansas and Louisiana in September 2022, and in Maryland in November when the market officially opened.<\/p>\n<p>By the conclusion of the half-year, PointsBet offered mobile betting in 14 states, retail betting in 3 states, and online casinos in 4 states.<\/p>\n<p>In January, PointsBet inaugurated a new retail sportsbook in Illinois, its fourth retail location.<\/p>\n<p>Sam Swanell, Managing Director and Group CEO of PointsBet, stated that the company&#8217;s performance in the United States was robust.<\/p>\n<p>&#8220;These outcomes demonstrate that our North American approach is effective &#8211; earnings are expanding, expenses are decreasing,&#8221; he remarked. <\/p>\n<p>In the USA, the global leader in online gambling expansion, we are recognized as the seventh largest online gambling operator, standing out among over 60 authorized online operators.<\/p>\n<p>He also commended the operator&#8217;s performance in Australia, despite a slight dip in income from A$97.6 million in the initial six months of 2022 to A$95.3 million.<\/p>\n<p>Last month, PointsBet initiated discussions about selling its Australian business to NTD Limited, a joint venture headed by News Corp. NTD Limited operates the Betr brand in Australia.<\/p>\n<p>Betr was established by internet personality Jake Paul and Simplebet co-founder Joe Levy and launched in August 2022.<\/p>\n<p>&#8220;The Australian business continues to make progress,&#8221; he continued. &#8220;In Australia, total turnover was A$1.55 billion, an increase of 14% year-over-year, with total net winnings of A$105.3 million, a decrease of 2% year-over-year.&#8221;<\/p>\n<p>By region<br \/>\nPointsBet generated A$6.7 million in revenue from its Canadian operations, with no year-over-year data available as the Canadian sports betting market opened on April 4, 2022. Technology contributed the remaining A$1.1 million in revenue, a decrease of 9.0% year-over-year.<\/p>\n<p>Total wagering for the period was A$3.2 billion, an increase of 39.8% year-over-year. Of this, the United States contributed the most, at A$1.57 billion, an increase of 66.0% year-over-year.<\/p>\n<p>Wagering in Australia was A$1.55 billion, an increase of 14.1%. Wagering in Canada was A$101.3 million.<\/p>\n<p>Total net winnings from sports betting were A$158.2 million, an increase of 13.6%. <\/p>\n<p>Concerning geographical distribution, the net income from sports gambling in Australia stayed fairly steady, experiencing a slight decrease of 2.4%.<\/p>\n<p>On the other hand, in the United States, the net income from sports gambling witnessed a more substantial shift, rising by 62.0%.<\/p>\n<p>PointsBet Half-Year Financial Summary<\/p>\n<p>The cost of goods sold totaled A$108.2 million, leading to a net profit of A$69.8 million. This net profit was 27.6% greater than the first half of the prior year.<\/p>\n<p>Additional income reached A$3.7 million, encompassing A$3.6 million in net foreign exchange gains and A$0.115 million in research and development income, somewhat offsetting this growth.<\/p>\n<p>Moving on to expenditures, marketing expenses were the most significant at A$131.3 million. This was followed by employee benefits expenses of A$74.9 million and depreciation and amortization expenses of A$22.5 million.<\/p>\n<p>The remaining A$26.8 million originated from various other expenses, including consulting fees and administrative expenses.<\/p>\n<p>Total expenses amounted to A$255.6 million over the six-month period, representing an increase of A$57.3 million compared to the previous year.<\/p>\n<p>After A$4.6 million in financial income and A$2.1 million in financial expenses, the pre-tax loss was A$179.6 million.<\/p>\n<p>Taking into account a tax benefit of A$1.4 million, the total loss for the period reached A$178.1 million.<\/p>\n<p>Sign up for the iGaming News Newsletter <\/p>\n","protected":false},"excerpt":{"rendered":"<p>PointsBets chief executive officer asserts that the company&#8217;s approach in the United States is yielding&#8230;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>PointsBet Sees Growth Despite US Losses<\/title>\n<meta name=\"description\" content=\"PointsBet reports increased revenue but larger losses in the US market, highlighting the challenges of expansion.\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/winportnodepositbonus.icu\/2024\/06\/27\/pointsbet-reports-increased-revenue-despite-expanded-losses\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"PointsBet Reports Increased Revenue Despite Expanded Losses\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"PointsBet reports increased revenue but larger losses in the US market, highlighting the challenges of expansion.\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/winportnodepositbonus.icu\/2024\/06\/27\/pointsbet-reports-increased-revenue-despite-expanded-losses\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Your Go-To Destination for Licensed Casino Games &amp; 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