PointsBet CEO Vows to Make Bookie Profitable by 2025

Ben H / 31 July 2023

PointsBet CEO Sam Swanell wants the betting operator to break even by April and become profitable by 2025. PointsBet (ASX: PBH) is one of the biggest bookmakers listed on the ASX, but it has struggled to turn some profit, as it has been focusing on growing the business in the markets where it operates.

However, the company posted a noticeable increase in earnings for April, May and June this year. PointsBet’s quarterly report shows that the betting operator’s turnover rose by 15% to $5.7 billion and the company raked in $391.1 million in net winnings for the year, a 27% increase.

PointsBet sold its US business to Fanatics for $333 million last month. Swanell told analysts that PointsBet shareholders would get anywhere between $1.39 and $1.44 per share as a result of the sale. The PointsBet chief executive also said that they were no longer thinking about selling their Australian business.

Outperforming a Challenging Market

Swanell informed analysts that the 2024 financial year wasn’t going to be profitable for the bookmaker’s operations in Australia and Canada. However, he expected the betting company to break even by April next year and by the end of the next financial year (FY25) to finally turn a profit.

The CEO added that after the sale of the US business, they now had “a completely different company.” The PointsBet chief was quite happy that the company was outperforming a challenging market and delivered annual results that were only 2% down, while the market was down 5%.

Swanell also commented on the company’s performance during COVID, saying they “squeezed a few years’ growth into one year.” However, it was clear the market would slow down sooner or later and the PointsBet CEO said that was “just unwinding now.”

His expectations are that the 2024 financial year will be “marginally positive” for their online betting operations despite the challenges the bookmaker will face.

Related News

Horse Racing Tips

Keep up-to-date with all the best Horse Racing tips today.

AFL Betting Tips

Stay on top of your game this season by keeping up-to-date with our AFL betting tips.

NRL Betting Tips

Keep on top of your game this season by staying up-to-date with our NRL betting tips.

Racing Statistics

Want to know the odds of your horse winning? take a look at the horse racing statistics.

Warwick-Farm-Racecourse

The verdant surroundings and rustic ambience of Warwick Farm lend a distinct racing charm. While racing takes held on 23 Wednesday afternoons, the Australia Day race meeting in January is the main event. The racecourse is at the centre of a community that ...

Read More
Warnambool-Racecourse

The Warrnambool Racecourse is located in the suburb of Warrnambool, in a picturesque valley with great natural viewing platforms. Warrnambool Racecourse is around 260 kilometres from Melbourne’s CBD.

Read More
Terang-Racecourse

Terang Racing Club, sometimes known as the Flemington of the Bush, has a long and rich history of racing in the southwest. The expansive course was designed by the same person who created the Flemington track. The facilities include a well-kept, vast grandstand with a...

Read More
Swan-Hill-Racecourse

Swan Hill Racecourse is located in the centre of the Murray Region, 340 kilometres from Melbourne.Swan Hill Racecourse June racing festival has earned a name for itself as the best country festival in the state, if not the entire nation. The advice is to book as soon as ...

Read More
Sale-Racecourse

Sale Racecourse has first-rate facilities, including a wholly climate-controlled Public Bar and Grandstand Bar open on race days.The take pleasure in being a community club that includes our surrounding townships. Because of their family-friendly ambience and specific ...

Read More
Ben H
Ben Harris is the Communications Manager for KRUZEY, an AFL expert, and writer. He has one daughter that he loves dearly and four children's books... [Read full bio]

Comments are closed.

Neds Voucher betr voucher Ladbrokes Voucher

Think. Is this a bet you really want to place? Set a deposit limit.

For free and confidential support call 1800 858 858 or visit gamblinghelponline.org.au

© Copyright KRUZEY PTY LTD