PointsBet released its fourth quarter trading metrics and they are quite impressive. The wagering operator reported over $2.5 billion in sports betting turnover for FY22 in Australia and $2.45 billion in the US.
Even though the handle the betting operator reported is remarkable in both Australia and the US, the Australian company probably expected a better start in the newly opened Ontario betting market.
A 28% Increase in Turnover Compared to FY21 in Australia
In Australia, PointsBet reported $598.6 million in turnover in Q4 FY22, a 21% year-on-year increase. The betting company had $494.8 million in handle in Q4 FY21. PointsBet also revealed a $79.5 million gross win (20% better compared to last year) and a 13.3 gross win percentage.
The company’s total net win in Australia was $55.2 million in Q4 FY22. That’s a 28% increase compared to the same period last year when PointBet’s net win was $43.1 million.
PointBet’s Australian full-year trading metrics are also impressive. The betting operator reported a sports betting handle of $2,536.4 million for the 2022 financial year which is a 28% increase compared to the $1,989.0 million it reported in 2021.
The company’s gross win was up 32% from $257.3 million in 2021 to $338.4 million in 2022. PointsBet’s FY22 net win was $215.4 million, a 30% increase compared to FY21.
A US Betting Boom
The overall betting turnover the company reported for the US sports betting market was $687.9 million in Q4 FY22. That’s 40% better compared to the same period last year.
PointsBet’s full-year American metrics are as good as those it has reported for the last four months. The Australian company made it its goal to conquer the US betting market and the $2.45 billion in sports betting handled for the full FY22 is indicative of how well the betting operator has been doing.
PointsBet’s sports betting net win in the US for FY22 is $74.1 million – an 81% increase compared to FY21, while its total net win (sports betting + gaming) is $93.9 million – +122% compared to FY21.
Room for Improvement in Ontario
PointsBet is also the first betting operator to officially come out with any financial information about the Ontario betting market that launched on April 4. However, the Ontario numbers are nowhere as impressive as those the company reported for Australia and the US.
The Ontario sports betting turnover for Q4 FY22 is $16 million. The sports betting gross win is only $700,000, whereas the total net win is $200,000.
So, even though the Ontario bottom line shows a profit of $200,000, the people at PointsBet were probably expecting a bit more from the Canadian betting market, especially after the strong marketing push they made in the Canadian province.