PointsBet has published its full 2024 financial year report, highlighting a 17% year-on-year increase in revenues.
Now up to AU$245.5m across all operations, the increase follows the $225m sale of PointsBet’s US business to Fanatics Betting and Gaming last year.
After a 10-month process, this allowed the company to distribute AU$442.4m to shareholders.
PointsBet Chairperson, Brett Paton, emphasised that the group’s Australian operation has a ‘strategically important place’ in the country’s wagering market, and the firm intends to continue to grow its online share.
“We are equally excited in the outlook for our Canadian business,” he continued. “The Canadian business provides shareholders continued exposure to the North American Market through a jurisdiction that is more attractive than most US states.
“The lower capital requirements and higher operating margins benefited from lower gaming tax relative to most US states create strong prospects for attractive future economics with additional provinces going live over the next two years.”
PointsBet also reported a strong cash flow performance in the second half of FY24, with net operating cash flow reaching $16.8m. Meanwhile, the company ended the fiscal year with $28.1m in cash and cash equivalents.
The report detailed: “Our Australian operation has a strategically important place in the Australian wagering market and we intend to continue to grow our online share in this market.”
It concluded: “We look forward to delivering on the opportunities we see for the new PointsBet moving forward and growing shareholder value.”
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