Australian retail and online bookmaker PointsBet Holdings Proprietary Limited has released is financial results for the final three months of 2019 showing that it had experienced substantial increases in turnover, net win and registered customers.
The Sydney-listed firm used an official January 31 filing (pdf) to detail that its fourth-quarter turnover had risen by 110.6% year-on-year to about $198.6 million to take its gross win up by 12.3% to just over $19.3 million. The venture explained that it had furthermore experienced a 123% swell in active customers to 102,155 and managed to boost its net win by some 117% to over $12 million.
PointsBet Holdings Proprietary Limited entered the American sportsbetting market in December of 2018 with the launch of a domain for punters in New Jersey before premiering a retail and online sportsbook in Iowa via a partnership with the Midwestern state’s Catfish Bend Casino. The Melbourne-headquartered firm has since inked similar deals for Indiana, Illinois, Colorado and Michigan and closed out January by signing an agreement with Kansas Crossing Hotel and Casino for Kansas.
New Jersey importance:
The Australian firm pronounced that fourth-quarter turnover from its American operations had hit $75.1 million courtesy of a gross win of slightly over $5.4 million and 17% more active customers at just over 21,000. It stated that its business in New Jersey had accounted for about 97% of these revenues at approximately $72.6 million although pointing out that its Iowa enterprise had contributed takings of some $2.4 million despite only launching in August.
Further highlighting the importance of its American operations and PointsBet Holdings Proprietary Limited revealed that fourth-quarter net win from its operations in Iowa and New Jersey had reached almost $2.3 million with high-stakes punters providing some 44% of its net revenues after falling short on 16.5% of their wagers.
PointsBet proclaimed that it was now ‘well-positioned to take advantage of the growing opportunity in the wider United States’ and has been endeavouring to build its sportsbetting brand and free-play database away from New Jersey.
Read a statement from PointsBet…
“Not only does this mean we are going into new states with existing brand recognition but it also assists in our market access strategy as we expand across the United States.”