How are PointsBet’s (ASX:PBH) shares faring after quarterly report?

October 26, 2022 12:01 PM AEDT | By Tamnna

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How are PointsBet’s (ASX:PBH) shares faring after quarterly report? — Image source: © Danabeth555 | Megapixl.com

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Highlights

Australian betting company PointsBet's shares were trading in the green zone today (October 26).

On 25 October, PointsBet released its Q1 FY23 performance report.

Shares of PointsBet Holdings Limited (ASX:PBH) were trading in the green on Wednesday (26 October), a day after the company released its quarterly report.

At 10:45 AM (AEDT), PointsBet’s shares were trading 0.0100 points, or 0.49% higher, at AU$2.04 on ASX. On Tuesday, the shares closed at AU$2.03.

A glance at PointsBet’s Q1 FY23 quarterly report

According to the report, Australia-based sports and betting company’s total revenue in Q1 FY23 was AU$1156.7 million, up 18% from Q1 FY22's total revenue of AU$979.9 million. Although turnover increased, the company's gross win margin fell from 11.9% in FY22 to 10% in Q1 FY23, while the gross win was reduced by 2% from AU$117.1 million to AU$115.1 million.

The net win margin dropped from 6.9% in FY22 to 6.1% in FY23, and net win has declined from AU$70.3 million in Q1 FY22 results to AU$67 million at present.

In contrast, the company’s iGaming division reported a 287% increase in the net win metrics; its net win is up from AU$2.2 million to AU$8.5 million. With this, PointsBet's overall net win increased to AU$78.8 million, encountering a 13% improvement over the previous corresponding period.

What else has been happening with PointsBet?

Earlier this month, PointsBet’s wholly owned subsidiary, Premier Turf Club, came into an agreement with 1/ST TECHNOLOGY. As part of the agreement, 1/ST TECHNOLOGY will offer its market-leading horse racing betting products and content solutions to the PointsBet sportsbook app.

Talking about this partnership, Sam Swanell, CEO, PointsBet Group, said:

Apart from this, PointsBet received regulatory approval from the Louisiana Gaming Control Board to launch its wholly owned subsidiary in Louisiana last month on 23 September 2022.

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