PointsBet (ASX:PBH) continues momentum in 2023, launches Ohio operations

January 03, 2023 06:08 PM AEDT | By Sonal Goyal

PointsBet (ASX:PBH) continues momentum in 2023, launches Ohio operations — Image source: © Tigertim01 | Megapixl.com

Milestone-rich 2022

According to the annual general meeting 2022 (AGM22) held in October, the company has live online sportsbook operations in 12 US states plus Ontario and Australia. iGaming was live in four states plus Ontario.

As reported, the company registered net revenue growth of 52% in FY22 over the previous reporting year. Turnover increased by 32%, sports betting gross wins grew by 41%, and total wins surged by 48% over the previous year for FY22. Its Australian trading business recorded annual EBITDA profitability for the third year in the reported period.

Sam Swanell, managing director and CEO of PointsBet, highlighted that the group expects live betting to represent 75% of total turnover in the US in the coming three years. He also indicated that North America would deliver most of the regulated global gaming growth over the next ten years.

In October 2022, the company announced a partnership with 1/ST Technology, a thoroughbred horse racing organisation in North America. Under the partnership, 1/ST Technology would offer horse betting content solutions and products to PointsBet that would be integrated into its sportsbook application.

The reason behind PointsBet’s share price movement on 3 Jan

PointsBet’s share price was likely driven by a price sensitive news shared via an ASX filing. The company informed the market that PointsBet Ohio, LLC, a wholly owned subsidiary, has launched online and mobile sports betting operations in Ohio.

The development marks the 14th launch of online sports betting operations in the United States.

On the development, Johnny Aitken, USA CEO of PointsBet, said,

Data: company update, dated 3 January 2023

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