PointsBet shares up on higher bookie turnover

In an investor presentation, the company said it saw betting rise 54 per cent in the US and Australia to $1.4bn in the quarter.

PointsBet chief executive Sam Swanell. Picture: Stuart McEvoy

Shares in PointsBet have surged 13 per cent in morning trade after the online bookmaker posted significant growth in turnover in the United States and Australia.

In the three months to the end of March, the company has launched online sports betting operations in New York, Pennsylvania and Ontario, Canada.

In an investor presentation, the company said it saw turnover rise 54 per cent to $1.4bn in the quarter – compared to the prior corresponding period – while betting in the North American business grew more than 70 per cent to $818.6m.

The business has more than 232,763 active clients in Australia, compared to 232,875 at the end of December and 158,041 in March 2021.

In the US, active clients rose from 127,470 this time last year to 249,497.

Shares were trading slightly lower by 11am, at around $2.99 – up 10.3 per cent. Despite the recent surge, PointsBet shares have been battered over the last year, dropping more than 75 per cent – or $9.31 – in 12 months.

Sam Swanell, the company’s chief executive, said the rapid growth in the sports betting turnover figure was a testament of PointsBet’s expansion strategy.

“We are pursuing the US opportunity by building a business focused on customer economics, spearheaded by industry leading technology and innovation across in-play betting,” said Mr Swanell. “With our iGaming offering gathering steam, the expansion into more US states and our recent launch in the Ontario market in Canada, the building blocks are in place.”

The company’s iGaming operations, offering online casino gaming, was earlier this month launched in Pennsylvania after the company was given authorisation by the Pennsylvania Gaming Control Board. That follows launches in Michigan, New Jersey and West Virginia.