PointsBet Holdings has announced a 4% increase in its revenue for the first half of 2026, ending December 31, 2025, driven primarily by significant growth in its Canadian iGaming operations. The company recorded a net win of AU$139.9 million (US$99.6 million), surpassing the AU$135.1 million from the same period in the previous year. This growth occurred despite a slight dip in sports betting revenue, with Canadian iGaming expansion offsetting the decline. Sports wagering revenue was reported at AU$122.8 million, a decrease of 1%, while Canadian iGaming revenue surged by 58%, reaching AU$17.2 million.
In Canada, iGaming revenue growth was propelled by a 14% increase in player spending. Although sports betting turnover fell by 35% to AU$109.2 million, revenue from this segment still managed to edge up by 1% to AU$7.2 million. Overall, PointsBet’s revenue from its Canadian operations climbed to AU$24.4 million, marking a 35% rise from the first half of the previous financial year. The iGaming boom also led to a 30% increase in gross profit, totaling AU$11.8 million. The company plans to launch an enhanced iGaming platform in Canada in the first half of the 2026 calendar year, aimed at further fueling growth.
In contrast, PointsBet’s revenue from its Australian operations saw a slight decline of 1%, totaling AU$115.1 million, all sourced from sports betting. This dip came despite a 4% rise in turnover to AU$1.19 billion, with gross profit falling by 6% to AU$52.3 million. PointsBet reported gaining revenue share in Australia’s expanding sports market while maintaining its position in a stagnant racing sector. The company noted a shift in turnover towards an even split between sports betting and racing, with racing turnover being actively limited due to tougher compliance standards and the impact of the National Self-Exclusion Register on high-stakes customers.
When examining PointsBet’s financial expenditure for the half-year, the cost of sales rose by 9.6% to AU$65.1 million, resulting in a slight reduction in gross profit to AU$64.2 million despite the revenue increase. Operating expenses also grew by 7.6% to AU$76.3 million, driven by higher employee benefits and administrative costs. Consequently, the pre-tax loss widened from AU$5.7 million to AU$12.2 million. However, normalised EBITDA remained stable at AU$3.3 million. The company experienced a net loss of AU$22.2 million, up from AU$17.3 million in the previous year, despite a reduction in depreciation and amortisation costs.
Significant corporate changes occurred at PointsBet during this period, notably the acquisition of a majority stake by MIXI Australia. This transaction, completed in September, granted MIXI 66.43% of the voting power in PointsBet. Subsequently, in October, the company restructured its board, introducing three executives from MIXI as non-executive directors: Sho Okuyama, Kanji Kobayashi, and Taishi Oba. Throughout the acquisition process, MIXI faced competition from Betr Entertainment, which aimed for a full takeover but ended up increasing its stake to 27.72% from the previous 19.9%.
Furthermore, PointsBet appointed Andrew Catterall as the new CEO, effective February 1, after his term as CEO of PointsBet Australia since July 2022. Looking forward, the company is focused on implementing its upgraded iGaming platform in Canada and further integrating the recent corporate changes. The market will be closely monitoring the impacts of these strategic initiatives and regulatory developments on PointsBet’s financial performance in the upcoming quarters.
4.1/5
