Revenue up at PointsBet in H1 on Canada iGaming growth

PointsBet Holdings reported a 4% year-on-year increase in revenue during the first half of its 2026 financial year, helped by double-digit growth within its Canada-facing iGaming business.

Revenue, reported as net win, in the six months to 31 December 2025, hit AU$139.9 million (US$99.6 million). This cleared the $135.1 million posted in the corresponding period in the previous year.

Year-on-year growth came despite a slight drop in sports betting revenue, with this offset by a rise in Canadian iGaming revenue. In total, revenue from sports wagering in H1 amounted to $122.8 million, down 1%. In contrast, iGaming revenue – all of which came from Canada – hiked 58% to $17.2 million.

Breaking down PointsBet’s Canadian performance, iGaming revenue climbed on the back of a 14% rise in player spending within this segment. Sports betting turnover was 35% lower at $109.2 million but revenue still edged up 1% to $7.2 million.

Total revenue from operations in Canada reached $24.4 million, an increase of 35% from H1 of FY25, driven by iGaming growth. As such, gross profit in the country also jumped 30% to $11.8 million.

PointsBet also said that it plans to roll out an upgraded iGaming platform in Canada in H1 of the 2026 calendar year. This, it added, could help drive further growth in this segment.

Australia revenue down despite turnover growth in H1

Looking to PointsBet’s native Australia, revenue for the half was 1% down at $115.1 million, all of which was drawn from sports betting. This was despite a 4% increase in turnover to $1.19 billion during the period, with gross profit also down 6% to $52.3 million.

Reflecting on this, PointsBet said it gained revenue share in what it described as a “growing” sports market in the country, while it held its position in a “flat” racing sector. Turnover-wise, this continued to shift towards a 50-50 split between sports betting and racing.

However, it noted that racing turnover was “actively suppressed”, reflecting the continued strengthening of compliance standards. It also referenced the impact of the National Self-Exclusion Register on high-staking, high-volume racing customers.

Higher costs hit bottom line at PointsBet

Looking to spending in H1, cost of sales increased 9.6% to $65.1 million, with this, despite modest revenue growth, enough to edge gross profit down to $64.2 million.

Operating expenses were also 7.6% higher at $76.3 million, with rises in employee benefits and administration costs. As such, pre-tax loss widened from $5.7 million to $12.2 million. However, normalised EBITDA held steady at $3.3 million.

Depreciation and amortisation costs were reduced year-on-year and PointsBet did not note any income tax. This meant it ended the period with a net loss of $22.2 million, compared to $17.3 million in 2025.

New dawn at PointsBet with Mixi majority

Part-way through H1, PointsBet saw MIXI Australia become its majority shareholder. The deal completed in September, with Mixi securing 66.43% of the total voting power in the operator.

In October, PointsBet made changes to its board of directors, including the addition of three executives from MIXI. Sho Okuyama, Kanji Kobayashi and Taishi Oba all joined the board as non-executive directors of the business.

MIXI faced competition from Betr Entertainment throughout the process. Betr hoped for a full takeover but had to settle for an increased holding after MIXI came out on top. Betr now holds 27.72% of the total holding in the business, having previously owned 19.9% prior to its takeover offer.

Another major change at PointsBet saw Andrew Catterall appointed as the new CEO of the company. He took on the role on 1 February having served as CEO of PointsBet Australia since July 2022.