PointsBet Grows Revenue 6% to $261M, Posts $11.2M EBITDA Profit

• 6% revenue growth to $261.4 million in FY2025
• Net loss narrowed by 57% to $18.2 million
• First full financial year of EBITDA profitability with $11.2 million normalised EBITDA
• Australia segment posts record revenue and $30.1 million EBITDA
• Canadian business grows sports betting and iGaming but remains EBITDA negative

Strong Revenue Growth and Profitability Milestone

PointsBet Holdings Limited has reported a solid financial performance for the year ended 30 June 2025, with revenue climbing 6% to a record $261.4 million. This growth was accompanied by a dramatic 57% reduction in net loss, which narrowed to $18.2 million from $42.3 million the previous year. Most notably, PointsBet achieved its first full year of EBITDA profitability, recording a normalised EBITDA of $11.2 million compared to a loss of $1.8 million in FY2024.

Australia Leads with Record Revenue and EBITDA

The Australian segment was a standout contributor, delivering record revenue of $218.5 million, up 3% year-on-year despite a challenging market environment marked by overall negative growth in online wagering. Gross profit rose 2% to $114.5 million, supported by improved net win margins and efficient management of promotional spend. The segment’s statutory EBITDA increased by $3.2 million to $30.1 million, marking the sixth consecutive year of positive EBITDA performance.

Canadian Market Growth Accelerates but Profitability Remains Elusive

In Canada, PointsBet’s sports betting and iGaming operations showed robust growth, with sports betting net win up 11% and iGaming net win surging 39%. The number of cash active clients in Canada rose 30% to 58,404, reflecting strong customer engagement and cross-product retention. Despite these gains, the Canadian business remained EBITDA negative at ($15.1 million), though this represented a 24% improvement from the prior year’s loss.

Operational Efficiencies and Strategic Investments

PointsBet’s improved profitability was underpinned by a more efficient marketing spend, which decreased by 7% to $42.1 million, and disciplined cost management across employee benefits and administration. The company continued to invest in its cloud-based wagering platform and expanded its iGaming content offerings, particularly in Canada where the game catalogue tripled. These investments are aimed at sustaining competitive advantage and driving long-term growth.

Balance Sheet and Cash Flow Highlights

At year-end, PointsBet held a healthy cash balance of $40.2 million, including $22.7 million of corporate cash. Operating cash flow was positive at $17.1 million, reflecting improved earnings quality and working capital management. The company maintained a conservative capital structure with net tangible assets per share slightly down due to ongoing investments and the prior sale of its US business.

Outlook and Market Positioning

PointsBet’s FY2025 results mark a significant step in its transformation journey, demonstrating resilience and operational leverage in both mature and emerging markets. While the Australian business consolidates its leadership, the Canadian segment’s growth trajectory suggests a path toward profitability. The company’s focus on product innovation, customer acquisition efficiency, and cost discipline will be critical as it navigates competitive pressures and regulatory environments.

Bottom Line?

PointsBet’s first full-year EBITDA profit signals a turning point, but sustained growth and Canadian profitability remain key challenges ahead.

Questions in the middle?

• Can PointsBet sustain EBITDA profitability amid evolving market dynamics?
• What are the company’s plans to accelerate Canadian segment profitability?
• How will ongoing investments in technology and content impact margins going forward?