Home News PointsBet Sales North America Division Despite Canadian Growth in Q3

PointsBet Sales North America Division Despite Canadian Growth in Q3

By Manny Wood.
Fact checked by Wilbur Thompson.

According to reports, PointsBet is currently discussing the sale of its North American business, which would include its Canadian operations. It was earlier reported in mid-April that the company was looking to sell its US arm, and New York-based Moelis & Company had been hired to facilitate the sale. However, PointsBet has confirmed that the sale could encompass the entire continent. In a statement accompanying its latest quarterly report, PointsBet’s Managing Director and CEO, Sam Swanell, said that the company was engaged in discussions with multiple parties for potential transactions that could involve all or part of their North American business. He further added that certain negotiations were well advanced.

Despite noticeable growth in PointsBet’s Canadian operations in Q3 FY2023, with revenue at $5.47m, up 21% quarter-on-quarter, and aided by igaming revenue of $3.23m (+24% QoQ), the company is still seeking a sale of its North American operations. The sports betting revenue was also up 17% on a quarterly basis to $2.14m (+17%), and gross win increased 37% to $45.6m in Q3. Although PointsBet entered the Ontario market last year, generating $6.1m in Canadian revenue for the second half of 2022, it may not be enough to sway the minds of the hierarchy.

PointsBet has also confirmed that it is in talks over the sale of its Australian operations, despite a breakdown in discussions with previous interested parties.