Australian sports betting operator PointsBet has suffered its second straight year of losses in its US expansion, reports the Sydney Morning Herald.
The company has defended the cost of its marketing and sales in opening up its activities in the US, stating that the market had become a key one for betting because of its population, sports structure and technological investment.
The company, based in Melbourne, spent A$240m (€164.1m) in sales and marketing with $162 (€110.7m) going into the US alone.
PointsBet will not be pursuing the same extravagance in 2023, said CEO Sam Swanell, but it had now become the seventh largest operator in North America’s $13bn (€8.8bn) market with a 3.7 per cent share. PointsBet is operating in Canada and in 11 US states.
The company increased its losses in the year to end June by 43 per cent, to $267.7m (€183m) while revenue grew 52 per cent to $296.5m (€202.7m) and EBITDA showed a loss of $243.6m (€166.5m).
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