Posted on: November 13, 2024, 12:04h.
Last updated on: November 13, 2024, 12:30h.
These are bullish times for PointsBet Canada, led by the just-released FYQ2 2024 financial results that showed a year-over-year sports betting handle increase of 57% or just under CAD$63.5 million.
Net Win Increases
In the first quarter of the Australian fiscal year (Q2 in Canada), PointsBet Canada also saw a big boost in sports betting net win (a 77% year-over-year increase to CAD$3.73 million). Digital casino saw a net win of $4.18 million in the quarter (a 50% increase). The financial period was June 1 to Sept. 30, 2024.
In an interview with Casino.org, PointsBet Canada Chief Executive Officer Scott Vanderwel said in a competitive market (32 sports betting sites licensed and operating in Ontario) they’ve been encouraged by consistent user growth and engagement metrics.
PointsBet Canada Focuses on Casino
“Our Q2 2024 results demonstrate steady progress as we continue our strategic focus on customer-centric product enhancement,” Vanderwel said. “We’re encouraged by consistent user growth and engagement metrics, and we were particularly pleased to see the strength of our digital casino, driven by strong player interest and positive user feedback. The results validate our direction and reinforce our commitment to how we can best deliver long-term value to Canadian bettors.”
Live, in-play betting is a big piece of the story at PointsBet Canada, as it has been across the sports betting terrain. In-play accounted for 76% of total sports betting turnover, up from 68% last fiscal year.
PointsBet sold its US operations to Fanatics in the fall of 2023 and is now concentrating on its Australian and Canadian operations.
Our growth strategy in Canada emanates from building and continually optimizing best-in-class offerings for both sports betting and online casino,” Vanderwel said. “As the PointsBet online casino continues to strengthen, our ambition is to deliver a product that stands out in terms of both quality and innovation.
“By tailoring our content and investing in leading technology, we aim to create an experience that uniquely resonates with Canadian bettors while maximizing our partnerships with local sports leagues and teams, and by underpinning this approach with a dedication to responsible gaming, PointsBet is well-positioned to become a trusted leader in the Canadian market.”
Competitive Market
Vanderwel said that while the importance of online casino was understood before the Ontario market went live in April 2022, its real impact has become clearer as the market has matured.
PointsBet has put a strong emphasis on ensuring that our casino product not only competes, but can excel,” he said. “We’ve re-platformed our offering and significantly expanded the breadth of content, increasing both the number of games and variety of providers, ensuring that the most popular options are available. Looking to 2025, we’re focused on enhancing customer loyalty tools and creating an even more engaging experience to keep our digital casino a top choice for Canadian consumers.”
PointsCanada has been beefing up its digital casino offerings and has launched new providers like AGS, Pragmatic, Relax, Playzido, and BluePrint, with recent titles like Money Cart 4 (Relax), Bigger Bass Bonanza (Pragmatic), Who Wants to be a Millionaire (Big Time Gaming), and Live Lightning Ball (Evolution).
Westward Bound
Then there’s Alberta. As we’ve reported, the launch of an expanded iGaming market in the province has been pushed back to sometime in 2025.
“PointsBet is actively exploring opportunities in Alberta, a market we view as a significant growth region within Canada,” said Vanderwel. “The province’s sporting culture and passion for both sports betting and online casino aligns perfectly with our comprehensive product offerings. We are committed to working with local stakeholders to bring an innovative, responsible, and customer-focused experience across both sports betting and online casino, reflecting our mission to deliver the best possible experience to Canadian iGaming enthusiasts.”
