PointsBet posts net win from Canadian operations as Strive rollout gets closer

Sunday, March 3, 2024 2:27 PM
  • Mark Keast, CDC Gaming

According to a source at PointsBet Canada, the rollout of the company’s new relationship with Vancouver-based gaming-tech firm Strive Gaming is a matter of weeks away, not months, definitely in the “near future.”

That will be a boost for the Australia-based operator in a competitive Ontario market where online casino is dominating.

Said PointsBet Group CEO Sam Swanell in an earnings call in early February, talking about Ontario, “We also recently announced our strategic partnership with Strive Gaming, which will transform our igaming offering and accelerate our growth in this critical market. Through partnering with Strive, we will bring our customers a broader selection of games and an enhanced overall experience.

“We’ve been hard at work with Strive, working through the integration, and we’ve begun the progressive rollout of Strive capability onto our platform. We expect this new offering will accelerate the growth of our igaming business, helping drive more favorable game mix over time with higher gross margins, along with enhanced retention and customer lifetime values.”

Online casino is the big storyline in Ontario, according to the FY 23-24 Q3 market performance report released by iGaming Ontario in January (covering the period Oct. 1 – Dec. 31, 2023). Casino games – slots, live and computer-based table games, and peer-to-peer bingo – generated nearly $13.7 billion CAD (79 percent) of total wagers, and $471 million CAD (71 percent) of gaming revenue.

PointsBet Canada also released its financial data for the first half of 2024 earlier this week, which included total revenue for the Ontario business of $15.9 million AUD ($10.3 million USD, $14 million CAD). That’s an increase of 138 percent compared to the previous year.

Net win from sports betting rose 153 percent to $6.3 million AUD ($4.1 million USD, $5.8 million CAD), while in igaming it was $9.5 million AUD ($6.2 million USD, $8.4 million CAD), a 124 percent increase. The company reported a net win margin of 5.3 percent, nearly double what was reported during the same period in 2023.