PointsBet reported a 16% decline in first-half revenue as weaker sports betting results in Australia weighed on group performance, while the company continued to expand its Canadian operations.
Revenue for the six months ended Sept. 30 fell to A$112.7 million ($78.5 million) from A$134.9 million a year earlier. Normalised EBITDA swung to a loss of A$6.9 million ($4.8 million) from a profit of A$2.9 million, while gross profit declined 15% to A$57.1 million ($39.8 million).
Net win fell 17% to A$122.1 million ($85.2 million). Sports betting net win declined 18% to A$107 million ($74.56 million), while iGaming net win was broadly unchanged at A$15.2 million ($10.59 million). Cash active clients increased 6% to 310,058, while marketing costs rose 6% to A$33.1 million.
Australian sports betting revenue fell 19% to A$91.8 million, while net win declined 18% to A$101.2 million. Betting handle dropped 14% to A$1.03 billion, although cash active clients increased 2% to 237,265.
PointsBet said its high-value customer cohort recorded sustained double-digit declines in turnover and revenue following proactive compliance measures. Promotions accounted for 27.9% of gross win, up from 24.4% a year earlier, reaching 32.8% in August and September.
Gross profit in Australia fell 17% to A$46.9 million.
Revenue in Canada declined 6% in Australian dollar terms to A$20.9 million, but increased 3% in Canadian dollars. PointsBet said the Australian dollar’s 10% appreciation against the Canadian dollar reduced reported revenue by more than A$2 million.
Cash active clients in Canada rose 18% to 72,793, while gross profit increased 6% to A$10.1 million in Australian dollar terms, or 3% to about C$10 million ($7.14 million) in Canadian dollars. The statutory segment EBITDA loss widened 82% to C$6.7 million ($4.79 million).
Canadian iGaming handle increased 21% to C$592.9 million ($423.48 million), while net win rose 9% to C$15 million from C$13.7 million. Sports betting handle fell 32% to C$83.4 million. Sports net win declined to A$5.7 million from A$7.2 million, although margins improved.
PointsBet attributed some of the softness to churn among a small number of high-staking customers during the first quarter. Online casino accounted for almost 88% of Ontario handle and 73% of gaming revenue.
PointsBet is targeting a launch of its sportsbook and casino products in Alberta before the end of 2026, subject to regulatory approvals. Alberta became Canada’s second regulated iGaming market earlier this year.
“The Alberta market expands our addressable market and leverages our existing platform and content providers while extending our strong customer experience to another Canadian jurisdiction,” the operator said.
The company has migrated its Canadian casino operations to the Bede Gaming platform, adding content and player-engagement features and preparing for a planned loyalty programme.
Scott Vanderwel, Chief Executive of PointsBet Canada, said the move “positions us strongly in Ontario and prepares us for future growth across additional Canadian markets.”
PointsBet also reached an agreement with the Alcohol and Gaming Commission of Ontario (AGCO) over alleged monitoring and reporting failures involving suspicious bets on former Toronto Raptors player Jontay Porter.
The regulator agreed to reduce a proposed five-day suspension of the company’s Ontario website to two days. The suspension will affect its sportsbook and casino operations, although dates have not been confirmed. The AGCO had described the alleged conduct as a “systemic failure”.
PointsBet changed its financial year-end from June 30 to March 31 to align with parent company MIXI Australia, which acquired a 66.4% stake in the group in September 2025.