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US expansion costs see full-year losses widen for PointsBet


US expansion costs have led to a significant increase in PointsBet’s net loss for its financial year ended 30 June, though the Australian online sports betting operator was able to more than double revenue for the period.

Statutory net revenue for the 12 months through to June 30, 2019 amounted to AUD$25.6m (£14.2m/€15.6m/US$17.3m), up 173% from $9.4m in previous year.

The growth of its core Australian business powered this increase, with revenue from operations in the country standing at $26.3m. This was driven by a 181% jump in net win, rising from $10.3m to $28.9m.

However, in the US, where PointsBet launched its services in January of this year, it reported a loss of $515,000, from gross win of $1.5m for the period. This was down to heavy promotional spend, totalling $2.1m, but this had helped it establish a presence in a number of newly-regulated states, it said.

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