PointsBet Revenue Falls 16% To A$112.7m In H1 FY27 As Margins Slip
PointsBet Holdings reported a 16% fall in revenue to A$112.7 million for the first half of fiscal 2027, with a normalised EBITDA loss of A$6.9 million, according to its results presentation to the ASX on October 30, 2026.
The weakness came from Australia, while the group's Canadian business, which includes PointsBet Canada, added clients and grew iGaming turnover.
Group Results
The half covers April 1 to September 30, 2026. The company changed its financial year end on December 12, 2025, so the prior period is shown for comparison only, per its investor presentation. Revenue was down from A$134.9 million. Total net win fell 17% to A$122.1 million, with sports betting net win down 18% to A$107.0 million and iGaming net win flat at A$15.2 million.
Gross profit declined 15% to A$57.1 million. Marketing spend rose 6% to A$33.1 million while other operating costs fell 6% to A$30.8 million, leaving total operating costs of A$63.9 million, A$0.3 million lower. Normalised EBITDA swung from a A$2.9 million profit to a A$6.9 million loss. The company said results were in line with its October 13 trading update.
Cash active clients rose 6% to 310,058, with Australia up 2% and Canada up 18%.
Australia Under Pressure
Australian sports betting turnover fell 14% to A$1,031.4 million and net win dropped 18% to A$101.2 million. Net win margin was 9.8% against 10.4% a year earlier. Segment revenue fell 19% to A$91.8 million, and statutory segment EBITDA dropped 76% to A$2.9 million.
PointsBet pointed to two themes. First, tighter compliance standards, which it says led to sustained double-digit declines in turnover and revenue from its highest-value customers. Second, a deliberate push into mass-market sports bettors, which can make net win margins volatile. Margin tracked at 10.4% from April to July before falling to 8.7% in August and September, when results for key sports went against the book.
The company said signals point to a return to growth against the prior period in the second half.
Canada And Alberta
In Canadian dollars, sports turnover fell 32% to C$83.4 million after churn among a small number of high-staking clients, though net win margin rose to 6.8% from 5.3%. iGaming turnover rose 21% to C$592.9 million and iGaming net win rose 9%, helped by a new casino platform. See our PointsBet Casino review for how the Ontario product looks to players.
PointsBet says it is on track to launch in Alberta in 2026, calling it Canada's second regulated iGaming province with both sports betting and iGaming.
Cash stood at A$24.8 million at September 30, of which A$5.3 million was corporate cash. Operating activities used A$8.1 million. The group drew A$18.0 million from a loan facility provided by its parent, MIXI Australia, taking the borrowings balance to A$21.3 million. The next checks on the recovery story are the margin trend through the second half and the Alberta launch date.
