H1FY27 results: Group net win of $122.1m and 310,058 cash active clients
In its October 2026 results presentation, PointsBet outlined H1FY27 Total Net Win of $122.1m, down 17% from $146.5m in the prior corresponding period (PCP). Revenue was $112.7m (down 16%), and Normalised EBITDA was ($6.9m) against $2.9m in the PCP.
Management highlighted 310,058 Cash Active Clients, up 6% on the PCP, with Australia up 2% and Canada up 18%. Total Opex including Marketing was $63.9m, down $0.3m, and the company noted results were in line with the Trading Update released 13 October 2026.
The guidance in the H1 FY27 trading update flagged group revenue of about $113m and a Normalised EBITDA loss of $6m to $8m, and the full result landed within that range.
H1FY27 covers 1 April 2026 to 30 September 2026. The PCP covers 1 April 2025 to 30 September 2025 and is included for comparative purposes only, because PointsBet changed its financial year end on 12 December 2025.
| Group metric (A$) | H1FY27 | PCP | Change |
|---|---|---|---|
| Sports Betting Net Win | **$107.0m** | **$131.2m** | **(18%)** |
| iGaming Net Win | **$15.2m** | **$15.3m** | **(1%)** |
| Total Net Win | **$122.1m** | **$146.5m** | **(17%)** |
| Revenue | **$112.7m** | **$134.9m** | **(16%)** |
| Gross Profit | **$57.1m** | **$67.1m** | **(15%)** |
| Normalised EBITDA | **($6.9m)** | **$2.9m** | **n.m.** |
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Australia: compliance and AFL/NRL results weigh on margins
The Trading Update attributed the decline in group revenues to the Australian business. In Australia, Turnover was $1,031.4m (down 14%) and Net Win was $101.2m (down 18%).
Statutory Segment EBITDA was $2.9m against $12.0m in the PCP (down 76%), while Cash Active Clients reached 237,265 (up 2%).
Management pointed to two themes carried over from the FY26 AGM.
High Value Client cohort
The presentation said a sustained trend of double digit turnover and revenue declines from the highest value client cohort “can be attributed to proactive compliance actions.” Chart annotations referred to a “Sustainable baseline” and “Positive signals to return to PCP growth in H2.”
Mass Market Sports
Management described accelerating growth in mass market sports actives as a deliberate choice that can lead to short term volatility in Net Win margins. Net Win margin tracked at 10.4% from April through July, then 8.7% in August and September, which management linked to adverse AFL and NRL results.
Mass Market Sports Net Win was 9% below Expected for H1FY27, per a chart annotation, which also referred to “Positive signals early H2” for re-aligning Actual and Expected growth. Management described Expected Net Win as the expected return of a bet based on the price struck and the true probability of the event, less client promotions.
Other Australian figures from the presentation:
- Net Win Margin of 9.8% against 10.4% in the PCP, below the 10% target for the half.
- Promotions at 27.9% of Gross Win against 24.4% in the PCP, and 32.8% in August and September.
- Tax (GST, POCT and Product Fees) of $48.0m, or 47.4% of Net Win (49.1% in the PCP).
- Structural (expected) Gross Win margins trending upwards by 0.5pp against the PCP.
- Marketing up 2%, reflecting FIFA World Cup and AFL Pull ‘Em mass market campaigns.
Management’s framing of the gap between expected and actual Net Win points to variance in results rather than a change in underlying fundamentals.
Canada: iGaming momentum and Alberta expansion
Canada is presented in C$ to show trading performance excluding the impact of FX. Total Net Win was C$20.6m (up 3%) and Revenue was C$20.6m (up 3%), with 72,793 Cash Active Clients (up 18%).
iGaming Turnover rose 21% and iGaming Net Win rose 9%. Sports Turnover fell 32%, with management citing churn in a small number of high-staking clients, while Sports Net Win Margin improved 1.5pp.
Segment EBITDA was (C$6.7m) against (C$3.7m). Marketing rose 28%, reflecting upfront weighting of FY27 spend tied to the FIFA World Cup and the final year of legacy sponsorship deals.
In A$, Net Win was A$21.0m (down 7%). The A$ strengthened 10% against the C$, which reduced reported Revenue by A$2.1m.
| Canada metric | H1FY27 (C$) | Change (C$) | H1FY27 (A$) | Change (A$) |
|---|---|---|---|---|
| Total Net Win | **C$20.6m** | **+3%** | **A$21.0m** | **(7%)** |
| Revenue | **C$20.6m** | **+3%** | **A$20.9m** | **(6%)** |
| Gross Profit | **C$10.0m** | **+3%** | **A$10.1m** | **(6%)** |
| Statutory Segment EBITDA | **(C$6.7m)** | **(82%)** | **(A$6.8m)** | **(65%)** |
Management positioned Canada for multi-province growth around three pillars:
- Bede: The new casino platform is live, with a new Loyalty program and Jackpots listed as “Up Next”.
- Alberta: PointsBet is on track to launch in Alberta in 2026. It is Canada’s second regulated iGaming province and allows for both Sports Betting and iGaming, with regulatory approvals listed as an upcoming step.
- Ontario: Management cited continued Marketing funnel efficiency improvements and positioning for further marketing efficiency gains in FY28 as legacy sponsorships expire. A settlement was reached with the Alcohol and Gaming Commission of Ontario (AGCO), resolving the regulatory proceeding from February 2026.
What is Net Win? A beginner’s guide to reading betting results
Betting results use several terms that differ from everyday meanings. The presentation defines them as follows:
- Turnover / Handle: the dollar amount wagered by clients before any winnings are paid out or losses incurred.
- Gross Win: money received from clients who placed losing bets less money paid to clients who placed winning bets, excluding the cost of pricing promotions.
- Net Win: Gross Win less client promotional costs, being bonus bets, money back offers, early payouts and enhanced pricing initiatives.
- Revenue: the fair value of consideration received or receivable from clients, less GST, free bets, promotions, bonuses and other fair value adjustments.
Net Win margin is Net Win relative to Turnover, so it moves with betting outcomes. Management said accelerating mass market growth can lead to short term volatility in Net Win margins, and that adverse AFL and NRL results in August and September pulled the margin down to 8.7%.
Balance sheet and cash: MIXI loan funds the half
At 30 September 2026, cash and cash equivalents were $24.8m, including $5.3m of Corporate cash and $19.5m of client cash, against $23.0m at 31 March 2026. Borrowings were $21.3m, relating to a loan facility from the immediate parent, MIXI Australia Pty Ltd, with $18.0m drawn in the half.
Net assets were ($34.8m) against ($17.5m) at 31 March 2026.
The statutory loss for the period was $17.3m, against $22.2m in H1FY26, with basic loss per share of (5.0) cps. Significant Item Adjustments were $1.6m. H1FY26 is the statutory period 1 July 2025 to 31 December 2025, a different comparison period from the PCP used above.
| Cash flow (A$m) | H1FY27 | H1FY26 |
|---|---|---|
| Net operating activities | **(8.1)** | **(4.4)** |
| Net investing activities | **(7.4)** | **(9.1)** |
| Net financing activities | **17.3** | **(0.5)** |
| Net increase/(decrease) in cash | **1.9** | **(14.0)** |
The presentation noted the Group continued to invest in its technology platform. Financing inflow included $18.0m of borrowings from MIXI Australia Pty Ltd, offset by ($0.7m) of lease repayments.
What happens next for PointsBet
The presentation lists several forward items:
- Alberta: PointsBet is on track to launch in 2026, with regulatory approvals listed as the next step.
- Bede: A new Loyalty program and Jackpots are listed as “Up Next”, with no date given.
- Australia H2: Management cited “Positive signals to return to PCP growth in H2” for the High Value Client cohort, and positive signals in early H2 for re-aligning Mass Market Sports Actual and Expected growth.
- FY28: PointsBet is positioned for further marketing efficiency gains in Ontario as legacy sponsorships expire.
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