PointsBet Scores Record Quarterly Profit by Ditching Bonus Hunters

PointsBet, the Australian bookmaker, has posted a record quarterly net profit and revealed the secret behind its success, according to Financial Review.

The company’s net profit soared by 11% to $69.9 million in the second quarter of the new fiscal year (October-December 2023), compared to the same period last year.

This quarter was the most profitable one in the company’s history since it was founded in 2017.

PointsBet CEO Sam Swanell said that the profit boost was tied to getting rid of bonus hunters.

This simple strategy has paid off big time. It’s anyone’s guess how fast the company’s profits will keep growing in the next quarters.

The bookmaker has been working on this problem for the last 12 months, deciding to cut down or scrap various bonus offers that lure bonus hunters.

In other news, it was recently revealed that the founders of the crypto gambling company Stake.com bought a share in PointsBet’s Australian business. The word is that this share is about 4.2%, and the deal amount is still a secret.