The first-half update from PointsBet suggests that Canada kept the group moving. The operator’s results for the six months to 31 December 2025 revealed a net win of A$139.9 million, a rise of 4% on the prior year’s period. This was achieved despite a 1% decline (to A$122.8 million) in its sports wagering revenue, as its iGaming revenue grew by 58% to A$17.2 million. Since PointsBet’s online gambling business is conducted in Canada, that market powered the group’s figures.
As for the broader Canadian context, iGaming revenue there rose alongside a 14% increase in player spending. Total revenue from Canadian operations reached A$24.4 million, up 35% from the same period a year earlier. Gross profit in the country also increased 30% to A$11.8 million.
PointsBet indicated its plans to launch an improved iGaming platform in Canada in the first half of the 2026 calendar year. This is the most obvious near-term watchpoint for investors, competitors, and peers.
Australia Added Turnover, but Not Much Growth
Australia, in turn, has a different story to tell. The company’s revenue in its home market declined by 1% to A$115.1 million, while its turnover increased by 4% to A$1.19 billion. The company’s gross profit, on the other hand, declined by 6% to A$52.3 million. PointsBet reported that it gained revenue share in sports and maintained its position in a flat racing market, although this didn’t translate into better results for the first half.
The company also highlighted tighter compliance standards and the effect of Australia’s National Self-Exclusion Register on its high-end racing customers. This background information shows that the pressure was not only commercial. Regulation and safer gaming controls are factors that can also have an impact on revenue growth.
Costs and Ownership Changes Framed the Period
The higher costs have also taken the half-year result deeper into the red. Cost of sales rose 9.6% to A$65.1 million, while operating expenses rose 7.6% to A$76.3 million. The pre-tax loss also increased from A$5.7 million to A$12.2 million, with the net loss rising to A$22.2 million. Normalised EBITDA was unchanged at A$3.3 million, indicating that the business remains operationally sound but has yet to convert revenue growth into stronger bottom-line progress.
The half-year result also comes during a reset period for the whole business. MIXI Australia became the majority shareholder of PointsBet in September 2025, ending with 66.43% of the company’s shares. The group CEO role was taken over by Andrew Catterall on February 1, 2026.
So, the results for the next reporting period might be more significant than normal. The market is likely to want proof that Canadian iGaming growth is continuing and that the company is delivering on its results.
Conclusion
PointsBet’s numbers for the first half are a reminder that not all growth is created equal. The company saw expansion in Canada’s iGaming market but was impacted by rising costs that limited overall group growth. The test for PointsBet is obvious: if progress in Canada continues post-platform upgrade, then it could be a real growth engine for the company.
