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A Look at Pointsbet Quarterly profit in Ontario

The Ontario Gaming Industry recently heard a bit of financial feedback on their new iGaming market, which came into being in April of this year. On the 28th of July, PointsBet, a gambling site that is based in Australia but operating in Ontario as well, reported back to Alcohol and Gaming Commission of Ontario that they had amassed more than $14 million in online sports bets for the first three months that they were in operation.

The Results from the First Three Months

According to PointsBet Canada, from their launch in April until the end of June, they accumulated $600,000 in gross gaming revenue, and their total market share was at around 4.2% when compared to their rival operators. After they took into account the cost of free bets and any other promotions that they had offered, the company actually reported a loss of about $445,000.

In addition to this net loss, it also revealed in its audit that during the first three months of operation it welcomed a total of 7,239 betting customers that have opened an account with them. Despite the loss that they accrued over the first three months in operation, Scott Vaderwel, who is the CEO of PointsBet, declared that the team is relatively pleased with how the sports betting site has been performing in Ontario.

"During the first three months of operation it welcomed a total of 7,239 betting customers".

He stated that the company has done pretty well during the first three months since during this time they have managed to strike some lucrative deals with Maple Leaf Sports & Entertainment, which happens to be the owner of the ice hockey team the Toronto Maple Leafs and the basketball team Toronto Raptors. This is obviously a deal that is going to earn them plenty of money in the not-so-distant future.

According to Vaderwell, PointBet's new commercial dealings are pushing their expenses higher for the short term, as they paid out $7 million for Ontario-related advertising costs in the first free months. PointsBet also offers some iCasino products in Ontario, and for the first quarter they managed to rake in $600,000, which eventually worked out as a profit of $175,000.

If you would like to find out more about how PointsBet Canada performed over their first three months in Ontario, then check out this official report as there is a lot of interesting data that you can find in this document.

Ontario Partnerships

In March of 2022, PointsBet Canada also made a deal with the Ottawa Redblacks, which is a Canadian American Football team, and this deal saw them become the official partner of the team for the rest of the season. The deal that was put in place also ensures that PointBet Canada's logo will be on the team's kit for the season, and the company will be heavily promoted across TD Place. With all this advertising across the province, they will be expecting to able to declare even more success when the next audit rolls around.

Then, in July, the sports betting site also announced that they were teaming up with Canada's Bottcher curling team. This deal is another really important partnership for curling development in Ontario that PointsBet has become a part of since in 2021 they made a deal with Curling Canada to become their sports betting partner. Also in July, the bookie declared that they will host PointsBet Invitational from the 21st to the 25th of September at the Willie O'Ree Place that is located in Fredericton, New Brunswick.

They Were Issued a $30,000 Fine

PointsBet Canada was issued a $30,000 fine by the Alcohol and Gaming Commission of Ontario for breaking advertising rules and regulations. So, what did they do exactly to have to cough up this fine? Well, they posted physical posters in train stations which included a call to gamble for free on their gaming and sports betting sites. This meant that they broke Rule 2.04 and Rule 2.05.

Rule 2.04 declares that all operator advertising, marketing, and promo activist must be 100% truthful and must not mislead potential players or misrepresent the products that are on offer. Rule 2.05, on the other hand, declares that marketing and advertising materials that highlight gambling bonuses, inducements, and credits are strictly prohibited, unless they are on the operator's gambling site or through direct marketing once they have received an active player's consent.

The AGCO holds all operators to the very high standards that they set in their new rules and regulations, and any site that is found to be compromising player protection, responsible gambling, and game integrity will be punished accordingly.

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