PointsBet Posts First Half-Year Loss Under New March Year-End as Australian Revenue Drops 19%

PointsBet Holdings reported a 16% fall in half-year revenue to A$112.7m and a normalised EBITDA loss of A$6.9m on 30 October 2026, in its first interim report since moving its financial year-end to 31 March.

The Appendix 4D and Interim Report, filed with the Australian Securities Exchange (ASX), covers the six months to 30 September 2026 and says the result matched the company's 13 October trading update. That update guided to revenue of about A$113m and a normalised EBITDA loss of A$6m to A$8m, and blamed tighter compliance in Australia. All amounts below are Australian dollars unless stated.

The results arrive days after Ontario's regulator settled its case against PointsBet's Canadian arm, a separate matter covered below.

Group results: revenue, net win and EBITDA

Group revenue fell to A$112.7m from A$134.9m in the prior corresponding period (PCP), defined as 1 April to 30 September 2025. Normalised EBITDA, meaning earnings before interest, tax, depreciation and amortization adjusted for one-off items, swung to a A$6.9m loss from a A$2.9m profit.

Cash active clients grew even as revenue shrank: Australia rose 2% and Canada 18%. Net win is the amount customers wagered minus the winnings paid out, before taxes and promotions.

Statutory basis

The 16% decline compares against April to September 2025. On the statutory basis, because of the year-end change that took effect on 12 December 2025, the comparative period is the six months to 31 December 2025. Against that, revenue of A$112.7m was down 13% from A$129.3m.

The statutory net loss after tax narrowed to A$17.3m from A$22.2m, and the statutory EBITDA loss was A$8.5m versus A$12.2m. Cash stood at A$24.8m, of which A$5.3m was corporate cash. PointsBet drew A$18.0m from the loan facility provided by MIXI Australia, which was extended to A$23m. The filing confirms MIXI's 66.4% holding; the ownership backdrop is covered in our earlier report on Betr's improved PointsBet offer.

Australia: compliance actions and a thinner margin

Australia produced the sharpest decline. Turnover fell 14% to A$1,031.4m, net win dropped 18% to A$101.2m, revenue fell 19% to A$91.8m and gross profit fell 17% to A$46.9m. Segment EBITDA was A$2.9m, down 76%.

The filing attributes the decline in part to "proactive compliance actions" that cut turnover and revenue in the highest-value client cohort by double digits. PointsBet has faced regulatory scrutiny in the market before, including a A$500,000 spam-law penalty.

AFL is the Australian Football League and NRL the National Rugby League. GST is the goods and services tax, and point-of-consumption tax is levied by the state where the customer is located rather than where the operator is based. Promotional spend rose as a share of gross win while the margin fell, a combination that squeezed gross profit.

Canada: currency effects mask the underlying trend

Canadian figures look different depending on the currency. Revenue was A$20.9m, down 6% in Australian dollars but up 3% in local currency, because a 10% stronger Australian dollar cut reported revenue by A$2.1m. Total net win was A$21.0m, down 7%. Gross profit was A$10.1m, and segment EBITDA was a A$6.8m loss against a A$4.1m loss.

The filing blames the sports handle decline on churn among a small number of high-staking clients from April to June. The iGaming platform has migrated to Bede Gaming and, per the filing, "has been working well". iGaming growth appears in Canadian dollars; in Australian dollars net win was marginally lower.

Alberta and the Ontario settlement

The filing says sportsbook and iGaming offerings are expected to launch in Alberta in 2026, describing it as PointsBet's second regulated province. According to Canadian Gaming Business, the investor presentation says the company is on track for that launch.

On the regulatory side, the Alcohol and Gaming Commission of Ontario (AGCO) and PointsBet Canada settled the proceeding that began with the regulator's February 2026 Notice of Proposed Order, which had proposed a five-day suspension over betting patterns involving Jontay Porter. Under the settlement, reached on 20 October 2026 according to Canadian Gaming Business, PointsBet agreed to a two-day suspension of its Ontario gaming site and an independent audit using an AGCO-approved auditor and methodology. Remediation will be independently validated, and the settlement concludes the proceeding. The suspension dates have not been set.

It is not PointsBet's first Ontario compliance matter; the AGCO previously issued a CA$150,000 fine for responsible gambling violations.

What to watch next

Two variables will shape the second half: whether the Australian net win margin returns toward the 10% target and whether promotional intensity eases from the 32.8% reached in August and September. In Canada, the Alberta launch and the timing of the Ontario suspension are the near-term events.

Status reviewed on 30 October 2026. Figures come from PointsBet's Appendix 4D and Interim Report filed with the ASX on 30 October 2026, with regulatory background from the AGCO and Canadian Gaming Business. More business news and Oceania coverage.