PointsBet Appoints New CFO, Exits US Market

PointsBet has declared that Alister Lui will assume the position of their new Group Chief Financial Officer, succeeding Andrew Mellor who is departing the organization.

Lui, presently serving as the Chief Financial Officer for Australia and Group Treasurer for PointsBet, will take on the role following Mellor’s exit on February 29th, 2024. Mellor will remain with the company until they unveil their half-year financial outcomes. Prior to his departure, he will finalize the sale of PointsBet’s US operations to Fanatics Betting and Gaming (FBG) for $225 million.

Lui has been associated with PointsBet for over six years, serving as Treasurer and Group Treasurer. He is a certified accountant and possesses over 17 years of expertise in banking and finance in London and Melbourne. Before joining PointsBet in November 2017, he held positions at EY and ANZ Bank.

PointsBet Chairman Brett Paton expressed gratitude to Mellor for his contributions in facilitating the company’s growth. Over the past five years, the company has transformed from a modest startup into a global entity.

“Andrew has had a significant impact on PointsBet during his tenure,” Paton stated.

The individual constructed a top-notch financial division that expanded from a small group in Australia to a high-achieving team operating across numerous locations. This individual has been a crucial member of the global executive leadership group, propelling our robust growth and expansion into new territories, while making sure we have the appropriate financial structure to execute our global strategy.

PointsBet also declared the discontinuation of the Group Chief People Officer position and the departure of the current occupant, Melissa Fitzpatrick. This role has now ceased to exist due to the US withdrawal. The position was deemed unnecessary due to the sale of the US operations. These responsibilities will now be integrated into the PointsBet Australia and Canada human resources functions.

“Mel has played a significant role in managing our people functions across our six nations at a group level, with an emphasis on ensuring consistent best practices,” stated CEO Sam Swanell. “Her experience and expertise were particularly evident during the challenges of the COVID-19 pandemic, driving our global sustainability and diversity programs, leadership training programs and compensation committee processes.”

Fanatics agreed to purchase PointsBet’s US operations in June for $225 million and has been gradually assuming control of PointsBet’s operations in US states since then.

PointsBet: We will reach profitability in fiscal year 2025.

In a recent gathering of stakeholders, Swanell emphasized the group’s dedication to utilizing technology to propel growth in Australia and Canada following their departure from the American marketplace. Swanell conveyed to investors that PointsBet remains on course to achieve profitability this year and attain profit expansion in the fiscal year 2025. Consistent operating income in Australia and Canada has expanded from $26 million in the fiscal year 2019 to an estimated $230-$250 million in the fiscal year 2024.

Swanell underscored that proprietary technology powering both its own platform and Fanatics will be pivotal to its performance. In general, PointsBet’s platform processed over $7 billion in wagers in the recent fiscal year.

PointsBet also retains the rights to utilize and further develop the Banach “Oddsfactory” technology assets. This has driven real-time, parlay products and cash-out features in Australia, Canada, and the United States.

“The strength of our technology is also evident in our sale of the platform to Fanatics,” Swanell stated. “While we have provided a perpetual license of our technology platform to Fanatics, it is crucial to note that we maintain ownership of this technology. This implies we can develop and utilize it in a manner that generates maximum value for PointsBet shareholders.”

In its annual financial results for the year concluding June 30, 2023, ASX-listed PointsBet generated net revenue of A$383.1 million ($248.1 million/€227.4 million/£195.3 million). This signifies a 7.6% year-on-year increase. Consistent operating revenue (excluding the US business) expanded from A$195.4 million to A$210.3 million. PointsBet reported EBITDA of negative A$230 million.

During the year 2023, the organization generated a remarkable 60 million Australian dollars in revenue, with a substantial 49 million stemming from their core operations.

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