Ontario Casino Growth Keeps Outperforming – and PointsBet Is Following the Signal Under Andrew Catterall and Scott Vanderwel
PointsBet reported a A$26.6m net loss for the nine months to 31 March 2026 as rising wagering taxes, product fees and weaker Australian sportsbook profitability offset continued growth in Canadian iGaming following MIXI’s acquisition of a controlling stake in the operator.
Group revenue declined 1% year-on-year to A$186.6m, while gross profit fell 6% to A$93.6m. Normalised EBITDA moved to a A$0.8m loss from a A$1.2m profit in the comparable period.
Under Andrew Catterall and Scott Vanderwel, the reporting period marks PointsBet’s first financial update since Japanese technology group MIXI acquired a 66.4% controlling stake in the operator and aligned the business with a March financial year-end. The transition also included integration costs, revised governance structures and new intercompany financing arrangements.
Australian sportsbook economics remain under pressure
Australia remained PointsBet’s primary earnings contributor, generating A$152m in revenue and A$14.2m in EBITDA during the period. However, Australian EBITDA declined 30% year-on-year as higher point-of-consumption taxes, AFL product fees and compliance-related costs continued to pressure sportsbook margins.
PointsBet paid A$79.8m in GST, wagering taxes and product fees during the period, equivalent to 47.7% of Australian net win, underlining the growing cost burden facing local sportsbook operators.
While total Australian turnover remained broadly stable at A$1.69bn, the company said wagering mix continued shifting toward a more balanced sports and racing profile. Management also highlighted the impact of stricter responsible gambling controls, which weighed on higher-value racing turnover and reduced activity from higher-risk customer segments.
Gross win margin remained stable at 13.3%, while net win margin came in at 9.9%, broadly in line with the company’s long-term 10% target.
The operator also flagged the potential impact of Australia’s proposed wagering advertising reforms, confirming it has already adjusted acquisition and marketing strategy ahead of expected legislative changes.
Canadian iGaming continues outperforming sportsbook
Canada remained loss-making overall but continued delivering stronger iGaming growth, particularly in Ontario’s regulated online casino market.
Canadian revenue increased 13% year-on-year to A$34.6m, while total Canadian net win rose 14% to A$34.7m. iGaming net win climbed 28% to A$23.6m, supported by stronger slot performance and improved gaming margins.
Sports betting turnover declined 39% to A$161.5m as VIP wagering activity reduced and the operator prioritised margin discipline over volume growth. Despite lower turnover, sportsbook gross win margin improved to 10.4% from 7.0% a year earlier.
The results further reinforce the widening profitability gap between online casino and sportsbook operations across regulated North American markets, with higher-margin iGaming continuing to support operator revenue growth despite softer betting volumes.
Canadian segment EBITDA improved modestly to a A$14m loss from A$14.8m previously.
Ontario platform migration and Alberta expansion plans
PointsBet also completed the migration of its Ontario casino platform onto Bede Gaming infrastructure during the period, a move the company said improved platform stability and expanded access to Games Global and Pragmatic live dealer content.
The migration forms part of broader efforts to strengthen product capability and operational efficiency under MIXI ownership.
At the same time, PointsBet confirmed it had commenced the registration process for Alberta ahead of the province’s anticipated regulated online gaming launch in the second half of 2026.
Alberta is widely expected to become Canada’s second major regulated private-sector iGaming market after Ontario, creating a significant expansion opportunity for established operators already active in the country.
MIXI integration reshapes financial structure
The filing also highlighted the extent of PointsBet’s growing financial integration within MIXI’s corporate structure.
PointsBet ended the period with A$23m in total cash, including A$18.3m in player balances, leaving corporate cash at approximately A$4.7m. Group equity moved to negative A$17.5m during the period.
Operating cash flow was negative A$6.5m, including A$6.7m in one-off transaction and integration costs linked to the MIXI acquisition.
During the quarter, PointsBet also drew A$3m from a new A$8m intercompany loan facility provided by MIXI Australia, with the facility intended to support working capital and corporate operations.
The company continued investing heavily in proprietary technology and product infrastructure, spending more than A$12.5m on capitalised software development during the period.
The results indicate MIXI is prioritising operational integration, tighter capital management and regulated iGaming expansion as PointsBet shifts focus toward more sustainable profitability.
Source: PointsBet
