PointsBet (ASX:PBH) jumps on quarterly update

PointsBet (ASX:PBH) shares are on the rise today after reporting on its March quarter, which saw a 54 per cent increase in turnover to over $1.3 billion.

The online betting business said the result was driven by a 70 per cent increase in US turnover to $818.8 million, and a 37 per cent increase in Australia to $579.4 million.

PointsBet’s total net win rose 18 per cent from the prior year period to $76.9 million. Its Australian business saw a 37 per cent increase in total net win to $52.3 million, while over in the US, it saw an 8 per cent increase in total net win to $24.6 million.

During the period, PointsBet saw customer receipts of $78 million. However, it did spend $53.7 million on advertising and marketing, which led to a total operating cash outflow of $58.5 million for the period. At the end of the quarter, cash and cash equivalents reached $475.1 million. 

Shares are in PointsBet (ASX:PBH) are trading 9.6 per cent higher at $2.97.