PointsBet Holdings Limited has reported its first results under new ownership following MIXI’s acquisition of a 66.43% controlling stake in September 2025. The online sports betting and iGaming operator has shifted its financial year end from 30 June to 31 March to align with its majority shareholder, making this 9-month transition period ending 31 March 2026 its first full report as part of the MIXI group.
The integration appears to be progressing smoothly. Group revenue reached $186.6 million over the 9-month period and the company reported a normalised EBITDA loss of just $0.8 million, demonstrating near breakeven operations. From 1 October 2025, PointsBet’s financial performance has been consolidated into MIXI’s group financial statements, with the company also aligning its compliance and reporting requirements including adoption of J-SOX standards.
Australia remains PointsBet’s largest market, generating $152.0 million in revenue over the period. This represented a 4% decline compared to the prior corresponding period, which the company attributes to strategic choices rather than market weakness. Management elected to operate with compliance settings positioned above industry benchmarks and absorbed increased product fees and taxes. Despite these headwinds, the company maintained steady gross win margins despite customer-friendly results during the Spring Racing Carnival. Late in the reporting period, PointsBet launched Pull ‘Em, a new product targeting its Mass Market Sports segment that management indicates has generated strong early growth in active clients and structural margin improvements.
The Canadian operation tells a different story, with revenue growing 13% to $34.6 million. This growth was underpinned by strong iGaming momentum and a recovery in margins across both the sports betting and iGaming divisions. The company subsequently delivered an upgraded iGaming platform on 28 April 2026, migrating operations in Ontario ahead of further expansion.
For investors, the MIXI takeover represents a fundamental shift in PointsBet’s strategic positioning. The Japanese digital entertainment company brings not only capital but also operational expertise and a disciplined approach to compliance. PointsBet’s willingness to operate above industry benchmark compliance standards, even at the cost of near-term revenue growth in Australia, suggests a long-term focus on sustainable profitability and regulatory security. The near breakeven EBITDA result across a 9-month period is encouraging, particularly given the integration costs and compliance investments undertaken.
The divergence between Australian and Canadian performance is notable. While Australia is deliberately trading growth for sustainability and compliance, Canada appears to be finding the right balance with the new iGaming platform potentially a catalyst for accelerating growth. The Pull ‘Em launch in Australia should be monitored closely as evidence of whether management can reignite growth in the home market. Investors should watch for the full-year results on 31 March 2027, which will provide clearer visibility on whether the strategic shift under MIXI ownership is delivering both profitability and sustainable revenue growth.
View the full ASX announcement (PDF)
About PointsBet Holdings Limited (ASX: PBH)
PointsBet Holdings Limited is an online wagering company that provides sports betting, racing betting, and iGaming services to customers in Australia and Canada through cloud-based platforms. The company operates through Australian and Canadian trading divisions. Founded in 2015 and headquartered in Cremorne, Australia.
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