PointsBet reduces projected earnings ahead of sale

PointsBet has announced that its projected revenue for the 2024/25 financial year is expected to land at the lower end of its previously forecast range of $260 million to $270 million.

In an update to the ASX on Friday, the company stated that while it anticipates hitting its mid-year expectations, results are likely to fall at the bottom end of both revenue and EBITDA projections. The business now expects its EBITDA to come in between $11 million and $14 million.

The bookmaker operates in both the Australian and Canadian markets and is currently the focus of a high-profile takeover contest involving Japan’s MIXI and local competitor betr.

MIXI has tabled a $400 million off-market offer after its earlier bid failed to meet the 75 per cent shareholder approval threshold. Betr is expected to lodge its competing off-market offer early next week, adding further intrigue to the battle for control of PointsBet.

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