The Pointsbet Holdings Ltd (ASX: PBH) share price is on watch after reporting a 193% increase in FY20 revenue this morning.
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Why is the Pointsbet share price on watch?
Total revenue for the year ended 30 June 2020 (FY20) surged to $75.2 million, up from $25.6 million last year.
Net revenue grew 159% while the Australian trading arm is now earnings before interest, tax, depreciation and amortisation (EBITDA) positive with $6.9 million in FY20.
However, the group reported a statutory net loss up 1% to $41.5 million despite a bumper year on the operations side.
Pointsbet reported more than 110,000 active clients that have placed bets in the last 12 months, up 39% from 80,008 in FY19.
The Aussie wagering group posted turnover of $1.15 billion, up 103% on FY19, with more than 17 million bets placed during the year.
Pointsbet reported a gross win of $117.3 million, up 123% from FY19, thanks to strong performance across Australia and the United States.
The group's $82.1 million net win result represented 191% year on year growth compared to FY19 figures.
Management noted the challenges presented by the coronavirus pandemic with many sports being disrupted in FY20. However, a focus on capital management and cash flow has translated to a strong full-year result in spite of this.
5-year media deal with NBCUniversal
The growing US arm is now operational in three states and continues to sign strong new deals. The latest of those was unveiled this morning with Pointsbet signing a new 5-year agreement with NBCUniversal.
That new deal makes the Pointsbet share price worth watching as the latest in a long line of US partnerships.
Pointsbet will become the Official Sports Betting Partner of NBC Sports in the United States with access to more than 184 million viewers.
The wagering group will have an exclusive right to certain pre-game, post-game and in-game promotional enhancements on certain NBC Sports' digital and television programs.
Foolish takeaway
The Pointsbet share price has rocketed 530.3% higher since the bottom of the March bear market.
Shares in the Aussie wagering group could be on the move after the company's full-year results and 5-year media deal announcements.
