The Pointsbet Holdings Ltd (ASX: PBH) share price is tumbling in morning trade, down 12.2% after opening 4% higher.
Pointsbet shares closed yesterday trading for $3.57 and are currently trading at $3.14.
This comes following this morning's release of the S&P/ASX 200 Index (ASX: XJO) corporate bookmaker's quarterly results for the three months ending 30 June (Q4 FY22).
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Pointsbet share price falls despite improving win margins
- Total net win increased 41% year-on-year to $85.8 million, up from $60.8 million
- Sports betting net win increased 32% from Q4 FY21 to $78.5 million
- iGaming net win increased 400% from the prior corresponding period to $7.3 million
- Completed a $94.2 million strategic investment and partnership with SIG Sports Investment Corp for a 12.76% stake
- $472.7 million in total corporate cash and cash equivalents as at 30 June
What else happened during the quarter?
The Pointsbet share price also isn't getting a boost today from the 32% year-on-year increase in turnover/handle the company reported. That's the dollar amount wagered by clients before any winnings are paid out or losses incurred.
Turnover/handle hit $1.30 billion in Q4 FY22, up from $986 million in Q4 FY21.
The company also reported on its full 2022 financial year total net win, which leapt 48% from FY21, up to $309.4 million.
Pointsbet said its new partnership with SIG Sports, a member of the Susquehanna International Group of Companies, will help it grow and compete in the North American sports betting market.
During the quarter, Pointsbet's European branch also entered an exploratory agreement with Nellie Analytics Limited, itself a member of the SIG Group.
According to the release, Nellie Analytics will provide exclusive sports analytical services to "complement and enhance the operational capabilities of PointsBet Europe and accelerate the company's technology roadmap as it relates to highly sophisticated risk management and trading algorithms, with a focus on in-play in the North American market".
Pointsbet share price snapshot
With today's big slide factored in, the Pointsbet share price is down 54% in 2022. That compares to a year-to-date loss of 8% posted by the ASX 200.
