PointsBet Announces New CFO, Eliminates Group Chief People Officer Role

PointsBet has declared that Alister Lui will be their fresh Group Chief Financial Officer. He’s taking the reins from Andrew Mellor, who’s resigning.

Lui, who’s presently the Chief Financial Officer for Australia and the Group Finance Director for PointsBet, will assume the position on February 29th, 2024. Mellor will remain in his role until the group discloses its half-year financial results. Before his departure, he’ll be working on concluding the sale of PointsBet’s US operations to Fanatics Betting and Gaming (FBG) for $225 million.

Lui has been with PointsBet for over six years, serving as Finance Director and Group Finance Director. He’s a certified accountant with over 17 years of experience in banking and finance in London and Melbourne. Prior to joining PointsBet in November 2017, he worked at EY and ANZ Bank.

PointsBet Chairman Brett Paton expressed gratitude to Mellor for his contributions in helping the group expand. Over the past five years, the company has transformed from a small startup into a global enterprise.

“Andrew has had a significant impact on PointsBet during his tenure,” stated Paton.

He constructed a top-notch financial division, expanding from a small group in Australia to a high-performing crew operating in various locations. He has been a vital member of the global executive leadership group, propelling our robust growth and expansion into new areas, while ensuring we have the proper capital structure to carry out our global strategy.

PointsBet also declared that the Group Chief People Officer position will be eliminated, with the current holder Melissa Fitzpatrick departing the company. The position was deemed superfluous following the sale of the US business. These duties will now be handled by PointsBet’s Australian and Canadian human resources departments.

Chief Executive Officer Sam Swanell stated: “Mel has played a crucial role in managing our personnel function across six nations, with an emphasis on ensuring consistent best practices. Her experience and expertise were particularly evident during the Covid challenges, driving our global sustainability and diversity programs, leadership training programs and compensation committee processes.”

FBG agreed to purchase PointsBet’s US business for $225 million in June. Since then, Fanatics has begun to take over PointsBet’s operations in US states.

PointsBet: We will reach profitability in fiscal year 2025.

PointsBet, an Aussie wagering firm, is concentrating on technology to propel expansion in Australia and Canada after withdrawing from the American market. Their chief executive, Swanell, informed shareholders that they are still on schedule to achieve profitability this year and become profitable by 2025. Their income in Australia and Canada has expanded significantly, from $26 million in 2019 to an estimated $230 to $250 million in 2024.

Swanell highlighted the significance of their proprietary technology, both their own platform and the Fanatics platform, which processed over $7 billion in wagers last year. They also retained the rights to the “Oddsfactory” technology, which powers their in-play betting, parlay offerings, and cash-out features.

Swanell emphasized that the sale of their platform to Fanatics validates the strength of their technology. While they licensed the platform to Fanatics, they still own it and can develop and utilize it to benefit PointsBet stakeholders.

In their most recent financial report, PointsBet reported a 7.6% increase in revenue to $383.1 million for the year ending June 30, 2023. Their revenue from Australia and Canada increased from $195.4 million to $210.3 million. However, they reported a negative EBITDA of $230 million.

In the year 2023, a staggering $60 million was generated, with a substantial $49 million stemming from standard operations.

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