PointsBet Appoints New CFO, Cuts Group Chief People Officer Role

PointsBet has declared that Alister Lui will assume the position of the new Group Chief Financial Officer, succeeding Andrew Mellor who is departing the organization.

Lui, who presently holds the position of Chief Financial Officer (Australia) and Group Treasurer of PointsBet, will take the reins after Mellor’s departure on February 29th, 2024. Mellor will remain with the company until the release of their half-year financial reports. Prior to his exit, he will continue to be involved in finalizing the sale of PointsBet’s US operations to Fanatics Betting and Gaming (FBG) for a sum of $225 million.

Lui has been a member of the PointsBet team for over six years, serving as Treasurer and Head of Finance. He is a certified accountant with more than 17 years of experience in the banking and finance sectors in London and Melbourne. Before joining PointsBet in November 2017, he held positions at EY and ANZ Bank.

PointsBet Chairman Brett Paton expressed gratitude to Mellor for his contributions to the company’s expansion. Over the past five years, the company has transformed from a modest startup into a global enterprise.

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

He constructed a top-notch financial division, which expanded from a small crew in Australia to a high-performing unit operating in numerous areas. He has been a vital member of the worldwide executive leadership group, propelling our robust growth and expansion into new territories, while making sure we have the appropriate capital framework to execute our global strategy.

PointsBet also declared that the Group Chief People Officer position has been terminated, effective immediately, following the sale of its US operations. Melissa Fitzpatrick, the current occupant, is departing the organization. These duties will be incorporated into the PointsBet Australia and Canada human resources functions.

Chief Executive Officer Sam Swanell stated: “Mel has played a significant role at the group level, managing our employee functions across six nations, with an emphasis on ensuring consistent best practices. Her experience and expertise have been particularly valuable during the Covid challenges, driving our global sustainability and diversity initiatives, leadership training programs, and compensation committee processes.”

FBG agreed in June to purchase PointsBet’s US operations for $225 million. Since then, Fanatics has been progressively taking over PointsBet’s operations in US states.

PointsBet: We will attain profitability in fiscal year 2025.

The Australian wagering enterprise, PointsBet, is concentrating on technological advancements to propel expansion in Australia and Canada following its departure from the American marketplace. The organization anticipates reaching profitability by the end of the current year and achieving a profitable state by 2025. Income generated from Australia and Canada has witnessed a substantial surge, escalating from A$26 million in 2019 to an estimated A$230-250 million in 2024.

PointsBet’s exclusive platform and Fanatics’ technological prowess are pivotal to its success. The platform facilitated over US$7 billion in bets last year. The firm also retains ownership of the Banach “Oddsfactory” technology, which has been instrumental in developing real-time parlay offerings and cash-out features in Australia, Canada, and the United States.

PointsBet’s chief executive, Swanell, emphasized the robustness of their technology, asserting that they maintain ownership despite licensing it to Fanatics. This enables them to continue refining and leveraging it for the advantage of PointsBet stakeholders.

In its annual report for the fiscal year ending June 30, 2023, PointsBet disclosed net revenue of A$383.1 million, reflecting a 7.6% year-over-year increase. Revenue derived from ongoing operations (excluding the US) rose from A$195.4 million to A$210.3 million. Nevertheless, the company reported an EBITDA loss of A$230 million.

During the year 2023, the firm’s income hit 60 million Australian dollars, with 49 million Australian dollars generated from continuous operations.

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