Online gambling platform PointsBet has reported a 16 percent increase in revenue in fiscal year 2024 to $267.1 million after the $225 million sale of its U.S. business to Fanatics Betting and Gaming.

The sale left PointsBet with $28.1 million in cash reserves, which will be invested to bolster growth in Australia and Canada.

“We continue to invest to further growth, in particular, in our core technology and product capabilities and through our strategic marketing investment. This is driving our market share growth in Australia and Canada and setting the company up for further success,” PointsBet CEO Sam Swanell said in the earnings call on Tuesday.

This growth comes despite the company reducing marketing spend by 21 percent to minimize harm from gambling ads, part of its fiscal year advertising strategy. PointsBet has stopped airing ads on free-to-air TV between 6 p.m. and 9:30 p.m. and removed its brand from stadiums and team jerseys.

“I would like to again acknowledge the entire PointsBet team for their significant efforts. The ability to continue to deliver outstanding results while restructuring the business for future growth and success is a true testament to their commitment and skill,” Swanell added.

Founded in Australia in 2015, PointsBet Sportsbook made its U.S. debut in 2019 in New Jersey. Fanatics acquired PointsBet’s U.S. business on April 4 after a competitive bidding process with DraftKings. Fanatics Sportsbook is now available in 20 states.

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